ref: html/cs/02/2020 16th september, 2020
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Ref: HTML/CS/02/2020 16th September, 2020
BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, MUMBAI - 400 001
The National Stock Exchange of India Limited Exchange Plaza, C/1, Block G, Bandra Kurla Complex, Bandra (E) MUMBAI - 400 051
Scrip Code: 532662 Trading Symbol: HTMEDIA Dear Sirs, Sub: Newspaper advertisement - Regulation 47 of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015
Re: 18th Annual General Meeting (‘AGM’) of the Company to be held via video conferencing/ other audio visual means
Please find enclosed herewith relevant page of “Hindustan” (Hindi – Delhi NCR, Patna, Lucknow, Ranchi and Dehradun Editions) and “Mint” (English - All editions) newspapers, published on 16th September, 2020, respectively, in relation to intimation of deferring AGM of the Company which was scheduled for 21st September, 2020. This is for your information and records. Thanking you, Yours faithfully, For HT MEDIA LIMITED
Dinesh Mittal Group General Counsel & Company Secretary Encl: As Above
CORPORATE WEDNESDAY, 16 SEPTEMBER 2020
NEW DELHI 07
Govt can privatize AI
or shut it down: Puri
These are the only two choices before the Centre, says aviation minister
Concept of globalisation undergoing transition: Uday Kotak
bit.ly/33yRrCW
banks by mutual funds may have con-tributed to the rally in the sector inAugust, when the Nifty Bank andNifty Private Bank indices ralliednearly 10%, each, while Nifty PSUBank jumped 8.06% outpacing thebenchmark Nifty which was uparound 3%.
Private banks were on a fundraisingspree with ICICI Bank Ltd, Axis BankLtd and HDFC Ltd raising around₹35,000 crore in August.
However, due to a lack of clarityaround the non-performing loan(NPL) cycle and growth outlook, largeprivate banks have been underper-forming the benchmark since March.
“Delay in NPL recognition is a key
alternate investment funds andinvestment LLPs.”
The panel said the abolitionof LTCG tax should be for atleast the next two years toencourage investments.
Post this period, securitiestransaction tax (STT) may beapplied so that revenue neu-trality is maintained, the panelsaid. STT is now levied only onlisted securities and the panelbelieves applying it to unlisted
FROM PAGE 1 shares, too, will bring paritybetween the two.
“Investments by collectiveinvestment vehicles are trans-parently done and have to bedone at fair market value. Thus,it is easy to calculate STT associ-ated with these investments.This can be done in lieu ofimposing LTCG on these CIVs(collective investment vehicles)and to make the taxation systemfairer, less cumbersome, andtransparent. This will alsoensure investments in unlisted
securities are on par with invest-ments in listed securities,” thepanel noted.
“The committee believesand would urge that a strongsupport system to finance thestartup ecosystem should beput in place to drive a sharppost-pandemic revival and sus-tainably high economic growththereafter,” it said.
An industry official said thepanel has given voice to a long-standing request of startups.“Investments into startups are
in the form of primary invest-ments into the company, whichin turn generates new assets,economic growth and jobs.Taxing them at 2.5 times therate for the listed secondarymarket is counter-productiveand creates an active disincen-tive for greater rupee capitalparticipation,” Siddarth Pai,founding partner at 3one4Capital and co-chair, regula-tory affairs committee at IndianPrivate Equity and VentureCapital Association (IVCA) said.
Panel proposes tax incentives for startups
Nasrin Sultana
MUMBAI
Despite fears of defaults and endof the moratorium period, pri-vate banks were strong favour-
ites among fund managers in Augustafter hitting a 22-month low in July,while net outflow from equityschemes surged to a 10-year high,data for India’s top 20 mutual fundhouses showed.
The weightage of private banks inmutual fund schemes was up by 110basis points (bps) from 16.2% in July to17.3% in August. However, the weight-age is still 280bps lower compared to20.1% in the year-ago, according todata from Association of MutualFunds in India (Amfi) and NAV India,and analyzed by Motilal Oswal Finan-cial Services Ltd.
Technology (10.2%), oil and gas(9.1%) and consumer (8.8%) made upfor the other top sector holding formutual funds in August. But, theweightage for oil and gas slipped by60bps from July to a 3-month low of9.1% after rising for two straightmonths. The consumer sector’sweight fell for the third consecutivemonth to 8.8%, down 40bps fromJuly.
The increase in exposure to private
investor concern. We agree that visi-bility on potential NPL additions islow, but clarity should emerge in sec-ond half of FY21 given that morato-rium has ended and restructuringtimelines are limited. Further, largeprivate banks have fortified balancesheets after recent capital raisings.Capital ratios are now some of the bestamong global banks,” said MorganStanley in a report.
As factors around weak competi-tion, improving funding franchisesand strong digital capabilities areexpected to help, analysts at the globalfirm have built in 10-15% loan CAGRsat large private banks over the nextthree years.
Others concurred. “Capital raisinghas led to stronger bank balancesheets. Liquidity and solvency risk forbanks have eased, although concernsaround growth and asset quality per-sist,” said Edelweiss Securities Ltd.
In terms of month-on-month valueincrease, seven of the top-10 stocksbought by MFs in August were ICICIBank, Axis Bank, HDFC Bank, SBI,HDFC, Bandhan Bank and BajajFinance. Stocks that saw maximumdecline in month-on-month valuewere Bharti Airtel, HUL, Infosys,Aurobindo Pharma, UltraTechCement, Reliance Industries, HDFCLife Insurance, SBI Life Insurance.
MFs piled on private lenders in Aug
Private banks’ weight in MF schemes
was up to 17.3% in August from 16.2%
in July. MINT
We are confident that Air India will be given to a new owner to keep the flag flying high,
civil aviation minister Hardeep Singh Puri told Rajya Sabha. PTI
Rik Kundu
NEW DELHI
The Union government will haveto either privatize Air India Ltdor shut it down because of itslarge debt, civil aviation ministerHardeep Singh Puri said on
Tuesday.The minister, however, said that if the
government can, it will continue to run theflag carrier. But, with ₹60,000 crore debt,the choice is between privatization andclosing down the airline, Puri told the RajyaSabha before the passage of the AircraftAmendment Bill 2020. “We are confidentthat Air India will be given to a new ownerto keep the flag flying high,” he said.
Air India has received an equity infusionof ₹30,520.21 crore till date from the gov-ernment since FY 2011-12, which includesfinancial support and cash support.
Bloomberg reported on Monday, citingofficials, that the government is proposingto drop a condition that the winning bidderfor Air India will have to take on $3.3 billionof aircraft debt. It said that a group ofbureaucrats has vetted the proposition and,under the new plan, potential buyers willbe allowed to bid on the enterprise valueand not on the entity value.
“I don’t expect the govern-ment to make anything signifi-cant from the sale of Air Indiaand the government’s focus isto redirect the funds to otherpressing requirements such ashealth, education and socialinfrastructure,” said KapilKaul, South Asia chief execu-tive officer of CAPA-Centre for Aviation, anaviation consultancy.
“Changes (in bid conditions) are basedon feedback from potential investors,” Kaulsaid, adding that the government is takingsteps in the right direction for successfully
privatizing Air India. Meanwhile, the Rajya Sabha passed the
Aircraft (Amendment) Bill 2020, whichseeks to convert aviation agencies, such asthe Directorate General of Civil Aviation,the Bureau of Civil Aviation Security andthe Aircraft Accident Investigation Bureau,
into statutory bodies. The bill, which wastabled by Puri in the Upper House, wascleared by the Lok Sabha in March.
Violations of the Act will attract stringentpunitive measures. For instance, carryingarms, ammunition and explosives, or other
banned substances on board, and develop-ing illegal structures around airports willattract fines of up to ₹1 crore. “Minoramendments in the Act have been carriedout by way of addition/ deletion from timeto time to meet the varying scenario ofIndian and global civil aviation and to keep
pace with changing times anddevelopments,” ministry said.
Responding to criticism onhanding over the Thiruvanan-thapuram airport to the win-ning bidder, Adani Enter-prises Ltd, Puri said the six air-ports awarded to the groupaccount for just 9%, while the
busiest airports —Delhi and Mumbai—handle 33% of the total traffic in India. “I ammaking a limited point; we are progressingfrom a limited number of players in the air-port sector, to expanding and opening itout to global entities,” Puri said.
LEGAL AMENDMENTS
RS passed Aircraft
(Amendment) Bill
2020, to convert
aviation agencies
into statutory bodies
THE bill, which was
tabled by Puri in the
Upper House, was
cleared by the Lok
Sabha in March
VIOLATIONS of the
Act, such as carrying
banned substances
on board, may attract
fines of up to ₹1 crore
TOP ST RIES
“While we have seen morecompanies deciding to stay pri-vate for longer in the last coupleof years, we are also witnessinga trend where public compa-nies are looking to go private,”said Isabelle Toledano-Kout-souris, head of private capitalmarkets for Europe, the MiddleEast and Africa at UBS GroupAG. “This has been in the mak-ing in the last few months giventhe market volatility resultingfrom the pandemic.”
Bloomberg
Move over, privateequity: There are somenew buyers in town,
and they know their targetsbetter than anyone.
Billionaire owners from Jap-anese tycoon Masayoshi Son toFrench media magnate PatrickDrahi are looking at removingtheir crown jewels from thespotlight of public markets.The potential moves to taketheir firms private mean theywon’t have to deal with volatilemarkets and increasingly vocalshareholders.
Companies have alreadyannounced $26 billion of trans-actions to be taken private by arelated party this year, up about2,500% from the same periodin 2019, according to data com-piled by Bloomberg. Many of thedeals involve ultra-richfounders who have beenhelped by cheap financing andthe sluggish share performanceof their businesses at a timewhen the market is surging.
Son, the chairman of Soft-Bank Group Corp., is revisitingthe idea of a management buy-out of the Japanese conglomer-ate, according to people awareof the matter. The deliberationsreflect continued frustration atthe gap between the company’s$126 billion market capitaliza-tion and the value of its sprawl-ing investmentportfolio. On Fri-day, Drahi offered€2.5 billion to buythe shares hedoesn’t own intelecommunica-tions providerAltice Europe NV.
The activitycomes less thantwo weeks after Germanstartup factory Rocket InternetSE announced plans to with-draw its shares from the Frank-furt and Luxembourg bourses.The company, backed by thebillionaire Samwer brothers,said a stock-market listing is nolonger the best way to raisemoney and it can rely on pri-vate funding for expansion.
Wealthy individuals are pur-suing these deals at a time whenoverall dealmaking activityremains in the doldrums, withthe value of mergers and acqui-sitions down 33% in 2020,according to Bloomberg. Privateequity firms, the traditionalbuyers for out-of-favour assets,have largely stayed on the side-
lines: investmentshave fallen 15%this year despiterecord amounts ofdry powder.
The trend hasalso caught on inAsia, where someof the most well-known companiesare going into pri-
vate hands. Billionaire AnilAgarwal proposed in May tobuy out minority shareholdersof his firm Vedanta Ltd. Inrecent months, Hong Kongproperty magnate Peter Woocompleted a privatization ofWheelock & Co., one of thecity’s largest developers, afteroffering investors a 52% pre-mium.
Billionaires opt to take unloved firms pvt
SoftBank’s Son is revisiting a
management buyout idea for
his conglomerate. REUTERS
The super rich are pursuing these deals at a time when overall dealmaking
activity remains inthe doldrums
tively, while investment bankGoldman Sachs has forecastGDP to shrink by 10.5% this fis-cal.
“India imposed strict lock-down measures to contain thespread of the pandemic, andthis has had a severe impact oneconomic activity,” ADB chief
economist Yasuyuki Sawadasaid in a statement.
“It is crucial that contain-ment measures such as robusttesting, tracking, and ensuringtreatment capacities, areimplemented consistently andeffectively.”
In its latest update to Asian
Asit Ranjan Mishra
NEW DELHI
The Asian DevelopmentBank (ADB) on Tuesdayprojected the Indian
economy to contract 9% thisfiscal, deeper than its Juneestimate of 4%, saying the fast-spreading coronavirus is hin-dering economic activity andconsumer sentiment.
The multilateral bank, how-ever, expects gross domesticproduct (GDP) to reboundnext fiscal with an 8% growth.
ADB’s move follows ratingagency S&P Global Ratings onMonday forecasting a 9% con-traction in the Indian econ-omy in FY21. Fitch Ratings andMoody’s Investors Servicehave also lowered their esti-mates for FY21 to a contractionof 14.8% and 11.5%, respec-
Development Outlook, ADBsaid India’s growth outlookremains highly vulnerable toeither a prolonged outbreak ora resurgence of coronaviruscases. “Other downside risksinclude increasing public andprivate debt levels that couldaffect technology and infra-structure investment, as wellas rising non-performingloans ...that could furtherweaken the financial sectorand its ability to supportgrowth,” it said.
The Manila-based banksaid steps taken by the Indiangovernment to address thepandemic, including a ruralemployment guarantee pro-gramme and other social pro-tection measures, will aidrural incomes protecting thevulnerable people, but pri-vate consumption may con-tinue to suffer.
ADB sees India GDP shrink 9% this fiscal
ADB, however, expects gross domestic product to rebound next
fiscal with an 8% growth. BLOOMBERG
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