Registered Office: “Maithri”, No. 132, Tel: 91 44 2811 2472 Cathedral Road, Fax: 91 44 2811 2449 Chennai - 600 086, URL: www.ranegroup.com India CIN: L74999TN1972PLC006127 ______________________________________________

Rane Engine Valve Limited ________________________________________

//Online submission//

RBL/SE/15/2020-21 July 10, 2020

BSE Limited (BSE) Listing Centre Scrip Code: 532988

National Stock Exchange of India Limited (NSE) NEAPS Symbol: RANEENGINE

Dear Sir / Madam,

Sub: Publication of Newspaper Advertisement – 48th Annual General Meeting of the Company through VC/OAVM & e-voting facility

ln terms of Regulation 47 on the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) and Rule 20 of Companies (Management and Administration) Rules, 2014 read with MCA General Circular No. 20/2020 dated 05th May,2020, we enclose herewith the copy of the advertisements published on July 10, 2020 in Newspapers -'Business Standard' (English) and 'Dinamani' (Tamil) in connection with the 48th Annual General Meeting of the Company scheduled to be held on Thursday, August 06, 2020 and the same are available on the website of the Company at www.ranegroup.com. We request you to take the above on record as compliance with relevant regulations of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (SEBI LODR) and disseminate to the stakeholders. Thanking you. For Rane Engine Valve Limited Siva Chandrasekaran Authorized Signatory

Encl: a/a

CHENNAI | FRIDAY, 10 JULY 2020 BRANDWORLD 15. <

SHALLY SETH MOHILEMumbai, 9 July

I n what would otherwisehave been year of celebra-tions as the brand com-

pletesadecadeontheroad,Olais busy fighting fires onmulti-ple fronts. Its business modelunder threat and the sharedeconomy in doldrums, thehome-grown ride-hailingbrand is looking to turn riders’attention away from the prob-lemsathandandassuagetheirfears with a fresh promise ofsafety andcredibility.

Ola has long been seen as ahome-grownsuccessstorywithits founders being hailed forhaving matched the ingenuityofanUberwithalocaltouch.Itsheft and muscle drew globalinvestorsandhelpedthebrandtravelabroad.Howeverwiththepandemickeepingmostpeoplehome,OlaandalsoitsrivalUberhave struggled to keep thewheels turning. And as theyhave cut jobs and shutteredoffices, their reputations havetakenahardknock.

With itsnewcampaign,Olais looking to get the trust backand also reiterate its commit-ment to the safety diktat of theday.Thecampaignusesitsdriv-er-partnersandriders tovouchfor the brand, thus using afamiliar route to reputationalintegritythatbothOlaandUberhaveturnedtoquiteofteninthepast fewyears.

“With this campaign, weare further reinforcing con-sumeranddriver-partner trustin the brand by sharing ouremployees’ experienceswhilehighlighting the on-groundimplementation of safety ini-tiatives,” a spokesperson forthe company said.

It is important to do thatsinceseveralsurveyshaveindi-cated that people are wary oftravelling by anything but pri-vate vehicles. In a survey con-ducted in April-May, Deloittereported that in India, 73 percent of the respondents wereplanningtolimittheuseofride-hailingcabsover thenext threemonths(Stateof theConsumerTracker, covered 13 countrieswith1,000individualresponsesper country/wave). In a reportreleased in April, market rese-arch agency Kantar found that35percentsaidthattheywouldstop using ride-hailing trans-port completely while 41 percentsaidtheywouldcutitsuse.The Kantar survey was con-ductedwith a sample of 1000+covering 19 cities and 15 statesacross India.

Brandexpertspointout the

pandemic isdevastatingbut itis also anopportunity tobuildthe brand up from groundzero. And for both Ola andUber,hygieneasasafety factorand a brand value had fallenthrough the cracks in the pastfew years. The brands werefocusedonassuringcustomersabout theirdrivers, their com-mitment to transparency andalso their prowess with fooddelivery. Now is the time torenew the promise of cleanli-ness, experts say.

RohitKumar,vicepresidentatHansa ResearchGroup said,“The testimonial route showsthere is more to the ride thanjust the transaction betweenyou and thedriver.”Ola’s latestcampaign is an extension ofthe RideSafeIndia campaign,launched last month whichhighlighted a five-layer safety

protocol that thecompanyhadestablished for its rides.

According to Ola, the cam-paign is being seen as anopportunity to educate bothdrivers and passengers aboutthenewnormal.“Wearefacingan unprecedented crisis andwe feel that we have to collec-tivelytakeresponsibility forthesituation to be able to success-fully combat this,” thespokesperson said.

The crisis hasbeenparticu-larlydifficultas it ismanifest inan invisible and undefinedhealth scare. People are notrational in their choices andbehavinginastateofpanicandanxiety as several consumerreports have indicated. Alsobrands and policy makers arejuggling with multiple uncer-tainties at the sametime.

For bothOla andUber, theworry is that the pandemiccouldchange travelbehaviourin perpetuity. A recent studyby McKinsey on the globalstateof thebusiness (Howcon-sumers’ behaviour in car buy-ing and mobility is changingamid Covid-19) said, “Itremains unclear whether carbuying and mobility usagebehaviourswill return toapre-crisispattern,orwhethersomeof their behavioural changesduring thecrisiswill stickevenafter the pandemic subsides.As a result, all players in themobility spaceneed to closelymonitor their particular localsituation and adapt their go-to-marketapproach, sales, andoverall strategy to those spe-cific conditions.” The cam-paigns are a way of preparingthe consumer for the futureand assuring them of thebrand’s presence as they tran-sition into it.

Threatenedbythegrowingrelianceonprivatevehiclesanddistrustofsharedmodesoftransport,theride-hailingbrandstepsintoreclaimitsreputation

Ola balances the brandonanewmobility track

The #MySafestRide campaign relies on user accountsand driver experiences to reassure riders of the safetyprotocols being adopted by the brand

Gujarat scraps...The Maharashtra State ElectricityDistribution Company recently receivedthego-aheadfromthestategovernmenttorevise tariffs forCGPL.

Tata Power in its latest annual reporthadmentionedthatCGPLcouldsignasup-plementaryPPAoverandabovetheexistingone,atahighertariffwithstates.CGPListheultramega power project of Tata Power inGujarat’sMundra.ThenoticebytheGujaratgovernment said the tariff at which CGPLsigns thesupplementalPPAwouldbe low-er thanwhat it signswithother states.

The annual report said, “According tothe legal opinion received, even ifMundrasupplies power asper the tariff discoveredthrough the competitive bidding processtofivestatesunderasinglePPA,inordertoimplement the HPC recommendations,CGPLcanenterintoseparatesupplementalPPAswitheachprocurer.”

The report addedCGPL is followingupwithGujarat andMaharashtra to sign sep-arate supplementalPPAs.

Adani Power Maharashtra (1,980 Mw)was commissioned in 2008 at a tariff of~2.35perunitandCGPLin2012atatariffof~2.26perunit.WhileAdanihadaPPAwithGujarat and Haryana, CGPL had signed aPPAwithGujarat,Rajasthan,Maharashtra,Punjab, andHaryana.

In 2010, following an order by theIndonesiangovernmentincreasingitscoalbenchmarkprice,thelandingcostofcoalinIndia increased. Adani and Tata, whichwere importing fromIndonesia, asked theCERCtograntthem“compensatorytariff”for increased fuel cost. This would havebeen passed through on the final power

rates.The twodevelopersweregivenreliefby the CERC in 2014, then denied by theAppellateTribunalforElectricity(APTEL),andagainawardedbythesamein2016. In2017, after states contested APTEL’s deci-sion,theSupremeCourtquashedanycom-pensation to these units. It also directedtheCERC“tocomputearelief,accordingtothe respectivePPA”.

Meanwhile, the Gujarat governmentformed theHPC to formulate a relief planfor importedcoal-basedplantson its terri-tory. The HPC recommended capacitycharge or the fixed cost of the unit to bereduced by 20 paise per unit (kilowatt-hour), following the lender taking a cut onsome portion of the debt repayment. Theenergy/variable charge would be revisedmonthlyandwascappedat$110pertonnefor6,322kilocalorie/kilogramgradeofcoal.

Any price escalation beyond it wouldbeborneby thedeveloper.Powerdevelop-ers repay debt through capacity charge,whilevariablechargeisthereturnoninvest-ment for thedeveloper.The supplementalPPAwouldfollowasimilarformula,excepttheenergychargehasnowbeenreducedto$90per tonne, from$110per tonneearlier.

It was, however, only Adani whichreceived relief as Tata Power was asked togetapproval fromits fourprocuringstates.

Withinputs fromAmrithaPillay

Red carpet...“Very few countries will offer the kind ofopportunities India does today,” the PMsaid. Stating that there aremanypossibili-ties and opportunities in various sunrisesectorsinIndia,thePMsaidreformsinagri-culture would provide a very attractive

investmentavenueinstorageandlogistics.

On thepandemic, thePMsaidithadshownthatIndia’spharma-ceutical industrywas an asset forthe entire world. He said IndianpharmacompanieswereinvolvedinglobaleffortstodevelopaCovid-19vaccine.

Modi said Indiawas fighting astrongbattleagainst thepandem-ic with a focus on people’s healthas well as the economy. He saidrevivalinIndiawouldbewithcareand compassion, adding that itwould be sustainable both forenvironmentandeconomy.

Voda Idea...Analysts said thecompany lost 15million customers in the Junequartertoitsrivals.Thisis inaddi-tiontothecompanylosingcloseto117 million customers in the yearended March 2020, reducing itssubscriberbase to291million.

Thecompany'sincreasingloss-es and falling customer base aremaking its lenders jittery, as theyhave lent it close to ~1.2 trilliononaconsolidatedbasis.Bankerssaidthe liquidityprofileof thecompa-ny was expected to remain poor,with negative free cash flow from

operations,significantAGRdues,anddebtrepaymentobligations.

VodafoneIdeahastorepaydebtofabout~4,300croreinthecurrentfiscalyear,whichincludesDepartmentofTelecomdues.Thecompanyhasavailedof themoratoriumofthree months on payment of instalments(including principal and interest), duebetweenMarch1,2020andMay31,2020,inaccordancewiththepackageannouncedbytheRBIonMarch27.

India Inc’s...Others, however, say the overall trend incorporate India has been towards delever-aging, but the process slowed due to adecline inprofitability inthe last fewquar-ters. “Therehas beenvery little incremen-talborrowingbyindustrial firmsinthelastfour-five years, even as they continue tomake profits. This has led to a steadyincrease in their net worth, leading to adecline in the leverage ratio,” saidDhananjay Sinha, head of research andstrategy,SystematixInstitutionalEquities.

Corporate India’s combined cash andbank balance was up 12.1 per cent YoY to~4.25 trillion at the end ofMarch this yearfrom ~4.02 trillion a year ago. Analystsattribute this toaspateofequity raisingbycompaniessuchasBhartiAirtel,VodafoneIdea, andTataMotors.

The net debt to equity ratio improvedmarginallyto0.59xattheendofMarchthisyearfrom0.6ayearago.However, theratioworsenedonasequentialbasisduetopoorprofitabilityinthesecondhalfofFY20thathurtmanycompanies’networth.

AbiggerworryforIndiaIncisthegrow-ingdebt-servicingburdenas interest costscontinuetorisefasterthanprofitabilityandrevenues.

Covid-19 weighs...The extent of the damage due to Covid onits revenues was visible as the companyreported a 6.3 per cent drop in top line inconstantcurrencyterms,owingtoasharp-erdeclineinkeygeographiessuchastheUSand the UK. “If our current expectationsplay out, the recovery trajectory will befaster thanwhat we had during the globalfinancialcrisisof2008becauseofacoordi-nated and early response taken by clientsand institutions,” saidGopinathan.

InQ1, theoperatingmarginof thecom-pany declined 54 basis points at 23.6 percentyear-on-year,whileitwasdownby150basispointsonasequential basis.

“With this kind of contraction in rev-enues, there was a commensurate impactonmargins.However,wehadkeptourcostunder control and reduced the discre-tionaryspend,”saidVRamakrishnan,chieffinancialofficer.Healsosaidthecompanywas not planning to reduce the employeecost because involuntary attritionwas themodel the firmfollowed.

Among the verticals, lifesciences andhealth care continued to grow strongly at13.8percentYoY,whileBFSIdeclined5percent. Retail andCPG (consumer packagedgoods) fell around 13 per cent, manufac-turing7percent,andcommunicationandmedia3.6per centduring thequarter.

> FROM PAGE 1

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