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APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LXIV NO. 33, 26 PAGES, `12.00 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 READ TO LEAD SENSEX: 72,152.00 ▼ 34.09 NIFTY: 21,930.50 ▲ 1.10 NIKKEI 225: 36,119.92 ▼ 40.74 HANG SENG: 16,081.89 ▼ 54.98 `/$: 82.97 ▲ 82.97 `/€: 89.36 ▼ 0.24 BRENT: $79.01 ▲ $0.42 GOLD: `62,376 ▲ `152 INDIAWILL OPPOSE any move by the developed world to get any of the nontrade issues like labour and environmental standards included in the formal talks at the WTO during the 13th ministerial conference this monthend at Abu Dhabi, reports Mukesh Jagota. ■ PAGE 3 RESULTS CORNER Nestle profit up 4.4%, misses estimates PAGE 4 Cognizant revenues at eight-quarter low PAGE 5 Tata Consumer profit falls 20%, misses views PAGE 4 EXPLAINER Challenges in the quest for self-sufficiency in edible oils ■ PAGE 9 Nifty 77.5 BSE PSU mentscalingdownitsdisinvestment targets for the current year and the next,andevendispensingwithaseparatereceiptsheadfordisinvestment in the interim Budget presented in Parliamentlastweek.Inpost-Budget interviewstoFE,seniorfinanceministryofficials stressed the strategyis to bolster the CPSEs, before considering anysell-offs. In the FY22 Budget, the Centre 7.0 6.4 11.5 12.7 11.8 22.1 15.2 18.3 Continued on Page 12 TRADE WINDS Switzerland is largest trading partner in EFTA THEGOVERNMENTISclosetofinalisingafirstof-its-kind trade deal that could see a small group of European nations invest as much as $100billionover15yearsinexchangeforeasier trade access to India, according to people with knowledge of the matter. TheEuropeanFreeTradeAssociation(EFTA), which comprises Switzerland,Norway,Iceland and Liechtenstein,made a commitment to invest in India as part of a pact that’s in the final stagesofnegotiations,thepeoplesaid,askingnot to be identified as the talks are still ongoing. The contours of the deal have been agreed and deliberations currently centre on the final investment amount,whichcould be as muchas $100 billion over 15 years, some of the people said.WhileNewDelhiwantsthecommitmentto be legallybinding,one of the European officials said the amount will likely be framed as a goal, with no legal means to claim it included in the language of the agreement. If finalised, it would mark the first time an investmentcommitmentofthisnatureissecured byIndia as part of a free trade agreement. ($ million) Iceland Norway Liechtenstein Switzerland Source: India's commerce ministry Continued on Page 12 RETRO BRANDS COMING OUT OF NOSTALGIA LANE Luna latest to take the e-turn VIKRAM CHAUDHARY New Delhi, February 7 IT’S YESTERDAY ONCE more — well, almost — fora host of iconic brands such as Kinetic Luna, Bajaj Chetak, LML Star and Tata Sierra. They were all stuck in the dark alleys of nostalgia for many Indians,but arenowgettingback inanew,electric avatar. The latest in the series is the E-Luna, which was launched on Wednesday by Kinetic Green at `69,990 onwards.“It’s an ode to India’s first moped that gave Bharat its wings,” Sulajja Firodia Motwani, founder and CEO,Kinetic Green,told FE. “In pre-liberalisation India, the Luna had become a household name. It was a cross between a bicycle and a motorbike and easy to maintain and run,”she added. Alongside ‘Hamara Bajaj’ and ‘Bullet Meri Jaan’,‘Chal Meri Luna’became one of the most popular campaigns in the auto industry during the 1980s. Powered by a 50-cc petrol engine, the Luna was first launched in 1972,and continued its run till late 1990s, by when affordable Indo-Japanese motorcycles and scooters took over the market. SCRIPTING A RETURN ■ The Luna, ■ Bajaj Auto's Chetak, launched around 1972, revived as EV in 2019 launched in 1972, is back in an electric avatar at `69,990 onwards ■ Sierra, Tatas' famous SUV between 1991-2003, to be launched as EV in 2025 ■ LMLVespa was relaunched as electric scooter — LML Star Sales dropped, and finally stringent emission guidelines killed it. “In about three decades,we sold over 5 million units of the Luna,”Motwani said. “We even exported 50,000 units to a big-bike country such as the US (where it was sold as Kinetic TFR), in addition to Feb 2024 hadunveiledthestrategicsectorpolicy which entailed that there would beaminimumgovernmentpresence in the four broad sectors while the PSUs in the remaining ones can be privatisedormergedorclosed.Inthe non-strategicsector,allCPSEswillbe privatisedorclosedincaseprivatisation is not possible,as perthe policy. India nears $100-bn deal with Switzerland,Norway SHRUTI SRIVASTAVA & BASTIAN BENRATH February 7 May 2023 May 2022 May 2021 May 2020 May 2019 -42.5 13.4 11.6 -9.0 12.4 11.1 -0.9 -18.4 -19.6 38.7 60.2 62.7 69.1 Sensex 17,140.5 INDIATO OPPOSE NON-TRADE TALKS IN WTO AGENDA Stocks returns (%) 1,507.25 MEESHO ON WEDNESDAY launched a marketplace for logistics solutions — Valmo — that consists of a network of micro entrepreneurs who provide first-mile, last-mile and sorting solutions to sellers on the company’s platform, reports Ayanti Bera. ■ PAGE 5 IN WHAT COULD be seen as a policy shift, Prime Minister Narendra ModionWednesdaysaidthecentral public sector undertakings (CPSEs) havegainedinstrengthoverthelast decade, with “most of them giving recordreturns(dividendsandrisein valuation)” to INSIDE the stakeholders. Investors Congress is have reposed dividing the their faith in country on CPSEs, thanks north-south to the NDAgovlines ernment’s“efficient manage■ PAGE 12 ment of these entities in the last tenyears”,he said in the Rajya Sabha. “Investors’ confidence is rising in PSU stocks. In the last one year, the BSE PSU index has doubled,” Modi said.“Today LIC shares are at record levels,” he said, taking potshots at the Opposition whom he blamed for spreading misinformation about the insurer. The prime minister's comments comes on the heels of the govern- 2.26 MEESHO ENTERS LOGISTICS, EYES LOWEST COSTS NARENDRA MODI, PRIME MINISTER PRASANTA SAHU New Delhi, February 7 Brazil,Argentina and Sri Lanka.We expect similar success with the E-Luna. We have also roped in adman Piyush Pandey who has created a modern‘Chal Meri Luna’jingle for the E-Luna,”she added. Continued on Page 12 Microsoft to skill 2 mn Indians in AI, says Nadella FE BUREAU Mumbai, February 7 IN THE LAST ONE YEAR, THE BSE PSU INDEX HAS DOUBLED. LIC SHARES ARE AT RECORD LEVELS May 2018 IN KEY CHANGES at HUL, Shiva Krishnamurthy will join the management committee as ED, foods and refreshment, reports Viveat Susan Pinto. While Srinandan Sundaram will replace Deepak Subramanian as ED, homecare. The changes are effective April 1. ■ PAGE 4 STATE OFTHE MATTER May 2017 HUL RESHUFFLES MANAGEMENT COMMITTEE Comment follows scaling down of divestment goal 15.36 THE SHARE OF mutual funds in NSE-listed companies touched an all-time high of 8.81% at the end of the December quarter, reports Siddhant Mishra. However, LIC’s share fell to an all-time low of 3.64% as on December 31, from 3.73% as on September 30. ■ PAGE 6 May 2016 MF HOLDINGS IN NSE COMPANIES HITA NEW HIGH PSUs stronger, giving record returns: Modi 14.9 16.6 -3.0 -4.2 -3.2 -19.9 16.8 17.9 NEWS PM’S STATEMENT IN RS SIGNALS POLICY SHIFT May 2015 IN THE seen the technology giant’s stock price rise 1,000% as it beatApple to become the most valuable comWITH “AI IS really in the air now”, pany in the world. Microsoft chairman Satya Nadella On Wednesday, he said that one on Wednesday made a strong pitch can only talk about technology as a for the new-age realthingifitisgoing technology's to have real impact SATYA NADELLA, CHAIRMAN adoption by India ontheoverallgrowth AND CEO, MICROSOFT in his keynote of an economy. speech at a CEO “Definitelytoday connection event THE AI ENGINEERING this is the highest in Mumbai. growth market.You COMMUNITY IN INDIA canseethebuoyancy He also said that Microsoft IS SECOND ONLYTO of it. The governwill help equip 2 ment and all of you THE US. AI TO million Indians havehighambitions CONTRIBUTE with skills in artiof what’s going to ficial intelligence happenby2025and $500 BILLION TO by 2025. Called what percentage of ITS GDP ADVANTA(I)GE that growth is going INDIA, the proto be driven by AI,” gramme aims to the CEO said. accelerate the Nadella added country’s artifithat India's AI GDP cial intelligence will be $500 billion transformation by 2025, when the and empower its country's overall workforce for the GDP is expected jobs of the future. to hit $5 trillion, “The AI engiquoting data neering commufrom the minnity in India is istry of elecsecond only to tronics and the US,” he said. information Nadella has been technology. at the helm of Continued Microsoft for a on Page 12 decade now and Govt asks RBI to issue FAQs on Paytm to soothe users PRASANTA SAHU New Delhi, February 7 THE GOVERNMENT HAS urged the Reserve Bank of India (RBI) to issue clarifications in the form of frequently asked questions (FAQs) on Paytm Payments Bank (PPB) for the benefitofmillionsofcustomers,who are in a state of confusion. “RBI should clarify by bringing, say, an FAQ, as there are millions of customers who are not aware of many issues,” an official said,adding thatthiscouldaddressissuessuchas whetherthePaytmappwouldrunor not,whatcustomerscoulddotosafeguard their money in Wallet and whether charges would apply or not if theychose to transfertheirmoney. BesidestheKYCnormsviolations, PPB could also have flouted forex norms, but these could be at the entity level, rather than at the customer’s end,he added. FE had reported earlier that the Enforcement Directorate (ED) was gathering information about the “end uses” of foreign direct investment (FDI) in One97 Communications,which owns PPB. The RBI imposed restrictions on PPB on January31,citing“persistent non-compliance and continued material supervisory concerns”.The RBI had ordered PPB to wind down most of its business, including deposits,credit products and digital wallets,byFebruary29. Continued on Page 12