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WWW.ECONOMICTIMES.COM Production at
Maruti Suzuki
India fell to a
five-year low
in June as
demand for its
small cars and
compact sedans
continued to
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 QIP March: SBI Kicks off `25kcr Capital Raise  UIDAI Working to Ease Offline Verification  NATO Warns India, 2 Others of Secondary Sanctions: P1
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Disruption: Startups & Tech THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

TCS Employees on the Edge as Co’s New Indians are Pouring

Benching Policy Completes First Cycle into Crypto as Bitcoin
Policy restricts staff to just 35 annual days on bench, after which they risk career degrowth or even termination
and denial of experience letters if they fail
Rockets to New Highs
Himanshi Lohchab to meet unrealistic deployment timelines. CoinDCX, Coinswitch, Mudrex and Zebpay log
While HR supports project place- “These are not non-performing em-
Mumbai: As the first 35-day cycle under Tata
ment, we also expect associates to pro- ployees, but skilled professionals net inflows of $150-$200m in just seven days
Consultancy Services’ (TCS) new bench policy who find themselves temporari-
actively seek new assignments after
ends on Thursday, thousands of benched em-
ployees are staring at uncertainty, with many completing existing ones. What you’re
ly without allocation… Instead
of support, they are met with Big Bull Run
taking to social platforms to voice their anxie- suspicion, coercion, and CoinDCX said daily
ty. The policy, implemented on June 12, caps seeing now is simply a more structured threats,” NITES president trading volume in July
the maximum bench period — that is, time version of what’s long been in practice Harpreet Singh Saluja said in
has gone up 40% to 12.82 million
without any project allocation — at just 35 the letter.
days a year, after which they risk career de- K Krithivasan, CEO, TCS TCS did not respond to
from 9.17 million last month
growth or even termination. ET’s requests for comment Coinswitch ZebPay
Online forums like Reddit are flooded with ed is also unclear. Ac- until the time of publishing saw a 22% in- noted an
posts from TCS employees expressing their cording to industry es- this article. Justifying the
crease in spot avg 75%
concerns. timates, on an average, new bench policy, TCS chief
and futures increase
While several employees have been scram- 15-18% employees in executive and managing direc-
bling for projects, others allege that they are leading Indian infor- tor K Krithivasan told Times of trading volume in weekly
being forced into projects that don’t suit their mation technology India: “It’s always been expected week-on-week volumes
Indian IT’s vaunted
skill sets. Some are getting rejected in client in- bench strength is (IT) firms are usually that associates take respon-
terviews while others are unable to find pro- fast becoming a on the bench. TCS, In- sibility for their careers. “The spike was most notable be-
jects in their home locations, going by various liability as AI-led dia’s largest IT compa- While HR supports project Himanshi Lohchab tween July 10 and 15, when BTC
posts on Reddit. “This is the first step towards productivity gains ny, has a workforce of placement, we also expect (Bitcoin) prices surged past $116K,
employment rationalisation based on utilisa- have made entry-le- about 613,000 people. associates to proactively s- Mumbai: Bitcoin’s meteoric rise driving higher engagement from
tion. Brace for layoffs,” one anxious Reddit us- vel engineers Meanwhile, an em- eek new assignments after of breaching all-time highs in the both retail and high-value inves-
er wrote. One fresher claimed, “I have recently difficult to redeploy. ployee welfare body on completing existing ones. Wh- last seven days has seen Indian in- tors,” said CoinDCX founding
joined TCS and training was conducted in Ja- Big changes are Wednesday urged at you’re seeing now is simply vestors join in the rally. Top Indian partner Mridul Gupta.
va. Now, it’s not even a month on bench and afoot for IT firms Union labour minister a more structured version of exchanges CoinDCX, Coinswitch, “BTC trading volumes in July
RMG is pressuring me to join a *** support pro- Mansukh Mandaviya to take urgent action In a letter to what’s long been in practice. We aim to min- Mudrex and Zebpay have cumula- (till July 15) touched 16.69 million,
ject, far from Java and Python.” against TCS for the enforced bench policy the minister, Nascent Information Technol- imise bench time.” tively recorded net inflows of $150- with a daily average of 1.11 million,
ET could not independently verify the veraci- that it called “inhumane,” “exploitative” ogy Employees Senate (NITES) alleged that 200 million in the past seven days, nearly 80% higher than June’s dai-
ty of any of these claims. and psychologically distressing for IT pro- the IT giant is coercing employees on the FOR FULL REPORT, GO TO estimates showed. ly average of 0.62 million,” he said.
The number of people likely to be impact- fessionals. bench with repeated threats of termination www.economictimes.com CoinDCX said daily trading vol- Meanwhile, analysts said the
ume in July has gone up 40% to 12.82 crypto party may calm down in the
million from 9.17 million last month. coming weeks, as US Congress on
Coinswitch saw a 22% increase in July 15 voted against President Do-

For comprehensive and

Numbers Watch Firms take stock of a challenging quarter Ixigo Sees 73% spot and futures trading volume
week-on-week. Spot volumes alone
nald Trump’s three bills on digital
assets: the GENIUS Act, CLARITY

TechM’s Q1 Profit up 34% to

insightful stories about all have grown 145%, it said. Mudrex re- Act and the CBDC Act.
things startups and technology,
log on to www.ettech.com Surge in its Q1 ported doubling of trading volumes
in the past week, with tier-2/3 cities
“Bitcoin’s current growth mo-
mentum is being powered by a con-
and towns accounting for 40%. Zeb- fluence of institutional adoption,
ET Ecommerce Tracker Revenue, Net Pay noted an average 75% increase regulatory clarity and macroeco-

`1,141cr, Revenue Rises 2.7%

in weekly volumes. nomic tailwinds,” said Harish Vat-
Returns Comparison (%) While Bitcoin and Ethereum con- nani, head of trade at ZebPay.
ET Ecommerce Index
ET Ecommerce Profitable Index
ET Ecommerce Non-Profitable Index
Profit at `19cr tinued to dominate trading activ-
ity, other meme tokens like Pengu
“Major players like BlackRock,
Fidelity, and Franklin Templeton
Nifty 50
and Bananas31 have also seen a have made sizable allocations to
18
One-third of revenues from communications vertical, retail and BFSI chip in sharp rise in volume, Zebpay said. spot Bitcoin ETFs. Corporates
Compiled by ETIG Database
16 such as Strategy (formerly Mi-
14 croStrategy) continue to accumu-
12
10
Our Bureau COMING INTO BLOOM MRIDUL GUPTA
CoinDCX founding partner late Bitcoin, reinforcing market
IT firm’s revenue confidence,” he said, adding that
8
6
Bengaluru: Tech Mahindra, the
for the period grew
The spike was most notable the markets appeared to be ap-
Mahindra Group’s IT subsidiary, proaching a new bull run, one that
4
2 on Wednesday reported a 34%
2.7% YoY to between July 10 and 15, mirrors the highs of 2022 but with
`13,351 crore but when BTC (Bitcoin) prices
CLAUDE MONET, Water Lilies

0 year-on-year jump in profit for the greater maturity.

first quarter ended June, helped edged down 0.2% Edul Patel, CEO and cofounder of
surged past $116K, driving
-2
1 Day 1 Month 3 Months 6 Months by lower subcontracting expens- from March quarter Our Bureau Mudrex, expects Bitcoin breach-
es. Net profit at `1,140.6 crore was higher engagement from ing the $140,000 mark in near term.
Tweet OF THE DAY 2% lower sequentially on lower IT firm’s deal wins New Delhi: Le Travenues Tech-
both retail and high-value
tax write-back compared with the increased by 44% nology, the parent company of FOR FULL REPORT, GO TO
March quarter. on a last twelve online travel aggregator Ixigo, investors www.economictimes.com
Revenue at the nation’s fifth large- months basis saw its operating revenue in-
st software service provider rose crease by 73% year-on-year (YoY)

VC Firms Warming
2.7% from a year earlier to `13,351 to `314 crore for the quarter ended
crore. Its largest region for busi- MOHIT JOSHI ago, though the performance im- June on account of growth
ness, the Americas that accounts CEO, Tech Mahindra proved from the previous quarter, across all lines of business, effec-
for nearly half of its revenue, post- The market is still very against industry trends. tive cross-selling and up-selling
ed an almost 6% drop in revenue,
but growth in Europe and the rest
of the world more than offset the
impact.
volatile. We are seeing a
continued slowdown in
Exuding optimism on the deals it
signed, Joshi said: “We have
been reporting steady and in-
creasing deal wins…We do see
to its user base, and artificial in-
telligence (AI)-driven efficiency.
The company posted a net prof-
it of `19 crore for the quarter,
up to Quick-fashion
the auto portfolio, manu-
ROBERT GREENE
@ROBERTGREENE
Sequentially, however, revenue
was 0.2% lower.
“The performance was driven by
growth in communications, retail
facturing portfolio, tele-
coms is relatively stable.
the fact that we are able to con-
vert these deals…our largest cli-
ents are growing much faster
than the company average.”
marking a 27% rise from `15
crore in the same period last
year. According to group CFO
Saurabh Devendra Singh, this
Delivery Startups lets in malls and other locations.
Grand strategy is and BFSI (banking, financial ser- Deal wins increased by factors in certain one-off items, The recent funding deals come as
the art of looking vices and insurance) verticals.
It's a mixed picture 44% on a last twelve including a `2 crore share of loss Despite the funding new-age brands like Newme, Slikk,
The year-on-year headwinds were mixed picture, and I feel months basis, supported from associate and Snitch, alongside ecommerce
beyond the pre- primarily due to our pre-services that it's too early to say by broad-based momen- company Fresh momentum, concerns platforms such as Myntra, Ajio and
sent battle and business, which we are rightsiz- whether the tide has tum across verticals and Bus, whereas Nykaa, experiment with ultra-fast
calculating ahead. ing as previously shared. We also turned towards signifi- geographies, he said. The Q1FY25 had in- around the model’s delivery models in the fashion cate-
saw spend reductions in the auto- cant growth or a reces- Pune-headquartered cluded revalua- gory. Slikk, which offers 60-minute
Focus on your ulti- motive sector, which impacted sion,” he added. company recorded strong tion gains and sustainability linger delivery, recently raised $10 million
year-on-year revenue perform- Its largest vertical, com- net new bookings at $809 mil- Firm’s total other adjust- in a round led by Nexus Venture Part-
mate goal and plot ance,” said chief executive and munications that contrib- lion in the past quarter, expenses, ments. Alenjith K Johny and Ajay Rag ners. Snitch secured $40 million from
to reach it managing director Mohit Joshi. utes one-third to reve- higher both sequen- rose to `293
cr in the June
“If I were to co- 360 One Asset with plans to enter
“The market is still very, very nue, grew both YoY tially ($798 mpare on a like- Bengaluru | Mumbai: Funding quick commerce.
quarter from
volatile. We are seeing a contin- and sequential- million) and for-like basis by momentum is building in the early- Meanwhile, omnichannel fashion
Tech Buzz ued slowdown in the auto portfo- ly. Manufactur- from a year
`168 cr in the
same period excluding all th- stage quick-fashion delivery space, brand Newme, which targets Gen Z

Nvidia to Boost
lio, manufacturing portfolio; tele- ing shrank 4% ago ($534 last year ese items in both as investors double down on star- consumers, raised $18 million in a
coms is relatively stable…It's a from a year million). periods, our tups focused on fast-moving round led by Accel,
profit before tax would have in- fashion products with shorter with participation
H20 Chip Sales creased by 76.2% from `16.2 crore turnaround times, even as from existing investors

LTTS Q1 Profit up Marginally to `316cr

to `28.7 crore,” said Singh. concerns linger around the Fireside Ventures and
to Chinese Cos The company’s total expenses,
however, rose to `293 crore in the
model’s sustainability.
Mumbai-based quick-fash-
AUM Ventures, as re-
ported by ET.
Nvidia will ramp up sup- June quarter from `168 crore in ion delivery startup Knot has “Quick commerce
ply of Chinese-compliant the same period last year. A sig- raised a $3 million round led has revolutionised
H20 chips in the coming
Mid-tier IT services firm’s revenue climbs 16% to `2,866 crore nificant amount of the expendi- by Kae Capital with partici- the way we purchase
months and look to bring AMIT CHADHA dropped 3.9% from March quar- ture was attributed to employee pation from Sparrow Capi- groceries, essentials
Our Bureau CEO, LTTS ter pulled down by an 16.4% dip in benefits and other expenses. tal, its founder Archit Nanda and it's extended to a
more advanced semicon- India region and continued slow- “Q1 FY26 had a few events that told ET. Gurugram-based few other categories
ductors to Chinese mar- Bengaluru: Mid-tier engineering Our clients feel down in mobility and tech seg- impacted the aviation market in fashion commerce platform beyond your daily pro-
ket, CEO Jensen Huang and technology services company our H2 will be ments due to seasonal weakness. India and the region,” said Aloke Zulu Club recently closed a visions. However,
said in Beijing. Huang’s re- L&T Technology Services (LTTS) “If you ask me, the way our indus- Bajpai, cofounder and chief exec- $250,000 funding from early- fashion commerce
reported a marginal rise of 0.7% better than try is right now, we are probably the utive, during a post-earnings stage venture capital firm has not been reima-
marks came after Nvidia
said it planned to resume
year-on-year (YoY) in net profit at H1…We are highest in the industry (in revenue analysts call on Wednesday. This TDV Partners. Knot plans to gined since the yeste-
`315.7 crore in the first quarter of growth). Our clients feel our H2 will includes Operation Sindoor and use the capital to expand be- ryears when Myntra and others en-
sales of the H20 AI chip to FY26 supported by a favourable tax reconfirming that we will be better than H1…We are recon- the resulting airspace closures in yond Mumbai to cities such as New tered the space. It has continued to re-
China, a move US Com- return despite an increase in em- see double-digit growth firming that we will see double-digit North India, the recent AI171 Delhi, Bengaluru, and Pune, streng- main the same,” said Sunitha Viswa-
merce Secretary Howard ployee and other expenses. growth this year,” said Amit Chad- crash, airspace shutdowns in Pa- then its product capabilities, and on- nathan, partner at Kae Capital.
The Mumbai-based Larsen & Tou- this year ha, CEO, LTTS. “Second, the sus- kistan, disruptions in the Middle board additional partner brands. “There needs to be a new platform-
Lutnick said was part of bro (L&T) subsidiary’s net profit verticals of sustainability and tainability segment has seen sig- East during the Iran-Israel ten- Zulu Club, the Gurugram-based led approach. Gen Z cares about
negotiations on rare rose 1.5% from `311.1 crore in March tech, its revenue jumped 16.4% to nificant order inflow for us in the sions, and Air India’s voluntary startup, does not operate its own of- tight curation, fast delivery, and
earths. —Reuters quarter. Helped by a 1.5% growth `2,866 crore in the April to June last three quarters. It is our most reduction of international wide- fline stores but offers services quick returns so that their money
. in North America and two key quarter. Sequentially, revenue profitable segment,” he added. body flights for safety checks. through existing general retail out- doesn’t get blocked,” she added.

$6 billion
CoreWeave to invest in
Pennsylvania AI Data
Centre. —Bloomberg
Free AI Training for 5.5L Wipro Looking to Become Consulting-led,
Jupiter Bags
Corp Agency
Village Entrepreneurs AI-powered Company, says Rishad Premji
IT TAKES A VILLAGE... Wipro exec chairman says FY25 was a year of significant change — for Wipro and the world
Tag from Irdai
Our Bureau

New Delhi: The workforce man- Govt to train 10 lakh peo- RISHAD PREMJI the company a strong start in finan- profit numbers, respectively, as
MUMBAI: Fintech platform
ple in advanced digital
ning the 5,60,000 lakh Common Ser- Our Bureau executive chairman, Wipro cial services consulting and helped US tariffs-related uncertainty
Jupiter Money has secured vice Centres across the country, will in expansion across other industri- continued to drive cautious
We know the external
a corporate agency licence
from Insurance Regulatory
be imparted free training in Artifi-
cial Intelligence (AI), electronics tech, says IT minister Bengaluru: IT firm Wipro aims to
sharpen its focus on becoming a con- environment may stay
es. The comments came a day ahead
of Wipro’s first-quarter
spending by clients of the soft-
ware service providers.
and Development Authori- and information technology minis-
ter Ashwini Vaishnaw said on
Ashwini Vaishnaw sulting-led, artificial intelligence
(AI)-powered organisation, its exec- uncertain. But resilient earnings scheduled to be
announced on Thursday.
Wipro, the fourth largest soft-
ware services provider in the
ty of India (Irdai), marking Wednesday. The move is part of the naw said VLEs will be trained in utive chairman Rishad Premji told businesses are built On Wednesday, Wipro’s country, reported revenue of $10.5
its entry into the insurance government's aim to train 10 lakh citi- the latest technological shareholders. shares closed 2% higher billion for 2024-25. “Starting from
distribution space. The li- zens in advanced digital technolo- trends. ‘Under the In- Addressing the Bengaluru- during times like these at `262.70 per share on FY26, we expect to return to share-
cence, which covers both gies such as AI, machine learning, diaAI mission, the gov- based company’s 79th annual gen- gies like AI were scaling rapidly,” the BSE. holders at least 70% of the net in-
data analytics, cybersecurity, AI as ernment has decided to eral meeting through videocon- said Premji. “We’re sharpening Since last week, larger ri- come cumulatively over a three-
life and general insurance, part of the India AI Mission. equip 10 lakh people with ferencing on Wednesday, the son our focus on be- com- vals Tata Consultan- year period,” Premji said.
enables Jupiter to distrib- Speaking at an event to mark AI skills. Of this, we will of billionaire promoter Azim ing a consult- cy Services Chief executive Srinivas Pallia,
ute insurance products di- the 16th establishment give priority to and Premji said 2024-25 was a year of ing-led, AI-pow- (TCS) and who completed one year at Wi-
rectly through its app. The day of CSCs, which train 5.5 lakh significant change for Wipro as ered organiza- HCLTech pro’s helm in April, said as the un-
have grown to be- VLEs,’ Vaishnaw well as the world. tion.” have re- certainty deepened in the fourth
firm said it will begin with
come one of the said, urging “We know the external environ- He highlight- ported sub- quarter of 2024-25 with new head-
curated offerings in part- world's largest dig- more village-level ment may stay uncertain. But resil- ed that Wi- dued winds led by tariffs, Wipro is help-
nership with major insur- ital service de- entrepreneurs to ient businesses are built during pro’s acquisi- quarter- ing its clients define roadmaps, iden-
ers. —Our Bureau livery net- join the training times like these… The macro land- tion of Capco ly reve- tify AI opportunities and align with
works, Vaish- programme. scape kept shifting, and technolo- in 2021 gave nue and their business goals from the start.

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TCS Employees Tense Trademark Rules’ Diageo CEO Steps Down, CFO
over New Bench Policy Recast in the Works Jhangiani to be Interim Leader
DISRUPTION FACING PAGE ECONOMY: MACRO, MICRO & MORE  5 BRANDS & COMPANIES 12

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LARGEST SUCH EXERCISE BY A DOMESTIC ENTITY HOUSE PANEL’S REVIEW OF INCOME TAX LAW OVERHAUL
PURE

QIP March: SBI Dividend Proposal in I-T

POLITICS
Production of `20kcr
Indigenous AWACS
gets Green Light
The government has given
Kicks off `25kcr Bill may Bring Relief to Cos
Capital Raise
a go-ahead to the produc- tion on the same dividend income.
tion of next generation Suggestion to restore I-T Reboot The bill had removed the provision for
companies availing of the 22% corpora-
airborne early warning House panel had
and control systems clause for deduction on 36 sittings
te tax slab. Indian companies have the
option to pay 22% income tax if they
Indicative price at `806.7 to and dealt
(AWACS India), reports Manu Pubby. inter-corporate dividends don’t avail of any exemptions and incen-
Under the project, expected to cost Capital Base `831.7; LIC likely big buyer
with all
536
tives since FY20.
around `20,000 crore, the Indian Air Total capital adequacy ratio among 285 tweaks sections
The panel, headed by Baijayant Panda,
will present its report to the Lok Sabha
Force will get six large AWACS. 2 Common Additional Tier II Our Bureau on the first day of the monsoon session
equity tier I tier I (Figs in %, as Jatin Takkar & Deepshikha Sikarwar MULTIPLE CHANGES, of parliament on Monday.
2024 of March 31) Mumbai: State Bank of India (SBI) be- BUT NOT SUBSTANTIVE The government has accepted most of
■Ashoka Prof Probe: SC Asks gan its `25,000-crore share sale to insti- New Delhi: A parliamentary panel that the changes proposed by the committee,
SIT to Stay within Scope2 14.28 tutional investors at the end of trading reviewed the Income Tax Bill 2025 has Panel has called for one of the persons told ET. The Centre
hours on Wednesday in the largest equi- recommended that a provision dealing restoration of Sec 80M has already listed the bill for considera-
■Bihar SIR Verification Phase 10.36 2.35 ty capital raise by a domestic entity – with the deduction available for inter- Industry had argued Several other tion and passage in upcoming session.
to Commence from Aug 1 4 2025 1.57 and the first in eight years by the most- corporate dividends be restored, a signi- that its omission provisions Another key suggestion by the commit-
valued government asset. ficant relief for India Inc, said people fa- would lead to simplified tee was the restoration of the language
14.25 Bidding for the share sale would conti- miliar with the deliberations. The select relating to residency for those going
double taxation in for more
OUTLAY OF ` 24,000 CR PER YEAR nue until the early hours on Thursday. committee unanimously adopted its re-
multi-tier structures clarity
overseas to work. The previous wording
10.81 2.14 The indicative offer price is between port on Wednesday, recommending over — “for the purpose of employment”—
Cabinet OKs PM Scheme `806.75 and `831.70 a share, bankers told 285 tweaks, which have been accepted by has been retained to clear up any ambi-
Source: SBI Q4 presentation 1.30 ET. The indicative price is the implied the government, they said. ry panel to restore Section 80M, reaso- guity, the person said. Besides, the provi-
to Boost 100 Agri Districts discount — up to 3% in this case — to the This means that the biggest revamp of ning that its omission would result in ca- sion dealing with the issuance of a nil
The Union Cabinet appro- share’s closing price of `831.7 on the NSE the six-decade-old income tax law is ex- scading and double taxation in multi-ti- withholding the tax certificate by tax de-
on Wednesday. If the bank raises the en- pected to pass quickly in the upcoming er structures. The section allows Indian partment in respect of certain pay-
ved the Prime Minister tire `25,000 crore, it will be the largest monsoon session of Parliament. companies to deduct from taxable inco- ments has been reinstated.
Dhan-Dhaanya Krishi share sale after Coal India's `22,560-crore The industry had made a strong pitch me dividends they get from another cor-
qualified institutional placement (QIP) to the government and the parliamenta- porate entity. It helps avoid double taxa- Concern Over Faceless Assessment4
Yojana (PMDDKY), a sche- to select bulge bracket buyers in 2015.
me to develop 100 agricul- The bank’s board approved the place-
ment on Wednesday. This is the third
tural districts through the convergence of 36
QIP by SBI. The previous round was ROUND V OF BILATERAL TALKS

GM Shift may Spur Mini US Trade Deal

schemes of 11 ministries. The scheme has an concluded in 2017, raising `15,000 crore.
outlay of `24,000 crore per year, and will be While state-run LIC is expected to bid

implemented for six years beginning with

HDFC Bank to Take a Call for a sizeable chunk, financial institu-
tions, large domestic mutual funds and
the current financial year, 2025-26.5 on Maiden Bonus Issue large international investors are also
expected to participate, said people India open to genetically modified livestock feed but not such corn, soyabean
HDFC Bank has said its board aware of the development. In the pre- face a 19% tariff, suggesting that New the US wants steep cuts in tariffs across
 NTPC, NLC Get Green Light to will convene on Saturday to vious QIP, LIC had bought nearly 40% of Kirtika Suneja Delhi, too, may be subject to tariffs abo- sectors including cars and access for its
Invest `27,000 crore5 consider a key proposal — the the stake on offer. In 2017, SBI’s QIP was ve the baseline 10%. “There will be an in- dairy and farm products.
priced at `287.25 apiece. New Delhi: An interim trade deal with terim deal first, be it “We aim to package a deal before the
issuance of bonus shares for the first time the US could materialise in the ongoing first tranche or second Quad summit,” said the official cited
SUITS & in the lender’s history. 9 Govt Holding may Drop to 55%4 round of talks, with India becoming re- Official says tranche, before a BTA,” above. India will host the 2025 summit of
SAYINGS ceptive to imports of certain genetically the target is said an official. “We will the four-member Quad grouping, also
modified (GM) farm products used in to package a close multiple deals as comprising the US, Australia, and Ja-
` 6,000 CR VIA QUALIFIED INSTITUTIONAL PLACEMENT, OTHER MODES animal feed but holding firm on restric- deal before and when they finalise. pan, later this year. Trump is set to at-
Exit Mapped R Power, R Infra Funding Plan Approved ting imports of GM corn and soyabean. the Quad We will be doing our job. tend the summit.
This PE that recently utilised a window of The fifth round of talks for the propo- summit Remaining things we The US has announced tariffs on seve-
Anil Ambani promoted Reliance Power and Reliance Infra on Wednesday sed bilateral trade agreement (BTA) are will leave to others,” the ral nations from August 1 including tho-
opportunity, is closing doors elsewhere.
said their boards have approved a `6,000 crore worth fundraising plan via currently being held in Washington. official said, without elaborating. se with whom it has finalised deals.
More doors are being shut at a lender too, US President Donald Trump said a tra- India is demanding greater market ac-
the Qualified Institutional Placement (QIP) and other modes. The approval Washington’s Uncertain Approach4
where worries continue. See PAGE 12 de deal with India would be on the “same cess for labour-intensive industries
came in a meeting held on Wednesday post market hours. 11 line” as that with Indonesia, which will such as textiles and electronics while Trump’s Pharma Tariffs by Aug 18

FOR DOING BUSINESS WITH RUSSIA CITIZENS, FIN SERVICE COS TO BENEFIT

NATO Threatens India, UIDAI Working

to Ease Offline
China and Brazil with Verification
Secondary Sanctions Pratik Bhakta

Bengaluru: The UIDAI, which mana-

India displeased with secy Hitting a Bump ges the Aadhaar database, is working
to strengthen the offline identity
Countries engaged in energy trade verification service for citizens, with
general Rutte’s remarks as with Russia may face 100% secondary an aim to make it further secure and
sanctions, says NATO chief Rutte
NATO has no such authority user-friendly and encourage more
financial services players to adopt it,
Some NATO & EU two senior bankers in the know said.
Dipanjan Roy Chaudhury members have India has UIDAI is seeking to strengthen and
imposed curbs voiced its energy regulate the process to
New Delhi: NATO secretary general on country concerns to US allow citizens to
Mark Rutte on Wednesday threatened lawmakers Fintechs, complete the Aad-
But continue
India, China and Brazil with 100% secon- non-bank haar-based customer
to buy
dary sanctions if they continue doing lenders, identification, or
Russian oil via
business with Russia, even as he urged which were know-your-customer,
third parties process of service
the leaders of these countries to press blocked for
Russian President Vladimir Putin to ta- Trump has unauthorised providers without
ke peace talks with Ukraine seriously. also hinted at access to disclosing their Aad-
Speaking to media persons after a mee- slapping harsh Aadhaar haar number or
ting with US senators, he said, “If you oil tariffs database, to personal details, they
are the President of China, the Prime benefit said. The current
Minister of India, or the President of methods of electronic,
Brazil, and you continue to trade with very hard,” Rutte said. “So please make biometric and offline KYC require the
Russia and buy their oil and gas, then the phone call to Vladimir Putin and tell customer to share the Aadhaar num-
you know: if the man in Moscow doesn’t him that he has to get serious about pea- ber or be present in person at the
take the peace negotiations seriously, I ce talks, because otherwise this will service provider for verification.
will impose 100% secondary sanctions.” slam back on Brazil, on India, and on The KYC processes at many fintech
Secondary sanctions refer to economic China in a massive way." firms and non-banking lenders were
penalties imposed on third parties that NATO, a military alliance of 32 countri- affected in June when the UIDAI and
trade with countries subject to sanctions. es, does not have the authority to impose the Ministry of Electronics and IT
“My encouragement to these three co- sanctions, said people familiar with the blocked the websites of multiple
untries, particularly, is: if you live now matter, expressing surprise over Rutte’s startups for alleged unauthorised
in Beijing, or in Delhi, or you are the pre- remarks. access to the Aadhaar database.
sident of Brazil, you might want to take a
look into this, because this might hit you Europeans Still Buy Russian Oil4 Food Delivery, Ecomm Startups Hit4

Maruti Engine Sputters on Small Car Woes

June production volumes at five-year low over fears of overstocking at dealerships
Maruti undertakes its bi-annual plant Rivals Tata Motors and Mahindra &
Shally Seth Mohile maintenance shutdown, but this year’s Mahindra have a head start in that
figure is the lowest for the month since segment.
Mumbai: Production at Maruti Suzuki 2020. Output has fallen 23% to 125,392 Dealers say inventory levels have been
India Ltd, India’s largest carmaker, fell to from 163,037 in June 2021, according to the gradually building up at outlets, particu-
a five-year low in June as demand for its company’s monthly production filing. larly for models such as the Alto, S-
bread-and-butter small cars and compact The slide is reflective of broader fatigue Presso, Dzire and Celerio, forcing the
sedans continued to weaken. in the small car segment, once Maruti’s automaker to regulate output to avoid
An email sent to Maruti remained mainstay, amid a shift in consumer overstocking.
unanswered. preferences toward sport utility vehicles “Despite attractive consumer offers,
June is typically (SUVs) and premium models. SUVs now demand in the entry-level segment has
when account for 66% of the total sales mix, remained tepid for several quarters,”
according to the Society of Indian Auto- said a senior executive at a leading
mobile Manufacturers (SIAM). Maruti dealership.
Besides this, Maruti lacks elec-
tric vehicles in its model range. Changing Buyer Preferences 4
Maruti car
production Foot Off 140,748 130,930
2024
volumes 2022
for the the Pedal
month 49,476 163,037
of June 2020 2021 133,798
2023 125,392
110,641 2025
2019 Source: Co filings

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` 20,000 CRORE PROJECT OTHER NEWS

OF THE DAY SC asks SIT to Confine Itself to
Indigenous Awacs
gets Go-Ahead, to be Probe Related to Prof’s FB Post
‘WHY IS SIT ON THE FACE OF IT MISDIRECTING ITSELF?’ SIT told to finish probe within four weeks

Developed by DRDO Our Political Bureau

New Delhi: The Supreme Court on

Wednesday questioned the special
Interim protection from
arrest that was granted to
summon Mahmudabad again for
questioning, after noting that he
had already joined the investiga-
tion earlier and that
certain electronic
Move to propel India investigation team (SIT), set up to ex-
amine Facebook posts of Ashoka
Mahmudabad to continue devices owned by
him were also ex-
into a select league Is Pak Political University assistant professor Ali amined. The SC also
Khan Mahmudabad on Operation ordered the SIT to fi-
of nations with such Landscape Set Sindoor, on “misdirecting itself ”. Bench directs nish its probe in four
A bench of justices Surya Kant and SIT to not weeks, making it cle-
indigenous capability to See Change? Joymala Bagchi verbally observed summon ar that its investiga-
Mahmudabad tion must be strictly
that SIT was “unnecessarily expan-
ISLAMABAD The latest mee- ding the scope” of its probe. again for limited to the langu-
Manu Pubby ting of Pakistan’s top civilian The bench reiterated that the SIT questioning age and content of
and military leadership has must confine its investigation to the Mahmudabad) is an opinion and does can always say that there is nothing the two Facebook posts uploaded
New Delhi: The government has two first information reports already not constitute an offence or otherwi- in this FIR. But we are examining by Mahmudabad on the Pahalgam
given a go-ahead to the production once again fuelled rumours of filed against Mahmudabad for his two se!” Justice Kant verbally remarked. other issues. Why take two months terror attack.
of next generation airborne early WORK WITH SEVERAL COS a possible change in the count- “objectionable” Facebook posts. “Why SC also turned down a request made for this? Then this case can be clo- Interim protection from arrest
warning and control systems ry’s political landscape amid is SIT on the face of it misdirecting it- by the counsel for SIT for giving it two sed,” the bench orally remarked. that was granted to Mahmudabad
(Awacs India) which will be a major
force multiplier for the Indian Air
DRDO will work speculation of the army
self ? They can say that the article (by months to complete its probe. “SIT The bench directed the SIT to not will also continue, the SC added.

Force (IAF) and propel India into a with a host of chief possibly aspiring to be
select league of nations with such the next president. This is the ‘1,000 MIGRANTS ARRESTED IN BJP-RULED STATES... MANY PUSHED TO BANGLADESH’ SESSION AGENDA
indigenously developed capability. Indian cos, Air- third time this month that
Under the project, expected to cost
around `20,000 crore, the IAF will get
six large Awacs that will be capable
of tracking enemy aircraft, ground
sensors and other equipment at lar-
bus to integrate a complex
antenna & other systems
there have been widespread
speculation about the change
in presidency, with PM Sheh-
Dangerous Than Emergency: CM
onboard A321 aircraft
ge distances, besides acting as a fly-
ing operations control centre.
With the government clearances
in place, the Defence Research and
Awacs India programme — also re-
ferred to as the Netra MkII — has been
baz Sharif himself last week
dismissing rumours that
President Asif Ali Zardari may
on Detention of Bengali Workers
Development Organisation will spearheaded by DRDO, which also re- be forced to step down and
work with a host of Indian compa- cently got a go-ahead from the govern-
I dare you to send me

AICC
nies as well as Airbus to integrate a ment to move into the prototype pro- Field Marshal Asim Munir
complex antenna and other sy- duction stage for fifth generation Ad- assume his post. The latest
stems onboard the A321 aircraft. vanced Multirole Combat Aircraft.
to a detention camp, I
IAF already has six of the aircraft
that were taken from Air India in
This is also the first time that an Air-
bus platform will be used for such an
round of rumours came after
Munir called on Sharif at the will speak more in Bring Bill for
the past. These aircraft will under-
go complex structural modifica-
tions and integration of a range of
application, marking an entry into a
domain that has traditionally been
dominated by Boeing. The project co-
PM House shortly before the
latter met Zardari at the presi-
Bengali: Banerjee Full Statehood
systems, including a dorsal fin mo-
unted on the top that will enable an
uld also open up export opportunities
for India in the future as well.
dent’s house on Tuesday, The
Express Tribune reported. — PTI
Jayatri Nag
to J&K: Rahul,
all-round radar coverage.
The project is expected to take aro-
und three years for completion and wo-
The air force currently operates the
much smaller 'Netra' early warning
aircraft, which have been successfully Poliloquy R PRASAD
Kolkata: Calling the detention of
Bengali-speaking migrant wor-
kers in BJP-ruled states “illegal”
Kharge to PM
uld give Indian companies valuable ex- utilised in conflicts with Pakistan. It and “more dangerous than Emer-
pertise in working on complex sy- also has three IL76 ‘Phalcon’ systems gency”, West Bengal CM Mamata
stems from the development stage. It that were jointly developed with Israel Banerjee raised a challenge that
‘Include Ladakh
Banerjee and others during a protest march in Kolkata on Wednesday — PTI
includes a fully indigenous mission
control system and AESA radars.
and Russia but the fleet has faced ma-
jor technical and availability issues.
she be kept in a detention camp.
Speaking about a notification in BJP- ticing this every day. We are receiving
under 6th Schedule
TARGETING BJP
ruled states, where provisions of ille- complaints. I am ashamed and pained of Constitution’
gal detention have been issued, she sa-
id: “I dare you to send me to a detention
Matuas have by the actions of the India government
and the BJP,” Banerjee said.
IMPUNITY UNDERMINES GLOBAL PEACE EFFORTS: INDIA
camp, I will speak more in Bengali.” been harassed Leader of the Opposition Suvendu Our Political Bureau
‘UN Peacekeepers Face Tremendous Obstacles’ “Altogether 1,000 migrant workers ha-
ve been arrested and detained in BJP- in Maharashtra
Adhikari said, “The Trinamool
Congress is gearing up to craft a poli- New Delhi: Congress presi-
UNITED NATIONS: India has underscored the urgent need ruled states and many have been pus- tical narrative of Bengali identity. dent and leader of Opposition
for accountability in crimes against UN peacekeepers, asser- hed back to Bangladesh. People from while during elections, But, in whose interest? In the inter- in Rajya Sabha Mallikarjun
Birbhum, Cooch Behar, Nadia and est of Bengali-speaking Rohingyas? Kharge and his counterpart in
ting that impunity emboldens perpetrators and undermines other districts are being detained in you woo them: Banerjee Or in the interest of illegal Bangla- Lok Sabha Rahul Gandhi on
global peace efforts. “United Nations peacekeepers face Odisha and BJP-ruled states,” she said. deshi Muslim infiltrators? When Wednesday jointly wrote to Pri-
tremendous obstacles while working in increasingly dangerous areas. But “On February 2025, a notification was Banerjee said Bengali-speaking mig- the process of identifying and de- me Minister Narendra Modi,
issued in BJP-ruled states where peo- rant workers were targeted in the na- porting illegal Bangladeshi and Ro- urging him to bring legisla-
for the most part, these crimes continue to go unpunished,” India’s Perma- ple can be kept in detention for a me of NRC and are harassed and tortu- hingya infiltrators has begun across tions in the upcoming budget
nent Representative to the UN, ambassador P Harish, said on Tuesday. — PTI month… It is illegal detention and mo- red. “We, from the West Bengal govern- India, the Trinamool leader is at- session of Parliament to grant
re dangerous than Emergency.” ment, and Trinamool Congress are no- tempting to become their shield!” full statehood to the Union Ter-
ritory of Jammu and Kashmir
and to include the Union Terri-
tory of Ladakh under the Sixth
AWAMI LEAGUE SUPPORTERS TARGETED Schedule of the Constitution.
Terming J&K people’s de-

At Least 4 Killed in B’desh mand for restoration of state-

hood as “both legitimate and
firmly grounded in their
constitutional and democra-

Clashes; Several Injured tic rights”, the two leaders al-

so recalled how
Modi and his go-
vernment have
promised to do
Dipanjan Roy Chaudhury that at different
forums, inclu-
New Delhi | Dhaka: Bangladesh plunged in- ‘Bring ding Parliament,
to a major political crisis with at least four kil- forward a the Supreme Co-
led in clashes over a rally organised by Natio- legislation in urt and the media.
nal Citizen Party on Wednesday in Gopalganj, the upcoming “In view of the fo-
the hometown of Bangladesh’s founder She- monsoon regoing and afore-
ikh Mujibur Rahman. Bangladesh Army laun- session of mentioned, we ur-
ched a crackdown and imposed Section 144. Parliament’ ge upon the go-
Muhammad Yunus, who took over as inte- vernment to bring forward a le-
rim head, said in a post on X that NCP mem- Gopalganj in Bangladesh — REUTERS gislation in the upcoming
bers, police and media were attacked during bols associated with the founding father of the monsoon session of Parlia-
a peaceful rally on Wednesday. country Bangabandhu Sheikh Mujibur Rah- ment to grant full statehood to
“Amid total impunity, members of Bangla- man from his birthplace Gopalganj,” read a the union territory of Jammu
desh Army can be seen torturing and dragging statement issued by Awami League. and Kashmir,” they wrote, po-
down a civilian in Gopalganj to instill a clima- The hometown of Rahman, also known as inting out that J&K is the only
te of fear across the nation. The ill-fated civili- Bangabandhu, turned into a virtual battlefield as instance of a state downgraded
an was among thousands who took to the stre- hundreds of supporters of his daughter and de- to UT status. The letter also co-
ets to protest against state-sponsored repres- posed premier Sheikh Hasina clashed with poli- incides with J&K Congress
sion by Yunus regime, including extrajudicial ce, ahead of the planned march of student-led planning intensified campa-
killing, arbitrary arrests, detention, rise in NCP, Prothom Alo newspaper reported. igns for statehood by reaching
crime wave and the latest plot to wipe out sym- —With PTI Inputs out to like-minded parties.
About Ladakh, they wrote:
“Additionally, we request that
the government bring forward
‘SARMA FAMILY WILL BE HELD ACCOUNTABLE FOR CORRUPTION’ legislation to include the
Union Territory of Ladakh un-

Rahul & Kharge Target Sarma der the Sixth Schedule of the
Constitution. This would be a
significant step towards add-

in Assam Rally; CM Hits Back ressing the cultural, develop-

mental, and political aspira-
tions of the people of Ladakh,
while safeguarding their
workers, the poor and farmers. Voters of Con- rights, land, and identity”.
Bikash Singh gress and RJD are removed. They will repeat
the same in Assam. We must be careful and en-
Guwahati: Congress leader Rahul Gandhi sure that they cannot do the same here.” ‘THIS IS A GOOD THING’
on Wednesday said that Himanta Biswa Sar- Meanwhile, Himanta posted on X, “Take it in
ma does not consider himself as a chief min-
ister but as a raja (king) and claimed that
writing, Himanta Biswa Sarma will definitely
be sent to jail’ — these
CM Welcomes
Congress will put him behind bars for the
corruption he has done in Assam.
were the exact words
spoken by the Leader
Congress
Addressing a party meeting in Assam’s Chay-
gaon, Gandhi said: “There is fear on the CM’s
of the Opposition,
Rahul Gandhi, dur-
Letter to PM
face. He knows that the fearless Congress ing his closed-door SRINAGAR: J&K CM
workers will put him in jail. Day and night, he meeting with the Omar Abdullah on
is engaged in giving land to industrialists.” Congress Political
He said, “This person loots land from Assam Affairs Committee in Wednesday wel-
24 hours under the pretext of a solar park or re- Assam. He came all comed Congress’ letter to the
sort.” Gandhi claimed Congress will sweep the HE (RAHUL) CAME TO the way to Assam just
Assam just to say this,
PM seeking restoration of full
Assam assembly polls due next year. to say this, conve-
Alleging that the Election Commission of In- conveniently forget- niently forgetting statehood to the region. Ab-
dia and the BJP were working together, he ting that he himself is that he himself is out dullah asked how long will the
said, “Within a span of four months in Maha- out on bail in multiple on bail in multiple
people of J&K have to wait for
rashtra –– from Lok Sabha polls to the assemb- criminal cases regis- criminal cases regis-
ly polls –– one crore voters have increased. We tered across the tered across the coun- the restoration of statehood.
sought the voters’ list from the EC, but they country: Sarma try. My best wishes to “This is a good thing. We were
are yet to provide it. We asked for the videos of you, Rahul ji. Enjoy
waiting for the day when the
the booths, but we were not given.” the hospitality of Assam for the rest of the day.”
He claimed BJP won the Maharashtra as- Kharge said that Assam has always been a Opposition would raise our
sembly polls by ‘cheating’ through voters’ list Congress bastion. “BJP has been trying to voice in Delhi as well as in
revision. “They are trying the same tactics in form a government here for a long time.
Bihar where they are removing lakhs of peo- However, they have borrowed from the Con-
Parliament,” he said. — OPB
ple from the voters’ list. They are removing gress and made him the Assam CM.”

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THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

Pure Politics  3
EC IS BJP’S ‘AGENT’, REMOVING MINORITY NAMES: MAMATA BANERJEE
UIDAI Scans
1.55 cr Death
Records to
West Bengal Braces
Cancel IDs
New Delhi: UIDAI has accessed
1.55 crore death records with the
for Row over Voters in the assembly, Suvendu Adhiakri went to
Registrar General of India for de- West Bengal CEO’s office with 50 MLAs to de-
activating Aadhaar numbers of LoP Suvendu Adhiakri claims mand the deletion of the names of Rohingyas
deceased persons as part of the from Bengal’s voter list. “Full-fledged prepa-
proactive measures to maintain if Bihar has 30L Rohingyas, rations are going on. But WB-CEO’s office can-
the continued accuracy and integ- not say before the final notification by ECI.
rity of the Aadhaar database, the
there must be 90L in Bengal Training of block level officers is happening.
Ministry of Electronics and IT sa- We have time in Bengal. The names of Rohing-
id on Wednesday. Jayatri Nag ya Muslims should be deleted. We will not al-
In order to prevent unauthorised low Rohingyas here,” Adhikari said.
usage of the Aadhaar number of Kolkata: West Bengal chief minister Mama- “The Mamata Banerjee government dis-
any family member after their de- ta Banerjee came down heavily on the ongo- tributed fake birth certificates, Aadhaar
ath, it is recommended that Aad- ing Special intensive Revision (SIR) in Bihar cards and fake voter ID
haar number holders report the being conducted by the Election Commission cards in lieu of money. The
death of their family members on of India (ECI) and said that Bengal will be tar- Rohingyas first came from
the myAadhaar Portal after obtai- geted next with the aim of deleting names, ex- Myanmar and then took re-
ning their death certificate from cept those of BJP supporters. fuge in Bangladesh and ca-
the death registering authorities, Banerjee warned the existing voters of the me to Bengal from there as
a statement said. state to be cautious during the voter list re- land for fencing was not gi-
No Aadhaar number is ever reas- vision in August and urged new voters to ven to the Central government from 2016.
signed to another individual. Ho- enrol their names in Bengal. “When the vo- Around 540 km border is unfenced. Baner-
wever, in case of the death of a per- ter list-revision work starts, be very care- jee is in a state of fear psychosis. One crore
son, it is essential that his or her ful. Take leave if needed, but make sure yo- Rohingya Muslims have learnt Bengali
Aadhaar number is deactivated to ur name is there on the list. Some agencies and are spread out in Bengal and other sta-
prevent identity fraud and unaut- are striking out names while sitting in tes,” Adhikari said.
horised usage of such Aadhaar other states. People from outside are voting Banerjee refuted this by claiming that Ro-
number, the statement explained. here. I have caught their duplicity. They are hingyas stay in Myanmar. “Our Bengali-spea-
It is also important to validate mixing names from other states,” Banerjee king migrant workers have all the documen-
the status of the deceased Aadha- said. She called the ECI an “agent” of the tary proof. They are being put in detention
ar number hol- BJP, which was working to help the party camps in other states,” Banerjee said.
ders prior to deac- win the polls. Adhikari claimed the demography of Kolka-
tivation of their She pointed out that Muslims were being tar- ta-Rajarhat New Town areas has changed.
Aadhaar num- geted. “We have learnt that around 31 lakh vo- “North 24 Paraganas district’s Basirhat, Swa-
bers, as it may ha- ters have been removed in Bihar. If they are rup Nagar, Minakha and Baduria have wit-
ve widespread ra- planning such things here as in Bihar, we will nessed population rise of 18.2%. If Bihar has
UIDAI mifications for fight,” Banerjee said. 30 lakh Rohingyas, there must be 90 lakh of
recently them. Therefore, Meanwhile, leader of the Opposition (LoP) them in Bengal,” Adhikari claimed.
requested the in order to main-
Registrar tain the continu-
General to ed accuracy of the
share death
records linked
Aadhaar databa-
se, UIDAI has pro-
HC Reserves Order on MGF Chief's
with Aadhaar
numbers actively taken me-
asures to obtain Plea Against Non-bailable Warrants
death records from various sour- It might be mentioned here that a special
ces and deactivate Aadhaar num- Our Political Bureau court here in August 2020 had issued NBW
bers after due validation, accor- against Gupta which was later stayed by the
ding to the statement. New Delhi: The Delhi High Court on Wed- Delhi High Court on Gupta’s plea. Since
As part of these steps, UIDAI re- nesday reserved its order on a plea filed by then the stay on NBW is prevailing.
cently requested the Registrar Ge- Shravan Gupta, chairman of Delhi-based The ED has alleged that offshore entities
neral of India (RGI) to share death real estate developer MGF Group and a co- beneficially owned and controlled by Gupta
records linked with Aadhaar accused in the `3,600 crore AgustaWestland received proceeds of crime to the tune of
numbers. RGI has, till date, provi- VVIP chopper case, seeking quashing of Euro 1,912,000 and $3,457,180
ded 1.55 crore death records from non-bailable warrants (NBW) issued aga- (`
`28,69,94,650) in the VVIP
24 States/UTs using the Civil Regi- inst him for not joining a money laundering chopper scandal.
Shravan
stration System (CRS). After due investigation being carried out by the ED in In one of its prosecution
Gupta says he
validation, around 1.17 crore Aad- the said case. complaints (equivalent of
cannot join
haar numbers have been deactiva- Gupta’s counsel informed the Delhi High a chargesheet), the ED
ED probe
ted. A similar exercise is continu- Court that his client, who is currently in the alleged that from 2005 to
physically.
ing with non-CRS States/UTs. UK, will not be able to join the investigation 2016, Gupta came into con-
Offers to join
About 6.7 lakh death records have physically owing to his ill health. He said tact with Gautam Khaitan
online; ED
been received so far, and deactiva- that Gupta can, however, join the ED inves- (lawyer and co-accused)
opposes
tion is in progress, the official sta- tigation via video conferencing. who allegedly introduced
tement said. The ED told the court that Gupta failed to him to Guido Haschke (another alleged
UIDAI also launched a new servi- join the investigation despite issuance of middleman).
ce –— ‘Reporting of Death of a Fa- nine summons by the agency in 2019-2020. It is further alleged by the ED that Gupta
mily Member’ — on the myAad- The federal agency submitted that Gupta is created offshore corporate structure to la-
haar Portal on June 9, 2025, for de- willfully evading investigation and issuan- under proceeds of crime generated by
aths registered in 24 States/UTs ce of non-bailable warrants against him Khaitan and Haschke as kickbacks in the
presently using the Civil Registra- since he is required for “further investiga- scandal. Gupta has denied the allegations
tion System. —IANS tion” in the AgustaWestland scandal. against him.

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4 } Pure Politics THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

TWO-MONTH SCRUTINY TO DECIDE VALID VOTERS AMID HIGH POLITICAL STAKES AFTER DELINKING ROLL REVISION OBJECTIONS FROM BIHAR

Bihar Voter List Drive Set To Enter People Should Not

Crucial Verification Phase From Aug 1 be Made to Run
ERO and assistant ERO-led scrutiny to confirm
eligibility, deletions and appeals process
Electors not found at their addresses
Around: TDP to ECI
Anubhuti Vishnoi
cation becomes key as the window
opens for filing “claims” and
35,69,435 (4.5%) TDP’s nuanced stand
“objections” until September 1. Probably Deceased
Naidu Wants
New Delhi: As Phase 1 of Bihar’s These will be displayed daily on the 12,55,620 (1.59%) balances coalition
Special Intensive Revision (SIR) CEO website and at Electoral Regi-
electors so far `26K Cr Grant,
—submission of enumeration stration Officer (ERO) offices. Probably Permanently dharma with
forms—nears completion with over Significantly, there will be politi- Shifted electors so far 17,37,336 (2.2%) Not Loan, For
88% electors covered, the focus shifts cal oversight, with EROs required to Total Electors (as on 24 th
June 2025) pro-people messaging
to the more crucial Phase 2, where share lists weekly with parties. Roll Electors Enrolled
5,76,479 Amaravati
document verification will decide
not only valid Bihar voters but also
who qualifies as an Indian citizen.
This two-month phase—from Au-
observers will also conduct ‘super
checks’ on all requests. 7,89,69,844 at Multiple places
(identified so far) (0.73%)
Nidhi Sharma

New Delhi: A day after Telugu De-

sam Party (TDP) punched holes in
New Delhi: Andhra
Pradesh chief mini-
SIR PHASE 2: VERIFICATION TIME Enumeration Forms Remaining Enumeration ster N Chandrababu
gust 1 to September 30, when the final In phase 2, SIR will shift from the Election Commission’s Special In-
Bihar roll will be released—is set to BLO stage to the ERO/Assistant Received Uploaded Forms to be received tensive Revision (SIR), the key
Naidu has sought a grant of
carry major electoral and political
implications.
ERO stage.
Once the draft roll is published,
6,99,92,926 6,47,24,300 54,07,483 NDA ally delinked its objections
from the ongoing exercise in Bihar
`26,000 crore for construction
of Amaravati capital city.
Reason: Over the next two the ERO will scrutinise the (88.65%) (81.96%) (6.85%) but underlined the voter should not
months, the process will open eligibility of electors using be made to run around for inclu- Naidu met finance minister
for “claims” to add names, submitted documents and fi- EC TO SHARE MISSING VOTERS LIST WITH PARTIES FOR RE-VERIFICATION sion in electoral rolls. Nirmala Sitharaman and sought
“objections” to existing entri- eld reports, and address all TDP, which provides crucial sup-

4.5% Not Found at Address;

a second tranche of funds for
es, and crucial “suo motu” in- “claims” and “objections” port to BJP-led NDA with its 16
quiries against suspected fo- by September 25. Verified members of Parliament, followed a Amaravati. The chief minister,
reign nationals—the latter lik- entries will be uploaded on nuanced strategy on SIR. It said however, has demanded that
ely to spark intense debate ahead of ECINET for inclusion in the final that its submission to Election

6.5% Yet to Submit Forms

this time the aid be in the form
the Bihar assembly polls. roll. The final electoral roll will be Commission (ECI) on SIR was not
The stage is already set, with ECI so- published on September 30. linked to Bihar and was restricted of a grant and not a loan. So far,
urces indicating last week that a “lar- to Andhra Pradesh. Speaking ex- the Centre has facilitated loans
ge number of people from Nepal, IN THE RED clusively to ET, TDP MP Lavu Srik- for Amaravati capital city,
Bangladesh and Myanmar” were fo- If the ERO doubts an elector’s eligi- ly deceased,” and 0.75% (5.76 aimed at confirming the exact rishna Devarayulu, who led the
und by BLOs, many of whom had bility, he can initiate a “suo motu” in- Our Political Bureau lakh voters) were identified as status of such electors ahead of party’s delegation to ECI on Tues- Naidu’s dream project.—OPB
managed to obtain documents such quiry and issue a notice asking why being enrolled at the July 25 deadline for form sub- day, said, “Our meeting should not
as Aadhaar, and ration cards. the name should not be removed. The New Delhi: The Election Com- multiple places. mission. be linked to Bihar SIR. We met EC ma indicating that it isn’t going to
So far, 6.99
decision will be based on field inqui- mission has, for the first time du- To re-verify the- The EC is also making special officials as a part of an ongoing ex- upset the alliance dynamics yet.
crore voters
ET TAKES A LOOK AT WHAT WILL ries, documentation, or other evi- ring Bihar’s ongoing Special In- se electors—de- efforts to reach urban voters and ercise to take the views of parties The timing of the nuanced strategy
(88.65%) have
HAPPEN FROM AUGUST 1 dence, and a “speaking order” with tensive Revision (SIR), disclosed spite three visits those temporarily migrated out- on roll revision.” While following is also important as this comes
submitted
Over 88% of Bihar’s voters—6.81 cr justification will be issued. that 4.5% of the electorate—about by Booth Level Of- side Bihar. coalition dharma, TDP also took a right ahead of the monsoon session
enumeration
of 7.89 cr—have submitted enume- Such cases will also be referred to 35.6 lakh of the total 7.89 crore vo- ficers (BLOs) So far, 6.99 crore voters (88.65%) pro-people stand and said, “ECI has of Parliament. By delinking it from
docs, of which
ration forms, so most are expected the “competent authority” under ters—were not found at their re- —the Commis- have submitted enumeration do- been doing exemplary work. But, Bihar, TDP does not want to give a
6.47 cr
in the draft roll. The ECI has set Ju- the Citizenship Act, 1955. Aggrie- gistered addresses, while another sion will from cuments, of which 6.47 crore voter is the focal point. He should stick to the Congress to beat the go-
(81.96%) have
ly 25 for form submissions but allo- ved persons may appeal to the dis- 6.5% (54 lakh electors) are yet to Thursday share (81.96%) have been uploaded. not run from pillar to vernment with.
been
wed until September 29 to add man- trict collector within 15 days of the submit their verification forms. the list with dis- These verified electors will be post to ensure his inclu- TDP national spokesperson Jy-
uploaded
datory documents, including self ERO order, and subsequently to the Of those missing, 2.2% had trict presidents of included in the draft electoral sion. We asked ECI if othsna Tirunagari, who was also a
and parental birth proof. CEO within 30 days of the collec- “probably permanently shifted political parties and their 1.5 roll, set to be published on Au- SIR is initiated, the veri- part of the TDP delegation that met
From August 1, document verifi- tor’s decision. residence,” 1.59% were “probab- lakh booth-level agents. This is gust 1, 2025. fication should be seamless.” ECI, told ET, “Our submission befo-
On Tuesday, TDP had made a four- re EC had nothing to do with Bihar.
page submission to Election Com- Our concerns were largely on du-
mission where it clearly said has plication of voters in electoral
PM’S 53RD VISIT TO BIHAR SEEN AS A PRE-POLL PUSH said purpose of SIR should be clear- rolls, use of technology to weed out
ly defined and delinked from citi- duplication, biometrics in voter

Bihar NDA Leaders Gear Up for PM

zenship verification, wrapped up at identity cards, ensuring migrant
least six months before an election labourers get adequate opportuni-
and the burden of proof should not ty to enrol and involvement of poli-
be on the voter. While it clearly took tical workers in electoral roll revi-

Modi’s Motihari Rally Tomorrow

apro-people approach, it has delica- sion. Our discussion was limited to
tely tried to balance coalition dhar- Andhra Pradesh.”

Prime Minister to inaugurate `7,217-crore projects spanning infrastructure, housing & Infotech Dalit Outreach: Shinde Sena
ping in Champaran, mobilising wor- region are expected to join what will mitment to the state’s development
Kumar Anshuman kers and urging people to attend the
public meeting in large numbers.
be a massive rally with the PM and all
NDA leaders present.”
and welfare,” Mishra said.
The announcements are expected to
Allies with Anandraj Ambedkar
New Delhi: NDA leaders in Bihar “It will be a historic day for Bihar. State urban development minister span railway, highway, software and IT are both grassroots workers, and
are in full swing preparing for Prime The prime minister will inaugurate and BJP leader Jivesh Mishra noted projects, along with housing under the Our Political Bureau there will be no issues unlike the
Minister Narendra Modi’s visit to projects worth `7,217 crore, giving that this would be Modi’s 53rd visit to PM Awas Yojana in rural areas and fi- Maha Vikas Aghadi. We have come
Motihari in Champaran on Friday. fresh momentum to the state’s deve- Bihar and his sixth trip to Motihari. nancial assistance for self-help groups. Mumbai: In a bid to strengthen its together with a shared mindset—
With assembly elections on the hori- lopment story,” Choudhary told ET. “No other PM has visited Bihar as “Bihar is receiving special attention ranks ahead of the civic body polls, our alliance is meant to benefit the
zon, Modi has been touring various “People from across the Champaran often as Modi. This reflects his com- from the Centre under the leadership the Shiv Sena (Shinde) has forged a people,” Deputy CM Eknath Shinde
regions of the state, unveiling a slew of PM Modi and CM Nitish Kumar. pre-poll alliance with Anandraj Am- said at a joint press conference with
of development and infrastructure AMID CLASH WITH OPPOSITION OVER SIR Every time the PM visits, he brings bedkar’s Republican Sena. Anand- Ambedkar on Wednesday.
projects. new projects and a fresh vision for the raj, grandson of Dr Babasaheb Am- The tie-up is also significant as, du-
Bihar deputy chief minister and PM’s visit comes amid a war of words, state. Before Motihari, he announced bedkar and younger brother of Pra- ring Lok Sabha polls, the oppositio-
BJP leader Samrat Choudhary, state several initiatives in other parts of kash Ambedkar—who leads the n—including several Dalit parties-
party president Dilip Jaiswal, JD(U) with the opposition targeting the NDA Bihar. This will be another landmark Vanchit Bahujan Aghadi (VBA) —had targeted BJP and Shiv Sena,
working president Sanjay Jha and day for us,” JD(U) spokesperson Raje- —may not wield as much political claiming that voting for them would
other NDA leaders have been cam- over the ongoing voter list revision drive ev Ranjan told ET. clout as his elder brother but retains endanger the Constitution, saying
pockets of influence within the ‘Samvidhan Khatre Mein Hai’.
Dalit community. Shinde is now using Anandraj

Food Delivery, Ecommerce Startups Hit

The move is being closely wat- the grandson of Dr Ambedkar
Europeans ched as, despite its alliance
with the BJP in Maharashtra,
the man who framed India’s
constitution to poke holes in the
Still Buy „„From Page 1
database. It involves sharing the Aad-
haar number and pinging the Uidai da-
the Shiv Sena has yet to formal-
ly announce a tie-up for the civic
allegation. “This is an answer to
those who claimed that the Constitu-
eKYC Trends
Russian Oil Even food delivery and ecommerce star-
tups, which used Aadhaar for the verifi- on Aadhaar
tabase for verification, a process typi-
cally followed by banks, insurance
polls. It is seen as a signal to the BJP
that the Sena could upset its plans if
tion is in danger. The Constitution is
supreme. Today an ideological de-
cation of gig workers and blue-collar companies and others. it goes solo, with the saffron-Dalit scendant (of late Shiv Sena founder
„„From Page 1 employees, faced disruption in their on- The other two were biometric- combination proving advantageous Bal Thackeray) and a blood relation
Month No. of Txns (million)
There is displeasure in boarding process. based, which requires the custom- for Shinde’s party. (of Babasaheb Ambedkar) have co-
the Indian establishment “There have been multiple rounds of Jun-25 287.8 er’s physical presence, and the of- “We have faith in each other. We me together.”said the Deputy CM.
over the remarks, they conversations, and Uidai has made it fline method where the customer R PRASAD
added. very clear that consumers will be able Mar-25 276.1 shares an XML file that could be de-

Changing Buyer Preferences

The NATO chief ’s threat, to use offline Aadhaar-based KYC coded and used for verification.
which came a day after US without any need to share their Aad- Jan-25 362.5 “The problem was with the offline
Source: Uidai

President Donald Trump haar number or personal details,” said method, where many startups were
warned of 100% tariffs on one of the bankers. The government-
Oct-24 301.0 providing this verification service
Russian exports in case a backed authority has also clarified through unauthorised means. Uidai streak, according to data released by able for manufacturers to sell cars
ceasefire deal is not inked that the verification should be done
Aug-24 378.0 is coming down hard on players who „„From Page 1 SIAM on Tuesday. Analysts said the at competitive prices, he noted.
within 50 days, smacked of strictly with consent from the custom- Uidai will promote QR codes, PDF are offering non-compliant offline outlook for small cars remains weak Brokerage Nomura Research has
double standards, accord- er. These communications have hap- files beyond XML data that KYC flows,” said the founder of an “Rising ownership costs, chang- in the near term, and manufactu- maintained its FY26 growth fore-
ing to the people, given that pened between Uidai and authorised customers need to download from identity verification startup. ing consumer aspirations, and rers may need to re-strategize pro- cast for passenger vehicles and
some NATO member agents: Aadhaar Authentication Founders of identity verification star- urban market saturation are all duct portfolios to align with evol- two-wheelers at 5% and 7%, re-
the Uidai website for offline KYC
states and European coun- Agencies and KYC User Agencies. tups that offer these services are explor- playing a role.” ving buyer preferences. spectively. “We expect demand to
tries that have imposed ET reported on July 7 that startups fac- ing opportunities to become service According to a July 1 report by Ko- “Apart from the structural chang- improve in the second half, led by
sanctions against Russia ing disruptions in their onboarding ser- start using offline Aadhaar KYC for providers on top of the regulated au- tak Institutional Equities, Maruti’s es in the car market, lack of a comp- lower income tax and reduced in-
continue to purchase Rus- vices were evaluating writing to Meity their customer verification, the second thentication agencies, so they can con- domestic sales declined 4.5% year- letely new model introduction in terest rates,” Kapil Singh of Nomu-
sian oil via third countries. for explicit permission to access the banker said. “Startups can act as ser- tinue providing this service in a compli- on-year in the June quarter, pulled the small car segment has made it ra Research said in a note.
The European Union (EU) Aadhaar database. vice providers on top of authorised ant manner. down by a steep 36% drop in the sales unattractive for the buyers,” said Expectations that the upcoming
plans to completely stop Uidai did not respond to ET’s request agencies like Protean e-Gov and NPCI,” Ritesh Kothari, chief executive of of its smallest models. Puneet Gupta, director at S&P Glo- festive season—along with lower in-
the import of Russian gas for comment. he added. Zoop, a Pune-based identity verifica- The broader market hasn’t fared bal Mobility. come taxes and interest rates—may
by 2027, but many nations In a bid to make this verification The National Payment Corporation of tion startup, told ET that there are alter- much better. Passenger vehicle sales Companies are no longer looking revive demand need to be balanced
still remain dependent on process more popular, Uidai will pro- India (NPCI) offers a platform called native KYC solutions available, such as in India fell 1.4% to 1 million units in at investing in new small car mo- by Chinese curbs on the export of ra-
Russian gas and refined mote QR codes and PDF files beyond eKYC-Setu, which provides electronic NPCI’s eKYC-Setu, Sub-AUAs, and the the April-June period from the year dels as tighter regulations on emis- re earth magnets, a critical compo-
oil, they said, pointing out the original XML data that customers KYC services. While this service initial- government partner programme. His earlier, snapping a four-year growth sions and safety have made it unvi- nent of EVs and ICE engines.
that in 2024, 18% of the currently need to download from the ly started with banks, in March, NPCI company facilitates these technology
EU’s natural gas imports Uidai website for offline KYC, the sec- informed its network participants that solutions through partnerships.

Govt Holding may Drop to 55%

came from Russia. ond banker said. This is expected to companies regulated by the Insurance “We presented our position to the
External affairs minis-
ter S Jaishankar recently
make it easier for customers to man-
age these documents and complete
Regulatory and Development Author-
ity of India, Pension Fund Regulatory
appropriate government committee,
including Meity, and after due verifi-
Washington’s
said that India had offi-
cially conveyed its con-
their KYC more conveniently.
Additionally, the authority has speci-
and Development Authority and the Se-
curities and Exchange Board of India
cation, our website was restored
within two weeks,” Kothari said re- „„From Page 1
pital adequacy ratio (CAR) was at
14.25%. But it is lower compared
Uncertain Approach
cerns to US senator Lind- fied that offline Aadhaar-based KYC can also start using this service. garding the government action in LIC has a 9.3% stake in the bank with peers. Kotak Mahindra Ca-
sey Graham on a proposed can be completed without any biomet- E-KYC using an OTP was one of three June when Zoop’s website was par- as of March 31, and is the largest pital Co, ICICI Securities, HSBC „„From Page 1
bill seeking to impose a ric authentication or one-time pass- mechanisms that the Uidai enabled for tially blocked by the government. shareholder after the central go- Securities and Capital Markets As per the trade pact with Viet-
500% tariff on countries word (OTP). With more clarity, there is regulated entities after the Supreme Other startups that faced similar ac- vernment. North Block owns (India), Citigroup Global Mar- nam, the US has imposed a 40%
importing crude oil from now an expectation that more banks Court in September 2018 restricted pri- tion at that time included Signzy, Dig- 56.9%, as per the bank’s annual kets India, Morgan Stanley India duty on transshipped goods.
Russia. and financial services companies will vate companies’ access to the Aadhaar itap and Surepass. report. After the QIP, the govern- Co and SBI Capital Markets are With Indonesia, it has sought
"Regarding Senator ment’s holding is expected to redu- bankers to the QIP. commitments to purchase $15
Lindsey Graham's bill, ce to around 55%, according to Separately, SBI’s board appro- billion in American energy, $4.5
any development which is streamlining the penalty and analysts. SBI’s QIP is expected to ved raising up to `20,000 crore billion in American agricultu-
happening in the US Con-
gress is of interest to us if
Concern Over Faceless Assessment compliance framework. It also
clubbed the tabulation of deduc-
boost the bank’s common equity
tier I (CET-1) ratio by around 60 ba-
through issuance
of bonds compli-
ral products, and 50 Boeing jets.
Conditions related to India
it impacts our interest or about faceless assessment and tions from salaries, such as stan- sis points. ant with Basel III continuing to buy Russian cru-
could impact our interest. „„From Page 1 sought a reduction in the number dard deduction and gratuity, in One basis point is a hundredth capital norms. de oil could be proposed in the
So we have been in touch The panel has further simplified of rates for tax deducted at source one place. Tax experts said that the of a percentage point. The approval is to BTA talks.
with Senator Lindsey the language of a number of provi- and further simplification of the select committee discussed recom- The objective of the capital raise raise funds via ti- Trump, on July 14, proposed
Graham. The embassy, sions to remove any lack of clarity, regime, the person said. mendations made by various sec- is to augment CET-1 or core equity er II and additio- 100% tariffs on Russian oil
ambassador have been in one of the persons said, adding that Finance minister Nirmala Sith- tions of society. capital, rather than raise funds for nal tier I bonds to domestic in- buyers, followed by NATO issu-
touch,” he had told media no substantive changes had been araman had on February 13 intro- “As the select committee has had growth, SBI chairman CS Setty vestors during the current fi- ing a warning to India, China,
persons in Washington suggested. duced the Income Tax Bill 2025 to the unique opportunity of receiv- had said in a post-earnings meet in nancial year, according to the and Brazil that they could face
during his visit to the US The panel held 36 sittings and replace the old law with a simple, ing many salutary suggestions con- May. He had said the current capi- bank’s exchange filing. harsh secondary sanctions — in-
earlier this month. dealt with all 536 sections. easy-to-understand one that cerning major overhaul of many tal base can support credit growth SBI had raised a total of `15,000 cluding 100% tariffs — if they
Jaishankar said Graham “Maximum deliberations and dis- aimed to reduce ambiguity and li- existing provisions in the tax law, it of around `8 lakh crore. “Even wit- crore through tier II bonds and kept doing business with Russia
had been made aware of cussions were on around Section tigation. is hoped that finance ministry will hout raising additional capital, the `5,000 crore through additional ti- without pressuring Moscow to
India’s concerns and in- 247(1), which deals with searches The bill had introduced presum- give due consideration to these sug- growth will not be impacted,” Set- er I bonds in the previous financial start peace talks.
terests in energy and secu- and seizure, but no major changes ptive taxation for non-residents, gestions as well and bring about ty had said. year. Tier II bonds were raised in The US has already proposed a
rity. “We'll then have to or amendments in the section were revised treatment for business these far-reaching changes in due The bank’s CET-1 ratio stood at two tranches at 7.42% and 7.33%, 10% tariff on all BRICS exports,
cross that bridge when we suggested,” the person added. and professional income, and course through its Budget present- 10.81% at the end of March, hig- respectively. Additional tier I besides levying a 50% tariff on
come to it, if we come to Several of those who appeared be- strengthened General Anti- ations,” said Sudhir Kapadia, se- her than the minimum regulato- bonds were priced at 7.98% in Oc- Brazil, partly for pressuring plat-
it," he added. fore the panel raised concerns Avoidance Rules (GAAR), while nior advisor, EY. ry requirement, while overall ca- tober last year. form X to remove content.

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THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

Economy: Macro, Micro & More  5
CUMULATIVE RAINFALL
Share of 729 districts June 1-July 16 (by rainfall category) FORECAST
(% DEPARTURE) June 1-July 16 Heavy-to-very-heavy

Monsoon
% Districts with Excess rainfall likely to
India 9.1 Large Excess
continue over East &
Northwest 32 adjoining Central India
26
Watch 29
-21.1 East & NE 18 17 10 during next 2 days,
Deficient and over Kerala,
Normal
Central 31.5 Karnataka, Tamil Nadu
Large during next 6-7 days
-11 Southern Deficient
Source:IMD

NTPC, NLC Get Green Light to Invest `27kcr

Cabinet approval for NTPC and NLC India to raise funds and infuse equity in clean energy subsidiaries
Our Bureau
Renewed Push
New Delhi: In a major push to gre-
en energy, the government has rai-
Investment
approval for all
NTPC aims for
PM Scheme for 100 Agri
non-fossil fuel
sed the investment limit for NTPC
in its renewable energy arm to
`20,000 crore from `7,500 crore, and
allowed NLC India to invest `7,000
investments
Special
exemption to NLC
60 GW
renewable
energy capacity
Districts Gets Approval Trademark Rules’
by 2032
crore in NLC India Renewables. from prevailing PMDDKY, which will include agri-
The cabinet committee on econo- Our Bureau culture and allied activities, will be

Recast in Works to
investment norms India
mic affairs (CCEA) on Wednesday drawn up for every district, he added.
aims for 500 GW
enhanced delegation of power to NLC Investment also New Delhi: The Union cabinet has The plan will be prepared by Dis-
NTPC to invest in NTPC Green
of non-fossil approved the Prime Minister Dhan- trict Dhan Dhaanya Samiti headed
exempted from 30%
Energy Ltd (NGEL) and, subsequ- energy capacity Dhaanya Krishi Yojana (PMDDKY), by the Collector.
net worth ceiling
ently, NGEL to invest in NTPC Re-
newable Energy Ltd (NREL) and
its other subsidiaries and joint
ventures to up to `20,000 crore to
by 2030

the target set under its Nationally

Determined Contributions (NDCs)
a scheme to develop 100 agricultural
districts through the convergence of
36 schemes of 11 ministries.
The scheme has an outlay of `24,000
“The district plans will be aligned
to the national goals of crop diversifi-
cation, conservation of water and
soil health, self-sufficiency in agri-
Speed Up Approvals
achieve 60 GW renewable energy NTPC CMD Gets to the Paris Agreement. crore per year, said information and culture and allied sectors as well as DPIIT working on overhaul; investigation
capacity by 2032.
Likewise, NLC India has been per-
1-yr Extension India is aiming to reach 500 GW of
non-fossil energy capacity by 2030.
broadcasting minister Ashwini
Vaishnaw, adding that it would be im-
expansion of natural and organic
farming,” an official statement said. in infringement cases to be expedited
mitted to invest `7,000 crore in its New Delhi: The Appoint- The CCEA has provided a special plemented for six years beginning The plans will be based on exten-
wholly owned renewables subsidia- ments Committee of the Cabi- exemption to NLCIL from the pre- with the current financial year. A sive consultations and understand-
ry, which in turn can invest in vario- net has approved the power vailing investment guidelines app- master plan for implementation of ing cropping patterns and allied ac- Kirtika Suneja On Fast Track
us projects directly or through joint ministry’s proposal to extend licable to Navratna CPSEs. tivities as per agro-climatic condi- Govt to reduce 279,000
ventures without prior approval. the tenure of NTPC chair- The investment has also been ex- tions. Committees will be set up at New Delhi: The government trademark trademark
“The cabinet approval allows man and managing director empted from the 30% net worth cei- the district, state and national lev- has begun discussions on re- delays, fast- registrations
NTPC and NLC India to raise funds (CMD) Gurdeep Singh for a ling stipulated by the Department els for their effective implementa- vamping the country’s trade- track probes in FY24 vs
and infuse equity in their subsidia- year. Singh’s tenure is due to of Public Enterprises (DPE) for tion. Central Nodal Officers will be mark framework, with an aim & registration 231,000 in FY23
ries,” union information and bro- end July 31. The Public Enter- overall investment by CPSEs in appointed for field visits, review to simplify the process and re-
adcasting minister Ashwini Vaish- prise Selection Board had, in JVs and subsidiaries, providing and monitoring. Every district will duce the processing time. Trademark registry in India can
naw told reporters after the CCEA May, said it did not find any NLCIL and NIRL greater operatio- have central and state agriculture The Department for Promo- take 1-3.5 years vs less than
meeting. suitable candidate amongst nal and financial flexibility. universities as technical knowl- tion of Industry and Internal 1 year in developed nations
“The approval is for all non-fossil the dozen applicants for the The approval to NLCIL is expected edge partners. Trade (DPIIT) is working on a
fuel investments,” he clarified to reinforce India's position as a gre- The 100 districts will be selected on set of amendments to the Tra- Talks on to Hearings could be
role. – Our Bureau
when asked if the funds can be en energy leader by reducing depen- the basis of three parameters – low demark Rules 2017 to minimise halve intra-departmental
used for nuclear energy deploy- dence on fossil fuels, lowering coal productivity, moderate crop intensi- delays, fast-track registrations opposition first before
ment as well. urney by reaching 50% of its instal- import, and enhancing reliability of ty, and below-average credit parame- and bring down pendency of time to two going to
Vaishnaw said India has achieved a led electricity capacity from non-fos- 24x7 power supply across the count- ters. At least one district from each applications. months court
landmark in its energy transition jo- sil fuel sources five years ahead of ry, an official release said. state will be selected. The number of trademark
registrations rose 20.58% ye- kes less than a year usually.
ar-on-year to 279,717 in FY24. Agriculture, chemicals and
“The effort is to reduce pro- pharmaceutical sectors are
PRIVATE COS TO CONTRIBUTE NEARLY A THIRD OF INVESTMENTS: CRISIL cesses and crunch the proce- the top trademark applicants
dural time to reduce pendency in the country.

‘Thermal Power Investments to Double to `2.3L cr in 3 Years’ as implementing a trademark

is one area which takes a long
time,” said an official, adding
Trademark confers statuto-
ry rights to the registered pro-
prietor, thereby enabling
New Delhi: Investments in thermal electri- panies will contribute nearly a third, with cen- While most private projects are not expec- ding to the ratings agency. that an amendment proposal them to take legal action for its
city generation capacities will double to ` 2.3 tral and state public sector undertakings acco- ted to be operational before 2028-29, owing to Of the 19 GW of private thermal projects un- is in the works. infringement. It is also an ef-
lakh crore in three years till 2027-28 compa- unting for the rest. long construction cycles, the majority are derway, 6.1 GW already has signed power pur- Issues related to reducing the fective safeguard against co-
red with the preceding three financial years The shift comes as the government targets brownfield expansions, which typically car- chase agreements, with the rest in advanced opposition time to two months unterfeit goods.
because of renewed focus on the segment the addition of at least 80 GW of ry lower implementation risks. stages of finalisation. from four months at present Trademark applications in
amid growing demand for energy and base thermal power capacity by 2031-32, However, timely delivery of critical compo- The tariffs for new power purchase agree- and hearings to be intra-depart- the country rose to 476,089 in
load power requirement, Crisil Ratings said the report said. Of this, nearly 60 nents, particularly boilers and turbines, re- ments range between Rs 5.5 and Rs 5.8 per mental first before going to co- FY24 from 466,580 in 2022-23.
on Wednesday. GW has already been announced mains a concern, given limited manufactu- unit, structured on a two-part basis. Accor- urt are also being discussed. The official added that as part
In the past three fiscals, private companies or is under various stages of implementa- ring capacity and a high backlog of orders at ding to Gautam Shahi, director at Crisil Ra- Trademark registry in India of ease of doing business, onli-
accounted for only 7-8% of the investments in tion, including 19 GW from private major suppliers, it said. tings, about 60–65% of the tariff is fixed, whi- can take between 1 and 3.5 years ne filing has reached more than
the thermal sector. On expanded investment developers, according to data reviewed by Risks related to fuel supply, power offtake le the remainder is a pass-through of coal if it goes unopposed as against 98.67% due to the e-filing facili-
levels over the next three fiscals, private com- Crisil Ratings. and tariff adequacy are seen as low, accor- costs. – Our Bureau western countries where it ta- ty for trademark applications.

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Tesla Swerves Into ECO CHAMBER Despite weak demand, the central bank should curb its reflationary zeal a bit

India’s EV Bylane
With no factory plans, Chinese, Indian will gain
The first Tesla showroom in India opened in Mumbai on
Stick to a Curbed Diet, RBI vestment rut has continued in India
long after Covid waned, it is difficult
Tuesday, pushing the world’s most valued auto company to blame Indian companies for being
into a niche market in India. Much hoo-ha has followed sin-
ce people have gone to window-shop at the Bandra Kurla
too timid. A farm sector recovery in
2024 promised to even out the K-sha- Solitude and
Loneliness
pe of the post-Covid trajectory, but it
Complex storefront. The fact is, Tesla is testing the market was replaced by concerns about the
after talks with GoI over lowering import duties stalled. ‘hollowing out’ of the middle class,
Additional production in India may not be possible, with Abheek Barua with white-collar job losses particu-
larly in IT-related sectors. The fear,
NARAYANI GANESH

T
the EV-maker facing glut in its plants worldwide. So, Tesla stoked by some commentators, is Being alone, experiencing solitu-
will be competing for the high-end Indian market against here are moments in the li- that as AI gathers steam, an entire de, creating me-time — these are
luxury carmakers. The mass market for EVs is protected ves of central bankers swathe of mid-tier jobs is at risk. very different from feeling lonely.
when they cease to exult What does this mean for RBI? If Loneliness has a sad tinge to it; it
by Indian auto firms that have made inroads into electric over unexpectedly low in- structural factors are, indeed, the rea- implies you are longing for com-
mobility. Chinese EV makers, which are piling pressure flation and consider what son for muted credit growth, moneta- panionship or that you do not
on Tesla in a bruising price war, are gaining presence here. it is that is causing prices to behave ry policy has a somewhat limited role wish to be alone simply because
well. The inflation print of 2.14% for Easy on the regime change to play. As the current combination of you feel lost, bored or are fearful;
Market testing is critical for Tesla, whose cars come June might be one such moment. overdone monetary compression a down, but 2020 — the year of Covid — massive excess liquidity and weak cre- you are yearning to be with peo-
bundled with bespoke battery charging infra. India also Looking past the usual explana- tad, resulting in the super-low infla- might be a good place to start. The re- dit growth has shown, more accom- ple, maybe family members or
represents a difficult market for autonomous vehicles, tions of financial market econo- tion rates. covery from the consumption drop modation can give the impression of close friends. There is nothing
mists on base effects and sequential With inflation seemingly under was robust, but there seems to have an emerging ‘liquidity trap’, where in- wrong with this or with feeling
on which Elon Musk is placing a big drops in food prices, a headline infla- control, all Sanjay Malhotra needs to been a sizeable element of pent-up or terest rates fail to move the needle. lonely now and then — but it cer-
bet. Prospects of a favourable tax dis- tion print that is a good couple of per- do is reverse the process. He seems to revenge spending that was bound to This could hurt broader sentiment in tainly needs to be addressed if it
pensation to test Tesla’s products in centage points below the target of have done this in good measure with peter out. Economists might bran- the economy if it becomes the domi- is a constant feeling that refuses
4% might be telling us something reductions of half-a-percentage po- dish conflicting data to either ques- nant economic narrative. to go away. Most seekers on the spi-
India brightened with Musk’s proxi- about a sluggishness of demand that int each in the repo rate and CRR. He The post-Covid pe- ritual path are what we call loners
mity to Donald Trump. But they now no statistical trope can mask. might want to do a little more, but the Shaktikanta Das might have riod saw a sharp in- —their quest impels them to look
The need to fret becomes compel- key lesson that business cycle theory overdone monetary crease in household inward and reflect; to ponder over
are ex-es who didn’t part well at all. In- compression a tad, resulting
ling when inflation prints are seen in offers him is the virtue of patience. debt. From an avera- the meaning of life — their pers-
dia is working on a trade deal with the conjunction with other indicators, Monetary policy works with lags. in super-low inflation rates. ge of 35% in 2019, it pective is looking towards an ex-
US that should improve market ac- such as loan demand and piles of sur- Malhotra should stop fretting over With inflation seemingly climbed to 42% of panded cosmic view. Not every-
cess for US companies. But Tesla is unlikely to receive plus cash at banks. Credit growth me- current growth or demand and wait under control, Sanjay GDP at the end of 2024. one can be that way, of course.
asured year-on-year for June was a for his labour to bear fruit — perhaps Malhotra just has While this might still be The average human is gregari-
special treatment, unless it is willing to commit invest- little over 9%, and cash surplus rea- by the end of the year or a few to reverse the lower than levels in other ous by nature and so likes com-
ments in the country. ched a peak of `9 tn in early July befo- months later. process emerging economies, such a sharp in- pany, chit-chats, arguments, con-
Tesla follows Apple in setting up retail touchpoints in re RBI started mopping it up. The cre- However, there’s a problem if one crease has challenges. If monetary po- versations, sparring and so on.
dit growth rate for the same period in sees the lack of demand as a long- tion or support the view that the eco- licy lowers interest rates, it does bring But those who prefer to be alone
India, but their circumstances are in stark contrast. The- June 2024 was, incidentally, over 19%. term structural problem rather than nomic recovery was uneven or not, down EMIs of households. However, if relish that experience of peace
re is a significant market share for iPhones in India, and What lessons should RBI draw a neat cyclical story. Both consumer but most consumer-facing compani- banks use easy money to expand their and quiet, of being able to conver-
Apple has set up a manufacturing export base here. The from this? Standard business cycle demand and private consumption ha- es would attest that the recovery was retail portfolios at a time when emplo- sewith oneself and maybe just be.
theory would advise it to fear not. ve been flagging, at least since 2017, K-shaped, with a bias against the yment and income flows are uncerta- Those surrounded by noisy peo-
size of Tesla’s addressable market is much smaller, and it The fall in inflation is likely to be the and the attempt to push them up to le- mass market. in, there is a risk of loans going bad, ple and who long for peace and
has export capacities idling. Tesla has a more diversified result of past efforts at monetary vels compatible with a sustained 7%- Besides, post-2020 geopolitical threatening financial stability. quiet may value some alone time.
tightening that are paying off. It is plus growth rate has been risks ratcheted up with two wars — Finally, if we do believe Milton Loneliness expresses the pain of
manufacturing presence than Apple, which is cutting
impossible for central banks to unsuccessful. Ukraine and West Asia. Automation Friedman’s claim that inflation is ul- being alone and solitude express-
down on its Chinese concentration. Indian policy desig- get things exactly right. With It is possible to go furt- found an upward inflection point as timately a monetary phenomenon, es the glory of being alone, wro-
ned to attract foreign investment will not be equally ef- his oft-quoted ‘Arjuna’s eye’ her back to search for AI made its arrival as a usable, sca- leaving too much excess cash in the te Paul Tillich. Most often, those
on inflation, ex-governor causes of this structu- lable innovation. A new US presi- system might exacerbate inflation who are comfortable with them-
fective for the two companies. Some degree of customisa-
Shaktikanta Das might have ral slow- dent and his protectionist policies pressures if there are supply shocks selves do treasure the opportuni-
tion is required to get iconic brands to set up production brought a real risk of a compression in food and fuel. RBI might want to ty to be alone. This gives space to
in the country. Tesla could find itself in a better place in An emerging ‘liquidity trap’, in global trade and a domestic Ame- curb enthusiasm about reflating the think without interruptions, to re-
where interest rates fail to rican recession. economy a little. flect and muse, to take decisions
India down the road. move the needle, could hurt broader free of disturbances. More than
Companies dislike uncertainty in
sentiment in the economy if it decision matrices as much as weak The writer is former chief economist, anything else, it gives us the opp-
becomes the dominant narrative demand. If, indeed, the private in- HDFC Bank ortunity to know ourselves better.

Our Courts Confirm Bell Curves  R Prasad Chat Room

We’re Like This Only ChatGPT
SHAIRI
Global Agri Production
Over the next decade, the gross value of global agricultural production Sad Crossing of
It is what it is. On Tuesday, the Supreme Court confirmed that OF THE DAY
(measured in constant $) is projected to increase by 14% to $3.96 trillion
in 2034. Livestock production will lead the growth (16%), followed RKLaxman Rekha
India is not a liberal democratic society that puts the right of by crops (14%). Region-wise, MICs* in East, South and SE Asia, SSA* &
In Bihar, with votes Apropos the news report, ‘Right
LatAm$ regions are expected to drive global expansion, contributing
freedom and speech on par with — never mind above — the in the air, 83% of all output growth, up from 79% in the previous decade... to Dignity Will Trump Right to
right to dignity. In other words, being offended gets a free hand Freedom of Speech and Expres-
They claimed some were Trends in global agricultural production sion: Apex Court’ (Jul 16), in con-
to take punitive action against the person offending. The 2- ghosts, some were rare. South & Developed Sub-Saharan Far East & Europe & North LatAm & trast to the Supreme Court’s dis-
member bench was hearing pleas against five standup come- 1200
Southeast & East Asia Africa N Africa Central Asia America the Caribb
turbing observation, zealous sup-
With a squint and a pout, Asia
dians making ‘insensitive jokes’ — as opposed to ‘sensitive’ porters of ultra-conservative Do-
They took 1000 nald Trump, target of countless
ones — about persons with disabilities. Where criticism wo- Fisheries
calculators out — caricatures in the US media, have
uld have been an earlier standard response against offensive
Bln 2014-16 USD

800
‘Let’s subtract all the ones not slammed libellous lawsuits
remarks (that lie outside the ambit of fomenting enmity bet- Livestock on anyone. With India increasing-
who aren’t there!’ 600
ween communities), Article 21 of the Constitution, providing ly witnessing pleas on spurious
Crops grounds against reputations be-
right to dignity, as part of right to life and liberty, has been sta- 400
Marco Rubio from a ing besmirched in public, will
ted to legally ‘trump’ Article 19, the right
SANJEEV RAJ JAIN

200 Nigerian number says that this approach not hamper hone-
to freedom and expression. This observa- st criticism couched in humour
tion mirrors the reality of how Indian so- 0 I have won £50,000 in to attract public attention to fla-
-24 34 24 34 24 34 24 34 24 34 24 34 24 34
ciety weighs freedom of expression. 20
22 20 022-
2
20 022-
2
20 022-
2
20 022-
2
20 022-
2
20 022-
2
20
a lottery! ws in governance? One cannot
underestimate the valuable con-
Hearing a separate case on the same day, *Middle-income countries; ^Sub-Saharan Africa; $Latin America & the Caribbean
tribution made to our society by
Source: OECD
another Supreme Court bench granted our leading cartoonist, illustra-
cartoonist Hemant Malviya interim pro- tor and humorist, R K Laxman.

Take Our Breath Away

Buddha Bagai
tection from arrest. He has been booked
New Delhi
over a January 2021 cartoon mocking the PM and RSS over Co-
STEP UP TO
vid vaccination. Such protection can be considered the limit of
Indian liberalism’s approach to satire, coming as it does a day THE PLATE The Age of the
Bureaucritic
after the court criticised Malviya for his ‘immature’ cartoon
that portrayed its subjects in an ‘undignified’ manner after the
Despite this, the latest notification
this month marks a significant roll-
fixed chimney designs to zigzag tech
by February 2025. This design is a
Tuju This refers to the Edit, ‘Step Out
accused apologised and deleted the cartoon from social media. back. While Category A’s 2027 dead- technique for firing bricks in which São Paulo of That Old Bureaububble’ (Jul
India does not share the kind of liberal leeway that countries al- line remains, norms for Category B zigzag paths are used to pass hot air The pandemic forced the clo- 16). It is unfortunate and disap-
plants were diluted, with compliance through raw bricks, improving heat sure of many restaurants, pointing that some bureaucra-
lowing lampoons of PMs, presidents and monarchs still do. Per- now determined on a case-by-case transfer and efficiency. But imple- and Tuju was among them. tic innovators have aligned with
haps, in this regard, it is ahead of the curve in a world growing basis based on recommendations mentation has been patchy. MoEF But after a 3-year hiatus, it ‘I Am Safe’ IAS, which once sto-
increasingly truculent against sarcasm and jibes that were once KumKum Dasgupta from Environmental Appraisal Com- and pollution control boards haven’t has returned stronger than odfor ‘I Am Sorry’ — a telling cri-
frowned upon by hypersensitive parties, but legally tolerated. mittee. Category C units were comple- issued SOPs or technical guidance. ever. With a refined vision tique of the Indian Administra-
tely exempted from actual emission There are no worker skilling pro- for dining, Tuju now offers tive Services. This reflects a rel-
With all the noise over Delhi’s poorly controls, and are now only required to grammes, no institutional support a research-driven menu and uctance to take risks and say ‘yes’
framed end-of-life (EoL) vehicle policy meet stack height requirements. for technology upgrades, and little exceptional service. to meaningful
fading, and the monsoon gifting the ‘This progressive weakening contra- monitoring of kilns that claim to The comeback, however, reform. The en-
JUST IN JEST city a few clean-air days, it almost feels
like happy days are here again. But
dicts the original intent of the 2015
regulation. Exempting 77% of coal-
have switched.
Worse, the transition policy is hur-
hasn’t been easy. It took mon-
ths of travel and experimen-
trenched bure-
aucratic estab-
the air pollution veil hangs over NCR based capacity from pollution controls ting its own cause. In NCR, for in- tation for Tuju 2.0’s philoso- lishment has
Shubhanshu Shukla may start a year-round like a Damocles’ sword. raises serious health concerns, not stance, kilns — even those using phy to take shape. In Septem- been rightly en-
new line of non-resident Indians And it will soon return. only for communities near the plants cleaner tech — are allowed to operate ber 2023, when the restau- couraged to en-
Two under-discussed issues stand but also for those living hundreds of only from March to June. This leads to rant reopened, chef Ivan gage more open-

Move Over NRIs, Meet

out. First is the persistent failure to kilometres away, due to the trans- increased imports of bricks from Ralston and hospitality and lywith the pub-
enforce SO2 emission norms for coal- boundary nature of air pollution,’ neighbouring districts. Kiln owners research director Katheri- lic, rather than relying solely on
fired thermal power plants (CFPPs). says CREA analyst Manoj Kumar. who had planned tech upgrades are na Cordás unveiled a meti- politicians, many of whom do not
These were first notified in 2015, The second blind spot is the brick now shelving those plans, given that a remain faithful to the will of the

Future Hyper-NRIs
requiring plants to instal flue gas kiln industry, especially across the 4-month operating window makes people as envisioned by B R Am-
desulphurisation (FGD) systems by Indo-Gangetic Plain (IGP). Kilns such investment unviable. bedkar. To promote innovative
2017. That deadline has now been contribute around 10% of PM2.5 emis- While NCR’s numbers may look ideas such as Needonomics (eco-
pushed to 2029 — after four extensions. sions in IGP, and up to 20% if the better on paper, the broader airshed nomics of needs), it is imperati-
Shubhanshu Shukla is truly an inspiration — to become According to Centre for Research on broader MSME sector is included. Yet, continues to suffer, made worse by ve that bureaucracy collabora-
the ultimate NRI. While most non-resident Indians find Energy and Clean Air (CREA), by the sector remains under-regulated, poor access to cleaner fuels. Most tes closely with academicians.
FY25, only 44 of 537 CFPP units had poorly supported, and largely absent kilns lie beyond piped gas networks. M M Goel
themselves trapped in eternal cycles of visa renewals, bio-
installed FGDs. Of the remaining 493, from air pollution conversation. LPG, the only real alternative, requi- culously reimagined appro- Delhi
metric appointments, and deciphering USCIS acronyms 77% were emitting SO2 well above Fired clay bricks dominate India’s res costly retrofits and drives up fuel ach to fine dining.
that sound like rejected Star Wars droids, the astronaut
who returned home — Earth, lest we forget the hierarchy
prescribed limits, while no data was
available for 11% of the units.
construction market, with 120-140 bn
produced annually. Kilns in IGP burn
bills. Biomass briquettes and pellets
are viable, but need kiln tweaks and a
While Tuju’s menu chang-
es with the seasons, a few Be Everyman,
of human habitations — on Tuesday is the posterboy to
Category A plants — within 10 km of
NCR, or cities populated by 1 million-
20-25 Mt of coal and biomass each
year, releasing 30-40 Mt of CO2.
supply chain that doesn’t yet exist.
State pollution control boards are
standout dishes are not to
be missed: cauliflower with
Not Angryman
transcend all terrestrial territorial nonsense. plus — recorded average SO2 emis- Updated emission norms notified in stretched thin and unable to monitor peanut cream and mush- ‘Aggro Not Everyone’s Cuppa,
While you’re wondering if your H-1B will survive the next sions of 991 mg/Nm3. Category B 2022 mandate that kilns switch from thousands of small units. ‘What’s rooms, finished with white Shubman’ (Think About It, Jul
US election, the next generation of NRIs doesn’t need an plants — near critically polluted or needed is not just enforcement but chocolate; scallops paired 16) rings the alarm bell for rein-
non-attainment cities — averaged enablement — training, technical with nasturtium and deli- ing in frayed tempers in the play-
immigration lawyer on speed dial. From their future resi- 1,001 mg/Nm3. Category C plants, assistance, financial support, and cate, flower-shaped yacon ing arena. A coolheaded approa-
dence up there — aboard the International Space Station, located outside these hotspots, av- realignment of private incentives potato slices; and red snap- ch and composure enable one to
or beyond — these hyper-NRIs will enjoy not just less tax eraged 1,014 mg/Nm3. All three exceed with public goals. Working closely per served with hearts of take logical decisions in stress-
but also less gravity; and a diplomatic immunity bubble, permissible thresholds, in some cases with MSMEs to improve operations palm, turmeric and algae. ful situations. The likes of ‘Cap-
1.5-10×, depending on the specific and energy efficiency can significant- But food is not the only fo- tain Cool’ M S Dhoni and the leg-
where Trump tantrums end up in the great vacuum. Even standard applicable. ly reduce both fuel use and emissions,’ cus for Ralston and Cordás. endary late Sir Frank Worrell
your fancy OCI card can’t beat this kind of orbital status. A CREA comparison between CFPP says Greentech Knowledge Solutions As they rightly note, caring must serve as role models for our
The likes of Shukla won’t need a golden visa anywhere, or emissions and paddy straw burning founder Sameer Mathiel. for staff is just as essential young skipper, who must not suc-
even need to say twee things like, ‘India looks so big from in Punjab and Haryana highlights Without robust compliance mecha- as caring for customers. When cumb to the baneful aggro instin-
the scale of the problem. CFPPs emit nisms and meaningful support — employees feel valued, that ct and confrontational approach
up here.’ So, next time you meet an NRI flaunting his Dubai 277 kt of PM and 4,327 kt of SO2 an- whether for cars, coal plants, kilns or care is reflected in the service. that impairs rational thinking
flat or Bel Air condo, ask them, ‘So have you ever peed into a nually — over 10× and 240×, respec- crop fires — air quality will deteriora- This ethos has earned Tuju and besmears the gentleman’s
vacuum while watching the world twinkle from orbit?’ Po- tively, than the 26.7 kt of PM and 17.8 te. What’s needed is patient, systema- the prestigious Gin Mare Art game. O tempora, O mores!
kt of SO2 emitted by burning 8.9 Mt of tic effort. Hold polluters accountable, of Hospitality Award and Amit Banerjee
wered by rocket fuel, not real estate brochures, the next
paddy straw. While stubble burning but also equip them to do better. Only reaffirmed its mission to Mumbai
gen of NRIs should feel secure as cosmic citizens. ‘No Bor- causes seasonal spikes, CFPPs are a then can the smog begin to lift. create a warm, welcoming
Letters to the editor may be addressed to
ders, Just Orbits’ has a nice post-Vedic ring to it, no? year-round, and far larger source, of atmosphere for every guest.
pollution. Kiln-ing fields kumkum.dasgupta@timesofindia.com editet@timesofindia.com

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Companies: Pursuit of Profit  7
AM/NS India to Boost Viceroy Offers to Help Sebi Assess its Vedanta Report
Downstream Capacity In fresh release, short seller flags financing enjoyed by promoters from Vedanta and govt-backed arms using parallel structures

to 5 MT by Year-End Nikita Periwal & Kalpana Pathak

Mumbai:US-based short seller Viceroy

Vedanta has steadfastly denied all alle-
gations, and pointed to broader regula-
tory and investor support for its corpo-
rate actions aimed at unlocking value
STRONG CLAIMS
Co said invest-
dustan Zinc and BALCO’s investments
in Serentica are “effectively worth-
less”, given the way the deals have been
structured. Serentica Renewables is a
Serentica Renewables said.
Viceroy had published its first re-
port on the Vedanta Group last Wed-
nesday, terming Vedanta Resources a
Co commissions new galvanising line; Research, which has lately published a embedded in the operating companies. ments by Vedan- green energy company owned 65% by ‘parasite’ holding company, which
series of reports on Vedanta Group, said Earlier this week, proxy advisory firm global investment firm KKR, and the was supported entirely by cash from
targets auto sector with locally made high it awaits a response from the Securities InGovern said that foreign research ta, Hindustan Zinc rest by Twin Star Overseas, which is its operating company Vedanta.
and Exchange Board of India (Sebi) to firms not registered with the market re- owned by the Agarwal family. The firm then published questions
strength steel as part of expansion plan its queries on the metals conglomerate gulator can publish reports on Indian and BALCO in Serentica are Vedanta, Hindustan Zinc and BAL- that shareholders of Vedanta must
that has lender support for its ongoing companies without being subject to In- CO invested in Optionally Convertib- ask the management at their annual
Nikita Periwal reorganisation by revenue streams. dian regulatory scrutiny. “Even when “effectively worthless” due le Redeemable Preference Shares general meeting, following it up with
“It is an opportunity for SEBI to really their actions directly impact Indian in- (OCRPS) issued by Serentica, which an analysis of the AGM, which they
Mumbai: AM/NS India is expanding capacity for down- raise their game, how they handle vestors and markets,” InGovern said, to the deal structure offer negligible returns (0.0001% divi- termed as a staged event.
stream products by more than 51% to five million tonnes by this,” London-based Fraser Perring, co- in reference to the oversight latitude en- dend annually) and no control or up-
this year-end, said Dilip Oommen, chief executive, under- founder of Viceroy Research, told ET. joyed by such foreign researchers. Research has claimed that the Agar- side for 30 years. The firm has descri- OVERWEIGHT RATING
scoring efforts to meet demand from automobiles and other The research firm has reached out to There have been instances where wal family, promoters of the Vedanta bed these investments as financially In a report released earlier this week,
industries such as appliances. Sebi through email, assuring the regula- offshore firms have released critical Group, are enjoying financing at a unviable and exploitative. BofA Securities has maintained its
AM/NS India—a joint venture between steel giant Arce- tor of assistance in assessing the veraci- reports on securities in which they non-arms length from Vedanta, and Serentica has rejected the report. “All ‘overweight’ rating for three bonds of
lorMittal and Japan’s Nippon Steel—can currently produ- ty of its reports that criticised Vedanta hold economic interest, but did not its government-backed subsidiaries our commercial arrangements, include Vedanta Resources Plc, while downgra-
ce up to 3.3 million tonnes downstream products annually. and its proposed restructuring along bu- respond to regulatory summons or using parallel operating structures long-term power delivery agreements ding two of its bonds to ‘marketweight’.
The company currently ranks among India’s top flat steel siness streams. Perring said Viceroy is cooperate with Indian authorities, outside of the group, such as Serenti- and central government PPAs, have be- The brokerage said that the company
producers, with a capacity of 9 million tonnes at its plant in yet to receive a response from regulator. InGovern said. ca Renewables. en transparently disclosed, duly appro- has reduced its debt, has lower repay-
Hazira, Gujarat. JSW Steel, the largest producer of steel in “In all fairness, we only reached out to The US-based short-seller, which has ved, and executed under the scrutiny of ments over the next three years helped
the country, has a downstream capacity of them a few days away, and I suspect the- SERENTICA RENEWABLES published its fifth report on the group boards, auditors, regulators, and finan- by its recent refinancings, and has seen
more than 13 million tonnes, while Tata Ste- y’ve got to get clarity,” Perring said. In its report on Wednesday, Viceroy since last week, said that Vedanta, Hin- cial institutions,” a spokesperson for a moderation in its interest cost.
el has more than 4 million tonnes of down-
stream capacity.
On Wednesday, the company commissio-
ned a continuous galvanising line in Hazira,
Co has becoming the only Indian company with the
already spent capability to produce steel with strength of
around up to 1,180 megapascals. This high-strength
85-90% of the steel, which finds application in the auto in-
planned dustry, is currently imported, and AM/NS is
`8,500 cr looking to substitute these imports.
capex, and India currently consumes about 8 million
will spend the tonnes of flat steel per year for automobiles,
rest through
of which around 10-15% is imported.
the year
AM/NS will commission additional galva-
nising lines by the end of the year, further increasing its
downstream offerings. “This is a part of the `8,500 crore ca-
pital expenditure planned for downstream expansion,”
Oommen said.
AM/NS India has already spent 85-90% of the planned ca-
pex. The remainder will be spent through the course of the
year, he said.
The company currently garners about 60% of its sales
from downstream products.
Apart from the auto sector, these downstream products
will be used for manufacturing appliances, green steel, and
in the solar energy space, said senior company executives.
Automobiles, though, will remain a critical part of the
company’s downstream portfolio, given the premiumisa-
tion happening in the space, they added.
As per its latest available financial results, in fiscal 2024,
AM/NS posted a net profit of `6,997.2 crore on a revenue of
`57,433 crore. It had earnings before interest, tax, deprecia-
tion and amortisation of `14,925 crore for the year.

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8  Around the World & Economy MUMBAI

THURSDAY | 17 JULY 2025
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Trump to Impose Pharma Tariffs by

August 1, Semiconductors Likely Next
Says tariffs could reach 200% after a one-year grace period to shore up US production
Washington: President Donald
Trump said that he was likely to
impose tariffs on pharmaceuticals
as soon as the end of the month and
that levies on semiconductors co-
uld come soon as well, suggesting
that those import taxes could hit
alongside broad “reciprocal” rates
set for implementation on Aug. 1.
“Probably at the end of the
month, and we’re going to start off
with a low tariff and give the phar-
maceutical companies a year or so
to build, and then we’re going to
make it a very high tariff,” Trump
told reporters Tuesday as he retur-
Let ‘Credible’
ned to Washington after attending
an artificial intelligence summit
Epstein Files Be
in Pittsburgh.
Trump also said his timeline for Public: Trump
implementing tariffs on semicon-
ductors was “similar” and that it
was “less complicated” to impose Washington: President Donald
levies on chips, without providing Trump said Tuesday the US Justi-
additional detail. OVERSEAS DRUG IMPACT ce Department should release all
At a Cabinet meeting earlier this “credible” information from its
month, Trump said he planned to Tariffs could immediately impact probe into notorious sex criminal
impose a 50% tariff on copper in Jeffrey Epstein as he sought to do-
the coming weeks, and that he ex- drugmakers like Eli Lilly, Merck and use a firestorm of criticism from
pected pharmaceutical tariffs to
grow as high as 200% after giving Pfizer that produce drugs overseas his supporters over his handling
of the case.
companies a year to bring manu- nal security. Trump’s plans for semiconduc- Trump is facing the most serious
facturing back to the US. Trump Still, any tariffs could immedia- tor tariffs, which are expected to split of his political career from
has already announced investiga- tely impact drugmakers like Eli hit not only the chips themselves his famously loyal right-wing base
tions under Section 232 of the Lilly & Co., Merck & Co. and Pfi- but popular products like Apple over suspicions that his admini-
Trade Expansion Act of 1962 on zer Inc. that produce drugs over- Inc. and Samsung Electronic Co stration is covering up lurid deta-
drugs, arguing a flood of foreign seas — and risks driving up costs Ltd. laptops and smartphones. ils of Epstein’s crimes to protect
imports was threatening natio- for US consumers. So does Bloomberg rich and powerful figures they say
are implicated.
“The attorney general has hand-
led that very well,” the Republican
Pentagon Withdraws 2,000 National leader said of Pam Bondi, who le-
ads the Justice Department, when
he was asked about the case at the

Guard Troops from Los Angeles White House. Trump repeated his
claim that the Epstein files were
“made up” by his Democratic
stay in the region. predecessors in the White House
Los Angeles: The Pentagon has said In late June, the top military com- — even though he said multiple
it is ending the deployment of 2,000 mander in charge of troops deploy- times during the election campa-
National Guard troops in Los Ange- ed to LA had asked Defence Secreta- ign that he would “probably” re-
les, accounting for nearly half of the ry Pete Hegseth for 200 of them to be lease them.
soldiers sent to the city to deal with returned to wildfire fighting duty “She’s handled it very well, and
protests over the Trump administra- amid warnings from Newsom that it’s going to be up to her,” Trump
tion’s immigration crackdown. the Guard was understaffed as Cali- said. “Whatever she thinks is cre-
Roughly 4,000 National Guard sol- fornia entered peak wildfire season. dible, she should release.”
diers and 700 Marines have been in The end of the deployment comes a Trump’s latest comments mark a
the city since early June. It wasn't week after federal authorities and softening of his stance — he had
immediately clear what prompted National Guard troops arrived at voiced frustration in the Oval Offi-
the 60-day deployment to end sud- MacArthur Park with guns and hor- ce and online about his suppor-
denly, nor was it immediately clear ses in an operation that ended ters’ fixation on Epstein and plea-
how long the rest of the troops would abruptly. AP ded with them to move on. AFP

Netanyahu Loses Governing Majority as Rift Over Draft Deepens

ning party to do so this week. ment. Netanyahu’s government do-
Tel Aviv: Israeli Prime Minister Be- “In this current situation, it’s im- esn’t face immediate collapse
njamin Netanyahu suffered a major possible to sit in the government and Netanyahu’s rule, for now, doesn’t
political blow on Wednesday as a key to be a partner in it,” Shas Cabinet mi- appear threatened. Once Shas’ resig-
governing partner announced it was nister Michael Malkieli said in anno- nations are put forward, there's a 48-
quitting his coalition government, le- uncing the party’s decision. hour window before they become offi-
aving him with a minority in parlia- But Shas said it would not under- cial, which gives him a chance to sal-
ment as the country faces a litany of mine Netanyahu's coalition from vage his government.
challenges. the outside and could vote with it Netanyahu’s Likud party did not
Shas, an ultra-Orthodox party that on some legislation, granting Neta- immediately comment on Shas’ de-
has long served as kingmaker in Isra- nyahu a lifeline in what would parture. The party's announcement
eli politics, announced that it would otherwise make governing almost also comes just before lawmakers re-
bolt the government over disagree- impossible and put his lengthy rule cess for the summer, granting Neta-
ments surrounding a proposed law at risk. nyahu several months of little to no
that would enshrine broad military Once their resignations come into Benjamin legislative activity to bring the parti-
draft exemptions for its constituents effect, Netanyahu's coalition will Netanyahu es back into the fold with a possible
— the second ultra-Orthodox gover- have 50 seats in the 120-seat parlia- compromise on the draft law. AP

SC Upholds Bengal
Wipro Fined for Defamatory Move to Take Over
Factory Land from
Remarks in Termination Letter Hindustan Motors
to tarnish Mishra's reputation and
Delhi HC hauls up IT Delhi High Court on to impair his ability to pursue re- Indu Bhan
Termination Letter employment with dignity, the order
major in a defamation stated. The tenor of the communica- New Delhi: In a setback to Hindus-
Use of term Tenor of
tion reveals a “discernible intent to tan Motors, the makers of iconic
malicious conduct communication
case, orders co to pay has direct and reveals discerni-
carry out a form of character assas-
sination by Wipro under the sem-
Ambassador sedan, the Supreme
Court on Wednesday upheld the
deleterious impact ble intent to
`2 l to an ex-employee on the future carry out a form
blance of administrative formality,
thereby compounding the damage
West Bengal government’s deci-
sion’s for resumption of 395 acre of
employability and of character to Mishra's reputation and stan- land under the West Bengal Estates
Indu Bhan professional dignity assassination ding,” Justice Kaurav added. Acquisition Act, 1953. Kolkata-ba-
Wipro has failed to Wipro has failed to place on record sed Hindustan Motors had stopped
New Delhi: In a rare case, the Delhi provide evidence to any credible evidence, either testi- production of its legendary Ambas-
High Court has hauled up IT major establish that monial or documentary, to establish sador sedan at its Uttarpara factory
Wipro in a defamation case over the that the reputational harm suffered in Hooghly district in 2014.
reputational harm
wording of its termination letter to by Mishra was predicated on any de- The state government took back
suffered by Mishra
a former employee. monstrable act of misconduct, the 395 acre in 2022 through “resump-
It asked the company to pay `2 lakh was predicated on court observed. tion” from the
as general compensatory damages demonstrable act of misconduct Wipro had argued that Mishra, company, which
to Abhijit Mishra, who was working who was employed at a senior, crea- The state govt had been allegedly
as principal consultant between tive, and managerial position that took back 395 declared financial-
2018 and 2020, “to redress the reputa- mination letter to him. demanded highly creative and origi- acre in 2022 ly sick and its land
tional harm, emotional hardship, "The remarks therein, couched in nal work, instead of focusing on his through was lying unutili-
and loss of professional credibility” the use of the term 'malicious con- professional duties was more inves- ‘resumption’ sed and unproduc-
caused by Wipro’s conduct. duct', not only lack substantiation ted in his self-styled identity as a from the co, tive. A Bench led
Noting that the letter was full of but also have a direct and deleterio- “crusader for social change,” enga- which had by Justice BV Na-
stigmatic language and bereft of us impact on the future employabili- ging in activities unrelated to his been allegedly garathna refused
any foundation, Justice Purusha- ty and professional dignity of the work. Mishra’s behaviour demonst- declared to interfere with
indra Kumar Kaurav asked Wipro plaintiff," said the judge. rated his lack of interest in impro- financially the Calcutta High
to expunge remarks regarding the The termination letter not only ving his professional performance, sick Court decision up-
professional character of its for- meant immediate job loss, but was which ultimately led to his termina- holding the state
mer employee and issue a fresh ter- also couched in a language intended tion, the company added. government's stand. The company
alleged that the West Bengal go-
vernment unlawfully took posses-
sion of its plant without notice.
SC Upholds Himachal’s Demand for The Calcutta High Court in May dis-
missed the Hindustan Motors’ peti-
tion challenging the order of the

18% Free Power from JSW Hydro Plant West Bengal Land Reforms and Te-
nancy Tribunal upholding the Sta-
te’s resumption of 395 acre of land
not prohibit JSW from supplying free The regulatory commissions, Ap- under Section 6(3) of the West Beng-
Indu Bhan power beyond 13% to the state. pellate Tribunal for Electricity and al Estates Acquisition Act, 1953.
“The implementation agreement the courts must enforce these obliga- The government earlier announ-
New Delhi: The Supreme Court on does not stand overridden by the tions and ensure that their interpre- ced that the state faced a scarcity of
Wednesday upheld the Himachal Pra- operation of these re- tation of regulations does not allow land for industry and decided to take
desh government's demand for 18% gulations,” the top co- the party to circumvent and breach back industrial land lying unused,
free electricity from JSW Hydro urt said. its contractual undertakings when to allot it to new entrepreneurs.
Energy’s 1,045 MW Karcham Wang- “Once the regulation the same is not intended by the regu- After taking back the land from
too plant located on river Satluj in doesn’t prohibit the lation itself, it added. Hindustan Motors, the government
Kinnaur district of the state. supply of free power beyond 13%, As per agreements executed betwe- has given about 40 acre at Mouza to
Setting aside the Himachal Pradesh JSW can’t rely on it to wriggle out of en JSW Hydro and the Himachal Pra- Titagarh Rail Systems on a 99-year
High Court's order for allowing a its contractual obligations. Such an desh government, the plant was sup- lease for a consideration of 127 crore
maximum 13% of free electricity to interpretation is necessary to recog- posed to supply free power at 18% of to facilitate the establishment of ad-
the state, a bench of justices P S Nara- nise and enforce the generating the net generation for 28 years to the ditional production infrastructure
simha and Atul S Chandurkar held firm’s freedom of contract, which in- state after the completion of 12 years and dedicated areas for forming, tes-
that the Central Electricity Regulato- cludes its choice of business dea- of commercial operations of the pro- ting, and commissioning Metro coa-
ry Commission Regulations, 2019, do lings,” the apex court said. ject, which commenced in 2011. ches and Vande Bharat trains.

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Board will also consider a special dividend; bonus issue seen as a bid to enhance liquidity in F&O segment AMID ACTION TO CURB F&O SPECULATION
Asset Managers Offer a
HDFC Bank Considers First-ever Issue Better Play on Markets Bank deposit war
For decades,

of Bonus Shares, Board to Meet on Sat market, enabling investors to take posi-
than Brokers, Exchanges
Nippon Life India AMC, CDSL, Anand
Indians trusted
public sector
banks with a
lion’s share of
their hard-
Our Bureau tions more easily,” said Ajay Bodke, in-
dependent market analyst. HDFC Bank
Rathi Wealth gain big since mid-April earned money. But that's chang-
Mumbai: India’s largest private sector shares have shown a strong performan- ing. Between March 2015 and
lender HDFC Bank said on Wednesday ce, rising more than 23% over the last 12 March 2025, public sector banks’
its board will meet on July 19 to consider months. Shares of HDFC Bank closed Safer Bets share in total deposits fell from
a landmark proposal—the issuance of Wednesday at `1,996 apiece in the broa- 76.3% to 56.3% — a 20-percentage
CMP 3-month
bonus shares for the first time in the der equity markets. Company point fall. During the same period,
(`) return (%)
bank’s three-decade history. The HDFC The bank has a private banks’ share in total
Bank stock, which has climbed more market capitalisa- Nippon Life India Asset Management 869.4 49.6
than 23% in a year, has the largest weigh- tion of `15.30 lakh deposits rose from around 20% to
Anand Rathi Wealth 2,504.5 44.5
ting on the Nifty, accounting for nearly a crore. In addition, nearly 35%. So, what is triggering
Central Depository Services (India) 1,721.5 39.7
seventh of the index. board would consi- this shift? Why are Indians
If approved by the board and sharehol- UTI Asset Management Company 1,428.8 39.2
Operationally, the der a proposal for a trusting private banks with their
ders, the bonus issue would mark a sig- bank is expected special interim divi- viduals hold around 12% of the bank's 6.3% increase in profit after tax for June Aditya Birla Sun Life AMC 872.4 37.6 deposits despite the higher safety
nificant milestone for India's most-valu- to report robust dend on bank’s equi- shares, while the remaining stake is dis- quarter, driven by strong growth in core BSE 2,530.0 28.0 net at PSBs?
ed lender, signalling management’s con- growth in the first ty shares for FY26 on tributed among various other corporate operating income and stable asset quali-
quarter of FY26 Nuvama Wealth Management 7,504.0 27.7 Sunny Verma explains.
fidence in its financial position and Saturday. In terms entities. Operationally, the bank is ex- ty. The board meeting on July 19 will in-
long-term growth trajectory. A wider of dividends, bank pected to report robust growth in the clude the consideration and approval of KFin Technologies 1,282.2 21.8
equity base enhances capital-market li- has declared `22 per share as a final divi- first quarter of FY26. According to pro- the financial results for Q1FY26.
quidity for the stock, which is a favourite dend for FY25, the highest since listing. forma figures published by HDFC Bank “If gap in loan and deposit growth has
Indian Energy Exchange 208.3 11.6 AI's real cost
Computer Age Management Services 4,207.2 8.0
with overseas investors and is the cent- Foreign institutional and portfolio in- ahead of formal earnings, its loan book been offset by rundown in borrowings, Data centres
repiece for most bulge-bracket funds ta- vestors hold the largest share in HDFC expanded 6.7% quarter-on-quarter to re- margin trajectory may turn out to be he- Nifty Capital Markets 4,648.1 31.4
are the silent
king exposure to Indian financial assets. Bank, accounting for 48.84% of the total ach `26.5 lakh crore, while deposits rose althier relative to peers—if the bank has Nifty 50 25,212.1 7.6 furnaces of the
“HDFC Bank’s decision to consider is- equity. Domestic institutional investors 16% year-on-year to `27.6 lakh crore, re- continued to run down low-yielding cor- Compiled by: ETIG Database
suing bonus shares can be seen as an ef- own 36.04%, with mutual funds making flecting healthy business momentum. porate credit,” said Pranav Gundlapalle, digital age —
fort to enhance liquidity in the F&O up the majority at 25.61%. Resident indi- Analysts expect bank to report a 4% to head of India financials at Bernstein. stacked with
millions of
Ruchita Sonawane & Kairavi Lukka AI-fuelled servers, guzzling
RETURNS ON GOLD INVESTMENTS IN RUPEE WERE 26% IN H1 Mumbai: Investors looking to bet on India’s thriving capi-
power, and pumping out heat at
an industrial scale. Study shows

Gold Still King, Gives Royal Returns

tal markets would be better off buying shares of asset ma-
nagers rather than exchanges and brokers, said money ma- data centres already account for
nagers. While exchanges and brokerages are likely to feel about 1% of India’s electricity
the heat of the various regulatory actions aimed at curbing consumption and could hit 3% by
Here’s a quiz question you must answer without Googling: Which asset class yielded the highest returns in H1 Gold return across currencies* (%) excess speculation in futures and options, mutual funds 2028. That’s equivalent to the
2025? Gold. Returns on gold in the Indian currency between January and June this year were 26%. That was US Dollar 26.0 and allied businesses may continue to benefit from flows in- total power consumed by all of
bettered only by gold purchases in the Turkish Lira—at 41%—World Gold Council (WGC) data showed. to their products, making them a safer bet at this juncture.
Euro 10.7 “While the downgrade cycle in capital market stocks has
Delhi’s households for an entire
DEMAND DYNAMICS OUTLOOK Japanese Yen 15.4 year. Data centres need a whole
bottomed out, there could be degrowth in broking stocks gi-
China is one of the Second half is mixed Central bank demand likely to lot of air conditioning as well to
largest consumers
British Pound 14.8 ven the slowdown, but AMCs could perform better,” said
remain robust in 2025, moder- Mahesh Patil, CIO, Aditya Birla Sun Life AMC. The Nifty cool the servers. This has set off
of gold Falling interest ating from its previous records
Canadian Dollar 19.2
Capital Market index has been the best performer among an unexpected domino effect.
rates and continued Swiss Franc 10.1 all NSE indices in the last three months. After slumping
Consumers in China and uncertainty would Deman likely to stay well above Prashant Mukherjee reports.
India base buying decisions the pre-2022 aver-
Indian Rupee 26.0 20% from its peak in October, it has rebounded in the past
maintain investor
on local price of gold age of 500-600 Chinese Renminbi 23.8 three months. Since mid-April, the index has surged 31.4%,
appetite, particularly
tonnes, the WGC Turkish Lira 41.9 while the benchmark Nifty gained 7.6% in the same period.
via gold ETFs and
Regional prices often OTC transactions report said Nippon Life India AMC jumped nearly 50% in this pe-
Australian Dollar 18.5 riod. CDSL and Anand Rathi Wealth gained 40% and 45% Oil Dips as US Fuel
deviate from the interna-
*As of June 30, 2025. Based on the LBMA (London Bullion Market
tional price, reflecting local Elevated gold prices likely to con- This would act as a respectively. While the index remains 6% below the peak,
dynamics in those markets, tinue to curb consumer demand dampener to gold
Association) Gold Price PM in USD, expressed in local currencies, except
for India and China where the MCX Gold Price PM and Shanghai Gold money managers said valuations of most of these entiti- Stock Builds Put
experts said & potentially encourage recycling performance Benchmark PM are used, respectively.
Source: World Gold Council
es, especially brokers, may be rich, making them vulne-
rable to a sell-off. “The current valuations appear expensi-
Focus on Demand
Text: Gayatri Nayak
ve for broking companies, given their cyclical nature and LONDON: Oil
high correlation with market movements, and we remain prices fell
cautious on them,” said Vikas Gupta, CEO, OmniScience
HOWEVER, NON-FERROUS PRODUCERS IN FOR A MUTED SHOW Capital. “What we have done, and suggest for investors, is
about 1% on
Market Trends to take selective exposure to banking stocks that own AMC Wednesday as

STOCK INDICES
Nifty 50 25212
% CHANGE

0.06
Steel Firms to Reflect Gains from subsidiaries, as they offer more attractive valuations and
meaningful upside potential from current levels.”
The rich valuations are encouraging companies to sell
shares in the primary market, with NSDL and ICICI Pru-
US fuel inventory builds
reinforced views in the
market of shrinking de-
mand as the wider econo-
BSE Sensex

MSCI India
MSCI EM
82634

1749
3347
0.08
0.15
0.19
Price Hikes, Cheaper Coking Coal dential AMC looking to launch their initial public offe-
rings over the next few months.

Continued on Smart Investing

mic impact from US ta-
riffs could curb consump-
tion. Brent crude futures
MSCI BRIC 738 0.07 fell 71 cents, or 1%, to $68 a
Sachin Kumar
barrel. US West Texas
MSCI World 19063 0.06 A Mixed Bag Rupee Falls 16 Paise as Stronger Intermediate crude futu-
Japan[Nikkei] 39663 0.04 ET Intelligence Group: Steelmakers June’25 Quarter Estimates for Metal Companies res were down 69 cents,
Hong Kong[HSI] 24518 0.29
are expected to post sequential rise in
profits in the fiscal first quarter, as a Revenue (`crore) Net Profit (`crore) Dollar Hits Investor Sentiment or 1%, at $65.82. US gaso-
S.Korea[Kospi] 3186 0.90 sharp rebound in domestic steel prices Average QoQ % YoY % Average QoQ % YoY % MUMBAI: The rupee fell 16 paise against the US line stocks rose by 3.4
Singapore[STI]
and lower coking coal costs is likely to JSW Steel 42,436 -5.3 -1.1 2,013 34.2 151.7 dollar to close at 85.92 on Wednesday, as a million barrels, compa-
4132 0.30
outweigh sluggish sales. Analysts esti- strengthening American currency amid uncerta- red with analysts' expec-
mate aggregate earnings before inter- Tata Steel 51,577 -8.2 -5.9 1,619 -4.7 24.6
OIL ($/BRL) inties over the India-US trade pact hit investor tations in a Reuters poll
est, taxes, depreciation, and amortisa- SAIL 26,071 -11.0 8.6 1,248 -4.0 315.9
DUBAI CRUDE tion (Ebitda) for ferrous companies to sentiment. However, sliding global crude prices supported for a 1 million-barrel
Hindalco 60,027 -7.5 5.3 3,413 -35.6 3.4
69.36 rise by 2-16% quarter-on-quarter de- the domestic unit, according to forex traders. At the inter- draw. Distillate stock-
0.63 Data based on average of the estimates by three broking firms
spite a 11-12% decline in sales volume Source: YES Securities, Motilal Osawal Financial Servcies, and Kotak Institutional Equities
bank forex, rupee opened weak at 86.02 against the dollar. It piles, which include
Absolute Change in the three months ended June. traded in 85.74-86.05 range during the day before closing at diesel as well as heating
In contrast, producers of non-ferrous 85.92, down 16 paise from previous close. In previous ses-
GOLD RATE oil, rose by 4.2 million
metals like aluminium, zinc, copper, tially. Domestic iron ore prices rose by The non-ferrous metal sector faces a sion, rupee rose 16 paise to close at 85.76. “Rrupee ex-
US ($/Oz) India (`/10Gm) and lead are likely to show a muted per- 4% to an average of `7,335 per tonne, more challenging environment since barrels versus expec-
formance last quarter amid weaker before declining to `6,900 per tonne by global prices of aluminium and zinc perienced notable volatility on Wednesday, weakening tations for a 200,000-
OPEN 3341 97222
commodity prices and softer volumes. June-end. Hot-rolled (HR) coil prices fell significantly during the quarter. against robust US dollar before recovering mid-session due barrel rise, the EIA data
LAST* 3340 97408
Their aggregate revenue and Ebitda increased by 6.4% to an average of This coupled with potentially muted to dollar supply, to conclude with net losses. — PTI showed.—Reuters
Prev chg (%) 0.29 0.20 are projected to decline `51,673 per tonne, before ea- volumes in some segments is expected
FOREX RATE (`-$ Exchange Rate) by 8% and 18%, respecti- sing to `50,700 per tonne ac- to put pressure on revenues and mar-
OPEN LAST*
vely. “During the June Earnings cording to IDBI Capital. gins for non-ferrous producers.
2025 quarter, domestic Motilal Oswal Financial Aluminium and zinc prices fell 7.1%
85.95 85.98 steel prices increased by Preview Services expects Ebitda of and 7.3% sequentially, while alumina
`3,104 per tonne driven by ferrous companies under prices crashed 32% squeezing mar-
*At 6 pm IST Source: Bloomberg, MCX, ETIG implementation of safeguard duty. its coverage to rise 2% sequentially gins, according to Motilal Oswal. “Non-
Market on Twitter@ETMarkets This, along with a decline in coking co- and 11% YoY in the June quarter. ferrous companies under our coverage
al prices, is expected to support sequ- Brokerages are predicting an 11-12% are expected to post sequential aggre-
Gold Gains on Softer ential expansion in Ebitda per tonne
for steel companies,” said IDBI Capital
sequential decline in steel volumes, ci-
ting the early onset of monsoon and a
gate revenue and Ebitda declines of 8%
and 18%, respectively,” the brokerage
Dollar; US PPI in Focus Markets in a report.
The average price of coking coal, a
high base in the fourth quarter of
FY25. However, volumes are expected
said in a report. Motilal however ex-
pects 5% and 2% year-on-year growth
SMART INVESTING 10 major raw material, fell by 2% sequen- to rise 1.8-6% year-on-year. in revenue and Ebitda, respectively.

APPEAL FADES Poor performance of many NFOs last year also dampens mood

Equity Fund Launches Lose Zip with Market

have been unnerved by the volatility,
Himadri Buch resulting in their demand for new
Weak Sentiment products going down.
Mumbai: Equity fund launches by OPEN ENDED NO. OF FUNDS OPEN ENDED NO. OF FUNDS Sandeep Bagla, CEO of Trust MF,
mutual funds experienced a slow- EQUITY SCHEMES SCHEMES MOBILISED EQUITY SCHEMES SCHEMES MOBILISED attributed the fall in NFOs to geopoliti-
down in 2025, following a blockbuster NFOs 2024 NFOs 2025
cal challenges in the first half of this
2024, as uncertainty over the stock year. “The markets had turned volatile
market outlook and losses in many of Jan-Mar 2024 22 12,733 Jan-Mar 2025 20 7,853 at the beginning of the year, which
last year’s new fund offerings dim- Apr-June 2024 15 25,922 Apr-June 2025 9 4,690 dented investor sentiment for some
med investor appetite for fresh pro- July-Sept 2024 18 36,796 TOTAL SO FAR — 12,543 time. Also, slowing growth and Trump
ducts. In the first half of 2025, ending tariffs slowed the flows down a bit.”
Oct-Dec 2024 26 19,097 (Fig in `Cr)
June 30, mutual funds launched 29 Source: AMFI
In January-March of 2025, mutual
open-ended equity schemes, mobilising TOTAL — 94,548 funds saw 20 schemes raise `7,853
`12,543 crore as against 37 schemes that crore, while April–June saw nine
collected `38,655 crore in the same schemes collect `4,690 crore. Muted
period of 2024 and 44 that garnered equity new fund offers (NFOs) led by returns have also made fund houses
close to `56,000 crore in the second half thematic funds, collectively garnering In first half of 2025, MFs hesitant to launch new schemes.
of last year, as per Association of Mutu-
al Funds in India data.
`94,548 crore, riding the bullish wave in
the stock market till September.
launched 29 schemes, According to Value Research, the
large-cap equity funds category deli-
The moderation in new fund launches Mutual funds raised record money mobilising `12,543 cr vs 37 vered only 5% returns in the first six
this year, compared to CY 2024, could be from investors through new fund offers months of 2025, while the large-and-
due to the equity markets being relati- (NFOs) in segments like defence, tou-
schemes that collected mid-cap category returned just 1%.
vely flat for the last 12 months, with rism, capital markets, energy, manufac- `38,655 cr in yr-ago period Bagla said investor interest is likely to
increased volatility in the last few turing, innovation, transportation and revive soon with newer mutual funds
months, said Suresh Soni, CEO, Baroda logistics, automotive, internet economy, mes to reward distributors, who often starting operations.
BNP Paribas Mutual Fund. realty, and many others. As regulations push investors to shift from products “There will a spate of sectoral and
“We may see the number of new funds, prevent fund houses from operating that investors held for a while to new thematic fund launches by newer
especially from older fund houses, taper more than one scheme in each equity equity funds that charge higher fees. mutual funds,” he said. “However, I
off as they have completed the themes category, the industry has found a way With returns of many sectoral and expect the current year's mobilisation
and strategies that they wanted to offer around the rule by launching schemes thematic funds swinging wildly after numbers to be a tad less than last year’s
to investors,” he said. based on various themes. Moreover, the sell-off between October and March as the current equity performance is
In the entire year, 2024 witnessed 81 various mutual funds launched sche- and the subsequent rebound, investors not as strong as last year's.”

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10} Smart Investing THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

US prez reportedly floated the idea earlier at a private meeting, citing mismanagement of Fed renovation work
Tech Picks RAJESH PALVIYA,

Highly Unlikely to Fire Fed Chief, says Trump

SVP – Technical & Derivative Research, Axis Securities

THERMAX
BUY
BLOOMBERG The price is above the 20-day SMAs, and the daily
prop drafted by someone else and In a speech on Wednesday, Sen. TARGET
RSI is in positive territory.
4,150
Associated Press that the Republican president has Thom Tillis, R-N.C., said if Powell
not drafted such a letter. is dismissed, “you are going to see a `
LAST CLOSE u `3,646 STOP LOSS u `3,485
President Donald Trump said on Neither source was authorised pretty immediate response.”
Wednesday that he was “highly un- to publicly discuss the private “If anybody thinks it would be a
TEGA
likely” to fire Federal Reserve chair
Jerome Powell, a public statement
meeting and they spoke only on
condition on anonymity.
good idea for the Fed to become an-
other agency in the government
BUY
Daily “rounding bottom” breakout at 1795, rising
made less than 24 hours after suggest- Trump made his comment about subject to the president, they’re volumes, and above 20, 50, 100, and 200-day SMAs. TARGET
ing in a private meeting that he was
leaning in favour of dismissing the
being “highly unlikely” to dis-
miss Powell—“unless he has to
making a huge mistake,” said Til-
lis, who has announced that he is LAST CLOSE u `1,897 STOP LOSS u `1,795
`2,200
head of the nation’s central bank. leave for fraud”— during an Oval not running for reelection.
Trump confirmed that in a White Office meeting with Salman bin Sen. John Kennedy, R-La., said EPACK
House meeting on Tuesday night Hamad Al Khalifa, the crown this week that Powell “has done a BUY
with about a dozen House Republi- prince of Bahrain. decent job.” There is a daily “Bollinger Bands” buy signal. The
daily, weekly, and monthly RSI in positive territory. TARGET
cans he had discussed the “concept” In recent days, White House and “I don’t think he’s been perfect,”
of dismissing Powell, long a target administration officials have ac- he said, adding that there have been ` 435
because of his refusal to lower cused Powell of mismanaging a times they disagreed, but “I do be- LAST CLOSE u `383 STOP LOSS u `367
interest rates as Trump wants. $2.5 billion renovation project at Construction work in progress at the Fed HQ in Washington, DC. White House lieve that the chairman is calling
“Almost every one of them said I the Fed, adding to months of ef- officials have accused Powell of mismanaging the $2.5-billion renovation. them like he sees them.”
should,” Trump said about the law-
makers who had come to talk to him
forts by Trump try to rid himself
of the politically independent then trimmed their losses after House Freedom Cause whose views
Republicans on the House Finan-
cial Services Committee had been
F&O Strategy
about crypto legislation. central banker. Trump’s later comment. are not always shared by other Re- scheduled to meet with Powell on
CIPLA FUTURE (JULY 31 EXPIRY)
He indicated he was leaning in
that direction, according to a White
US stocks were shaky as Trump
spoke about Powell on Wednesday.
Treasury yields also swivelled in
the bond market but remained
publicans. In the Senate, Republi-
cans have taken a more guarded ap-
Wednesday evening in a gathering
set months ago, but it was abrupt- SELL
Stock declined by 2.4%, accompanied by a 3.5% rise in
House official. During that session, The S&P 500’s modest gain in the mostly calm. proach. Some have backed Powell’s ly canceled due to votes in the TARGET
open interest, indicating a bearish sentiment.
Trump waved a letter about firing
Powell, but a person familiar with
morning became a drop of 0.7% af-
ter initial reports that the presi-
Those at the White House meeting
were among the more far-right law-
performance at the Fed as they
await an inspector general's review
House, according to a committee
aide granted anonymity to LAST CLOSE u `1,478 STOP LOSS u `1,510
`1,389
the matter said it was essentially a dent may fire the Fed chair. Stocks makers, including members of the of the construction project. discuss a private meeting.

SPOT GOLD UP 0.4% LENDERS CAN NOW INDEPENDENTLY VERIFY CLAIMS

LEADER BOARD Sashidhar Jagdishan got a salary of `12 crore and SET TO FILE DRHP SOON
Gold Gains ESOPs valued `42 crore; Axis MD 2nd with salary of over `9 crore Dialysis Chain NHB Goes Public
on Softer
Dollar; US HDFC Bank Chief is India’s NephroPlus
Eyes `2K-cr IPO
with Refinance
PPI in Focus
Reuters Best-paid Banker of FY25 Himadri Buch

Mumbai: Nephrocare Health Ser-

List to Curb Misuse
Saloni Shukla
by NHB for allegedly misusing
refinance funds and diverting
Gold gained on Wednesday Saloni Shukla vices, which operates under the them into fraudulent mutual
on a softer dollar, while in-
vestors awaited more clarity
In Top League brand NephroPlus, is preparing to Mumbai: For the first time, the fund investments. The compa-
Mumbai: Sashidhar Jagdishan, file a draft red herring prospectus National Housing Bank (NHB) ny’s practices triggered regula-
on trade talks between the Bank FY25 FY24 Esops
managing director and chief ex- (DRHP) with market regulator SE- has publicly disclosed the list tory concern about the broader
US and its trading partners, Sashidhar Jagdishan (HDFC Bank) `12.06 cr `10.77 cr 212,052
ecutive officer of HDFC Bank, BI end of this month, said people of beneficiaries under its refi- risks of opaque refinancing
with another inflation print
emerged as India’s highest-paid Amitabh Chaudhry (Axis Bank) `9.11 cr `9.64 cr 259,429 familiar with the matter. nance scheme in a bid to enhan- disclosures in the sector.
due that could give further
banker in the last financial year. The Hyderabad-headquartered ce transparency and prevent NHB plays a critical role in the
guidance on the US Federal Ashok Vaswani (Kotak Bank) `12.95 cr** — 18,580
Jagdishan drew a salary of more company is planning to raise over the misuse of its name by mortgage ecosystem by offering
Reserve’s policy outlook. V Vaidyanathan `5.54 cr `5.30 cr 2,420,626
than `12 crore in FY25, a 12% increa- `2,000 crore through its initial pub- lending institutions. refinance facilities to HFCs aga-
Spot gold was up 0.4% at
se from the year before. In addition, ** Vaswani earned `1.61 crore during Jan-Mar 24 period SOURCE: Bank annual reports lic offering (IPO). the proposed The decision comes after it was inst the housing loans they ex-
$3,335.0 per ounce, as of 1100
he was allotted 212,052 shares in IPO will be a mix of fresh issue and discovered that fraud-hit Aviom tend, particularly
GMT. US gold futures edged
employee stock options (ESOPs). At an offer for sale, sources familiar India Housing Finance had been in the affordable
0.2% higher to $3,342.20.
the current market price of about me nearly `13 crore in salary ration details for FY25 have not yet with the matter said. allegedly using outdated NHB housing segment.
The US dollar was down
`2,000 per share, these are valued at along with 18,580 ESOPs, valued been disclosed. ICICI Securities, refinance sanction letters, some This refinancing
0.1%, making gold cheaper
more than `42.4 crore. at over ` 4 crore. Overall, heads of large private IIFL Capital Servi- as old as three to four years, to enables housing fi-
for buyers holding other
Amitabh Chaudhry, MD and V Vaidyanathan, MD and CEO of sector banks largely saw modest in- ces, Nomura and secure loans from banks. nance companies
currencies.
CEO of Axis Bank, earned a sala- IDFC First Bank, earned `5.54 cro- creases in their compensation for Ambit Capital will “The NHB wants to ensure to access low-cost,
“Currently, the dollar is ea- The NHB has
ry of `9.11 crore, a 5.4% decline re in salary for FY25, reflecting a FY25, reflecting the Reserve Bank be book-running le- that incidents like Aviom are now released long-term funds,
sing ahead of the US PPI data
from the previous year. He was al- 4.5% rise over the previous year. of India’s close scrutiny of CEO re- ad managers not repeated. By making its re- the names of which can then be
as traders take a cautious posi-
lotted 259,429 stock options, valu- He was allotted 24,20,626 stock muneration. The central bank has (BRLMs) to the is- finance list public, it aims to nearly 50 passed on to home-
tion after the recent gains, The proposed
ed at more than `30 crore at cur- options, valued at nearly `18 crore. mandated prior approval for sala- IPO will be a sue, said a source fa- prevent unscrupulous entities HFCs that buyers in the form
which has given gold a gentle
rent market levels. Sandeep Bakhshi, MD and CEO, ry, performance bonuses, and stock mix of fresh miliar with the mat- from misusing its name to secu- received of more affordable
uplift,” Ross Norman, an
Ashok Vaswani, MD and CEO of ICICI Bank was paid a salary of option allocations for key issue and an ter. Emails sent to re loans from other financial refinance interest rates.
independent analyst, said.
Kotak Mahindra Bank, took ho- `9.96 crore in FY24. The remune- managerial personnel at banks. offer for sale the investment institutions,” said the CEO of a assistance in Industry sources
On the data front, US consu- FY25
bankers and the housing finance company. told ET that under
mer prices increased by the
company remained unanswered. The NHB has now released the its new leadership,

Robust Order Pipeline Lights

most in five months in June
Proceeds from the fresh issue are names of nearly 50 housing fi- NHB has also reformed the refi-
amid higher costs for some
expected to fund expansion of dialy- nance companies (HFCs) that nance disbursal process to ensure
goods, signal-
sis centres and acquisitions of mid- received refinance assistance a more equitable distribution of
ling rising in-
sized players, mainly in India and in FY25. funds across the sector.
flation and pos-

up Transrail; Lifts Stock, too

the Philippines, as the company lo- The list includes prominent pla- “Earlier, a sizeable chunk of re-
sibly keeping
oks to consolidate its leadership in yers such as LIC Housing Finan- finance was cornered by a few
the Fed's rate-
the fast-growing renal care market. ce, PNB Housing Finance, Can large HFCs. But the new NHB le-
cut plans on
Founded in 2010 by Vikram Vup- Fin Homes, and Aadhar Housing adership has implemented an
hold until
The US dollar pala and Kamal D Shah, Nephro- Finance, among others. internal formula that ensures
was down September.
Plus runs more than 400 dialysis By making this data public, all notable HFCs receive access
0.1%, making The spotlight clinics across India and other Asi- the regulator aims to enable to low-cost funds based on the si-
gold cheaper is now on the `14,550-cr unexecuted Power Play an markets—Philippines, Uzbe- lenders and market partici- ze and growth of their busi-
for buyers US producer
orders, higher capacity, Financials of Transrail Lighting (` crore) kistan and Nepal. According to In- pants to independently verify ness,” said the CEO at another
holding price index
dia Ratings report, the company refinance claims and prevent housing finance company.
other (PPI) data, due YoY
and solid T&D market FY25 FY24 had a domestic market share of potential misuse of NHB’s NHB’s refinance assistance
currencies at 1230 GMT. Change (%) over 50% in FY24. credentials in raising funds. remains a vital source of long-
On the trade
share fuel co’s outlook Revenue from operations 5,307.8 4,076.5 30.2 Aviom India Housing Finance term liquidity for the housing
front, President Donald
is currently under investigation finance sector.
Trump on Tuesday said the EBITDA 675.9 477.5 41.5
US would impose a 19% tariff
on goods from Indonesia un-
Ranjit Shinde EBITDA Margin (%) 12.7 11.7 100 bps Sebi Weighing New
der a new agreement with the
ET Intelligence Group: The stock
Net Profit 326.6 233.2 40.1
Valuation Rules for `32K-CR BONDS UP FOR SWAP ON JULY 21 VIA AUCTION
Southeast Asian country and EBITDA: Earnings before interest, tax, depreciation and amortisation. Bps: Basis
of Transrail Lighting has gained
Gold, Silver in ETFs
that more deals were coming,
while offering fresh details
on planned duties on phar-
58% over the past three months and
of this, 36% was since May 23 when
it declared the March quarter result
points (100 bps = One percentage point)

jects in India and abroad. It offers

SOURCE: Comapany data, ETIG

to continue given a strong pipeline New Delhi: Markets regulator

RBI Plans Bond Switch to
maceuticals.
The deal with Indonesia is
among the handful struck so
depicting double digit growth in re-
venue and profit. The engineering,
procurement, and construction
EPC services for substations upto
765 kilovolts (kV) in high and extra
high voltage (HV and EHV) seg-
of T&D projects in India and abroad.
The company has a market share
of over 10% in the T&D segment,
Sebi is considering a review of
the valuation methodology for
physical gold and silver held by
Ease Redemption Load
far by the Trump administra-
(EPC) company, which is active in ments. It derives over three-fourths which raises hopes for the company mutual funds through exchange- The fiscal deficit for the Centre
tion ahead of an August 1 dead- Our Bureau
the power transmission and distri- revenue from T&D, around 10% to benefit from the projected outlay traded funds (ETFs) to ensure is estimated at 4.4% of GDP in
line when duties on most US
bution (T&D) segment, has underta- from related civil construction such of nearly `3 lakh crore on the trans- greater consistency and better FY26, according to the Budget.
imports are due to rise again.
ken capacity expansion to cater to as tunnels and bridges, and remai- mission business by Power Grid alignment with prevailing Mumbai:The Reserve Bank of In- For states, the fiscal deficit stood
The gold market has rejec-
the rising order book. ning from sales of lighting poles and Corporation of India (PGCIL) till domestic market prices. dia (RBI), on behalf of the Centre, at an average of 2.9% in FY 25
ted the $3,400 level mark mul-
Apart from having a strong order conductors. It has manufacturing FY32. PGCIL has earmarked `28,000 In this regard, Sebi has proposed will be switching bonds of `32,000 In a bond switch, the govern-
tiple times despite Trump’s
book at the beginning of the current facilities in Gujarat, Maharashtra, crore, `35,000 crore and `45,000 crore that AMCs should use spot prices crore with longer-tenure instru- ment replaces bonds maturing
new tariff updates, said Ajay
fiscal year, the company has continu- Silvassa, Dadra and Nagar Haveli to in FY26, FY27, and FY28 respectively. published by domestic commodi- ments in an auction on Monday, in the near term
Kedia, director at Mumbai-
ed to report sustained order momen- produce galvanised steel towers, Of the existing manufacturing ty exchanges to value gold and sil- July 21. This operation is expected with long- term
based Kedia Commodities.
tum in the first five months of the ye- conductors and poles. capacity of towers and conduc- ver, replacing the current prac- to reduce the redemption pressure instruments.
Gold, traditionally seen as a
ar. It expects 23-25% revenue growth At the end of March 2025, it had tors, 96% is used for internal con- tice of using LBMA prices, in the next three fiscal years until All securities in
hedge against economic and
for FY26 on top of 30% growth in the unexecuted orders worth `14,550 sumption. It has undertake `326 according to its consultation FY29 and help reduce the fiscal the switch auc-
political uncertainties, thrives
previous year while retaining the crore or nearly three times its FY25 crore worth of brownfield and paper on Wednesday. deficit, economists said. tion are of papers
in a low-rate environment.
earnings before interest, taxes, de- revenue of `5,308 crore. In FY26 so greenfield expansion, which is ex- It is also looking to identify a uni- This comes on the back of anot- maturing in
“In the short term, the gold Another
preciation, and amortisation far, it has added `1,600 crore new pected to be complete by Decem- form domestic benchmark and her buyback auction scheduled buyback FY27, FY28 and
price is likely to consolidate
(Ebitda) margin at around 12%. contracts. Nearly half of the orders ber 2025. This is likely to improve make the detailed polling mecha- on Thursday for `25,000 crore, al- auction is FY29, and are be-
before staging another rally
The company has over four deca- are from the overseas markets. The the share of product sale, which is nism for spot price determination so with an aim to reduce redemp- scheduled ing replaced with
toward $3,600/oz by year
des of experience in executing pro- company expects the order traction currently at around 4%. publicly available. — PTI tion pressure and the fiscal defi- today for bonds maturing
end,” ANZ said in a note.
cit. The RBI has also bought `25,000 cr after FY32, a year
back bonds maturing in the next where the re-
UPI-LIKE LENDING INTERFACE Tech issues, overall caution seen as weighing D-St Diary few fiscal years for `49,599.6
crore since April.
demption pressure is relatively
less than previous years, RBI

RBI Reviews ULI Rollout with

A combined (Centre+state go- data showed.
vernments) fiscal deficit below The centre had budgeted swit-
” Anthem IPO Closes with 64x Subscription 7% is an important condition for ches worth `2.5 lakh crore for
global rating agencies to consi- FY26, 60% more than the previo-

Lenders amid Slow Adoption

MUMBAI The Initial Public Offering (IPO) of Anthem Biosciences der upgrading the country’s so- us year. Of the total budgeted
was subscribed 63.86 times on Wednesday—the final day of the vereign rating, which currently switches, `1.18 lakh crore has
offer. The `3,395 crore issue was priced at `540-570 per share. stands at BBB minus. already been done since April.
The Qualified Institutional Buyer (QIB) portion was subscribed
182.65 times, the Non-Institutional Investors (NII) portion was subscribed
regulatory scrutiny.”
Alekh Angre More than 600,000 loans amounting 42.36 times and the retail investor portion was subscribed 5.64 times. Asset Managers Offer Better Play
to `27,000 crore have been disbursed
Mumbai: The Reserve Bank of India using the ULI platform until early- ” Indians Raise Global Bets in Q1 via Vested ised since, and capital market
„„From ET Markets Page 1
(RBI) leadership on Wednesday met December 2024, RBI data showed. stocks have been inching higher
MUMBAI Vested Finance, a domestic firm that facilitates overseas in-
officials of banks and non-banking According to industry executives, “When large IPOs from a sector in line with broad market
finance companies to discuss the way the sources of lead for lenders in ULI vesting, said Indian investors on its platform increased their overseas are expected to list in the market, performance, said Patil.
to boost lending under the Unified was mainly surrounding personal allocations in the June quarter. Nvidia was the most traded stock on the buying interest emerges for other Analysts said technical indica-
Lending Interface (ULI), which is loans and unsecured small-business platform, while Alphabet recorded the highest net inflows, with a 113% listed players as well, but investors tors are not showing a reversal yet
positioned as the UPI for loans. lending, both of which dried out jump in unique investors. should keep tabs on the valuations despite the rebound. “We may see
M. Nagaraju, secretary, department because of cautious lending. “Some as well,” said Chirag Mehta, chief some consolidation in these
of financial services, and RBI deputy lenders also tried supply chain finan- ” Indira IVF Refiles IPO Papers with Sebi investment officer, Quantum names, as they have massively run
governor, T. Rabi Sankar, were present cing via ULI. But that too did not take AMC. Profitability of exchanges up in the last three months,” said
at the meeting. The two officials had up. Lending is a growing market, MUMBAI Fertility chain Indira IVF refiled its Draft Red Herring Prospectus has taken a hit of late after the Se- Ruchit Jain, vice-president, head,
also met last month in New Delhi to hence ULI will also pick up gradually. (DRHP) through the confidential filing route with Sebi to raise funds curities and Exchange Board of technical research, Motilal Oswal
discuss scaling up ULI, which is a However, there needs to be the es- through an IPO. The company was forced to withdraw its DRHP in March India’s actions to temper retail in- Financial Services. Traders and
digital public infrastructure in the The person cited above also at- tablishment of a use case,” said a due to regulatory objections about the film ‘Tumko Meri Kasam’s’ alleged vestor activity impacted activity. investors can use a ‘buy on dips’
lending space and aims to unlock criti- tributed a slow start to regulatory senior official with a Mumbai-based In the case of broking firms, the approach in the near term, espe-
role in promoting the company and the timing of its release, in March. regulator’s steps to tighten regula- cially for CDSL and MCX, which
cal financial, non-financial and alterna- scrutiny on the type of instruments NBFC.
tive data for lenders to enable informed that would have been at the vanguard At least 36 lenders, including va- tions also squeezed their profits. could run up as these stocks have
credit decisions. of the ULI, developed by the Reserve rious banks and NBCs have been
” Angel One Q1 Net Profit Slumps 61% YoY “When the markets corrected seen strong trading volumes de-
“The regulator wanted to know whet- Bank Innovation Hub. onboarded till December 2024. These MUMBAI Brokerage Angel One’s consolidated net profit in the first quarter last year, capital market stocks spite some decline, said Jain.
her ULI is facing issues, and how to “Adoption also was lower because of lenders are using more than 50 data witnessed a sharp fall from the “While capital market stocks offer
of FY26 was at `114.5 crore, down 34.4% from `174.5 crore in the previous
resolve them,” said a person aware of the overall caution among lenders, services including, authentication peak due to reduced activity, fol- higher relative growth, valuations
the discussions. “Some lenders told the especially in the unsecured seg- and verification services, land re- quarter. The revenue from operations was up 8% to `1,140.5 crore in lowed by a regulatory clampdown are elevated after recent run-up
RBI that they already have the tech- ment,” said the person aware of the cords data from six states, satellite April-June. The quarterly profit was down 61% and revenues declined on F&O volumes and margin re- and private banks and insurance
nology stack and tie-ups in place for discussions. “Incidentally, the early service, property search, dairy 19.1% from the same period a year ago. Shares of Angel One ended 1.6% quirements,” said Mahesh Patil, stocks are a better bet as they offer
different loan products and, hence, the use case was around small-ticket insights and document verification, higher at `2,715.25 on Wednesday. — Our Bureau CIO, Aditya Birla Sun Life AMC. comfort in valuations and decent
integrating ULI has been slow.” personal loans, which came under to gain customer information. The bearish sentiment has stabil- growth prospects,” Mehta said.

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THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

Companies: Pursuit of Profit  11

‘Innovation to make Glenmark a PNGRB Directs City Gas Cos to Stop

Slab-based Pricing for Households
Rel Power Board
Approves `6,000 cr
Fundraising Via QIP
Global Pharma Leader by 2030’ Our Bureau

New Delhi: The Petroleum and Na-

tural Gas Regulatory Board (PNGRB)
PRICING RISKS
Regulator says
households with
Mumbai: Anil Ambani promoted
Reliance Power on Wednesday
said its board has approved a
` 6,000 crore worth fundraising
plan through the qualified insti-
Aiming for top position in three therapeutics with focus on novel and branded drugs: Saldanha has directed city gas companies to tutional placement (QIP) and

Rica Bhattacharyya &

les product launches and growing
a robust pipeline of innovative
to create something that is trans-
formational, focus on moving up
charge a uniform rate for household
fuel, regardless of consumption le-
higher con- other modes.
The approval came
Vikas Dandekar multi-specifics (novel drugs to tre-
at cancers) through Ichnos Glen-
the value chain, launch branded
products and doing this in a fi-
vels, in a bid to end the practice of so-
me firms charging higher prices be-
sumption may be unfairly in a meeting held on
Wednesday post
Mumbai: Mumbai-based Glen- mark Innovation (IGI). scally disciplined manner where yond a certain usage threshold. charged more despite CGDs market hours.
mark Pharmaceuticals is pivo- IGI last week entered a land- we have good margins and re- “It has come to the Board’s notice In a regulatory fi-
ting to a sharper, innovation-dri- mark pact with US-based Abb- turns,” he said. that certain city gas distribution getting gas at uniform rate The board
ling, Reliance Po-
ven company over the next 4-5 ye- Vie to develop and commerciali- Cyril Konto, president and CEO (CGD) entities are implementing a also approved wer said it plans to
ars with focus on its novel drug se its innovative drug ISB 2001 at IGI, said ISB 2001 had genera- telescopic pricing structure for pi- “genuine domestic consumers with issuance of raise funds thro-
portfolio and strengthening its used for the treatment of multi- ted widespread interest due to its ped natural gas domestic consu- higher consumption levels may be redeemable, ugh the issuance of
branded business, managing di- ple myeloma, a rare form of blo- significantly better safety profile mers, wherein the per SCM (stan- unfairly subjected to elevated char- non- equity shares or
rector Glenn Saldanha said. od cancer. It will get an upfront and that works to advance the as- dard cubic metre) price of natural ges”, despite the government supp- convertible equity linked in-
Glenmark 3.0 will look at bul- payment of $700 million (about set to the frontline for AbbVie. gas escalates as consumption sur- lying natural gas to CGD entities at debentures struments to quali-
king up its branded portfolio to ` 6,000 crore) from AbbVie, in ad- While ISB2001, a trispecific anti- passes a predefined threshold,” the a uniform rate. The domestic gas is up to `3,000 cr fied institutional
70% by 2030 from the current 60% dition to potential milestone- GROWTH PIVOT body (which works on three tu- downstream regulator said. sold to companies “at a concessio- buyers (QIBs).
with focus on three of its key the- linked payments of $1.2 billion. mour sites CD5/CD38/BCMA), “Such pricing practices may inad- nal rate compared to market or The company’s board also appro-
rapeutic areas where the compa- “We are looking at leveraging Glenmark 3.0 is all abo- has a clear edge over a myriad vertently facilitate the unauthori- spot LNG prices”, it said. ved issuance of secured/unsecu-
ny is putting all its muscle to sca- the platform and expanding on candidates that act on two tumo- zed use of subsidized administered The PNGRB advised city gas com- red, redeemable, non-convertible
le, he said at an investor’s day me- that further to continue to add ut moving up the value ur sites or bispecific antibodies, price mechanism gas by commer- panies to undertake a thorough re- debentures up to ` 3,000 crore, in
et in Mumbai. more value,” he said. US major Johnson & Johnson is cial consumers who may be misc- view of consumption patterns and one or more tranches, on a private
“2030 and onwards we see oursel- Company executives said in chain to become an in- testing a drug coded JNJ5322 in lassified as domestic consumers.” “investigate anomalous cases” and placement basis or otherwise.
ves as a leading global innovation- territories where Glenmark gets phase I clinical trials that is also a The regulator further said that take suitable corrective measures. —Our Bureau
driven company with leadership the commercial rights of ISB novation-led company trispecific antibody.
in three therapeutic areas that is 2001 the market opportunity will Earlier this year, AbbVie had
dermatology, respiratory and on- be $5 billion. with a large commercial struck a deal with China’s Simce-
cology,” said Saldanha. “We are a “3.0 is all about moving up the va- re Zaiming for developing a novel
$1.6 billion organisation and last lue chain to become an innova- footprint trispecific antibody to treat mul-
year, 60% of our revenue came tion-led company with a large tiple myeloma for a potential pay-
from branded products.” commercial footprint and trans-
GLENN SALDANHA ment of $1.05 billion.
Managing Director
The roadmap for the next 4-5 ye- forming into something global,” The Glenmark MD informed in-
ars includes increasing contribu- said Saldanha, seeking to differen- le value for all our stakeholders vestors that the company will in-
tion from high-growth EU and EM tiate the organisation from its do- and ensure great return ratios.” creasingly focus on high-end re-
markets, growing the US generic mestic peers. “The second part of “The next 10 years for the com- search in areas such as multi-spe-
business via respiratory, injectab- it is to create long-term sustainab- pany are going to be about trying cifics (antibodies).

Govt Bans 37 AI Finds No Issues After Fuel

Antibiotics,
Antivirals for Switch Checks on Boeing 787
Use in Livestock Our Bureau
any issues. It is not yet known whet-
her similar checks on the Boeing 737
New Delhi: The govern- jets operated by Air India Express
ment has prohibited the Mumbai: Air India did not find de- also did not find any concern.
use of 18 antibiotics, 18 an- fects with the fuel control switches ET reported in its July 15 edition ci-
tivirals and one anti-pro- on its Boeing 787 fleet, after comple- ting an Air India official that the airli-
tozoan for treatment in ting safety checks on their locking ne had started checks on the fuel
egg laying birds, milch mechanism, a senior airline official control switches (FCS) on Saturday
animals, bees and Cattle, said on Wednesday. and completed them on
Buffalo, Sheep, Goat and “Over the weekend, our engineering half of its Boeing fleet so
Pigs farm from where in- team initiated precautionary inspec- far. The checks haven’t
testines are procured, or tions on the locking mechanism of fuel identified any defects,
at any stage of production control switch on all our Boeing 787 air- the official said.
and processing of Animal craft. The inspections have been comp- “All our Boeing 787-8 aircraft have al-
Casing in establishment. leted and no issues were found,” Abhis- so undergone Throttle Control Modu-
“The use of any antimi- hek Durga Dethan, chief pilot of Air In- le (TCM) replacement as per the Boe-
crobial medicinal product dia’s Boeing 787 fleet, said in a letter to ing maintenance schedule. The FCS is
for the purpose of promo- pilots of the Tata Group-owned airline. part of this module,” the airline added.
ting growth or to increase Across the world, Singapore Airli- Air India further directed its rele-
yield shall be prohibited,” nes, Lufthansa, Korean Air, and Eti- vant staff to remain vigilant and re-
the commerce and indust- had Airways also said that similar port any defect in the technical log, as
ry ministry said in separa- checks done by them did not show per the existing reporting process.
te notifications. It said that
the use of any of the follo-
wing antimicrobials or gro-
up of antimicrobials and
antimicrobial medicinal
product shall be prohibited
for treatment of honey be-
es, milch animals, egg lay-
ing birds and cattle, goat,
buffalo, sheep and pigs
from where intestines are
procured, or at any stage of
production and processing
of Animal Casing in estab-
lishment, or from where
they are procured, or at any
stage of production and
processing. —Our Bureau

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12 } Brands & Companies THE ECONOMIC TIMES | MUMBAI | THURSDAY | 17 JULY 2025 | WWW.ECONOMICTIMES.COM

WATCHING THE DRAGON

The M rning PRODUCTION SURGES 53% YOY TO 23.9 M UNITS IN JANUARY-JUNE: CANALYS
Brief PODCAST
Why Global Fashion Apple Harvests Record iPhone The matter was discussed during a recent
meeting with commerce minister Piyush Goyal

Output from its India Orchard Domestic Med-tech Cos

Still Doesn’t Credit
Indian Craft
Fashion scholar
Phyllida Jay ing successful supply chain diver-
Flag Security Threat
joins Host US giant exported over Speed Dial sification,” said Prabhu Ram, VP-
Apoorva Mittal
to trace the roots $22b worth of phones in Growth driven by
fear of higher US
Peak exports
occurred in US
Industry Research Group, CMR.
Foxconn (Hon Hai) and Tata Elec-
tronics are the leading manufactu-
from Chinese Devices
of early proliferation of Indian tariffs on China March now takes rers of iPhones in India, after Tata
H1 2025 against $14.7 b
78% Electronics took over operations
Health ‘Hack’
aesthetics to the current Kol- Teena Thacker
Annual production may beat 2024’s of Wistron and Pegatron plants in
in year-ago period: CMR
42 million
hapuri conundrum
of iPhones the country. In H1 2025, Foxconn New Delhi: India’s medical tech lea- Machines like MRIs and pacemakers,
Tune in to ETPlay.com. mark exported led with over half the volume of ders have urged the government to with cloud storage, can be potentially
Available on
Subhrojit Mallick
from iPhone exports, but Tata Electro- scrutinise imports of Chinese he- misused for surveillance, cyberat-
Domestic value nics is fast catching up, contribu- althcare devices, citing security tacks, and data breaches,
EconomicTimes.com/podcast, addition now at India
New Delhi: Apple achieved the ting 4 out of every 10 iPhones ex- threat as these modern machines companies say

15–20%
Amazon Prime Music, Apple fastest ramp-up in iPhone produc- ported from India, Canalys said. can be potentially misused for
Podcasts, JioSaavn and tion and exports from India in the “This shift reflects improving yi- surveillance, cyberattacks
Spotify. first half of 2025 ever since it star- eld rates, line maturity, and Apple’s and data breach.
ted smartphone assembly in the growing confidence in India as a co- At a recent meeting with
country in 2017, in an attempt to di- dia Research (CMR) said iPhone PhillipCapital said iPhone ove- re manufacturing base,” said Sany- commerce and industry mi-
versify global production amid export volumes touched 22.88 mil- rall production crossed `94,643 am Chaurasia, analyst, Canalys. nister Piyush Goyal, domestic
threat of higher US tariffs on Chi- manufacturers raised con-
SUITS &
lion units in H1 2025, from 15.05 mil- crore in H1 2025, as compared to Apple is now planning to under-
nese imports. lion a year earlier, a 52% increase. `57,328 crore in H1 2024, and take simultaneous day-one manu- cerns over increasing deploy-
SAYINGS iPhone production surged 53%
on-year during the January to Ju-
In value terms, Apple exported
$22.56 billion
`1,38,200 crore in 2024.
Production, after peaking in
facturing of the upcoming iPhone
17 in China and India, which is due
ment of Chinese imagining and
monitoring equipment in healthca- Cos also flagged
ne period, reaching 23.9 million re facilities across the country. The US is the
worth of iPho- March (`19,630 crore), slowed to for launch in September. ET repor- indirect dumping
ET’s roundup of the units, according to market resear- nes from India `11,267 crore, still higher than ted July 12 that components for the “Chinese products are everywhere top supplier
of products
wackiest whispers in cher Canalys. Volumes peaked in in H1 2025, `9,808 crore achieved in June 2024. iPhone 17, albeit in small quantiti- in the market and data is going to the through transit
of medical
corporate corridors devices to
March when the company rushed compared to Government officials said App- es, have started arriving at the Fox- Chinese companies,” an industry countries with
India (18%),
to export the majority of India-ma- $14.71 billion a le’s growth also underpins enhan- conn plant in Tamil Nadu, indica- executive who attended the meeting FTAs, like Hong
iPhone 17 is likely followed by
de units to the US to avoid paying year earlier, ced domestic value addition, rang- ting the start of trial production of told ET. “Medical devices are not
Exit Cue potential higher tariffs from April. entering into trial CMR said. ing from 15-20% depending on the the upcoming iPhones. just medical devices, they can be
Kong, Malaysia,
Singapore
China (16.4%)
A private equity The Donald Trump administra- production in July As per Cana- iPhone model. “While not officially confirmed, means of military defence.”
tion later declared a 90-day pause with components lys, iPhone “The sharp rise in iPhone ex- the volume and type of these im- Keeping in view the gravity of the
firm that recent-
on imposing reciprocal tariffs for starting to get production in ports in H1 2025 highlights India’s ports make it highly likely that tri- situation, the government has ag- The US is the dominant supplier of
ly acquired a imported to India,
majority stake most of its trading partners till Ju- the first half of rapid emergence as a leading glo- al production or early-stage as- reed to take up the matter at the hig- medical equipment to India, with
as per Customs data
in a newly ly 9, which has since been exten- this calendar bal manufacturing and export hub sembly has commenced, months hest level, industry executives said. an estimated 18% share (shipping
licensed general ded to August 1. For India, the US year crossed 30 million units in- for Apple. This double-digit ahead of Apple’s typical Septem- Modern medical equipment such devices worth `12,552 crore in 2023-
insurer is now has proposed a 26% tariff. Both co- cluding exports and for the Indian growth in both volume and value ber launch window. This would as MRI machines, pacemakers, and 24), China is a close second with
reportedly planning to exit its
untries are currently in talks to fi- market. Production is expected to is emblematic of the success of In- mark a new benchmark with the diagnostic devices often come with 16.4% share (``11,506 crore in FY24).
nalise a trade deal. cross 42 million units achieved in dia’s Production Linked Incentive earliest ever flagship ramp-up internet connectivity and cloud-ba- In the meeting early this month, In-
other investment — a standa-
Another research firm Cyberme- 2024 by this year-end, it said. (PLI) schemes and Apple’s ongo- from India,” Chaurasia said. sed data storage. They can be used as dian medical device manufacturers
lone health insurer where it
tools in grey zone warfare. Hence, it and exporters also
holds a controlling stake. While
is important not to source these pro- highlighted chal-
holding stakes in both is legally
permissible given their distinct DURABILITY, LONGEVITY KEY CONCERNS FOR CONSUMERS ducts from hostile nations, manu-
facturers said.
lenges they face, in-
cluding high regula-

Flip Phones Turn Out to be a Flop

segments, rising customer They also urged the government tory costs, long app-
complaints at the health insurer to put in place necessary checks roval timelines, and
have raised eyebrows. Industry and balances to ensure there is no alack of focused pro-
insiders believe the PE firm may Given the
re-routing of Chinese devices via gravity of the duct strategy. “Stre-
already be plotting its way out. other countries. situation, the amlining regulato-
Analysts expect foldables to re- year, driven by Samsung’s latest ments have remained flattish, de- “Without firing a single bullet, a govt has ry processes and en-
Subhrojit Mallick main a niche segment for the fore- foldables and fresh launches from spite increased competition dri- hostile nation can rig the devices hancing policy sup-
Hiring Hurdles seeable future as consumers large- Vivo and Motorola. ving prices downwards, according (with bugs or malware) and use
agreed to
address the port are seen as
Meanwhile, the New Delhi: It flips, it folds, and ly consider the devices fragile, Yet, the segment is expected to to multiple analysts. them as secret weapons,” a second matter at the essential steps to re-
search for a new now it flops. Foldable smartpho- pricey—notwithstanding re- remain niche with sales of For overall global shipments of executive said. highest level, vive growth and
CEO at this nes—hailed as the future of mo- cent price cuts—and lacking under 800,000 units in foldables, Counterpoint Research “Population health data can be mi- execs said move towards a self-
troubled bank
bile handsets when they debuted attractive use-cases. 2025, said has forecasted a single digit deg- sused by Chinese firms using Chine- reliant Atmanirb-
seven years ago—are now seeing “Despite all the attention rowth in 2025, after 2.9% YoY se-owned medical devices, especially har Bharat,” said an executive who
continues — but
their sales charts do some folding new foldable devices re- growth in 2024. IoT (internet of things)-enabled ima- attended the meeting.
word is that two
of their own. ceive, they are still too However, the segment remains gining and monitoring equipment,” Rajiv Nath, forum coordinator at
frontrunners
Despite multiple iterations and a expensive for mass- aspirational, and brands continue the person said. “A lot of such equip- Association of Indian Medical Devi-
may no longer be in the running drop in the average selling price market appeal,” sa- ment is installed in the country.” ce Industry (AiMeD), urged the go-
when a final call is made. One is (ASP), foldable smartphone ship- id Jan Stryjak, as- GLOBAL TREND Some countries have already ban- vernment to act on the six strategy
set to retire soon, while the ments in India fell 47% year-on-ye- sociate director ned imports of medical equipment frameworks announced in the Natio-
other is grappling with issues at
his current workplace, where he
ar in 2024, when they accounted for at Counterpo- Even in developed markets, from certain countries and compa- nal Medical Devices Policy, 2023, ai-
less than 0.5% of the overall mar- int Research. nies, device manufacturers said. med at making India a global manu-
has reportedly been stripped of ket, according to IDC. “Further, most foldable smartphone They also flagged issues regar- facturing hub. This is crucial “consi-
all key responsibilities. Current- This was followed by another consumers are still ding indirect dumping of Chinese dering the potential adverse impact
ly on leave, the latter is said to 20% dip in the first quarter of not sure what a foldable shipments have remained flat products via transit countries such of US trade negotiations seeking du-
be weighing his options as 2025, as per the market research phone is for, and may still have as Hong Kong, Malaysia, Singapore ty reductions for their medical devi-
tensions with his employer firm that tracks shipments from concerns about the durability and Shubham Singh, ana- to launch new models as a showca- or other countries that have a free ces” as part of the proposed India-
show no signs of easing. manufacturers to distributors longevity of the devices.” lyst at Counterpoint. According se of their engineering prowess, trade agreement (FTA) with India. US bilateral trade pact, he said.
and retailers. IDC expects foldable ship- to the researcher, India’s smartp- experts said.
Privy to the whispers in power Counterpoint Research, which ments to decline by over 10% on- hone sales reached 153 million “Moving into their seventh year
corridors or juicy tips on India Inc? tracks retail sales to consumers, year in 2025. units in 2024. as a commercial category, foldab-
Do share with us at reported a 12% on-year decline in Counterpoint is more optimistic, India is not an outlier. Even in de- les are no longer emerging,” said Co struggling with sluggish sales

Diageo CEO Steps Down,

etsuits.sayings@timesofindia.com 2024, and a sharper 36% fall in the forecasting a turnaround with veloped markets like Europe and Runar Bjørhovde, senior analyst
quarter ended March. about 20% growth this calendar the US, foldable smartphone ship- at market analysis firm Canalys.

In a Nutshell VALUATION PEGGED AT AROUND ` 4K CRORE; DUE DILIGENCE ONGOING

WCD Min Alerts Jhangiani to Lead for Now
” Emcure, Sanofi Tie Up Advent, TPG Among Funds in Race States on Risks Reuters

to Buy into Hero Group’s Chip Arm

for Anti-diabetic Drugs
MUMBAI Pune-based of High Edible Diageo CEO Debra Crew has step-
ped down after two years in the job,
the world’s biggest spirits maker sa-
Emcure Pharma and the
Indian unit of French
drugmaker Sanofi have Reghu Balakrishnan
sion of non-binding bids.
Founded in 2004, Tessolve is a
based PE firm, owns 32%, while
the remaining shares are held by
Oil Consumption id on Wednesday, with finance chief
Nik Jhangiani taking over in the in-
terim as the company strives to bo-
entered into an exclusive distribu- full-stack semiconductor solu- co-founder Raja Manickam, Qual- Teena Thacker ost its performance and cut debt.
tion and promotion agreement for Mumbai: A clutch of prominent tions provider. Its services span comm Ventures, individual inves- Diageo said Crew, who struggled to
oral anti-diabetic products in India. private equity (PE) players, in- chip design, testing, production tors including Mike Bartley, and New Delhi: The ministry of wo- win over investors after a bumpy
Emcure will exclusively promote cluding Advent International, support, and embedded software. employees via stock options. men and child development start to her tenure, was leaving im- Diageo interim CEO Nik Jhangiani
TPG Growth, Kedaara Capital, The company works with 80% of Hero Electronix had acquired (WCD) has issued an advisory to mediately by mutual agreement. It Jhangiani was among the most
anti-diabetes drugs Amaryl and
Goldman Sachs, and ChrysCapi- the world’s top 20 semiconductor Tessolve from Manickam in 2016. states asking them to focus on re- did not give further details but said highly-respected finance chiefs in
Cetapin. Sanofi will continue to own tal, are in discussions to acquire firms and employs over 3,000 peo- Tessolve and Goldman Sachs ducing consumption of edible oils it was maintaining its forecasts for the sector, who has been regarded as

30%
and manufacture these brands. a significant minority stake in ple across 10 co- spokespersons declined to com- in daily diets, in light of the rising fiscal 2025 and 2026. potential CEO material for a while,
—Our Bureau Tessolve, the semiconductor de- untries, inclu- ment, while queries sent to Ad- burden of overweight and obesity. The company is in the midst of a Jones added.
sign and engineering company ding the US, vent, TPG, Kedaara, and ChrysCa- It had earlier too urged the sta- turnaround drive and in May unve- Under Crew, Jhangiani joined Dia-
” Cupid Invests in owned by Hero Electronix, multi- UK, Germany, pital remained unanswered. tes/UTs to exercise caution in the iled a plan to cut $500 million in geo as chief financial officer in Sep-
ple sources told ET. Canada, Ja- When Novo Tellus bought a mi- use of added sugar, salt, preserva- costs and make substantial asset tember.
GII Healthcare Fund Hero Electronix, backed by Su- STAKE SALE pan, Taiwan, nority stake in 2021, the company tives, colours, and other synthetic sales by 2028. Crew and Jhangiani did not imme-
NEW DELHI Cupid on man Kant Munjal of the Hero Gro- PLANNED Philippines, was valued at $100 million. With ingredients in the preparation of Diageo’s woes began with falling diately respond to requests for com-
up, is looking to divest a 30% stake BY HERO Malaysia, and FY25 EBITDA projected at $20 mil- supplementary nutrition provi- sales, particularly in Latin Ameri- ment on LinkedIn.
Wednesday announced a
in the Bengaluru-based company, ELECTRONIX Singapore. lion, the current fundraising ro- ded in Anganwadis through Take ca, where a stock build-up triggered However, in an internal memo seen
strategic investment in GII valuing Tessolve at around $450 Hero Electro- und pegs the valuation at 20x for- Home Rations and meals. a November 2023 profit warning and by Reuters, Crew said she loved her
Healthcare Investment, a million (``4,000 crore), according to nix has been working on a partial ward EBITDA, sources said. The latest data on prevalence of shook investor confidence. time at the company and was grate-
healthcare-focused investment vehicle people familiar with the matter. exit and is in the process of for- The company has actively ex- obesity in the country warrants Since Crew took over in June 2023, ful to its employees.
managed by Gulf Islamic Investments The process has reached the due malising a mandate with an in- panded its global footprint thro- an urgent call for preventive ac- sales have continued to fall across Jhangiani thanked Crew for her
(GII). The company, which is into the diligence stage, with binding bids vestment bank for the transac- ugh acquisitions. In November tion, it said. According to NFHS-5, the sector as high inflation and in- partnership. “I'm convinced that Di-
expected within a month, the sour- tion, ET first reported in Novem- 2023, Tessolve acquired Dream one in five adults in urban India is terest rates prompted consumers to ageo's best days are ahead of us and I
production of male and female con-
ces said. Jefferies is advising the ber last year. Chip Technologies for ` 400 cro- overweight or obese. In parallel, cut spending. Diageo has struggled can't wait to get started,” he wrote.
doms, water-based personal lubri- promoters on the stake sale. The Currently, Hero Electronix holds re, bolstering its capabilities in the Poshan Tracker data (May to revive growth in key markets like The company's shares lost about
cants, IVD kits etc, however, did not PE funds cited above have been a 58% stake in Tessolve. Novo Tel- turnkey solutions for high-per- 2025) reveals 6% children under fi- the United States. 44% of their value during Crew's te-
share the financial details. shortlisted following the submis- lus Capital Partners, a Singapore- formance chips. ve years of age in Crew’s departure comes just nure amid a sector-wide downturn.
the Anganwadi months after John Manzoni took “Debra has been unfortunate in
Centres fall into over as chairman of the board. that she took the reigns at a really

India, Kuwait Agree to Raise Flight Seats by 50%

the overweight/ “CFO and interim CEO Nik Jhang- tricky time,” said Fred Mahon, fund
obese category. iani has to be a candidate for the per- manager at Diageo investor Church
“These trends, manent role, but whoever gets it, we House, adding new leadership could
The ministry largely driven by don’t think Diageo’s problems will reinvigorate performance.
Weekly capacity raised to 18,000, likely lowering airfares and aiding Indian workers in Kuwait has asked
regional
unhealthy diets, re-
duced physical ac-
be easily resolved,” RBC Capital But he added: “We'll wait and see
Markets analyst James Edward Jo- the results rather than conclude
Samir Kumar Sinha and Sheikh such as Air India Express, Akasa bodies to run tivity and bad lifes- nes said. they've turned a corner.”
Arindam Majumder Hamoud Al-Mubarak, president Air, IndiGo, Jazeera Airways and targeted tyle significantly
of Kuwait’s Directorate General Kuwait Airways operate nearly 40
IndiGo Plane makes awareness heighten the risk
programmes of non-communi-
New Delhi: India has signed a of Civil Aviation, respectively – flights daily between the two Emergency Landing
new air agreement with Kuwait
that allows for a 50% increase in
Indian airlines will get priority on
landing and parking slots at
countries. Kuwait Airways, with
54 flights per week, and IndiGo, MUMBAI A Goa-bound Indi-
cable diseases such as diabetes,
hypertension, heart disease and
Ford Estimates $570m Hit from
the number of seats operated by
the carriers of both countries to
Kuwait’s airports. The issue of
enhanced air connectivity was
with 36 weekly flights, are the two
largest carriers from the two
Go flight from Delhi made an
emergency landing here af-
certain cancers,” it said. The latest
data on prevalence of obesity in
Recall Fix After Vehicle Fires
18,000 per week, a development discussed during Prime Minister sides. Demand has increased ter it was diverted to the city the country warrants an urgent fixes for the problem. It will be trea-
that is expected to bring down Narendra Modi’s visit to Kuwait substantially over time as Kuwait due to a mid-air engine fail- call for preventive action, it said. Bloomberg ted as a special item in its second-qu-
airfares and benefit thousands of in December 2024, said the people. has attracted a large number of ure, according to a source. The ministry has asked the sta- arter results and won’t affect its ad-
Indian citizens working in the Indian and Kuwaiti carriers Indian workers. The flight, operated with an tes/UTs to conduct targeted awa- Ford Motor is recalling almost justed earnings or cash flow, it said.
West Asian country. Airbus A320neo, made an reness programmes/activities for 700,000 vehicles to address a long- Issues with the fuel injectors we-
The move comes in response to a emergency landing at 9.52 officers, field functionaries, An- running issue over cracking in an re identified as early as 2022, when
long-standing demand to allow
an increase in seats as airlines of Wings Unlocked pm, the source said. “Full
emergency declared for In-
ganwadi workers and community
at large. “These efforts should fo-
auto part that can leak fuel into the
engine and cause fires.
Ford recalled about
500,000 vehicles. US
both sides had exhausted their Move follows a long-standing call diGo flight 6E-6271, operat- cus on reducing consumption of The action applies to certain Bron- auto-safety regula-
quota, leading to a sharp increase to raise seat capacity as exhausted ing on Delhi-Goa route after edible oils in daily diets in line co Sport and Escape models from tors opened a so-cal-
in air fares. The permitted capa- quotas caused sharp airfare increases it was diverted to Mumbai with the Dietary Guidelines for In- 2020 to 2024, according to documents led recall query in
city was last raised 18 years ago, due to 1 engine failure,” the dians, 2024, released by the Natio- on the National Highway Traffic Sa- 2024 to assess the
when the weekly entitlements of The last capacity increase Nearly nal Institute of Nutrition,” it said. fety Administration website. Ford adequacy of the
source said. —PTI
each side were increased to 12,000 was 18 years ago, from 40 daily To reinforce the objectives of the has identified eight instances where prior action, saying that Ford’s re-
8,320 to 12,000
seats from 8,320 seats, said people
weekly seats each
flights National Programme for Preven- cracking in a fuel injector led to a fi- medy plan “does not address the ro-
familiar with the matter. operate Demand has grown sharply “The shortage leads to exorbitant tion and Control of Non-Commu- re under the car’s hood. None of the- ot cause of the issue.”
As part of the agreement – sig- between India as Kuwait attracts many prices. This type of new agree- nicable Diseases, states have also se resulted in injuries. The automaker opened its own in-
ned in Delhi on Tuesday between and Kuwait by Indian workers, par- ment will significantly benefit the been asked to initiate awareness Ford said in a separate regulatory vestigation that year and subsequ-
the delegations of the two countri- multiple carriers ticularly from Kerala population,” said Raja Sethunath, campaigns across all tiers—from filing that it expected to incur about ently had multiple meetings with
es, led by civil aviation secretary council chair, Assocham. state and district offices to AWCs. $570 million in costs as it evaluates NHTSA prior to the latest recall.

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Rising star MUMBAI

Actor Owen Cooper THURSDAY
17 JULY 2025
has become the
youngest-ever Emmy www.etpanache.com
Awards nominee at
age 15 for his role in ADVERTORIAL &
PROMOTIONAL FEATURE
Adolescence

Princess Kate dresses for

a new (life) stage
Her recent from her closet, and even renting the
occasional evening gown.
who made Kate’s wedding
gown and who has been
appearances at Strategic approach
her col laborator on
numerous high-profile
Wimbledon and a As her appearance at the Wimbledon public occasions.

PICS: REUTERS, AFP

men’s and women’s finals, and at the And there Kate was
French state visit French state visit, demonstrated,
however, K ate may b e more
at the Wimbledon
women’s final in a William and Catherine,
Prince and Princess of
symbolise a new selective about her
appearances (she The
cream jacket and
long pleated skirt,
Wales, at the French state
banquet at Windsor Castle
kind of style did skip Ascot), Roksanda a appropriate riff

E
but she is no dress she wore on tennis whites is doing it, and its consistency.
arlier this year, when less strategic. to the men’s final and her position as Her skirts have gotten longer, her
Catherine, the Princess
of Wales, returned to
the public eye after
She is simply at Wimbledon
being Kate 3.0. matched with
There she the rest of the
patron of the All
E n g l a n d L aw n
Tennis & Croquet
jackets more tailored, her silhouette
more streamlined. The effect of
dropping her hemlines even a few
LVMH fashion house Loro Piana
her t re at ment for
cancer, The Sunday Times of London
reported that she was doing so with
was, after
all, at the state
visit, welcomi ng
family Club.
So, too, the royal
blue ank le -leng t h
inches is both oddly nostalgic and
sophisticated, gently protective. A
reminder that she is dressing for the
put under court administration
a caveat: She wanted to focus on Emmanuel and Brigitte Roksanda dress she long game. Italian fashion house Loro Piana, owned
her work, not her clothes. Her office Macron in a blush-coloured wore to the men’s Like the lanky pantsuits she by French giant LVMH, has been placed
would no longer share information Dior jacket and a skirt covered final was perfectly had adopted for her ever yday under court administration for allegedly
about what she wore. in net, just brushing her calves. coordinated with appearances, her style is shaping facilitating the exploitation of workers by
Even if it was understandable, given The brand is both classic French Prince William’s up as a new formula for dressing. As subcontractors.
what she had been through, and even and about to be led by a designer from blue blazer, Prince recognisable, in its own way, as the In a statement, the Carabinieri police said
if the report was later disputed by the Northern Ireland who was trained G e o r g e’s blu e monochrome formula that served the company had been deemed “incapable
palace itself, it sent tremors through in Britain. su it a nd P r i nc e s s Queen Elizabeth II so well: Shoes-to- of preventing or curbing labour exploitation
the fashion-watching community. It was a considered nod to political Charlotte’s white dress coat-to-dress-to-hat in one shade. within the production cycle by failing to
That was par t ly because the alliance (the kind she has practised trimmed in blue, all And it brings a new dimension to implement adequate measures to verify the
princess could change the fortunes since marrying Prince William) creating a picture of the symbolism inherent in Kate’s actual working conditions or the technical
of a designer or a brand simply by that she repeated at the French state family unity. All demonstrating that role. She is representing not just the capacities of its contractors”.
wearing a dress. And it was partly banquet, wearing a red Givenchy Catherine is as attuned as ever to the next generation of the family. She An investigation found the fashion house
because she had long used her place in gown with a built-in cape sweeping role image-making plays in her job. is representing the idea of elegance entrusted the production of its clothing, terminated ties with its supplier within
the attention economy to shine a light down from her shoulders. It was emerging from adversity, an idea including cashmere jackets, to a company 24 hours of discovering the existence of its
not just on British products, but also
on issues including sustainability
by remaking and rewearing pieces
regal, sure, but also strategic, given
that Givenchy is now designed by
Sarah Burton, the British designer
Fashion forward
T hat’s not new. W hat is new,
however, is the style in which she
associations .
that has both micro and macro

— The New York Times

without production facilities. That firm
outsourced the work to another company,
which, in turn, used workshops in Italy
subcontractors on May 20 and was fully
cooperating with authorities.
The investigation began in May following
employing Chinese workers to save costs. a complaint from a Chinese worker who
In these workshops, irregular workers were claimed he was beaten by his boss after
Lion cub cuddles on offer with tea in China its official Wechat page.
“The service has raised
exploited without respecting health and
safety rules, particularly regarding wages,
demanding payment of back wages. The
police carried out inspections in factories
Teatime revels in China animals’ welfare. llamas, turtles and deer in serious concer ns about working hours, breaks and holidays. run by Chinese citizens in the area
now i nclude hugs wit h Customers cradled addition to the cubs on its lega lity and anima l surrounding Milan, finding violations of

!
lion cubs in a four-course the lion cubs as i f page on Douyin, China’s wel f a r e,” t he E n g l i sh - Preventative measure workplace rules as well as illegally built
afternoon set they were babies in counterpart to social media language newspaper added. The judges of the Milan court found that dormitories and unsanitary conditions.
t
believe ir not
PIC: TIKTOK

offered by a pictures and video app TikTok. The incident comes after Loro Piana “negligently facilitated” In May, the Italian competition authority
restaurant in the clips posted online Wanhui, which opened in authorities investigated a the exploitation, according to the police cleared luxury brand Dior — also owned by
northern province o on China’s Wechat June, sells about 20 tickets hotel in June for offering a statement. The court, however, stressed that LVMH — of violations in working conditions
of Sha n xi, d rawi ng
widespread attention online
and fuelling concern for the
and Weibo platforms.
The Wanhui restaurant
in Taiyuan city features
a day to customers looking
to snuggle with the animals
as part of a set menu costing
1,078 yuan ($150), the state-
run Shanghai Daily said on
red pandas .
“wake-up service” starring

— Reuters
the one-year administration was intended as
“preventative”, not a punishment.
In a statement, Loro Piana said it had
towards “victims of exploitation” .
but required it to pay a two-million-euro fine

— AFP

Claret Dreams Football Faces the Heat

VITALS frame the mega duel of stars at the sea- of 90 feet while attaining clubhead speeds
son’s final major. Scottie Scheffler brings of nearly 120mph. Underestimate any of
Eng Lose 2 WTC Points relentless consistency. McIlroy offers flair. them at your own risk.
For Slow Over Rate Jordan Spieth, always unpredictable, Scheffler continues to dominate.
London: England were docked adds drama. Averaging nearly three strokes gained High
Jon Rahm enters with mo- per round, he leads the field
two World Test Championship Pursuit of golf’s most prestigious trophy begins anew mentum. A top-10 mainstay by a huge margin. With nine temperatures
(WTC) points and fined 10% match
fees on Wednesday for their slow as The Open returns to Portrush after six years on the LIV Golf Tour, Rahm top-10 finishes and three titles seen during
over rate in the third test against has been steady at the majors this year, including the PGA the Club
India at Lord’s. The hosts went 2-1 Portrush has waited six years for — 14th at the Masters, 8th at Championship, he’s in a soli-
up in the five-test series with a this moment. In 2019, Shane the PGA, and 7th at the US tary league of excellence. World Cup in
thrilling 22-run victory but were
found two overs short of target
HOLE Lowry thrilled the crowd with a
stunning victory. That energy
Open. A win would earn him
company with Seve
Reflecting on his recent tri-
umph, he said, “To win the
the US could
in a match where the Dukes ball IN ONE will return, louder and more pas- THE OPEN
Ballesteros as the only CHAMPIONSHIP Byron Nelson Championship force FIFA to
went out of shape several times sionate than ever. Spaniards to lift the Jug. “In
July 17-20
at home, I literally worked my rethink the
and had to be replaced. Players But amid the celebration lies a stern my opinion, The Open is the entire life to become good at World Cup
Dunluce Course
lose 5% of their match fees for Anand Datla warning — Portrush demands focus. A most prestigious event you golf to have an opportunity to
every over their team fail to moment’s distraction can ruin a round. can win in golf,” said Rahm. Purse: $17 million win that tournament,” before calendar

T
bowl in the allotted time. It also The course, stretching 7,337 yards, is as “The Claret Jug is the most 11am | Eurosport adding, “you celebrate, hug
costs the team one WTC point. he 153rd Open Championship brutal as it is beautiful. Calamity special one.” your family,” then ask, ‘What
on the rugged Antrim coast Corner, the par-3 16th, looms large. Spieth and Jason Day thrive on links are we doing for dinner?’ Life goes on.” play football for 10 hours a day,
England slipped from second to
promises thrilling spectacle Perched above a deep ravine, the green courses. Spieth, with 58 rounds on links That balance fuels his consistency.
Graham Dunbar they’ll have to be the hours of the
third in the WTC standings behind
Sri Lanka following the points and intriguing drama. An ex- punishes even the slightest error. In under his belt, claimed victory in 2017 and For McIlroy, this is personal. Raised in early morning and late evening,”
deduction. Reuters pectant crowd of 2,78,000 fans 2019, Rory McIlroy found the green off has four other top-10 finishes. His calm in nearby Holywood, his 2019 Open began Geneva: Football had a fierce reckoning climatologist Friederike Otto from
will descend on the Dunluce Links, bring- the tee but four-putted for a double bo- wind and chaos is an asset. Day is resur- with a quadruple and ended with a with heat at the recently concluded Imperial College, London, told The
Two-tier Test System, ing an electrifying atmosphere to this gey. “I lost concentration,” he admitted. gent. A top 10 at the Masters and strong missed cut. A Grand Slam at the Masters FIFA Club World Cup in the United Associated Press in an email, “if you
T20 WC Expansion on historic venue. Royal Portrush Golf Club, The course doesn’t just bare its teeth — finishes in recent Opens (T2 and T13) sug- was followed by a rough patch, including States — a sweltering preview of what don’t want to have players and fans
ICC AGM Agenda with its serrated cliffs and sea spray, will it sinks them deep into the flesh. gest he can get in contention. a missed cut in Canada. But he appears to players and fans may face when the US die from heatstroke or get severely
Singapore: The much-debated test skill, temperament and tenacity. The Open, steeped in tradition Joaquin Neimann, Rober t have regained some hunger. A runner-up co-hosts the World Cup with Mexico ill with heat exhaustion.”
idea of a two-tier Test system, While the Causeway Coast is known for since 1860, remains golf’s most his- MacIntyre, and Matt Fitzpatrick finish at the Scottish Open last week is and Canada next summer. Extreme heat and thunderstorms
expansion of the T20 World Cup its natural beauty — basalt cliffs, sea toric prize. The Claret Jug, first have the ball shape and clubhead promising. If he’s in contention on With temperatures rising worldwide, made an impact on FIFA’s newly
and ratification of new members caves, and sandy beaches — this week, awarded in 1873, is more than a tro- speed necessary to challenge on a Sunday, Portrush will erupt. scientists warn that staging the World expanded tournament for club
are some of the topics that will eyes will train on the world’s best golfers phy. It’s a legacy. links course. All three men Xander Schauffele, the defending Cup and other football tournaments in teams. The Club World Cup was
be discussed during the four- and their pursuit of the Claret Jug. Sun, wind and salty air will flight an apex in the region champion, and Bryson DeChambeau the Northern Hemisphere summer is held in 11 American cities from
day AGM of the International will also be in the mix. Collin getting increasingly dangerous for June 14 to July 13.
Cricket Council (ICC), beginning Morikawa, winner at Royal St. George’s both players and spectators. Some sug- FIFA adapted by tweaking its ex-
today. With the 2025-27 World in 2021, struggles on the greens but still gest that FIFA may have to consider treme heat protocol to include extra
Test Championship (WTC) cycle wields a world-class iron game. Tommy adjusting the football calendar to re- breaks in play, more field-side water,
in progress, the discussion on Fleetwood and Tyrrell Hatton, duce the risk of heat-relat- and cooling the team
the two-tier Test format is set to MacIntyre, and Fitzpatrick are danger- ed illnesses. We are benches with air fans and
revolve around fund allocation ous dark horses. The weather could be “The deeper we go in the more shade.
and clauses surrounding a factor. Winds of 24 to 31 km/h are ex- decade, the greater the risk only one Still, Chelsea midfielder
promotion and relegation. While pected on Thursday. Rain may arrive on without considering more heatwave away Enzo Fernández said the
there is no intention to add more Friday, raising the pressure on early dramatic measures, such from a sporting heat made him dizzy and
teams to the 50-over World starters to post low scores before the as playing in the winter urged FIFA to avoid after-
Cup, the ICC may mull adding showers soften the course. months and/or cooler lati- tragedy noon kickoffs at the World
more teams to the T20 version, The Open is an opportunity to taste tudes,” said Prof. Piers PROF. PIERS Cup next year.
potentially swelling it to 24 history right out of the jug that pours Forster, director of the FORSTER director The global football play-
participants. PTI the finest Bourdeaux wine. At Royal Priestley Centre for of the Priestley ers union, FIFPRO, has
Rory McIlroy will be eager to put on Portrush, the goliaths of golf will Climate Futures in Leeds, Centre for Climate warned that six of the 16
JAPAN OPEN a good show at his ‘home’ major launch into a ferocious battle to win the England. “I’m getting in- Futures in Leeds, World Cup cities next year
Sat-Chi, Lakshya into coveted Claret Jug. creasingly worried that we England are at “extremely high
2nd Round; Sindhu Out are only one heatwave risk” for heat stress.
Tokyo: Two-time Olympic away from a sporting tragedy and I FIFA President Gianni Infantino ad-

NBA to Explore Expansion for First Time in 20 Years

medallist PV Sindhu endured would like to see governing bodies lean dressed the heat concerns on Saturday,
yet another first-round exit into the climate and health science.” saying the handful of World Cup stadi-
but Lakshya Sen and the men’s Tournament football in June and ums that are covered would be used for
doubles pair of Satwiksairaj The NBA has officially begun the pro- The move is not a surprise. Silver NBA team values have boomed in before the Boston Celtics were ac- July is a tradition going back to the first day-time games next year.
Rankireddy and Chirag Shetty cess to expand for the first time in had long said the league would pursue recent years, making adding quired for $6.1 billion in March and World Cup in 1930. FIFA has stuck to its traditional June-
moved into the second round more than two decades. expansion after inking new media teams even more lucrative the Los Angeles Lakers were sold in Since then, the three-month period July schedule for the men’s World Cup
with comfortable wins at the The basketball league’s board of gov- and labor contracts. A deal with the for the league’s current June at a $10 billion valuation. of June, July and August globally has except in 2022 when it moved the tour-
Japan Open on Wednesday. The ernors, which includes one represent- players’ union came in 2023, followed owners, who evenly share Las Vegas and Seattle are consid- warmed by 1.05 degrees Celsius (1.89 nament to November-December to
30-year-old Sindhu went down ative from each of the NBA’s 30 teams, by media rights the following year. expansion fees. League ered to be the favorite cities for ex- degrees Fahrenheit), according to avoid the summer heat in Qatar.
15-21, 14-21 to Korea’s Sim Yu tasked the league office with doing “Nothing has been predetermined sources said last year that pansion. Las Vegas already has the US National Oceanic and Something similar is expected when
Jin, marking her fifth first-round “an in-depth analysis of all the issues one way or the other, and without any they expected those fees to strong ties to the league, including Atmospheric Administration. neighbouring Saudi Arabia hosts the
exit this year. Satwik and Chirag, around expansion both economic and specific time line. We’re going to be as be as much as $5 bil- hosting its summer league Meanwhile, European summer tem- tournament in 2034.
ranked 15th, defeated the Korean non-economic,” NBA Commissioner thorough as possible and look at all lion, but that was tournament. Seattle had peratures have increased by 1.81 de- However, moving the World Cup to
duo of Kang Min Hyuk and Kim Adam Silver said in a news confer- the potential issues,” Silver added. an NBA team called the grees C. The rate of warming has ac- another part of the year is compli-
Dong Ju 21-18, 21-10. Lakshya, ence on Tuesday. Supersonics until the celerated since the 1990’s. cated because it means Europe’s
who has struggled for form this The NBA last expanded in 2004 when c l u b w a s m ove d t o Climate scientists say that’s a fac- powerful football leagues must in-
season, making a string of first- a franchise in Charlotte, North Adding new teams is lucrative for Oklahoma City in 2008 tor that needs to be considered when terrupt their season, affecting both
round exits, dispatched China’s Carolina, now called the Hornets, league’s current owners, who evenly and renamed the playing high-intensity outdoor d o m e s t i c l e a g u e s a n d t h e
Wang Zheng Xing 21-11, 21-18. PTI started play. share expansion fees Thunder. Bloomberg sports like football. “If you want to Champions League. AP

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Pending India-US Trade Deal Puts

Global Cos in Wait & Watch Mode
Many sectors hit by uncertainty; clients wait for India’s stand on tariffs vis-a-vis other nations
June from the JCK Show of je-
Writankar Mukherjee &
Jayashree Bhosale Final Call Awaited wellery at Las Vegas; first with
sample line orders followed by
Electronics, textiles, Global companies await US brands reluctant the full orders in September-Oc-
Kolkata | Pune: Prolonged tra- seafood, jewellery hit clarity before signing Indian to shift if tariffs tober,” said Sabyasachi Ray, ex-
de talks between India and the by client uncertainty manufacturing deals remain similar ecutive director, The Gems and
US are weighing on export or- Jewellery Export Promotion Co-
ders, business plans, and onbo- Interim US-China, uncil. “This process has been
arding new US clients for Indian US-Vietnam tariff deals disrupted as US importers are
businesses, as global companies already in place buying only for a short term for
and brands adopt a wait-and- each month as there is no clarity
watch mode on the outcome of on the exact rate of tariff.”
the negotiations, said industry US buyers are also doing rate ne-
executives. The cautious stance gotiations, said Ray, adding that
is seen across major sectors such duces Mo- ners to August 1 the buyers are expecting demand
as electronics, apparel and texti- torola phones for from July 9. For In- to fall if Indian jewellery becomes
les, seafood, gems and jewellery. exports to the US. dia, the US has propo- pricier due to higher tariffs. “So-
Electronics contract manufactu- Karbonn Group mana- sed a 26% tariff. me buyers are negotiating about
rers like Dixon Technologies, Mi- ging director Pardeep Jain noted US President Donald Trump on sharing the burden,” he said.
cromax-owned Bhagwati Pro- prevailing high level of uncerta- Wednesday said the deal with In- Industry body Confederation of
ducts, and Karbonn Group said, inty regarding the US market. dia could be soon finalised before Indian Textile Industry (CITI) se-
while they are continuing exports “Brands have made it clear that if reciprocal tariffs come into effect cretary general Chandrima Chat-
to the US, clients have halted plans there is no substantial duty diffe- next month. terjee said that there is optimism
for new orders till they get clarity rence between India and China, The US is India’s largest trading in the short term that India will
on the trade negotiations. they are unlikely to shift manu- partner with bilateral trade valu- secure a good deal, with relative HC Rejects Plea MNC CLIENTS PURSUING NET-ZERO GOALS DRIVE CHANGE
“Prospective clients who wanted facturing to India. Discussions ed at $131.84 billion in FY25. tariffs likely to be largely better
to manufacture in India for the US
are in a wait-and-watch mode, ex-
pecting clarity on where India
are still continuing,” he said.
India and the US are continuing
discussions to finalise a bilateral
The current scenario is also im-
pacting India’s long-term export
orders for gems and jewellery too,
than its major competitors.
“However, this optimism may
not completely translate into or-
Against Prada
Over Copying of
Global Tenants Steer
stands vis-a-vis China and Viet-
nam in terms of US tariff,” said
Atul Lall, managing director at
Dixon Technologies. Dixon pro-
trade agreement. The US govern-
ment had earlier extended a 90-
day pause on imposing reciprocal
tariffs for most of its trading part-
including for the Christmas and
year-end shopping period.
“The process of placing orders
for Christmas usually begins in
ders in the medium term due to
the vague scenario about appli-
cable product specific tariffs that
will unfold,” she said.
Kolhapuri Design Warehousing Towards
Jayashree Bhosale Path to Sustainability
Schneider in
Talks to Buy
ITC Hotels Q1 Profit Up 54% Pune: The Bombay High Court on
Wednesday dismissed the Public In-
terest Litigation (PIL) filed against
Kailash Babar
Attraction Point
India’s green warehousing stock to
Prada in the case of alleged copying Mumbai: India’s warehousing in-
Out Temasek
in its Indian JV
on Higher Rates, Occupancy of Kolhapuri Chappal design. The
court said that as per the Geographi-
cal Indications law, the affected par-
ties (the producers associations) sho-
dustry is witnessing a green trans-
formation, driven not just by develo-
pers and investors but increasingly
by multinational corporate occupi-
quadruple to 270m sq ft by 2030
Green warehouses offer
operational efficiencies,
Growth driven by higher F&B, increase in revenue per available room uld have come forward to defend the- ers whose global sustainability long-term savings
the industry,” the company said ir case. Kolhapuri chappal is a GI pro- mandates are reshaping the market. MUST-HAVES
Our Bureau in a statement. The chain said its ducts under the Geographical As companies tighten focus on the-
Earnings Before Interest, Taxes, Indications of Goods (Registration ir supply chain emissions to meet  Green certifications
New Delhi: ITC Hotels has re- Depreciation, and Amortization and Protection) Act. Scope 3 targets that include all indi-  Energy-efficient architecture
ported revenue from operations (Ebitda) margin stood at 32% and Five lawyers had filed a public in- rect greenhouse gas (GHG) emis-
of `816 crore for the quarter en- expanded by 130 bps on a compa- terest litigation (PIL) in the Bombay sions, green-certified warehouses  Advanced water management
ded June, up 16% year on year. rable basis, driven by higher re- High Court deman- have moved from being a ‘nice-to-ha- systems
The chain reported a profit of venue per available room, ding that the Italian ve’ to a ‘must-have’ in India’s rapidly
`134 crore for the quarter, up 54% growth in Food & Beverages fashion house Pra- expanding logistics landscape, ex-
Court said that
year on year. (F&B) revenue, higher manage- da should pay mone- perts said. Led by this, India’s certifi-
Bloomberg the registered
The Hotels business of ITC was ment fees, structural cost inter- tary compensation ed green warehousing stock is ex-
owners of GI
demerged into ITC Hotels with ventions and operating leverage. to the artisans ma- pected to quadruple to 270 million
product should
Schneider Electric SE is consid- effect from January 1, 2025. The It currently operates over 140 king Kolhapuri square feet by 2030, up from 65 mil-
come to seek
ering buying out the remaining equity shares of the company lis- hotels with over 13,400 keys, with chappals. lion square feet in 2024, showed da-
redressal
stake in its India venture from ted on the National Stock Ex- Bodhgaya, Dehradun, Goa, an owned and managed keys mix Prada had presen- ta from JLL India. This undersco-
minority partner Temasek change (NSE) and BSE on Janua- Lucknow, Manesar, Mysore, of 42% and 58% respectively. By ted a toe ring sandal collection at Mi- res how global corporations are stee-
Holdings Pte, according to peo- ry 29 this year. Ranthambore and Vrindavan. 2030, the chain aims to have 220 lan that was allegedly inspired by In- ring demand towards sustainable,
ple familiar with the matter. In the preceding three months On a standalone basis, ITC Ho- hotels, with over 20,000 keys, tar- dia's Kolhapuri Chappal. energy-efficient assets as part of
Schneider is in talks to buy the ended March 31, ITC Hotels had tels reported revenue from ope- geting an owned- managed keys The court told the five lawyers that their Net Zero strategies. tor-backed developers but also by
35% stake held by the Singapore reported revenue from opera- rations of `744 crore for the qu- mix of 30% and 70% respectively. the registered owners of the GI pro- “Sustainability features such as corporate occupiers or tenants. The
state investment company in tions of `1,061 crore, and a profit arter ended June, up 15% year The company said it has a pipe- duct should come to the court seek green certifications, energy-efficient Net Zero goals of most corporations
Schneider Electric India for of `258 crore. The April to June on year. The chain reported a line of 58 Hotels with over 5300 redressal. However, the GI for Kol- architecture, and advanced water are leading them to choose warehou-
about $1 billion, the people said, quarter is typically a leaner qu- standalone profit of `150 crore keys with high salience of hauri Chappal was awarded to the jo- management systems are no longer ses that are Green Certified,” said
asking not to be identified be- arter for hotel chains. for the quarter ended June, up brownfield assets. The chain sa- intly two government agencies of optional—they’re essential for at- Yogesh Shevade, head - industrial &
cause the deliberations are pri- The hospitality chain said du- 47% year on year. id its food and beverages (F&B) Maharashtra and Karnataka and tracting and retaining high-quality, logistics, India, JLL.
vate. A potential transaction ring the quarter ended June 30, ITC Hotels said the average dai- revenue also recorded a growth not to the manufacturers' associa- long-term occupiers. Global brands According to him, occupiers are
could value the whole venture 2025, the board approved a capi- ly rates for the quarter grew by of 13% driven by banqueting and tions like in case of many other GI with ambitious ESG targets now targeting 30%-40% savings in ener-
at roughly $5 billion including tal expenditure of `328 crore for 9% and occupancy by 275 bps, re- outdoor catering. products. These agencies have not prioritise assets that demonstrate gy consumption over the lifecycle of
debt, the people said. construction of a hotel in Visak- sulting in overall revenue per av- ITC Hotels said while the geopo- approached the courts to defend the- strong environmental performance a project, alongside benefits such as
Talks are ongoing and no final hapatnam, Andhra Pradesh. Du- ailable room growth of 13%. litical developments in May 2025 ir GI rights. Instead of taking the le- throughout their lifecycle, beyond water conservation, waste recyc-
decisions have been made, the ring the quarter ended June, the “The company demonstrated its had temporarily affected busi- gal course, industry body Maharash- mere location and cost,” said Mehul ling, and the use of green materials.
people said. Representatives for company also signed 8 hotels supremacy over the market and ness in certain locations, the ho- tra Chamber of Commerce Industry Shah, CEO, India of Singapore-head- Institutional investors have re-
Schneider Electric and Tema- with approximately 700 keys in commanded a revenue per avai- spitality sector bounced back and Agriculture is looking to work quartered logistics platform LO-GOI sponded by ramping up supply of
sek declined to comment. aggregate at locations such as lable room premium of 34% over progressively thereafter. with Prada to help local artisans. Group. The share of green-certified certified assets to meet this evolving
Temasek has been weighing a space is expected to rise substantial- demand. Institutional-grade ware-
potential exit ly as institutional players prioritise housing space has already tripled to

Mahanagar Gas Lines Up `1,325 cr to Set

from the joint globally recognised standards like 90 million square feet in 2024 from 28
Temasek venture, includ- LEED, IGBC, and GRIHA to attract million square feet in 2019. Of this,
has been ing a sale to its and retain marquee tenants. around 72% or 65 million sq ft is eit-
weighing a majority part- “We believe that this shift towards her green-certified or in the process
exit from ner or another green assets is not just good for the of obtaining certification.
the joint
venture;
potential
deal could
party, as well as
via an initial
public offering,
Bloomberg
Up Battery Manufacturing, Biogas Plants planet, it is smart business. Sustai-
nable warehouses offer operational
efficiencies, long-term savings, and
future-proof value for both land-
The push towards green warehou-
sing is also being supported by ro-
bust supply pipelines. The data
shows a visible pipeline of around
value News reported conducted a study along with pacity. “If results bai Municipal Corporation lords and occupiers. The coming ye- 260 million sq ft of institutional-gra-
venture at
roughly $5 b
last year.
Schneider
Co signs deal with US BCG. In essence, going forward,
we have determined we will be
are satisfactory,
we can expand to
(BMC) to set up 1,000 tonnes per
day (TPD) compressed biogas
ars will see a clear divide between as-
sets that can meet these ex-
de supply by 2030.

Electric India is
65% owned by the French com-
battery firm for unit in present in at least one non-fossil
fuel related segment to secure
produce 5 GWh,”
he said.
(CBG) plant in Maharashtra at
an investment of around ` 500
pectations and those that can-
not,” said Anshul Singhal,
pany with the reminder held by
Temasek, according to a state-
Karnataka and with BMC growth opportunities in future,”
said Shinghal.
State-run co
Shinghal said
the JV company is
crore. The proposed plant will
process up to 1,000 TPD of deep
co-founder & MD, Welspun
One.
looks to
ment from 2020, when it com-
pleted the merger of its Indian
for Maharashtra facility MGL has formed a joint ventu-
re with US-based International
expand its already in the pro-
cess of testing
segregated food and vegetable
waste that will be supplied by the
Institutional players have
understood that to have Mul-
footprint in
low voltage and industrial auto- Battery Company (IBC) to set up non-fossil batteries, which it civic body. ti-National Companies
mation product unit with Lar- Sharmistha Mukherjee a giga factory in Karnataka. The fuel biz amid aims to supply to While CBG production in India is (MNCs) as tenants, their wa-
sen & Toubro’s electrical and new company, owned 56% by IBC govt push two-wheeler and limited currently, Shinghal said rehouses need to be Green
automation operations. New Delhi: State-run Mahana- and 44% by MGL, has been allo- three-wheeler there is a lot of potential for growth and it is non-negotiable.
Schneider, one of France’s ol- gar Gas plans to invest about cated land for the project, and makers in India from the new fa- going ahead given automakers like “India’s green warehousing
dest and biggest industrial com- `1,325 crore, along with part- construction work is set to com- cility. Separately, MGL has inked Maruti Suzuki too are exploring transformation is driven not
panies, has evolved from pri- ners, to build an electric vehicle mence later this quarter. an agreement with Brihanmum- utilising the gas in vehicles. only by institutional inves-
marily a maker of electrical battery manufacturing unit and MGL and IBC are jointly inves-
gear to a provider of software a compressed biogas producing ting around ` 825 crore in the fa-
and equipment for buildings,
data centers and factories.
facility over the next two years
in a bid to diversify operations.
cility, first phase of which is tar-
geted for commissioning in FY27
Crossword 9340
Dealmaking activity in India Speaking to ET, Ashu Shing- and the second phase in FY28.
is growing as investors seek to hal, managing director, said as The new facility will be a tech- 1 2 3 4 5 6 7 8 DOWN
double down their presence on part of the government’s push nology-agonistic centre, initial- 1 Load in main theme (6)
the most populous nation. The towards cleaner mobility solu- ly producing prismatic NMC lit- 2 Spanish article here essential-
volume of mergers and acquisi- tions, the company is looking to hium-ion battery cells having ly is flop (5)
3 Pass old boy inside confines of
tions in the country has reac- expand its footprint in non-fossil wide applications across mobili- 9 10 gallery (2,2)
hed $31 billion, a 16% increase fuel businesses. ty and battery storage sectors. 4 Sue’s partner over time ac-
from a year earlier, according to “At present, almost 70% of our Shinghal said the JV will com- 11 quiring new mixture (7)
data compiled by Bloomberg. revenues come from CNG. We mence operations with 1 GWh ca- 6 Succinct part in writer’s essay (5)
12 13 7 Fashionable newspaper chiefs
like this item (9)
NON-SEQUITUR 14 8 Police officer provoked anger
‘Electric Car Sales 15 16 17
among group (8)
11 A team overlooking wicket in

Penetration may 18
area of land (4)
14 Ken and Peter on and off in
joint (4)
Cross 7% by FY28’ 19 20 21
15 Eve carped about island coun-
try (4,5)
New Delhi: Electric car sales pene- 16 One skilled in judo in peril?
22 Not half (3)
tration is expected to cross 7%by 17 Bishop in a small amount of
FY28 subject to timely resolution of 23 24 25 26 time in large pulpit (4)
rare earth element (REE) disrup- 18 Place to put bloomers? (5,3)
tion and riding on the back of new 27 20 Dash shown by English name
model launches, according to a re- around U.S. city (4)
port by CareEdge Advisory. 28 29 21 Fastened varied cues by ball
The increase in penetration would on snooker table (7)
also be dependent on government 22 Fold note in item of luggage (6)
24 Stir head of rowers on river (5)
push for improving the 26 Scale shown by Charlie on
charging infrastructure 30 31 arm, maybe (5)
in the country. 27 Customer outwardly under-
India’s electric car eco- stands engineer (4)
system has witnessed significant ACROSS
momentum over the past three 1 Broadcaster Zoe showing willing in disgraceful (13) SOLUTION TO No. 9339:
years, growing from just over 5,000 tennis, say (4,4) 23 A neat vicar sadly in a state of con- ACROSS: 6 Larger than life.
5 Controls the movement of bullocks (6) flict (2,8) 9 Lambda. 10 Enfeeble. 11 Tash-
units in FY21 to more than 1.07 lakh 9 Awful bluster by president lastly in 25 Unsightly mark is carefully con- kent. 13 In view. 15 Duffer.
units in FY25, it said. area of industrial decline (4,4) cealed (4) 17 Keener. 19 Lawyer. 20 Undu-
While electric four-wheelers still 10 By the sound of it, more obvious 28 Italian city starts to upgrade meat? late. 22 Aga sagas. 24 Expand.
comprise a small share of total EV sort selling fruit (6) It can go with meal! (6) 26 Free enterprise.
sales —dominated by two- and 12 Take home metal ring on a regular 29 Almost unspoilt area in Balkan capi- DOWN: 1 Cloak-and-dagger.
three-wheelers —the segment is basis (4) tal (8) 2 Crib. 3 Regale. 4 Caffeine.
now entering a high-growth trajec- 13 Fantastic clues honed as planned (2,8) 30 Reportedly, given a massage as re- 5 Flue. 7 Treats. 8 False pre-
15 Talk mostly about journalist given quired (6) tences. 12 Hefty. 14 Venal.
tory supported by both public poli- allowance in alliance (13) 31 A female with ballet at odd points 16 Enraging. 18 Pursue.
cy and private sector commitment, 19 Sales type misled senile Herb? It’s inspiring affection (8) 21 Dieppe. 23 Seep. 25 Pain.
it added. —Press Trust of India Yesterday’s Answers:
©The Daily Mail

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