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WWW.ECONOMICTIMES.COM Industrial
output growth
slowed to a
10-month low of
1.5% in June on
contraction in
mining and
electricity and
slow production
BENNETT, COLEMAN & CO. LTD. VOL. 53 NO. 179 | NEW DELHI / GURGAON | 22 PAGES | ` 4.50 OR *` 9.50 ALONG WITH THE TIMES OF INDIA TUESDAY, 29 JULY 2025  PAGE 8

 Economy on Relatively Firm Footing But Global Shifts Critical, says Finmin  Indices Slip Further as Weak Q1 Show Belies Elevated Valuations: P 1
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WWW.ECONOMICTIMES.COM The Supreme

Court has asked
EC to focus on
“en masse
inclusion” in the
ongoing Special
Intensive
Revision of
electoral rolls in
BENNETT, COLEMAN & CO. LTD. VOL. 53 NO. 179 | NEW DELHI / GURGAON | 22 PAGES | ` 4.50 OR *` 9.50 ALONG WITH THE TIMES OF INDIA TUESDAY, 29 JULY 2025 Bihar  P 4

 Rajnath says Operation Sindoor Shows New India’s Resolve to Defeat Terrorism  Three Terrorists Gunned Down in J&K; Police Probing Identity: P 2
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BENNETT, COLEMAN & CO. LTD. VOL. 53 NO. 179 | NEW DELHI / GURGAON | 22 PAGES | ` 4.50 OR *` 9.50 ALONG WITH THE TIMES OF INDIA TUESDAY, 29 JULY 2025

India Pips China as Leading Generics Safeguarded RBI Buys Half a Tonne of
Smartphone Supplier to US in UK Trade Pact: Govt Gold in Last Week of June
COMPANIES: PURSUIT OF PROFIT 15 ECONOMY: MACRO, MICRO & MORE  8 SMART INVESTING 14

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THIRD STRAIGHT SESSION OF LOSS Cautious Optimism Finmin highlights China supply chain, US tariffs as areas
PURE
of concern while at home, it sees inflation dropping below projection in FY26
Sona Comstar
POLITICS
D St Remains Red Sends Notice
Pahalgam Mastermind
Among 3 Terrorists
as Co Valuations India on Firm Footing but to Rani Kapur
Sona BLW
Precision

Trip on Earnings it’s Shaky Ground Globally

Forgings (Sona
Gunned Down in J&K Comstar) has issued a
The armed forces on cease-and-desist notice
Monday killed three to Rani Kapur, mother of
infiltrators allegedly erstwhile chairman, the
involved in the April 22 VIX gains 7%, hinting at more risks ahead
Our Bureau A Mixed Bag late Sunjay Kapur, asking
Agri to remain
Pahalgam attack on New Delhi: India has its economic POSITIVES her to refrain from
NIFTY economy’s NEGATIVES
Monday in the upper reaches of Downhill Roll task cut out over the medium term
due to the ongoing “momentous stabilising spreading unlawful and
Dachigam National Park on the out- Investors trimming risky 24,681 shifts” in global supply chains pillar defamatory information,
skirts of Srinagar, reports Hakeem bets amid higher uncertainty JULY 28 amid the squeeze on semicon- Global report Arijit Barman &
Irfan Rashid. No formal statement ductors, rare earth magnets and slowdown,
25,517 Indu Bhan. 16
has been issued on the identity and other critical components, the fi- Time for pvt US tariff
JUNE 30 nance ministry said on Monday.
players to invest, uncertainty to
involvement of the trio yet.2 The finance ministry’s month-
riding ELI Demand strong; weigh on
■ Rajnath says Op Sindoor
ly economic review in June bro-
ught into focus China’s curbs on scheme good outlook for Indian Private Labels
exports
Reflects Modi’s New India2 rare earth magnets — that have manufacturing &
services
Popular Amid
NIFTY emerged as a key challenge for In-
■ SC Tells Poll Panel to Focus on 21,315 NIFTY 17,163 dian manufacturers. Tepid Demand
inclusion, Not Exclusion4 MIDCAP 150 July 28 SMALLCAP 250 July 28 Slow credit Borrowers
It warned that a worldwide slow- Retailers such
down, especially in the US, could growth, pvt likely remain
Financial cautious, as Shoppers
dampen demand for exports from markets remain investment may
India. The economy has the “look Labour impact economic lenders risk- Stop, Lifestyle,
resilient
TCS to Freeze Senior 21,989 17,798 and feel of ‘steady as she goes’ as market
steady
momentum averse
DMart and others are
far as FY26 is concerned,” but con-
Hiring, Pause Annual June 30 June 30
tinued uncertainty over US tariffs
selling more private
may be a drag, it said. labels amid subdued
Salary Hikes Globally In the past week, the bench- The ministry also cautioned that IIP AT 10-MONTH LOW IN JUNE demand, indicating that
Tata Consultancy Services Our Bureau mark index shed 1.6% while the slow credit growth and dull priva-
(TCS) will freeze the hiring
Mumbai: Indian equity indi-
mid-cap and small-cap indices
shed 3.1% and 4.1% each.
te investment appetite could ham-
per India's growth momentum. Ne-
Industrial Output Growth Slumps shoppers are shifting to
lower-priced brands in
of experienced personnel ces declined on Monday for the “The market has been facto- India’s industrial output growth fell to a 10-month low of 1.5%
vertheless, it underscored the eco- supermarkets and de-
and pause annual salary increases third straight session as disap- ring in higher growth expecta- nomy’s resilience and said it had year-on-year in June, pulled down by contraction in mining and partment stores. Sagar
globally, report Beena Parmar & pointing first-quarter earnings tions into mid-cap and small- entered the second quarter of electricity sectors, showed official data released on Monday.
cast doubt on the market’s ele- cap stocks,” said Siddarth FY26 on a relatively firm footing. Malviya & Writankar
Himanshi Lohchab. 16 vated valuations. The slide in Bhamre, Head of Research, The Index of Industrial Production (IIP) grew 1.9% in May and 4.7% in June Mukherjee report. 5
Employees Already the broader market was shar- Asit C Mehta Intermediates. Rate Cycle9 2024. Among the three major sectors, manufacturing grew 3.9%. 8
per, with investors trimming “So if these companies report
Hunting for Jobs16 their risky bets amid heighte- lower growth numbers in the
ning uncertainty. earnings, the selloff is that MANUFACTURE OF SERVERS, ROUTERS ACQUISITION OF `. 526 CRORE AMID WEIGHT-LOSS DRUGS BOOM
 Nayara Takes Legal Action in The NSE Nifty fell 0.6% or 156 much more pronounced becau-
Microsoft Service Suspension15 points to finish at 24,680. The se the higher growth led these Wistron Plans `. 1,000cr Panasonic in Talks to Local Injector Pen Maker
BSE Sensex moved 0.7% or stocks to command a higher va-
572.07 points lower at 80,891. luation multiple.” Factory in Telangana; Buy Out Reliance Retail, Shaily Engineering Plans
SUITS & The Nifty Mid-cap 150 and
Small-cap 250 indices dropped ‘Sell on Rise’ Market 14
Scouting for Locations DLF Vendor Focus Group to Double Capacity
SAYINGS 0.9% and 1.3% respectively. RELATED REPORTS13 Taiwanese contract manu- Panasonic is in talks to acquire a With sales of weight-loss drugs
facturer Wistron is eyeing a controlling stake in business-to- surging and set to rise further as
Better Play It Safe RESPONSE TO SEBI INTERIM ORDER manufacturing facility in Te- business (B2B) light fittings semaglutide goes off patent, a
langana at an investment of company Focus Group, whose low-profile injector pen manu-
Macro matters in the company too, and
thus the shift to the basics. But when it
Jane Street Seeks Time, Documents around `. 1,000 crore, reports customers include Reliance facturer, Gujarat-based Shaily
Jane Street has asked Sebi for more time to respond to allega- Suraksha P. The facility will make servers, Retail and DLF. The potential buyout may Engineering, is set to reap a windfall, reports
comes to national policy, better hold your
tions of market manipulation, and sought inspection of docu- routers and switches. The firm has been cost Panasonic `. 526 crore. Mohit Bhalla & Rica Bhattacharyya. Its stock has nearly
horses! For more, read PAGE 5
ments used as evidence, reports Reena Zachariah. 13 scouting for locations in Hyderabad.16 Writankar Mukherjee report. 5 doubled over the past 12 months. 5
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Pahalgam Mastermind Among 3 Killed in Encounter

Operation Mahadev: The group was led by ‘Sulaiman’, who led the April 22 massacre; arms haul includes US carbine, AK-47 rifles and ammunition
the Pahalgam massacre. “Sulaiman India and Pakistan in May. AK-47 rifles and other ammunition operation. Such kinetic opera-
Hakeem Irfan Rashid and two others were killed in this en- “Contact established in General has been recovered from the three su- tions have been happening for se-
counter. He was involved in the Pa- Area Lidwas…Three terrorists have spects. However, the identity of the veral months now and I congratu-
Srinagar:The armed forces on Mon- halgam attack,” the official said. been neutralised in an intense fire- trio is yet to be officially disclosed. late the forces for this success," Li-
day killed three infiltrators in the The armed forces are expected to fight. Operation Continues," Srina- “The identification of the neutrali- eutenant Governor of J&K Manoj
Lidwas area, located in the upper rea- formally brief the media on the ope- gar based Chinar Corps of the Army sed terrorists is being done. Please Sinha told reporters on the sideli-
ches of Dachigam National Park in ration on Tuesday. However, there had informed. Northern Army Com- await further details,” J&K police in- nes of a function.
Harwan on the outskirts of Srinagar. has been no official confirmation yet mander Lieutenant General Pratik formed on X. The army and police ha- Earlier, on April 12, three foreign in-
The Army launched ‘Operation on the identity or involvement of the Sharma complimented the forces for ve also not issued any official state- filtrators were killed in the Chatroo
Mahadev’ in the early hours of Mon- three suspected infiltrators. the swift and precise execution of the ment about the connection of this area of Kishtwar and the army sais
day and later reported the recovery In the Baisaran Valley of Pahalgam infiltrators. group with the Pahalgam attack but an AK rifle, an M4 Rifle and other
of three bodies from the encounter 25 tourists and one local were killed The army officials have informally the investigation continues. equipment were recovered from the
site. A senior J&K police official told by unidentified gunmen from point shared pictures of the three bodies, “Three Pakistani terrorists have spot. The officials claimed that a top
ET that the group was led by ‘Sulai- blank range on April 22, this year, with bullet wounds in their heads. been eliminated in Dachigam area Jaish-e-Muhammad commander

PTI
man’, who was allegedly involved in which triggered a mini war between They informed that a US carbine, and police will share details of the was killed in that encounter.

‘OPPN CHOSE TALKS AFTER 26/11, WE CHOSE STRIKES’ CRITICAL MINERALS AT THE CORE

Op Sindoor Shows New India’s Pakistan Back in

Resolve on Terror: Rajnath US Calculus After
‘Opposition never asked how many Pakistani planes our forces brought down’ Years of Isolation

IANS
Our Political Bureau
Underscoring Realignments
New Delhi: Defence Minister Rajnath Those who dream of Took Out Muridke Pakistan says US trade pact just US CENTCOM chief General
Singh on Monday said Operation Sindoor inflicting thousand ‘days away’; no timeline from Michael Kurilla praises Pakistan as
demonstrated that “Modi’s new India”
will go to any extent to counter terrorism,
wounds on India, better
wake up from slumber.
Bahawalpur, Yet Washington yet
US eyes Pakistan’s antimony
‘phenomenal counter-terror partner’,
gets top military honour
and took a swipe at the Opposition, argu-
ing that had the UPA government shown
similar resolve after the Mumbai terror
This is Modi’s new India
that will go to any
Face Questions, (a metalloid used in batteries,
chips, flame retardants, and
Pakistan army
chief’s lunch
attacks, Pakistan would have long stopped defence tech) with Trump
its anti-India activities.
Opening the Lok Sabha debate on Opera-
lengths against terrorism
RAJNATH SINGH
Defence Minister
Says Jaishankar reserves; critics point
to crypto links and
triggered
diplomatic
tion Sindoor and the Pahalgam incident, Nobel push for Trump concern in Delhi
Singh asserted the operation had only been
“paused” after achieving “all political and
‘At no stage in US talks was there any
strategic objectives,” and dismissed as “ba- linkage of trade with Op Sindoor’ said the two stressed in their dis-
seless” claims that India agreed to a cease- cussion the importance of expan-
fire under external pressure. He also advi-
Claims to be reliable ding trade and ties in critical mine-
sed the Opposition to focus on how many Our Political Bureau rals and mining.
PTI

Pakistani jets were shot down rather than

anti-terror partner, Apost by Rubio on X after the mee-
how many Indian aircraft were lost. 2016 surgical strikes or 2019 air strikes, darshan Chakra.” New Delhi: There was no phone call between Prime pushes trade deal ting and the State Department's sta-
“I want to make it clear from this temple then Pakistan’s strategic calculus could He also took a pointed dig at Congress le- Minister Narendra Modi and US President Donald tement mentioned no timeline for
of democracy that those who dream of in- have changed…it could have disincentivi- ader Rahul Gandhi: “A few members of Trump between April 22 and June 17, external affairs finalising a trade deal. Sources fa-
flicting thousand wounds on India, better sed such acts of terror.” the Opposition have been asking how ma- minister S Jaishankar told the Lok Sabha on Mon- Dipanjan Roy Chaudhury miliar with Pakistan claimed that
wake up from the slumber. This is Modi’s He likened the Modi government’s retri- ny of our aircraft were shot down? I feel day, firmly rejecting Trump’s claim that he used tra- Islamabad has the habit of making
new India that will go to any lengths aga- bution to the mythological Sudarshan their question does not adequately repre- de as leverage to negotiate a ceasefire between India New Delhi: Pakistan is back in US’ tall and unsubstantiated claims
inst terrorism,” Singh told the House. Chakra: “We have learnt from Lord sent our national sentiments. They have and Pakistan. decision-making circles after years while reality could be far from the
Calling the operation a direct response to Krishna that in the end, one needs to pick not asked us how many enemy aircraft “At no stage, in any conversation with the United of isolation amid intense lobbying truth. Pakistan’s economy is sta-
the Pahalgam attack, Singh said: “After the Sudarshan Chakra to protect 'dhar- our armed forces shot down.” States, was there any linkage with trade and what by Islamabad and Washington’s ea- ring at a crisis and a trade deal with
the Mumbai attacks, the government back ma'. We saw the 2006 Parliament attack, If they must ask a question, it should be was going on. There was no call between Prime Mini- gerness to reciprocate, notwithstan- the US may not boost the country’s
then chose talks. If the then (UPA) estab- 2008 Mumbai attacks — and now we have whether India destroyed terrorist bases, ster Narendra Modi and Trump between April 22 ding its robust ties with India. economic growth, the sources said.
lishment had taken stern actions, like the said enough is enough, and picked the Su- and the answer to that is, ‘yes’. (the Pahalgam attack) and June 17 (when PM called From being courted by the US Sta- The US Central Command based
Trump from Canada to explain why he couldn’t meet te Department for “anti-terror” ope- in the Gulf has historically worked
him)...,” Jaishankar said. rations to praises heaped by the US closely with Pakistan since the

Gogoi Seeks Answers on Pahalgam

“After we retaliated to Pakistan’s attack, we got pho- Central Command head to a possib- Cold War era. And last weekend, US
ne calls saying Pakistan was ready to stop; but we le trade deal, Islamabad has been ab- Central Command
told them request has to come from le to make inroads into the Trump chief General Mi-
DGMO,” he added. administration. chael Kurilla was

Intel Lapse, Abrupt End to Operations

Jaishankar also rejected the Opposi- Field Marshal Asim Munir’s conferred 'Nishan-
tion’s claim that India stood isolated lunch meeting with Trump was the e-Imtiaz (Military)'
after Operation Sindoor. icing on the cake following which by the Pakistan Pre-
During his speech, which was in- New Delhi raised the issue with Critics say sident. The US gene-
China-Pak terrupted multiple times by Opposi- Washington, people familiar with Pakistan ral had recently
re,” Gogoi said. collaboration, tion MPs—prompting Home Mini- the matter hinted at. wooed the US backed Pakistan as
He slammed the government’s failure to going on for ster Amit Shah to rise in suppor- With the US being deeply involved with crypto a “phenomenal
‘Instead of going to track down the terrorists responsible for the 60 years. t—Jaishankar said: “India would in working out trade deals globally, deals and a partner in counte-
Pahalgam attack. “It’s been 100 days, but the What were not tolerate terrorist activity on its Pakistan has claimed that it is "very Trump Nobel ring terror”.
Pahalgam, PM went to five terrorists are still free. You have drones, the previous soil and reserves the right to defend close" to an agreement that could co- Prize push The honour for
Pegasus, satellites, CRPF, BSF, CISF, and governments its citizens. It was important to send me within days. However, the US has Kurilla coincided with the Pakis-
Bihar and delivered an even the Defence Minister visited — but you doing, asks a strong and resolute message after not presented any such timeline. tan foreign minister’s visit to Was-
Jaishankar
election speech’ still couldn’t catch them. It took an hour for Pahalgam... a red line was crossed, "I think we are very close to finali- hington. Rubio also thanked Dar
an ambulance to reach Baisaran. The Army and we had to make it clear there will be serious sing a deal with the US. Our teams for "Pakistan’s partnership in co-
came on foot.” Gogoi said. consequences.” have been here in Washington, dis- untering terrorism and preserving
IANS

Our Political Bureau Holding Union home minister Amit Shah On the China front, Jaishankar attacked Congress cussing, having virtual meetings regional stability". The two discus-
accountable, Gogoi said the Centre could not leader Rahul Gandhi for bypassing official channels and a committee has been tasked by sed harnessing Pakistan’s critical
New Delhi: Congress MP Gaurav Gogoi on mission that India suffered air losses. He al- hide behind Jammu and Kashmir Lt Gover- during the Doklam standoff: “The leader of the oppo- the prime minister to fine-tune minerals. The US is reportedly in-
Monday launched a sharp attack on the go- so criticised the government’s decision to nor Manoj Sinha. “Who takes responsibili- sition did not take a briefing from the government or now," Pakistan foreign minister Is- terested in acquiring antimony
vernment in Lok Sabha over the Pahalgam halt the operation after Pakistan’s climb- ty? The LG? No — it’s the Union Home Mini- the MEA (ministry of external affairs), but from the haq Dar said in a discussion at the from Pakistan. Antimony is a me-
terror strike, questioning how the terrorists down, asking why India didn’t reclaim terri- ster who must be accountable. And the go- Chinese ambassador during Doklam.” Atlantic Council think tank in Was- talloid used in various industries,
reached Baisaran valley on April 22 and why tory under Pakistani occupation. vernment blaming tour operators for taking Jaishankar also slammed the Opposition over its hington last week. including flame retardants, batteri-
they remained at large even 100 days later. “The entire country, including the Oppo- people to Baisaran is cowardly,” he said. criticism of the government’s handling of cross-bor- "It's not going to be months, not es, semiconductors, and even mili-
Opening the Opposition’s debate on Opera- sition, stood behind PM Modi. Then sud- Gogoi also criticised Prime Minister Na- der terrorism: “How does the Opposition have the te- even weeks, I would say (just) days," tary applications.
tion Sindoor, Gogoi demanded answers on denly, on May 10, there was a ceasefire. rendra Modi for not visiting the site after re- merity to question the government that brought he said. Critics claim that Pakistan has
several issues — including US President Do- Why? If Pakistan was ready to surrender, turning from Saudi Arabia. “Instead of go- down Bahawalpur and Muridke terror sites?” The US State Department and Pa- wooed the US through crypto busi-
nald Trump’s repeated claims of brokering why did we stop? Who did we surrender to? ing to Pahalgam, the PM went to Bihar and Responding to concerns about China-Pakistan col- kistan's foreign ministry, in separa- ness and the nomination of Presi-
an India-Pakistan ceasefire, and Chief of Donald Trump has said 26 times that he for- delivered an election speech. It was Rahul laboration, he said: “This has been going on for 60 ye- te statements after secretary of sta- dent Donald Trump for the Nobel
Defence Staff General Anil Chauhan’s ad- ced both countries to announce a ceasefi- Gandhi who visited the victims,” he added. ars. What were the previous governments doing?” te Marco Rubio's meeting with Dar, Peace Prize.

OP SINDOOR DEBATE
SC Chides MP
Tharoor, Tewari And Minister For
PHOTOS: AGENCIES

Amar Singh Not in ‘Online’

Apology to
Cong Speakers’ List He (Jaishan-
kar) has said
A white man sitting
in the White House
The country was
so angry (over the
Col Sofiya
They (opposition) do not (Prime Minister announces ceasefi- Pahalgam attack) that
Our Political Bureau Poliloquy R PRASAD
have faith in the minister of Narendra) Modi ji re—this is your national- by the third day, people
Our Political Bureau

New Delhi: Congress MPs Shashi external affairs who has taken did not speak to Mr ism? If trade and border wanted not Operation New Delhi: The Supreme Court on
Tharoor, Manish Tewari and oath as a member of the Indian Trump for a certain movement were sus- Sindoor, but Operation Monday criticised Madhya Pradesh
Amar Singh — who were part of minister Kunwar Vijay Shah for fai-
India’s global outreach after Ope- government. They trust some period but he has pended, cultural and Tandoor, that is to ling to tender a proper apology for
ration Sindoor, much to the dis- other country. I know the impor- not categorically sporting exchanges throw the terrorists his comments against Colonel Sofi-
comfort of the party leadership tance of foreign (opinion) in their said that the US was should also be halted. On into that tandoor. But ya Qureshi.
— do not figure in the official list A division bench headed by Justice
of party speakers for the Lok Sab- party, but it does not mean that not involved. That what grounds are you instead, the operation Surya Kant questioned the “online
ha debate on Operation Sindoor- they should impose this view on is interesting. going to play cricket happened 17 days later. apology” tendered by Shah. “What
Pahalgam. do you mean by an apology like this?
Parliament. PRIYANKA GANDHI with them (Pak)? RAMASHANKAR
Some Congress leaders claimed This man has been testing our pati-
Tharoor had “opted to speak” in an AMIT SHAH Congress MP ASADUDDIN OWAISI RAJBHAR ence...this was the statement he ma-
Union Home Minister AIMIM Chief Samajwadi Party MP
upcoming debate on a ports Bill de on the first date-
when the party leadership tried to ...where is it on re-
ascertain if he was inclined to spe- cord? That (online
ak on the Operation Sindoor-Pa- OTHER NEWS OF THE DAY apology) shows his
halgam debate. intentions, that ma-
Congress insiders have since
shifted focus to whether Rahul
Hopeful of Statehood Enrolments in Kendriya Hathras ‘Gang-rape’: kes us more suspicio-
us of his bonafi-
Gandhi or Priyanka Gandhi Vadra During Ongoing House Vidyalayas hit 5-year low Defamation Case Against SC bench
defers the des...," Justice Kant
will prove to be the better speaker, roor conveyed his lack of interest told Shah’s counsel.
as both siblings are part of the spe- in participating in the Operation Session: J&K CM Omar in 2024-25: Pradhan to LS Rahul to be Heard on Aug 21 matter for
resumed The bench also qu-
aker line-up for Tuesday — bar- Sindoor debate when Gogoi, at Jammu: Jammu and Kashmir New Delhi: Fresh enrolments Hathras: A special court here on hearing on estioned the rationa-
ring any last-minute changes. the behest of Gandhi and K C Ve- August 18 le behind recording
Apart from the two, the official nugopal, reached out to him on Chief Minister Omar Abdullah in Kendriya Vidyalayas (KVs) Monday fixed August 21 as the Shah’s statement by
Congress speakers include Gau- Sunday night. on Monday said he is hopeful across the country have hit a next date of hearing in a defama- a Special Investigation Team (SIT)
rav Gogoi (who opened for the Op- Tharoor’s stand evoked two of restoration of statehood to five-year low in the 2024-25 tion case filed against Congress constituted at the directions of the
position), Deepender Hooda, Sap- kinds of responses within Cong- top court. It said that instead state-
tagiri Ulaka, Praniti Shinde, and ress. While some felt he avoided ai- the Union Territory during the Monsoon academic year, according to data shared leader Rahul Gandhi for his remarks on an ments of those who have been victi-
Brijendra Singh Ola. ring views that diverged from the session of Parliament, asserting that his by the Ministry of Education (MoE) in the alleged gang-rape incident that took place in mised should have been recorded.
While many in the party feel some party’s official line, others saw it government will raise the issue if there is Lok Sabha. According to Union Minister of Hathras in 2020. Advocate Munna Singh The bench asked the SIT member
names in the line-up lack the statu- as a message that he was unwil- present in the court about the time
re and articulation of Tharoor and ling to change his stand to fit the no progress on it during this period. Education Dharmendra Pradhan, the Pundir said he had filed three cases against to complete the probe. The member
Tewari to effectively counter ru- party's position in the House. However, the J&K Congress said they are number of new students enrolled in the Gandhi in the MP-MLA court on behalf of said the probe would be completed
ling side heavyweights, the chosen Tewari and Amar Singh were ap- intensifying the statehood restoration KVs in 2024-25 stood at over 1.39 lakh, Ravi, Ram Kumar alias Ramu and Luvkush, within the statutory limit of 90 days,
MPs are seen as personal loyalists parently open to participating in which are set to expire on August 13.
of the Rahul-Priyanka camp. the debate, had the leadership al- agitation from August 1.—PTI down from over 1.75L in 2023-24.—PTI who were acquitted of rape charges.—PTI The bench deferred the matter for
Congress insiders claimed Tha- lowed them. resumed hearing on August 18.

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4  Pure Politics THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

ONGOING SPECIAL INTENSIVE REVISION OF ELECTORAL ROLLS IN BIHAR ALLEGED CASH DISCOVERY

Focus on ‘En Masse Inclusion, Why Did You

Not Exclusion’, SC Tells ECI Wait, SC Asks
Top court refuses to stop poll body from publishing draft electoral rolls for Bihar
ceptable documents, Justice Kant
Justice Varma Bench Led by
Raghav Ohri added: “Aadhaar and EPIC have a
presumption of correctness.”
‘Why did you take Justice Varma
New Delhi: The Supreme Court
on Monday asked the Election
Questioning the counsel for ECI
on exclusion of Aadhaar and vo-
part in inquiry Had Rejected
Commission of India (ECI) to focus
on “en masse inclusion” instead of
ter cards, Justice Bagchi weighed
in, saying, "You say none of the do-
process if it was Cong’s Plea on
“en masse exclusion” in the ongo-
ing Special Intensive Revision
cuments are conclusive as per SIR
notification... suppose someone
unconstitutional?’ `100cr I-T Notice
(SIR) of electoral rolls in Bihar. uploads the form with Aadhaar,
The top court again asked the poll why will you not include it in the Raghav Ohri
body to reconsider including Aad- draft?" The counsel for ECI con- Our Political Bureau
haar and Election Photo Identity tended that there are large scale New Delhi: The Supreme Court
Card (EPIC) as admissible docu- issues with ration cards. He also on Monday asked Allahabad New Delhi: Last year in
ments in the list of acceptable do- said that EPICs also cannot be con- High Court Judge Yashwant Var- March, the Delhi High Court
cuments to prove identity of voters clusive. The bench, however, ques- ma why he appeared before a had refused to interfere with a
in the revision of electoral rolls. tioned the poll body’s stand. committee constituted to probe decision of the Income Tax Ap-
A division bench comprising The SC adjourned the matter on an alleged cash discovery at his pellate Tribunal (ITAT) order
Justices Surya Kant and Joyma- account of paucity of time. The official residence in New Delhi if RESUMED HEARING rejecting the Congress party's
Indian Youth Congress members protest against Bihar SIR — IANS
lya Bagchi, however, refused to
stop the ECI from publishing the terpretation” needs to be decided.
top court asked the counsels for
the petitioners and ECI to give a ti-
he felt that it had no legal power
to investigate the matter. SC objected plea for a stay on a tax depart-
ment notice for recovery of du-
ONLY A DRAFT EXERCISE
draft electoral rolls for Bihar on Speaking on the exclusion of meline of their submissions follo- "Why did you not challenge when
to the Union es of more than `100 crore. The
August 1 as per the schedule notifi- It is only a draft Aadhaar and EPIC, the senior SC wing which the court will post the the committee was appointed? judgement was delivered by a
ed for SIR. judge orally observed that “any matter for final adjudication. Why did you wait? Why did you ap- of India being division bench comprising
Speaking for the bench, Justice exercise, it document on this earth can be for- At the last hearing earlier this pear before the committee? Why Justices Yashwant Varma and
Kant verbally remarked that “it is ged. Tomorrow, you may see that month, the SC had refused to stay did you not approach the Supreme made a respondent; Purushaindra Kumar Kaurav.
only a draft exercise”. He added “it does not take not only Aadhaar but out of ele- the SIR of electoral rolls being un- Court immediately? Did you take a The judgement was authored
does not take away our power” to ven (list of acceptable docu- dertaken in Bihar. Referring to the chance of a favourable order there posted matter for re- by Justice Varma, who is fa-
quash the entire roll if found erro- away our power to quash ments), other documents can also ECI, the top court had said it “can- first,” a division bench headed by cing an impeachment motion
neous in future. “Trust us... as so- be forged. That is a separate issue. not stop a constitutional body” Justice Dipankar Datta verbally sumed hearing on Wed for his indictment by an in-hou-
on as we know anything is wrong, the entire roll if found We will deal with it on a case to ca- from conducting a “democratic asked Varma’s counsel. se committee of three high co-
we will quash everything,” Justi- se basis.” Urging the ECI to inclu- process” and that it “will not se- “Judges have abstained from at- former Chief Justice of India urt judges over the recovery of
ce Kant added, saying that the “in- erroneous in future: SC de the two cards in the list of ac- cond guess” the ECI. tending these proceedings in the Sanjiv Khanna for his removal as a large sum of unaccounted
past," the bench said. Varma’s co- a high court judge be declared un- cash at his official residence in
unsel, senior advocate Kapil Sibal, constitutional and ultra vires. Delhi. “Accor-
DEMANDS DISCUSSION ON DETENTION OF 2 NUNS FROM DURG RLY STATION SIR IN WEST BENGAL responded saying that this cannot
be held against Justice Varma “I
The bench on Monday pointed
out shortcomings in the plea filed
dingly, while we
find no ground
Adhikari Writes (Varma) appeared because I tho- by Justice Varma. "This petition to interfere with

RS Rocked by Oppn Protests to ECI on Voter

Registration
ught the (inquiry) committee wo-
uld find out who the cash belongs
to," Sibal said.
Bundles of burnt banknotes had
should not have been filed like
this. Please see the party is regist-
rar general here and not secretary
general. The first
Judgement
the order impug-
ned, we dispose
of the writ peti-
was authored tion according li-

on SIR, Adjourned for Day tion on allegedly false allegations

Kolkata: Leader of
Opposition in West
Bengal assembly Suven-
allegedly been recovered from an
outhouse of Justice Varma's resi-
dence in Delhi after a fire incident
in March. Justice Varma, a judge
at the Delhi High Court at the time,
party is the supre-
me court as your
grievance is aga-
inst the process
mentioned.”
by Justice
Yashwant
Varma who
is facing an
berty to the peti-
tioner to appro-
ach the ITAT by
way of a fresh
impeachment stay application
motion
Upper House likely to of conversion and trafficking, and du Adhikari has written a letter to had claimed ignorance about the
Neither can
The bench also bringing to its at-
other issues. As the slogan shou- the ECI over the alleged increase in cash. Neither has Justice Varma the fire objected to the tention the change in circums-
run smoothly today ting continued, the chair adjourned disputed the fire incident nor the incident be Union of India be- tances noticed above. An appli-
the House till noon. voter registration applications recovery of cash, Justice Datta sa- disbelieved, ing made a respon- cation, if so moved, may be con-
for 16-hour discussion The same scenario took place at noon
as Vice Chairperson Ghanshyam Te-
(70,000), urging the poll body to id, adding: “Neither can the fire in-
cident be disbelieved, nor can the
nor can the
recovery of
dent. "This peti-
tion should not ha-
sidered by the ITAT with due
expedition,” the judgement da-
exclude domicile certificates, issued
on Operation Sindoor wari took up the Question Hour. The
House was adjourned within minutes after July 25, if the SIR is implemen-
recovery of cash.” Justice Datta
told the counsel that if Varma was
cash, said ve been filed so ca-
Justice Datta sually, maybe it
ted March 13, 2024, read. The
HC had, however, granted li-
as the Opposition raised slogans. ted in Bengal. Adhikari said the rise challenging the procedure, then missed your notice berty to Congress to move the
Our Political Bureau When the House assembled again he would have to satisfy the court also. There are three respon- ITAT again in case of any
in Form 6 submission and reports of
at 2pm, Vice Chairperson Bhubanes- that the procedure adopted was dents, your main grievance is change of circumstances.
New Delhi: No substantial work co- that he had received several notices war Kalita tried to pacify the mem- domicile certificates issuance, against the Constitution. against the Supreme Court. The Income Tax Department
uld be taken up in the Rajya Sabha on for suspension of listed business to bers and called Praful Patel (NCP) to raised concerns about the state’s The development took place du- Union of India not required. Su- had issued a notice to the Cong-
Monday as the Opposition members discuss matters of urgent importan- speak on the Carriage of Goods by “unethical and illegal efforts” to ring the hearing of a plea filed by preme Court, through the Regist- ress for recovery of `102 crore
walked up to the well of the House, ce under Rule 267. He rejected these Sea Bill. Opposition members shou- Justice Varma challenging the rar, confidential, not required. in outstanding tax for the as-
raising slogans to demand a discus- notices, leading the members from ted slogans alleging that the govern- facilitate the “legitimising of the Supreme Court-appointed in-ho- Main is, Respondent No. 2, thro- sessment year 2018-19.
sion on the Special Intensive Revi- Congress, Trinamool, DMK and ment is evading a discussion on key infiltrating Rohingya Muslims and use committee report indicting ugh whom the Supreme Court is On March 8, 2024, the ITAT
sion (SIR) being undertaken in poll- other parties to question the move. issues like SIR. Since a 16-hour dis- illegal Bangladeshi immigrants” to him over the recovery of the to be represented, Secretary Ge- dismissed Congress’ applica-
bound Bihar and other issues. When The Opposition wanted a discus- cussion on Operation Sindoor is to cash. In his plea, Justice Varma neral," Justice Datta said. tion seeking a stay on the noti-
the House met for the day, Deputy sion on SIR, the detention of two be taken up on Tuesday, it is expected manipulate voter lists. — OPB has also sought a declaration that The bench posted the matter for ce. Aggrieved, the Congress
Chairperson Harivansh announced nuns from the Durg Railway Sta- to run smoothly in the second half. the recommendation made by resumed hearing on Wednesday. moved the Delhi High Court.

‘SURPRISING’ AND SEEMINGLY ‘ERRONEOUS’

Top Court Blocks Cal HC Order

Staying New OBC List in Bengal dispute before a bench different from the ficates. The top court also asked the high
one that had ordered the stay. court to take a final decision in a time-bo-
SC asks Calcutta High Court The SC was hearing a plea by the Bengal und manner. "This is surprising. How can
to take a final decision in a government challenging the high court's the high court stay? Reservation is a part
order, which in June stayed notifications of the functions of the Executive…We will
time-bound manner that reclassified OBC categories, and in-
troduced changes in reservation quotas
request the Chief Justice to place it before
some other bench," Chief Justice Gavai,
and new procedures for issuing caste certi- speaking for the bench, said. The bench sa-
Raghav Ohri id prima facie the high court’s stay order
OTHER BENCH appears to be “erroneous”. "The (State
New Delhi: The Supreme Court on Backward classes) Commission has follo-
Monday temporarily blocked a Calcutta
High Court order that had put a stay on
‘Reservation is part wed some methodology (before proposing
changes to the OBC list). Whether it is cor-
the implementation of the TMC-led
West Bengal government's new list of
of functions of Ex- rect or not correct, let the high court see.
Prima facie, the (high court's stay) order
Other Backward Classes (OBCs). ecutive, we will is completely erroneous," the CJI obser-
Calling it “surprising” and seemingly ved. “We will request the high court to do
“erroneous”, a bench headed by Chief request Chief Justice to place it (decide on the matter) in six weeks. We
Justice of India BR Gavai urged the Chi- can request the Chief Justice (of the high
ef Justice of the high court to place the it before some other bench’ court) to constitute a special bench.”

‘WAS NOT AWARE OF BLO TRAINING’ ANNOUNCES SCHEME

Won’t Allow NRC Banerjee Urges

Migrants to
in West Bengal: CM Return to Bengal
Jayatri Nag
‘Names of genuine voters
Kolkata: Saying that she is ready to give
must not be deleted, they her life for Bengali “Asmita”, language
and people, West Bengal chief minister
should not be harassed in Mamata Banerjee on Monday urged the
the name of roll revision’ Bengali migrant workers in other states
of the country to return to the state as
she announced that a new scheme will be
Jayatri Nag floated for their livelihood.
The CM said this as she held the first ral-
Kolkata: West Bengal chief minister ly in Bolpur against "ling-
IANS

Mamata Banerjee on Monday said she uistic terrorism", kicking

will not allow NRC in the state in the na- off the "second language"
me of SIR till she is alive and will never ged. “We won't tolerate this in Bengal. movement, from the land
let any detention camps be set up. The double-engine government is be- of Rabindranath Tagore.
Banerjee reasserted that the names of hind this conspiracy.” Banerjee also instructed
genuine voters must not be deleted and “No one will have their names in voter the state administration to
‘We will bring
they should not be harassed in the na- list, despite having Aadhaar, EPICs and you back by start the process of bring-
me of electoral roll revision by the Elec- PAN Card... The list is decided from Gu- train as was ing back the workers from
tion Commission of India. “The names jarat. I love Gujaratis but some agency done during other states by formula-
of genuine voters must not be deleted in Gujarat is working as BJP's agency," Covid. We ting the scheme.
and they should not be harassed in the she further alleged. have opened Banerjee urged the wor-
name of electoral rolls revision," Ba- Banerjee said that she was not aware a police kers outside to come back
nerjee said. She alerted the district ma- that 1,000 BLOs went to New Delhi to the helpline’ to Bengal. "We will bring
gistrates to be alert and expressed grie- ECI for training. "Why were we not awa- you back by train as was
vances that she was not aware about the re of that training? The chief secretary done during the Covid period. We have
BLO training by the ECI. should have been informed," she told opened a police helpline. We will create a
Banerjee was convening an admini- the DMs. West Bengal Chief Electoral scheme for the migrant workers. Come
strative meeting in Birbhum district. Office is training BLOs from various back from Gujarat, UP, Rajasthan, Harya-
“The ECI is playing the huge game of parts of the state from July 24-28. Ahead na and Assam, as they don't want you...
NRC with the central government. of this, BLOs were trained in New Del- come and work here. I will urge all mig-
They (BLOs) will go thrice and if they hi. "Please inform the chief secretary rant workers' unions to request all to co-
don’t find anyone, then the names will and us. You are making decisions on yo- me back and you will live well in Bengal,"
be deleted. There is a conspiracy going ur own,” Banerjee told the DMs during Banerjee said, as she addressed people
on in the name of SIR,” Banerjee alle- the administrative meeting. during the rally.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO2 User: samar.jha Time: 07-28-2025 23:39 Color:

THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM
Brands & Companies  5
SUITS &
SAYINGS Pvt Labels Fill the Gap as Shoppers Cut Corners
ET’s roundup of the INFLATION SQUEEZE Retailers report a surge in sales of their own brands as value-conscious consumers shift to lower-priced items
wackiest whispers in spaces available through the gap of Rising inflation has forced consu- Index said Indian consumers are re-
corporate corridors
In the Spotlight
Sagar Malviya the national brands, but also they Shopper’s Stop gets mers to skimp on expenses and opt evaluating their retail choices with
& Writankar Mukherjee help us to deliver higher margins,” 18% of apparel for cheaper alternatives, and in so- more than half or 52% consumers
Kavindra Mishra, CEO at Shoppers me cases, even unbranded ones. In switching to private labels and 70%
Crisis Control Mumbai | Kolkata: Consumers Stop, told investors, adding that its
D’Mart’s private brand
sales doubled to
sales from
private labels fact, the volume growth rate of the of them believing that private labels
Grapevine has it are increasingly shifting to lower private label business accounts for 22 listed companies that Kantar meet their needs just as effectively
that the CEO of a priced private labels in supermar- 18% of its appa- `3,322 crore tracked was just 3.6% in FY25 as branded products. The report sa-
large MNC has kets and department stores as retai- rel sales and while unbranded products id significant 69% of consumers sa-
lately been lers report a surge in sales of their grew despite ra- V-Mart’s own 52% have seen a significantly id that store brands and private la-
spending ex- own brands or private labels in the tionalisation brands now of consumers higher growth of 6.1% in bels help them save money. In addi-
tended hours at face of a subdued consumer demand over the past 18 make up 64% are switching the year. tion, 74% of consumers noticed mo-
the boardroom environment. months. “The of apparel sales to private Devaranjan Iyer, chief ex- re private label options where they
discussing strategy instead of DMart saw sales of Align Retail, Retailers have private brands labels: EY ecutive officer of depart- shop and 70% observed more private
which makes its private brands, mo- been trying for have to deliver on mental store chain Lifestyle label items positioned at eye level on
the usual local market visits or
long to sell their Reliance FMCG sales doubled to
re-than-double over the past two ye- the gross margin International, said the contribu- store shelves.
team discussions. Sales are on a
decline since the past few
ars to `3,322 crore, while V-Mart's private brands
outside their
return on foota- `4,400 crore in June qtr tion of private labels to total sales is “Consumer behaviour has tradi-
own brands contribution also doub- ge and the profi- 32% and rising every year and is gro- tionally evolved in response to
months and insiders say the stores, but most
led to 64% of all apparel sales in tability, which is BHAVIN G wing at a CAGR of almost 15% com- changing economic situations, but
global HQ is turning up the heat. have found
FY25 from 33% two years ago. Reli- super critical.” amid rising prices. Reliance Retail, has a big advantage of being able to pared to low single digit growth in the current shifts appear to be mo-
But that's not all — a recent wave limited success
ance saw its consumer goods arm sa- Most retailers the country's biggest retailer, has hi- sell through our store or our net- most other categories. “It's not about re permanent. Retailers are confi-
of CXO exits at rival firms seems les double in the quarter ended June introduce their own cut-price ver- ved off its private label business and work of stores, both B2C and B2B, improving profitability but filling dently launching private labels
to have taken some of the to `4,400 crore from a year ago, tho- sions or private labels of mass-pro- acquired several consumer brands the business has built its own inde- gaps in demand. These are priced as and allocating prime shelf spa-
sparkle off bold expansion ugh just a third of their products are duced products to earn higher mar- to operate them as a standalone fast pendent distribution network, value for money attracting a lot of ce...,” said Angshuman Bhattacha-
plans. The sheen has faded from sold at their own stores. gins but also offer consumers lower moving consumer goods entity. which is pretty substantial,” said consumers who are already stressed rya, partner and national leader,
new category ambitions, which “It's very important that not only priced options, which helps when “General trade contributes 70% Dinesh Taluja, CFO of Reliance Re- in their daily lives,” said Iyer. consumer products and retail sec-
have now been quietly shelved. the private banks are able to fill the household budgets are squeezed of the sales. While it (own brands) tail, at a post earnings call. A recent report by EY Consumer tor, EY-Parthenon.
The focus, for now, is firmly
back on the core portfolio.
INDIAN BUSINESSES TAKE CENTRE STAGE PUTTING WEIGHT BEHIND DEMAND
Amber Group
Policy Slip
The government
granted a 30%
Panasonic in Talks to Buy Buys over 40% in
Israel’s Unitronics
Maker of GLP1
Pens Scales Up for
duty exemption
on imports of
polo horses,
only to rein it in Controlling Stake in Focus Our Bureau
within 24 hours.
The sudden reversal raised
eyebrows — was it just a slip up,
or did anyone sense the policy
Potential buyout of B2B light fittings firm may cost `526 crore
New Delhi: Electronics manu-
facturer Amber Group has signed
definitive agreements to take a
Generic Debuts
was veering off course? Word is,
40.24% controlling stake in Isra-
Mohit Bhalla & el-based Unitronics, a global play-
someone at the top caught wind
of a lobbying effort behind the
Writankar Mukherjee Growth Switch er in industrial automations and
control systems, for more than
India’s top producer of Easy Injecting
move and didn’t take it lightly. A
New Delhi | Kolkata: Panasonic
Focus’ clients Founders own
`400 crore.
injector pens Shaily Global annual demand
include for pen injectors likely at:
junior officer has since been
pulled up for uploading the
is in talks to buy a controlling sta-
ke in business-to-business (B2B)
Reliance 55% Amber's electronics manufactu-
ring subsidiary ILJIN Electro-
Engg plans to double its
exemption order without
adequate scrutiny.
light fittings maker Focus Ligh-
ting and Fixtures, in what would
Retail, DLF in Focus
nics will acquire 5,624,591 shares
at NIS 27.75 per share for NIS 156
capacity by FY26-end 500 m About
2 b by
Electric works is Panasonic in next
be its second acquisition in the India’s top revenue source million (around `403 crore) in an 3 years 2030-32
Privy to the whispers in power electricals segment in India after all cash-deal. After the acquisi- Rica Bhattacharyya
corridors or juicy tips on India Inc?
Do share with us at
etsuits.sayings@timesofindia.com
nearly two decades, said people
aware of the matter. B2B lighting in `11,500 cr tion, ILJIN, together with joint
chairman of Unitronics, will own Mumbai: With sales of weight-
Rising sales of GLP1 drugs,
upcoming patent expiry
The Sheth family, founding sha- India is mostly Panasonic India a 45.13% stake in the company. No loss drugs surging and set to go of semaglutide
reholders of Focus Group, owns unorganised FY25 revenue governmental or regulatory app- up even more as semaglutide go- triggering demand
55% of the NSE-listed company. rovals are needed for the deal, es off patent early next year, a
Omaxe Raises The remainder is with the public
including individuals and bodies (erstwhile Anchor) said the specu- me Anchor Electricals in 2007, get-
Amber said in a
stock exchange
low-profile manufacturer of in-
jector pens, Gujarat-based Shai-
Shaily Engineering sole
large Indian player that
`500 crore corporate.
Panasonic is looking to acquire
lation "appears to be unfounded.”
“No such information has been
ting a foothold in the business-to-
customer (B2C) home electricals
The
acquisition
filing Monday.
According to
ly Engineering Plastics, is set to
reap a windfall. Its stock has ne-
makes pen injectors
the promoters’ entire sharehol- shared, and to our knowledge, no and light fitting segment. comes as the the terms of the arly doubled over the past 12 Global manufacturers
Faizan Haidar ding in Focus Lighting, said the pe- such facts exist,” he said. The electric works business, Group looks acquisition, months. Manufacturers of the include Ypsomed, Becton
ople cited above. A potential deal Focus, which listed on NSE’s which includes LED lighting pro- to expand its Unitronics will pen-like devices that make it easy
product
Dickinson
New Delhi: Property developer would trigger a mandatory open small and medium enterprises ducts, switches and wires, cables, leverage ILJIN's to self-administer metered
Omaxe has raised `500 crore from offer to the company’s public sha- (SME) board in 2017, did not re- smart home products and energy portfolio in extensive elec- doses that would
funds managed by Oaktree Capi- reholders for at least 26% stake as spond to ET’s queries. solutions is the largest revenue industrial tronics manufac- otherwise
tal Management, a global invest- per Sebi guidelines, they said. The company ma- contributor for Panasonic in In- applications turing expertise need to be
ment manager specialising in al- The acquisition would cost Osa- kes light fittings for dia, accounting for over half of Pa- to enhance ope- injected
ternative investments. ka-headquartered Panasonic abo- commercial uses nasonic Life Solutions India Pvt rational synergies, accelerate in- with a sy-
The funds would help finance ut `526 crore, including the 26% such as retail store Ltd sales, the flagship entity. The novation, and strengthen its pro- ringe are
Omaxe’s projects across key mar- open offer, based on Focus Ligh- facades and inte- rest comes from AC, televisions, duct position in India. the unnoticed
kets such as New Chandigarh, ting's current market capitalisa- riors. Its clientele industrial and system solutions, The acquisition comes as the beneficiaries of weight-loss
Lucknow, Ludhiana and Farida- tion, as per ET’s calculations. includes Reliance lithium-ion battery trading, and Amber Group looks to expand its drugs becoming blockbusters. part of the first-day launch wave
bad. Besides, Omaxe State in According to the people cited Retail and DLF. smart factory solutions of SMT product portfolio in industrial Shaily is doubling capacity in li- in several international markets
Dwarka, the upcoming integrated above, the negotiations are at an The Indian B2B market for ligh- machines, robotic arms and wel- applications. The acquisition ne with plans of top pharma com- and India as soon as the patent ex-
township in Amritsar, and a new advanced stage, but the due dili- ting products and fixtures is most- ding machines. will also help Amber with back- panies to launch generic ver- pires.
township project in Indore would gence of Focus has brought to ly unorganised with the presence Panasonic’s efforts to acquire ward integration, enhancing sions of GLP1 weight-loss drugs Shaily is investing about `125
also draw funds from this corpus. light issues which need to be add- of several small and local compa- control of Focus Group undersco- competitiveness, and gaining ac- early next year in India and over- crore in FY26 on capacity expan-
In January 2024, the builder had ressed before inking the contract. nies in the segment. Matsushita res its strategy to enhance its foot- cess to global markets like US and seas, said a senior company ex- sion of its IP-led pen platform.
raised `450 crore from Kotak Ma- A spokesperson for Panasonic’s Electric, Panasonic’s previous av- print in the B2B segment, its big- Europe amid rising demand for ecutive. It will be increasing ca- “We will be expanding (capaci-
hindra Bank. electric works business divisions atar, had acquired household na- gest revenue-generator globally. industry 4.0 applications. pacity to 80-85 million pens by ty) going forward to cater to the
this fiscal year end from 40-45 global as well as domestic mar-
million currently to cater to do- ket,” said Shah.
mestic and export demand, San- Danish drugmaker Novo Nor-

Falling Ad Spends, Torrent Plans Semaglutide Rollout Post Patent Expiry

Our Bureau
“As of now it looks like we
could be in the first wave.…it
On JB Pharma acquisition,
Aman Mehta, whole time di-
ma through a share purchase
agreement for `11,917 crore at
jay Shah, chief strategy officer,
told ET.
“We will look at further expan-
sion and ramp up (in FY27). Cur-
disk’s weight-loss molecule se-
maglutide, branded Ozempic
and Wegovy, will go off patent in
March next year, opening up the

Fewer Subscribers Mumbai:Torrent Pharmace-

uticals is planning to catch the
first wave of semaglutide
will be a reasonable addition
to our chronic medicine port-
folio in the next 1-2 years,”
company officials said over
rector, Torrent Pharma, said
that the acquisition was on
track.
“There were some
`1,600 per share.
This will trigger a mandato-
ry open offer to acquire up to
26% of JB Pharma shares
rently, we are working with mul-
tiple players who are looking to
launch generic semaglutide in
different markets,” he said.
gates for Indian and overseas
drugmakers to launch cheaper
generic versions.
Experts expect an immediate

Spell Trouble for TV launch once Danish drugma-

ker Novo Nordisk’s patent ex-
pires early next year. The Ah-
medabad-based company is
an investor call on Monday.
The company reported an
11% growth in its first quarter
revenue to `3,178 crore, while
filings required in
terms of public of-
fer and merger sche-
mes including the
from public shareholders at
an open offer price of `1,639.18
per share.
Torrent has also expressed
According to Shah, various esti-
mates suggest global demand for
injector pens is likely to reach 500
million per year in the next two-
price reduction of 50% and furt-
her by 60-80% over the coming ye-
ars. This will boost affordability,
potentially spurring sales of the
looking to be present in both net profit was `548 crores, up CCI application, all those have its intent to acquire up to three years and about 2 billion by drug and consequently, injector
Distress Signals oral and injectable versions of 20% y-o-y. Its operating EBIT- been done now. We have to now 2.80% of equity shares from 2030-32. pens.
Ad Spend Ad Spend the weight loss drug, a top ex- DA stood at `1,032 crore, up wait for the CCI to revert and employees of JB Chemicals at This is leading industry insi- In the past, shortages of both Eli
Company Chg ecutive said. 14% y-o-y, while EBITDA mar- see if there are incremental transaction price. ders to predict a looming supply Lilly’s tirzepatide and Novo’s se-
FY25 (` cr) FY24 (` cr)
HUL 6,199 6,489 -290
Torrent is currently conduc- gin was at 32.5%. The opera- things to be done,” he said. JB Chemicals sharehol- crunch for pen injectors. maglutide in the US were largely
India’s active ting Phase 3 clinical trials for ting EBITDA includes acqui- The company will acquire ders will get 51 equity shares India’s leading drugmakers like due to lack of devices and fill-n-fi-
Britannia 560 694 -134
DTH users oral products while it has also sition-related one-off expen- 46.39% equity stake (on a ful- of Torrent for every 100 equi- Sun Pharma, Dr Reddy’s, Cipla nish capacities after demand for
ITC 1,331 1,385 -54 dropped to partnered for the injectables. ses of `15 crore. ly diluted basis) of JB Phar- ty shares of JB Chemicals. and Lupin are expected to be a the drugs far outstripped supply.
Subscription FMCG made up 63% 56.92
growth remains of TV ad volumes in million
sluggish, partly due 2024, down 8% from in 2025 from
to a decline in pay- 2023, while the 70.26 million
TV base post-IPL overall mkt fell 6% in 2020

the industry had added 1.5

Javed Farooqui million pay-TV subscribers
on the back of IPL and the
Mumbai: India’s television ICC Champions Trophy.
broadcasting sector is facing “Yes, we have seen softening
a period of turbulence, with in the FMCG sector. The last
both advertising and sub- two quarters have seen the
scription revenues coming FMCG sectors being slightly
under pressure. soft and we have seen taken a
A slowdown in advertising hit on our revenues on enter-
spends by fast-moving consu- tainment. I think things seem
mer goods (FMCG) compani- to be pulling back and we are
es, long considered the back- hopeful with the season co-
bone of TV advertising, has ming up, we shall be able to
weighed heavily on broadcas- have stronger numbers, even
ters already contending with on entertainment,” said Ke-
structural shifts in audience vin Vaz, CEO of Entertain-
behaviour and distribution. ment at JioStar, during the
Advertising and promotion company’s Q1 earnings call
expenses falling to `6,199 cro- on July 18.
re in FY25 from `6,489 crore in JioStar, a joint venture bet-
FY24 for Hindustan Unilever, ween Reliance Industries and
the country’s largest FMCG Disney, reported a net profit
advertiser. Britannia’s drop- of `581 crore for the June qu-
ped to `560 crore from `694 arter. Its EBITDA stood at
crore. ITC’s consolidated ad- `1,017 crore, while operating
vertising and promotion ex- revenue reached `9,601 crore,
penses declined to `1,331 crore largely buoyed by the suc-
in FY25 from `1,385 crore in cessful IPL 2025 season. The
the previous fiscal. company had a 35.5% share
According to a FICCI-EY re- in the entertainment TV cate-
port, FMCG accounted for gory.
63% of total TV ad volumes in “We've had a superlative
2024. However, this was 8% lo- performance both on our
wer in absolute terms compa- subscriptions across TV and
red to 2023, against an overall digital, and IPL posted its
market decline of 6%. highest revenues with a solid
Adding to the challenge, year-on-year growth,” Vaz
subscription revenue growth added.
has been tepid, partly due to a Meanwhile, Zee Entertain-
decline in the pay-TV base fol- ment, which held a 16.8% sha-
lowing the Indian Premier re of overall TV viewership
League (IPL) season. during the quarter, saw a mix-
According to industry sour- ed performance. The compa-
ces, the pay-TV industry has ny posted a 14% year-on-year
seen a decline of 1.5 million rise in net profit to `144 crore
homes after the tournament for the quarter ended June
ended in June. Incidentally, 2025.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO3 User: raman.kapoor Time: 07-28-2025 22:20 Color:

6} THE ECONOMIC TIMES The Edit Page THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

IT, Couple of Bumpy STATE OF PLAY There is a Trump deal within the trade deal, which is making things tricky

Quarters Ahead
Smaller firms have more headroom for growth
Economic uncertainty in the US and Europe are showing
Donald and Don’ts of Tariffs terests of the Trump Organisation
and its entities.
up in muted growth of India’s infotech sector. Sober guid- What India can, and must, do is prise
ance accompanied the latest quarterly results of top IT
companies dealing with clients who are demanding more
open win-win opportunities like civil
nuclear energy cooperation. Though Being
Present
not listed until now in Parliament’s
for less. Tariff negotiations are dragging on between the monsoon session agenda, GoI ought to
US and its principal trading partners, and American consider expediting the introduction
companies are treading cautiously over tech budgets. On Pranab Dhal Samanta of a new or amended nuclear liability
bill, along with relevant amendments
SWAMI SUKHABODHANANDA
its part, generative AI is dialling down the need for outso-

I
to the Atomic Energy Act. To experience an experience, you
urcing business processes to large teams operated by ven- ndia seems to have hit a Trump A continuous emphasis on the criti- must be present in it. If we are
dor companies in India. Indian IT firms are likely to see wall in its trade deal negotiatio- cality of strategic relationship from a present to ‘what is’, we will reali-
ns with the US. Unlike other seg- security perspective is vital. On that se how our past starts interfering
flat topline growth over the financial year, although they ments of the relationship like score, Trump’s inclination to play the with the present experience.
will be able to protect margins by retooling operations. security and terrorism, where Pakistan card is counterproductive — The past influences our experi-
IT companies have already dialled down hiring, and India has been able to nudge its pieces one that India will have to counter at ences, so we must be conscious
through the American system, the tra- all levels. and aware. We must be present in
attrition rates are stabilising. The wage bill is in control de deal has got looped into a different On a broader plane, what’s note- ‘what is’ and not allow the past to
through moderating salary growth and AI-optimised White House orbit — an orbit with worthy is that the EU, for its 15% tariff shape our present. When you are
staffing. Also, top-tier IT firms are skilling their staff as shifting goalposts and changing field. deal, has committed to purchasing US unhappy, there is a payoff. People
So, what’s holding up the deal? Af- energy supplies worth $750 bn over give you sympathy. When you are
they chase new AI-driven business. Re- ter all, India was among the early mo-
Put on that poker face
three years in a strategic shift from happy, you must pay a price… peo-
structuring organisations to deliver vers on initiating a trade conversation Trump to reconsider. But, for now, ne- tern emerging in the larger picture Russian fuel. France is already ex- ple feel jealous of you. So, unhap-
AI-assisted services opens up more with the Trump regime. And, yet, an gotiators are headed back to the table from Trump’s negotiation with the EU pressing concerns over the entire de- piness has a deceptive gain: you
agreement has eluded both sides, whi- to pick up the threads again to rejig, and other countries is that focus is on al. The number for Japan is $550 bn get sympathy, and it misleads you
opportunities to compress costs. Indi- le others appear to be closing the gap and, if needed, recast the entire frame. arriving at an understanding on a worth of investment, which the Japa- into believing that sympathy eq-
an IT industry has demonstrated its sooner, including the EU, which Next month’s talks would probably single overall tariff figure. All tariff uals love. First, renounce this myth.
struck a deal with US on a 15% tariff be the 50th round of negotiations with line negotiations will eventually ha- Negotiators are headed When you receive sympathy, you
resilience in a shifting technological back to the table to pick up
slab on Monday. the US, making it by far the longest tra- ve to settle at that one number. get attention, which is a delicious
landscape, and should be able to man- In India’s case, White House chang- de negotiation the Trump regime has For Britain, it was 10%, the EU the threads again to rejig, food for the ego. Since childhood,
age the latest transition. ed the frame last minute. Both sides held with any country or grouping. A and Japan settled at 15%, Indo- and, if needed, recast you’ve ‘played this racket’ to get
Investors have turned cautious about the immediate had agreed in February to work on an big part of the reason is India has a nesia 19%, and Vietnam the entire frame attention. As you grow up, this
early harvest agreement by Septem- comparatively higher tariff structure, was about about 20%-plus. game continues. Men also use an-
upside in Indian IT stocks. Valuations are rich and deal- ber, which would cover close to 40% ta- which only complicates line-by-line So, this is the ‘Trump de- nese government is ger as a racket to protect their in-
making is sedate as overseas enterprise clients squeeze riff lines. This was to be a concrete de- negotiation. But New Delhi has, on al’ within the trade deal. It’s scrambling to explain as ner wound. Anger, in such a case,
discretionary spending. Yet, there are pockets of strong liverable during a planned Trump vi- this occasion, extended a bold offer go- unprecedented and, until loans to its domestic audi- becomes a defence mechanism.
sit to India around the same time. ing by its own track record. Yet, it will now, not even properly documented as ence. Saudi Arabia and the UAE have Does one choose to be miserab-
activity among industry verticals, and smaller IT firms The early harvest was to be follo- miss Trump’s August 1 tariff deadline. a model. However, that’s the way the announced $1.3 tn and $1.4 tn, respecti- le in this mental game? Yes. This
have more headroom for growth. IT firms declared their wed by widening negotiations on to Will it be extended for India, given pattern has held. India doesn’t have a vely, of investments, procurements has become a habit. Habits beco-
unimpressive results in the middle of broad-based selling more tariff lines with the object of co- that a US team is headed to Delhi for number on offer yet from the US. But, and business partnerships over 10 ye- me a pattern. Then the pattern
vering 90% tariff lines that would another round? The jury is still out on in all probability, this is the direction ars with the US. takes control of you. For example,
of Indian equity by FIIs. Overall corporate performance then close Phase 1 of the trade de- this because Trump has generally in which negotiations are likely to he- These are staggering numbers for being a victim invokes sympathy
has been subdued, but IT stocks have taken a mauling. al. The second phase was to be a ad. The problem for India is its own GoI, which is still working on US defen- from others. So, your misery beco-
more detailed and protracted Problem for India is its own complicated high-tariff structure, ce procurement plans in the $8-10 bn mes an investment. Then slowly
The Nifty IT and FMCG indices have faced sustained pres-
negotiation on aligning stan- complicated high tariff which will make it a more difficult ex- range. In India’s domestic politics, de- it becomes a pattern. Then, with-
sure since the results, and valuations may have to correct dards and adopting mutually structure, unlike generally ercise to reconcile, as opposed to gene- als like these are a minefield for any go- out your awareness, you will feel
some more before sector rotation begins to work to their acceptable quality cont- low tariff economies like rally low-tariff economies like the EU vernment to navigate. This is a politi- victimised. This happens uncons-
rol measures. the EU and Japan and Japan. cally awkward situation on which the ciously and mechanically.
advantage. Business outlook could improve for IT com-
But Trump, it appears, The tricky bit will be to figure out future of the trade deal may just rest, Become aware. This is your ga-
panies with clarity over Trump’s reciprocal tariffs and changed his mind when maintained a ‘no-ex- the minutiae of the Trump deal in the one that will require constant strate- me. You have a hidden agenda. If
their impact on US growth and inflation. There may be a the proposed early har- tension’ stand. But trade deal, which is also bundled into a gic bargaining, while at the same time you see the vacuousness of the
vest agreement reached his table. Whi- with 15% slab agreed with the EU, reve- number by way of procurements from considering doable commitments on hidden agenda, you will drop it.
couple of bumpy quarters ahead. the Trump commercial agenda. Ask yourself, ‘By this mental ga-
te House now feels Phase 1 should be nues will swell, giving him room to ac- the US, business deals and investment
completed in its entirety before any ag- commodate some exceptions. opportunities to US companies as well me, I gain attention. Is this food
reement is signed. Efforts are on to get From an Indian standpoint, the pat- as crypto mining — not to forget the in- pranabdhal.samanta@timesofindia.com for the ego? Is my ego built on this
foundation?’ The ego is built on

EU Needs to Do More
hope. The ego always lives in the

Dial Down Massive AImissions

past and future. If you sit in front
of a stream and are present in

Than Toe the US Line

‘what is’, there is no past or future.

me as much energy as running seve- to automated recommendations — PARANORMAL

In Donald Trump’s world view, tariff threats, not diplomacy, ACTIVITY
ral Google searches. The system still there is value in recognising that
produce results. Hungry for a ‘win’ as the big deal-maker, the processes it like any complex query. every interaction travels through this Paragraphs From Fiction
tariff addict put Russia on a 50-day clock in mid-July. With Na- These invisible costs reinforce the vast physical infrastructure. Being
to secretary general Mark Rutte by his side, Trump told Krem- need to use AI judiciously, especially mindful of frequency and necessity, On the Calculation
lin to agree to a peace deal, or get ready for 100% tariffs, with si-
where simpler tools would suffice.
‘Green AI’ refers to ongoing efforts to
just as we are with energy use at
home, can complement broader
of Volume
milar tariffs on countries doing business with Moscow.
Deepa Nagraj reduce the environmental impact of AI sustainability efforts. Solvej Balle
Trump’s threat echoed in the US Senate. In a rare bipartisan systems. Research so far has demons- Infrastructure upgrades and more There is someone in the hou-
moment, it was set to pass a bill imposing secondary sanctions trated that efficiency improvements, efficient algorithms are important, but se… There’s the rustle of tea
AI is becoming increasingly integrat- particularly during the model train- are only part of the equation. Broader leaves and paper as first one,
on countries doing business with Russia, such as China, Brazil ed into day-to-day operations across in- ing phase, can yield energy savings operational strategies, like structured then another spoonful of tea
and India. Rutte joined in — get Moscow to talk peace, else.… dustries — from customer service and between 13% and 115%. But training is R2, we need to save energy energy management systems, defined leaves is taken from a paper
Perhaps Rutte didn’t want to rock the boat especially after Tru- logistics to finance and product devel- just one part of the equation. There reduction targets and regular audits, bag and poured into the tea-
mp announced his plan to support Ukraine’s war efforts — get opment. Most discussions about AI fo- remains considerable scope to impro- making them a key area for emissions are essential. Tools like IoT-enabled pot, then the sound of water
cus on its power and potential. But the ve efficiency during deployment and reduction. monitoring and internal training being poured over the tea lea-
Europe to buy US weapons. But the for- environmental cost is just as import- inference, as well as in the infrastruc- Improving data centre efficiency can programmes can help integrate these ves, but such sounds can only
mer Dutch PM should know the impact of ant. Training a single large-scale mo- ture that supports AI workloads. yield immediate benefits. Organisati- practices into daily workflows. be heard in the kitchen.…
high secondary tariffs on the EU. Though del can generate as much carbon as Methods like pruning, knowledge dis- ons are increasingly adopting advan- Some organisations are already ali- …I don’t hear the sound of
substantially reduced, the EU still im- several cars over their entire lifespan. tillation and low-precision computati- ced cooling technologies, server virtu- gning cloud infrastructure decisions the tea being
In addition to emissions, data cent- on are being explored as ways to lower alisation and dynamic power manage- with sustainability objectives, and poured into the
ports Russian fossil fuels — about 19% of res consume enormous amounts of energy use while maintaining perfor- ment to reduce energy consumption. embedding ESG considerations into cup, but I can
its gas and 3% of oil. Direct imports of oil water for cooling, and hardware is be- mance. In addition to model-level im- The physical location of data centres how AI systems are developed and hear footsteps
from Russia are down, but there has been ing replaced at an accelerating pace as provements, practical steps like sche- also plays a role. Facilities situated in deployed. As adoption continues to moving from the
a rise in the EU’s import of oil from Brazil systems become outdated. For ins- duling compute tasks during off-peak colder climates naturally require less scale, there is a growing need for con- kitchen to the
tance, training large AI models alone energy hours, or selecting more effi- energy for cooling, contributing to low- sistent benchmarks. Including data living room as
and India, both countries buying discounted Russian oil. In can require lakhs of litres of water, cient hardware, can also contribute to er overall emissions. Also, real-time points such as emissions from model he carries the
June, the EU was the fourth-largest buyer of Russian fossil fu- adding to the environmental toll. lower consumption. Even individual monitoring through data centre infra- training, infrastructure-related ener- cup of tea thro-
els, mostly LNG. Rutte’s Netherlands exclusively imported Much of this impact is not visible to decisions like choosing simpler AI structure management (DCIM) tools gy use and hardware lifecycle mana- ugh the house.
the user, and is rarely explained by queries when possible, or relying on allows operators to track performan- gement in sustainability reporting His name is
LNG valued at ¤99 mn from Russia.
technology providers. Unlike airline local models instead of cloud-based ce, detect inefficiencies and make can offer a more accurate picture of Thomas Selter.
Russia’s relationship with India and Brazil is very different bookings, where carbon ratings are ones, can make a difference. data-driven adjustments. Migrating AI’s environmental footprint. The house is a two-storey sto-
from that with China. Remember the Xi-Putin ‘friendship with- now common, there is no equivalent The infrastructure powering AI — AI workloads to cloud platforms that Greater transparency around the en- ne cottage on the outskirts of
out limits’? Instead of threatening sanctions, the EU leader- ‘CO2 label’ for AI queries. As a result, particularly data centres — is one of are designed for energy efficiency and vironmental impact of everyday AI the town of Clairon-sous-Bois
users are increasingly relying on AI its most significant environmental powered by renewable sources offers use can empower people to engage in northern France. No one
ship should work with Brazil and India to find alternatives to for even the simplest tasks, unaware touchpoints. These facilities require yet another impactful strategy to prio- with the technology more thoughtful- enters the back room overlook-
Russian fossil fuels, while ensuring these countries are able to of its hidden environmental foot- vast amounts of energy to run high- ritise sustainability. ly, rather than relying on it by default. ing the garden and a woodpile.
meet their energy needs. Europe needs to understand that the print. Generating a ‘thank you’ mes- performance computing systems and For those relying on AI-powered tools It is the eighteenth of Nov-
current geopolitical context requires a different handling of sage using generative AI may consu- maintain optimal temperatures, in daily life — from digital assistants The writer is head, ESG and CSR, Mphasis ember. I have got used to that
thought. I have got used to the
the world. Blindly towing the US line won’t do. sounds, to the grey morning

Par for the Trump Golf Course

light and to the rain that will
soon start to fall in the garden.

JUST IN JEST Translated from Danish by

Barbara J Haveland

France risks a revolution by snipping sed by the US-India Strategic ball for India remains to be seen. to the negotiations said India should
Partnership Forum (USISPF). Not much has moved on the trade prepare for at least 19% tariff on all
off two public holidays President-CEO Mukesh Aghi negotiations despite best efforts. exports to the US come August 1.
Chat Room
Sacré Bleu! Chhuttis
has played an important role Insiders say that when com- Meanwhile, Pakistan’s foreign
over the years in bridging the merce secretary Howard minister and deputy PM Ishaq Dar
gap in understanding and
aligning strategies, and
Lutnick and US trade repre-
sentative Jamieson Greer
was in town to pitch for more coopera-
tion on trade, investment, counterter- Kala Namak,

Are Sacrosanct MSG to Taste

Seema Sirohi generating positive messa- LETTER FROM went to Trump recently to say rorism and AI. Dar also made a plea
ges between the two sides. A they had a good initial deal for a meeting — however short —
round of golf is what the WASHINGTON with India, he wasn’t satisfied. between Trump and his PM during Apropos ‘Let’s Order Chinese To-
Traditional diplomacy doesn’t seem doctor might have ordered given Trump wants a deal similar to what the UN general assembly in Septem- day’ by Saibal Dasgupta (Jul 28),
France has never been shy about taking to the streets. From to work with Donald Trump. So, how Trump’s love for the game. he has extracted from others in terms ber. A photo would help save face back India’s decision to resume tour-
about a different play? Can a few And the location couldn’t be better. of investments in the US — $550 bn home since the civilian government ist visas for Chinese citizens sig-
toppling monarchies to rattling society, revolt is practically rounds of golf with the president on The Bedminster golf club is owned by from Japan and $600 bn from the EU. has become a butt of jokes. Trump nals a pragmatic recalibration.
a national pastime. The latest stir might not involve storm- his private golf course organised and the Trump Organisation. It’s where He reportedly also asked to speak to feting the field marshal hasn’t helped. While geopolitical tensions per-
ing the Bastille, but it’s still setting off sparks. French PM paid for by India’s friends and be- Ivanka Trump married Jared Kushner, Narendra Modi to thrash things out. Pakistan’s multiple lobbyists (said to sist, engagement with China —
François Bayrou recently sounded the alarm on the coun- nefactors help clear the fog? and its sprawling greens are often the But that so far hasn’t worked out. number 13) will help, especially Keith carefully calibrated — can yield
That’s the idea behind next month’s site for Trump’s ‘working vacations’. Some say avoiding the call won’t Schiller, a Trump confidante and significant dividends. A streng-
try’s ballooning deficit, warning that France racks up ¤5,000 US-India golf championship at the Tru- If you’re serious about political and solve the problem, but talking can former bodyguard. Qatar’s lobbyists, thened India-China economic
in debt every second. His fix? Trim tax breaks for the weal- mp National Golf Club in Bedminster, corporate networking, you can be- provide an opportunity to explain the too, are helping Pakistan push its relationship promises mutual
thy, slash civil service jobs and — sacré bleu! — scrap two New Jersey, when business luminari- come a member by paying $350,000 in politics of things. Trump wants message in DC. One hopes India’s gains: India’s vast consumer base
beloved public holidays: Easter Monday, and May 8, Victory es, cabinet members and who’s who initiation fees and upwards of $12,000 access for US dairy products made expensive lobbyist Jason Miller has and tech talent can attract Chin-
of the Indian American community in annual dues on top of that. from cows fed on blood and bone some access. ese investment, while China of-
Day, which marks Nazi Germany’s surrender in 1945. are expected to gather to tee off and Whether a game of golf moves the meals. But that isn’t acceptable to a There’s not a whole lot of sympathy fers access to critical supply ch-
That last bit has unleashed a mini uprising, with critics have some hole-hearted fun. Only 52 majority of Hindu Indians. After in this White House for India, at least ains, manufacturing infrastruc-
calling it a ‘direct attack on our history, our roots, and Fren- slots are on offer, making it a coveted all, Trump made sure to serve on trade. A staffer said India boasts of ture and capital. In a turbulent
ch workers’ — not to mention a grave threat to democracy ticket. A black-tie dinner for 150 ‘halal’ delicacies to the Pakistan being a $4 tn economy on the one hand global economy, cautious cooper-
people is planned for the evening. army chief. He should under- and being a poor, developing country ation may serve national interest.
itself, with right-wing parties surging across Europe. Bay- Shantanu Narayen of Adobe, Raj Sub- stand Indian sensitivities. But on the other. India should focus inter- However, strategic limitations
rou may have poked the hornet’s nest at the wrong time. ramaniam of FedEx, and Arvind Kri- has anyone dared to explain the nally and become No. 1 in whatever must guide this engagement. We
Holidays are sacred in France. Meanwhile, here in India, shna of IBM are among the stars invi- issue to him? The PM could. focus sectors it chooses, so it has must guard against overdepend-
ted, in addition to deep pockets from In the last two weeks, Trump leverage. ‘If India stopped trading ence in sectors like telecom, data
we can only kick back, sip our cutting chai, and enjoy the
the New York-New Jersey corridor has announced trade deals with with the world, would anything and defence-related infrastruc-
skirmish over sacred time off. France has 11 public holidays, where a significant number of Indian Japan, the Philippines, In- change? No. But when China blocked ture. India must pursue a ‘trust
almost the EU average of 11.7. India? Three national ones, Americans reside. Invitations have donesia, Vietnam and the EU, in critical minerals, the world noticed.’ but verify’ approach — leverag-
plus a buffet of religious, regional and optional holidays also gone to Marco Rubio, incumbent which countries have accepted a Ouch. But that’s Washington’s ing economic ties while safegu-
New York mayor Eric Adams, who’s higher base tariff rate of 15-19% brutal reality today. Old arguments arding national security and so-
that somehow still never feel like enough. Either way, both
running against Zohran Mamdani, from the US, while lowering their about how much Indian Americans vereignty. Diplomacy should re-
nations agree on one thing: take away a holiday, and you’ll and Elise Stefanik, a member of Cong- own rate to zero or near-zero. It have contributed are especially not main assertive, not appeasing.
start a revolution. Vive la différence! And pass the calendar. ress from NY and close Trump ally. means Delhi can’t expect a welcome in the MAGA world. Very Insiya Raj
The August 21 event is being organi- Swing is in the air sweetheart deal. An insider close different plays are needed. Ujjain
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THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM
7
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8  Economy: Macro, Micro & More THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

Industrial Output Growth Slows to 10-mth Low in June Monsoon

LOSING STEAM IIP at 1.5%, pulled down by 8.7% contraction in mining and 2.6% in electricity sectors; manufacturing grows by 3.9%
CUMULATIVE RAINFALL
Watch
leading to a contraction in electri- Average IIP growth dropped to 2% recorded a contraction: primary
(% DEPARTURE) June 1-July 28
Our Bureau city generation, although the ex-
tent of the same narrowed compa- Slippery Track June growth (YoY, in %)
Primary goods -3
in the first quarter of the current
fiscal year from 5.4% a year earlier.
goods (3%) and consumer non-du-
rables (0.4%).
New Delhi: India’s industrial out- red to the previous month,” said Nayar estimates industrial GVA “The contraction in primary go-
India 6.9
IIP growth rate (YoY, in %) Capital goods 3.5
put growth slowed to a 10-month Aditi Nayar, chief economist at ra- 7
(gross value added) growth to have ods output reflects the weaker per- Northwest 19.1
low at 1.5% in June, pulled down by tings firm ICRA. Intermediate goods 5.5 decelerated in the first quarter en- formance of mining,” noted Nayar.
6
contraction in mining and electri- Among the three major sectors, Infra/construction goods 7.2 ded June. On the positive side, infrastructu- -23 East & NE
5
city sectors and subdued perfor- only manufacturing grew in June, Consumer durables 2.9 Industrial GVA growth was 6.8% re/construction goods led growth
mance by the manufacturing sec- by 3.9%. Production shrank 8.7% 4
Consumer non-durables -0.4 in the January-March quarter. Of- with a 7.2% increase. Central 24.9
4.2
tor, official data showed Monday. in mining and 2.6% in electricity. 3 ficial figures for the June quarter “While private capex is yet to
The Index of Industrial Produc- “A marginal pickup in the manu- 2
Mining -8.7
will be released in August. show meaningful traction, public Southern 1.6
tion (IIP) expanded 1.9% in May facturing sector growth was more Manufacturing 3.9 Within the manufacturing sector, capex continues to remain encou-
1 1.5
and 4.7% in June 2024. than offset by contraction in both 0 -0.1 Electricity -2.6 15 of the 23 industry groups recor- raging. However, persistent global Share of 729 districts
“Excess rains in the second half the mining and electricity sector -1
Jan ’24 Aug ’24 Jun ’25 General 1.5 ded growth in June. uncertainties are weighing on the June 1-July 28 (by rainfall category)
of June 2025 are likely to have weig- output,” said Rajani Sinha, chief Source: MoSPI Note: Top 6 categories on use-based classification In terms of use-based classifica- overall investment sentiment,” sa- % Districts with
hed on mining output, while also economist at CareEdge Ratings. tion, two out of the six categories id Sinha. Large Excess
14

NO PATENT TERM EXTENSION OR DATA EXCLUSIVITY

Retail Trade Policy Unlikely; 22 Excess

Safeguards for Generics in UK FTA: Govt Targeted Intervention Focus 35

Normal

Duty sops for some niche British agri products that have negligible production in India Our Bureau
Officials said interventions such
as National Traders’ Welfare Bo- 23 Deficient

The UK was demanding for in- chemicals,” it said, adding that this ce, and artichokes under the trade ard, Open Network for Digital Com-
Our Bureau clusion of “data exclusivity” pro- ensures that generic manufactu- pact. These products have negli- New Delhi: The government is un- merce (ONDC) and upcoming Sah- 7 Large Deficient
vision in the agreement. rers can enter the market without gible production in India,it said. likely to come up with a National kar Taxi app would be the way ahe-
New Delhi: The India-UK free tra- India had earlier rejected a simi- unnecessary delay, once the patent However, India is not giving any Retail Trade Policy and instead is ad instead of an overarching policy.
de agreement (FTA) does not man- lar demand on data exclusivity has expired or is challenged. concession on sensitive items like expected to work on policy inter- “A policy is a bunch of interven- KHARIF AREA PROGRESS
date patent term extensions or data from the four-nation EFTA bloc in CETA, it said, does not alter India's apples, pineapples, oranges, and ventions to support retail trade. tions and in retail, a National Tra-
exclusivity, which are two common their free trade agreement negotia- ability to refuse patents for minor pomegranates in the CETA. The Department for Promotion of ders’ Welfare Board is there and in-

Normal: 1096.7 L Ha
tools of evergreening of patents, tions. The India-UK comprehensive modifications of known substances; Over 95% of Indian tariff lines or Industry and Internal Trade (DPI- terventions like ONDC have suppor-
the commerce and industry mini- economic and trade agreement and prevent frivolous or repetitive product categories in the agri sec- IT) was developing the policy ai- ted local businesses, especially ride-
stry said Monday, adding that this (CETA) was signed on July 24. patent filings blocking generics. tor will now enjoy zero-duty ac- med at simplifying the licensing hailing services,” said an official.
would protect the interests of the India’s generic drug industry is cess to the UK market. process and reducing the compli- The draft National Retail Trade Po-
Area sown*: 75.7%
domestic generic drugs industry. estimated to be about $25 billion FARM ACCESS “India-UK CETA will allow Indi- ance burden in internal trade. licy had proposed a pension and ac- 829.44 L Ha Area
Data exclusivity provides protec- and it exports 50% of its produce. The ministry also said India is gi- an farmers to fetch premium pri- cident insurance scheme for tra- Change^: sown as
tion to the technical data generated “The FTA does not require India to ving duty concessions to niche ces for their products in the UK ders, a national common framework +31.7 L Ha % of
by innovator companies to prove provide patent term extensions for British agricultural products like market, thereby granting parity Aiding Trade for development of the retail sector,
* as of July 25; ^over 2024-25 coverage
normal*
the usefulness of their products. regulatory delays and data exclusi- cranberries, durians, certain va- with major EU exporters like Ger- easy and quick access to affordable
DPIIT to focus on
“The FTA does not mandate pa- vity for pharmaceuticals or agro- rieties of mushrooms, leeks, lettu- many and Netherlands, who cur- National credit, pan-India acceptance of li-
tent term extensions or data ex- rently enjoy zero tariffs,” it said.
interventions to
Traders’ Welfare cences issued by states, a centralised FORECAST
aid internal trade Heavy-to-very-heavy rainfall
clusivity–two common tools of It said major gains are estimated Board, ONDC computerised inspection manage-
evergreening. India's patent law for fresh grapes; bakery items, Upcoming Sahkar already in place ment system, deemed approvals and likely over Madhya Pradesh
provisions on patentability crite- Leather, Textiles Traders told to Reap Benefits onions and mixed vegetables. Taxi app to further to boost retail a single window clearance mecha- and Rajasthan during next 4
aid internal trade trade days with isolated extremely
ria under Section 3(d) (of Indian New Delhi: The commerce and industry ministry Monday asked nism for making the process of ac- heavy rainfall over east
Patent Act) remain fully protec- leather and textiles exporters to ramp up production and streng- SERVICES quiring all registrations, licences Rajasthan
ted,” the ministry said. It prohi- Companies from the UK will be ab- Draft policy proposed access to and clearances from multiple agen-
bits the grant of ‘evergreening’
then supply chains to fully capitalise on market access benefits le to offer services in telecom and affordable credit, simple cies seamless for retail traders. Heavy-to-very-heavy rainfall
patents, which are additional pa- offered under the UK trade pact, which eliminates duties on these construction in India without set- registering process The National Traders’ Welfare Bo- likely to continue over parts of
tents for a drug with no therapeu- labour-intensive segments. These issues were discussed during ting up a local presence and Bri- Also sought pension, ard suggests simplifications in the NE India
tic benefit and are seen to increase an industry interaction called by the ministry. – Our Bureau tish firms will be treated on par accident insurance for traders Acts and Rules applicable to traders, Source:IMD
the term of a patent monopoly. with Indian firms. lowering compliance burden.

I, AMIT Jain S/o Sh. Ramesh

Jain R/0 H.No.1632, Sec-7E,
Faridabad HR-121006 have
lost my original property
documents 1. Conveyance
Deed 2. Allotment Letter: 3.
Sale Deed 4. Posesssion
Letter 5. Occupation Certifi-
cate etc of H.No. 349 Sector-7,
Faridabad. Cont. 9910997041
Sbi.11528@sbi.co.in

I, Meenu W/o Sh.Vipin

Kumar R/o H. No. 49 Bhag-
want Nagar Bilsi ,Distt.
Budaun, Uttar Pardesh have
changed my name to
Minakshi for all purposes.

IT Is notified for the Infor-

mation that Original convey-
ance Deed with property
address Plot No. - 1446, Sector
15 was Lost and Already Pub-
I Gita mother of Army no. lished by Gurinder Bajaj W/o
3010248A Hav.Sonu Nagar Sujan Singh Bajaj on 16th Dec
R/o vill.Siha tehsil Hodal I, Tarun Mohindra S/o Late 2020. Now the same property
Distt.Palwal declare that my Deepak Mohindra R/o A-155 with Floor 2nd and 3rd is
name Geeta Devi D.O.B. Sector 21, Jalvayu Vihar going to sell by Sanjeev
22.01.1968 wrongly mention Noida have lost My Original khanuja S/o O m P arkash
I, Apurva D/o Prashant I, Neelam W/o Krishan Lal in my son's army record but Property Documents Allot- Khanuja and Usha Khanuja
Kishore Rai R/o 351B, R/o JG-05, Discovery Park, my correct name is Gita and ment Letter, Possesion and w/o Gaurav Khanuja. If any
JADE Villa, Block-H, Palam Badoli (16), Faridabad have D.O.B.is 01-01-1961 for all Clearance letter and Registry one have Objection regarding
Vihar, Sector-23, Gurugram, declared that my husband future purpose Affidavit no. of Flat No A-155 Sector 21, same then contact on mentio-
Haryana-122017 have changed name Krishan Narwan and WBS2025G2 dated 19-07-2025. Jalvayu Vihar Noida. Their ned Address H.No- 1363, Sec-
my name from Apurva to Krishan Lal are one & same
use would be illegal. tor -17 Faridabad.
Apurva Rai, that hereafter person.
I shall be known as Apurva
WE Shakuntla Devi W/o Rai for all future purposes.
Sh. Padam Chand Jain &
Sh. Padam Chand Jain S/o I, Mahesh Kumar S/o Sh. Brij
Sh. Todarmal Jain both R/o Lal R/o Flat No. 103, The New
128-B, Arjun Nagar, Safdarju- Age Executive Society, plot
ng Enclave, New Delhi decla- No. 9, Sec-64, Faridabad have
re that we disown My Son changed my daughter name
Deepak Singhal & his wife from Urvashi Sharma to
Soniya Devi from my all mo- Urvashi for all purposes. I, Hira Ballabh Joshi have
veable and immovable prop- changed my name to Harish
erties. In future we shall not Chandra Joshi, I hereby
be responsible for their acts. declare by affidavit that from
now on my name is Harish I, hitherto known as SATISH
Chandra Joshi, in future I KUMAR GOYAL S/O RAM
I Anshuman Yadav have cha- will be known by the name KUMAR GOYAL, R/o House
nged my name to Ansuman Harish Chandra Joshi. No. 42, 2nd Floor, Road No. 55,
Yadav and will now be known West Punjabi Bagh, Punjabi
as Ansuman Yadav. I declare Bagh, West Delhi, Delhi -
this by affidavit. I, Lakshay S/o Sh. Khem 110026, have changed my
Chand R/o H. No. C/25 Bhim name and shall hereafter be
I, Vinit Kumar Gehlot and sain colony, Gali No.03, Known as SATISH RAM
Vinit Kumar Shishodia are Ballabgargh, Distt. Farida- KUMAR GOYAL.
one and the same person, bad, have changed my name I, Usha Kapoor W/o H K
from now on I will be knowns to Lakshay Bareja for all Kapoor R/O 3, Krishan Kunj
as Vinit Kumar Shishodia. purposes. Ext. Part-1, Laxmi Nagar,
Delhi-110092, declare that
I, Sumit Kumar S/o Neelk- I have adopted a child namely
anth R/o H.no.980, sector -9, ''Samrat Kapoor'' aged 13
Faridabad Haryana have years from Anurag Kapoor
changed the name of my S/o H K Kapoor residing at 3,
minor son Advik age 12 years Krishan Kunj Ext. Part-1,
to Advik kaushik for all Laxmi Nagar, Delhi-110092 on
future purposes. 30/05/2024 Vide Sub Regis-
trar East Preet Vihar Regis-
tration No.-2024/5/III/361 in
Book No.-III Vol No.- 173,
Dated-30/05/2024.

I, Binita Paul W/O Bikey

Sarkar R/O F-28, F/F Back
side, Block-F, Vishwas Park,
Uttam Nagar New Delhi-
110059 has changed my name
to Binita Paul Sarkar

I, Dr. Raman Mishra S/o

Uday Pratap Mishra R/o
H.No.919, Type-4, Sec-12,
R.K.Puram, New Delhi have
changed my daughter's name
from Vaanya Mishra to Gauri
Mishra for all purposes.
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Economy: Macro, Micro & More  9
VIGILANCE GUIDELINES REVISED Rate Cycle The central bank started the latest
rate-easing cycle in February and has
larly commercial paper, due to lower
borrowing costs, may also partly ex-
The farm sector’s performance,
backed by adequate rainfall and wa-
cut the key repo rate by 100 basis po- plain the shift. ter reserves, continues to serve as a

Corruption Probe to Cover From Page 1

The ministry said core retail infla-
tion remains subdued and headline
inflation is comfortably below the
ints so far this year, to 5.5%.
The ministry called on private sec-
tor companies to piggyback on go-
vernment initiatives, such as the
The economy at this point presents a
picture of “cautious optimism,” the re-
port said. “Despite global headwinds
marked by trade tensions, geopolitical
stabilising pillar for the broader eco-
nomy and will bolster rural demand
outlook, said the report.
It cited the rural sentiment survey by

CPSE Indp Directors Too central bank’s 4% target, “affording

room for the easing cycle to be sustai-
ned.” FY26 inflation could come in be-
low the Reserve Bank of India (RBI)
Employment Linked Incentive sche-
me, to bolster investment.
It acknowledged that credit growth
has slowed despite monetary easing
volatility and external uncertainties,
India’s macroeconomic fundamentals
have remained resilient,” it said.
Thanks to robust domestic demand,
the National Bank for Agriculture and
Rural Development (Nabard). This sa-
id 74.7% of rural households expected
income growth in the coming year, the
expectation of 3.7%, it said. and a strong bank balance sheet, re- fiscal prudence and monetary support, most since the survey’s inception.
Our Bureau
Widening Scope To investigate
Global crude oil prices are expected
to remain subdued, following a lar-
flecting cautious borrower sentiment
and possibly risk-averse lender beha-
India appears poised to continue as one
of the fastest-growing major economi-
The finmin report called for analy-
sing economic momentum in nominal
New Delhi: The Department Fill post of vigilance complaints ger-than-anticipated production hike viour. A growing preference for the es, with various forecasters projecting quantities as well, given the deflationa-
of Public Enterprises (DPE) officers in CPSEs referred by PM, by Opec and allies, it added. debt market by companies, particu- FY26 growth rate of 6.2-6.5%, it said. ry trend in the wholesale price index.
has expanded the scope of in- Secretary to cabinet secretariat
vestigation of corruption ca- New rules
respond to Strict vigilance
ses involving central public expand
complaint clearance for study
sector enterprises (CPSEs), mandate of
bringing non-official and in-
within leave abroad,
30 days group of deputation, VRS
dependent directors under vi-
officers
gilance purview alongside
CMDs and CEOs.
A group of senior officers – public sector banks and finan- on “urgent basis.”
headed by the secretary, coor- cial institutions also. The department emphasised
dination, cabinet secretariat – The DPE has fixed a timeli- the need for adequate person-
will probe complaints against ne of 30 days for the concer- nel to carry out investiga-
top management received and ned ministries and depart- tions, disciplinary procee-
referred by the Prime Mini- ments for submission of the dings, and anti-corruption
ster’s Office or cabinet secreta- initial report on all the alle- work. It asked CPSEs to fill all
riat in instances where there gations made and a maxi- the vigilance posts on priority
are no departmental enquiry. mum of 15 days for furnis- basis and ensure 50% posts
The revised vigilance guide- hing any clarifications or ad- are filled from other CPSEs.
lines also empower chief vigi- ditional information sought
lance officers of CPSEs to by the group of officers. VIGILANCE CLEARANCE:
send enquiry reports directly The DPE has sent the new gu- The new guidelines also make
to the secretary of the concer- idelines to all administrative vigilance clearance processes
ned ministry, without consul- ministries and departments more stringent, and lays down
ting the CMD if the latter’s ro- to bring them to the notice of that clearance will be denied to
le is also under scrutiny. CPSEs under their jurisdic- officials who fail to file annual
The rules are applicable to tion and ensure compliance immovable property returns.

ALMM Order
Sops for Small for Solar Cells
Cos SPICEd Up New Delhi: To ease out procedures
for projects floated by government
agencies, the Ministry of New & Re-
newable Energy has mandated the
Suryash Kumar use of solar cells named in the Ap-
proved List of Models &
New Delhi: The MSME (Micro, Small & Medium En- Manufacturers (Use of
terprises) ministry has simplified the process for avai- listed solar cell mandato-
ling incentives under a scheme that supports reduc- ry after 1 month of publi-
tion of material wastage to promote green practices cation of ALMM list) only after one
among micro and small enterprises (MSEs). month of the publication of the list.
The ministry, after reviewing the Scheme for Promo- The ALMM is a mechanism to en-
tion and Investment in Circular Economy (SPICE), has sure the reliability of a producer,
created a technology portal which lists 116 technologi- for protecting consumer interests,
es eligible to receive subsidy under the scheme, said an while ensuring a larger energy se-
official aware of the development. The measure is im- curity of the country. – PTI
portant as the government aims to enrol 3400 MSEs un-
der the scheme by FY27.
SPICE encourages the adoption of circular economy
technology among MSEs by subsidising a part of the
technology acquisition cost.
Smaller enterprises from eleven sectors such as plas-
tic, rubber, and electronic waste, are eligible to apply
for a subsidy under the scheme. They need to apply to
banks or participating financial institutions (PFIs) to
claim a subsidy. Under the scheme, the maximum pro-
ject cost admissible is Rs 50 lakh, with a 25% subsidy on
the cost of plant and machinery only.
“As part of the technology portal, the ministry has
identified 116 technologies eligible for subsidies under
SPICE,” said the official.
The detailed listing of technologies was important as
earlier banks would reject applications due to lack of
proper information on these.
CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCINT User: samar.jha Time: 07-28-2025 23:23 Color:

10 Companies: Pursuit of Profit THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

Small Cities, Big

Ambitions for GCCs
Tier-II and III towns emerge as the next frontier for global capability centres
as policy push, cost benefits and talent depth draw mid-market companies
Driving The Momentum Emerging Technology
Over 60%
of India’s
Emerging cities offer
up to ~50% lower
Hubs of India
graduates commercial
emerge from real estate costs Kanpur
non-metros–many skilled and ~25–35% Chandigarh Guwahati
Lucknow
in AI, automation, and lower living
digital engineering expenses Jaipur Ranchi
~75% of digital talent Mid-market firms have Bhopal
still migrates to metros, over 480 centres - 27% of
representing a the total, and 7% of their
sizable untapped workforce_is already in Ahmedabad
opportunity GCCs Tier-2/3 cities
are beginning to SOURCE: Deloitte Draft Report -
harness National Framework on GCCs

ATTRITION FOR TIER-1 AND TIER-2/3 CITIES Raipur

FOR THE IT SEVICES, BY COUNTRY 2025E Indore
Bhubaneshwar
Tier-1 Tier-2/3 % Nashik
Nagpur
India 16-20
10-14 Warangal
Visakhapatnam
Philippines 14-18
10-14 Hubbali
10-14 Vijayawada
Poland Mangaluru
9-11
Tirupati
Mexico 10-14 Mysuru
8-12
Vellore
Ireland 8-12 Coimbatore
6-10
Kochi Madurai
US 9-13
5-9 Tiruchirappalli
Thiruvananthapuram
UK 5-9
3-7

tinue to be the primary bases. two years, according to a Nas- ring and manufacturing compa-
Emerging cities have around scom-Zinnov report. These loca- nies have established R&D and
7% of India’s GCCs in 2024, up tions also see 20-30% lower attri- automation hubs in cities such
from 5% in 2019. tion compared to the 15.2% attri- as Vadodara and Nashik, capita-
The government in the Fe- tion in tier-1 hubs. lising on established technical
LEADERSHIP bruary budget announced a
framework “as guidance to
From an operational lens, com-
panies can save around 25% on
institutes and industry clusters
to drive innovation in areas like
Dialogues states for promoting Global employment costs by setting up IoT, process automation, and ad-
Capability Centres in emer- in emerging cities due to lower vanced analytics, said Lobo.
ging tier 2 cities”, focused on real estate prices, reduced over- Similarly, a US-based SaaS pro-
enhancing availability of ta- heads, and sustainable compen- vider set up its first offshore
Annapurna Roy lent and infrastructure, buil- sation expectations, the report centre in Mysuru, attracted by
ding bylaw reforms, and me- said. the city’s strong IT education
New Delhi: India's tier-II and chanisms for collaboration Take silicon to systems design ecosystem and government in-
III cities can emerge as hubs of with industry. solutions firm Synopsys, for ex- centives, and the company re-
global capability centres There is also a rise in mid-mar- ample, which has a GCC in Bhu- ported faster ramp-up times and
(GCC), supported by the go- ket firms looking to India to set baneswar. greater team stability compa-
vernment’s proposed dedica- up GCCs, with over 120 such “Establishing hubs in tier 2 red to metro peers.
ted framework, incentives firms expected over the next year, and 3 locations like Bhubanes- In Coimbatore, a global elec-
from competing states, and a as per ANSR. Research firm Eve- war has created new opportuni- tronics manufacturer is pionee-
growing ecosystem of enab- rest Group expects 75% of the ties for talented engineers to ring IoT-enabled, advanced ma-
lers that are assisting the GCC 1,200-1,250 new GCCs in India in make a real difference at Synop- nufacturing and automation
setup. the next five years to be small sys, which then has a ripple ef- practices, while in Salem, a pro-
Experts say the shift can fos- and mid-sized firms. fect that reaches virtually every minent financial services orga-
ter inclusive development, ge- “We are likely to see a conver- industry,” Rituparna Mandal, nisation is streamlining opera-
nerate jobs beyond traditional gence between the two vice president, customer suc- tions through intelligent pro-
hubs, and address the chal- trends—tier-2 and tier-3 cities at- cess group, Synopsys, told ET. cess automation and digital
lenges of over-saturation and tracting GCCs, and mid-market “We’re seeing more graduates workflows.
infrastructure pressures in companies choosing India as a in electronics, VLSI (Very Large
metro cities. strategic delivery location,” said Scale Integration), and related POLICY PUSH
As per industry estimates, In- Rohan Lobo, partner, Deloitte. fields every year, and many of Minister for electronics and IT
dia has more than 1,700 GCCs as Currently, many mid-market them are eager to work on global Ashwini Vaishnaw said earlier
of FY24, with roughly two new firms are initially gravitating projects.” this month that the government
centres being established eve- toward established tier-1 hubs The Bhubaneswar centre is working on a roadmap to ex-
ry week. The sector generates due to the comfort of ecosys- works closely with the compa- pand GCC presence in tier-2 and
$64.6 billion in revenue and tem maturity, Lobo said. Howe- ny’s R&D groups worldwide and 3 cities, with a focus on streng-
employs about 1.9 million peo- ver, there is a growing case for a has tied up with local universiti- thening industry-academia col-
ple, with more than 82,000 of more distributed approach. es like IIT Bhubaneswar. laboration to build a talent pipe-
these jobs being in tier-II and “The cost of living and opera- line.
III cities. TALENT AND COSTS tions can be more manageable, The government is doing a
Tier-1 cities like Bengaluru, Digitally skilled talent in tier-2 ci- which helps us invest more in “mapping” exercise to identify
Hyderabad, and Chennai con- ties grew over 25% over the past our people and long-term the right tie-ups, said a person
growth,” said aware of the developments. The
Mandal. centre is also mulling a model
where states can be brought on-
DECENTRALISING to a common portal so that GCCs
INNOVATION can get the permissions they ne-
Firms like Master- ed quickly.
card, which has a State governments, on their
GCC in Vadodara part, have been trying to attract
employing nearly GCCs as well. Last year, Tamil
400 people across Nadu announced it will incenti-
various businesses vise the creation of high paying
and technology jobs in new GCCs by providing a
programmes, also payroll subsidy. Karnataka in-
see this as an op- centivises GCCs to expand be-
portunity to de- yond metros to cities like Mysu-
centralise innova- ru, Mangaluru, Shivamogga
tion. and Hubballi-Dharwad. Uttar
“Operating in Pradesh is the latest to release a
emerging hubs is GCC policy with sops such as
not just a cost deci- freshers recruitment subsidy
sion—it’s a future- and R&D and innovation incen-
facing growth stra- tives.
tegy aligned with “This coordinated approach by
our purpose to po- various states creates a compe-
wer economies and titive yet collaborative environ-
empower people,” ment that benefits the entire
said Rajesh Mani, ecosystem,” said Mrinal Dug-
SVP & head-Asia gal, Head of Sanofi GCC (Hyde-
Pacific technology rabad).
hubs, Mastercard. Establishing GCCs in tier-2
“We see these loca- and tier-3 cities would address
tions as more than the infrastructure pressure on
satellite offices—t- metros while creating innova-
hey are platforms tion clusters that can rival tradi-
to embed leaders- tional tech hubs, Duggal said.
hip, shape culture, Tier-1 cities could pivot toward
and decentralise more specialised, high-value in-
innovation.” novation and R&D, further ele-
The Vadodara vating India’s global value pro-
GCC contributes to position.
several key global
solutions that ma- CHALLENGES
ke payments safer, However, unlocking the full po-
smarter, and more tential of tier-2 and 3 locations
accessible, he said. requires navigating a unique
This includes the set of structural and ecosystem
Mastercard Digital challenges, said Mani.
Enablement Servi- “While these cities are gai-
ces (MDES) plat- ning operational maturity, ma-
form, which toke- ny continue to face gaps in clo-
nises card and ac- ud infrastructure, startup
count numbers to depth, and local R&D capabiliti-
enable secure digi- es,” he said, citing a recent PwC
tal transactions, India report. “Inconsistent
and the firm’s Car- high-speed connectivity, limi-
bon Calculator. ted availability of cloud-ready
Global enginee- data centres, and uneven regu-
latory clarity can further im-
pact scalability.”
The industry meanwhile is cal-
ling for rationalisation of safe
harbour margins in the transfer
pricing regime and plug-and-
play infrastructure in tier-2 and
3 locations to help GCCs set up
quickly and smoothly.
This article is published in part-
nership with Deloitte.
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Economy: Macro, Micro & More  11

PARLIAMENT WATCH

100% FDI TO UNLOCK INSURANCE POTENTIAL: FM Smart Meters for

Finance Minister Nirmala Sitharaman on Monday told the Lok
Sabha that allowing 100% foreign direct investment (FDI) in insur-
Electricity Installed
ance would unlock the full potential of the Indian insurance sector Maharashtra, Assam, Uttar
and enhance coverage. "With the increase in FDI limit from 74% to Pradesh, Chhattisgarh, Bihar,
100% for insurance companies, the government aims to unlock the and Madhya Pradesh are
full potential of the sector, which is projected to grow at 7.1% annually over the among the top states in smart
next five years, outpacing global and emerging market growth," she said in a meter installations, with over
written reply. In the February Budget, the government had announced the FDI 20 lakh meters installed under the Re-
limit would be raised to 100% for companies that invest the entire premium in vamped Distribution Sector Scheme
India. "This is an enabling provision that will allow interested insurers to explore (RDSS), Minister of State for Power Shri-
hiking the FDI percentage," she said, adding it would eliminate the need for pad Naik told the Rajya Sabha. Six states,
foreign players to find Indian partners for the remaining 26%, thereby easing including Delhi, Punjab, Tamil Nadu, and
entry and boosting insurer numbers. "Removing the FDI cap will attract stable Kerala, have not reported any installa-
and sustained foreign investment, enhance competition, facilitate technology tions under the scheme. Of the 20.33 crore
transfer, and improve insurance penetration," she added. sanctioned smart meters under RDSS,
2.44 crore have been installed.

Jan Dhan Account Atal Pension Yojana

Holders Covered As on June 30, 2025
(As on July 2, 2025) 7,89,19,845
Gross Enrollments ‘No Plan to Revise
Under PMJJBY 7,16,96,454 Closed Accounts 1,27,14,300 30% Crypto Tax’
Under PMSBY 17,32,12,263 Unclaimed Deposits The government has no plan
Figures in ` cr, as on June 30,2025 to revise the 30% tax on cryp-
Claims Disbursed
to gains or the 1% tax deducted
Amount in ` cr Under PMSBY 58,330.26 8,673.72
at source on all crypto trans-
3,203.36 Transferred to Private actions, Minister of State for
DEA Fund by Banks
PSBs Finance Pankaj Chaudhary told the Lok
Sabha on Monday. In a written reply, he
Education Loan Growth for PSBs also ruled out any plan to introduce Ex-
Under PMJJBY change Traded Funds (ETFs) for virtual
18,956.80 FY21 to FY25: 20% digital assets to integrate them into the
Unified Pension Scheme (UPS) As on July 20, 2025 mainstream financial ecosystem.
Employees 25,756 retired Central Claims Recieved: 7,253
opted: government subscribers eligible Claims process for
31,555 to receive additional benefits. payment: 4,978 `1,678 crore Released
Number of KCC Disbursed FY24: 46,499 FY25: 69,820 Under ADP till February
The finance ministry on Mon-
day told Parliament that
`1,678.04 crore has been
released so far under the
Aspirational Districts Pro-
gramme till February 2025. Jharkhand
received the highest allocation of `220
crore, followed by Bihar with `202 crore
and Uttar Pradesh with `176 crore.

Gujarat’s 800 MW Thermal Plant Likely by FY30

Gujarat’s 800 MW Ukai thermal power project is expected to be commissioned
by FY30, Minister of State for Power Shripad Naik told the Rajya Sabha. Around
328 GVA of additional transformation capacity—192 GVA under inter-state and
136 GVA under intra-state systems—is targeted by FY35. About 44,000 circuit km
of transmission lines are also planned by the same period.

Rely on Quarterly No GST Rate Cut on

GST Numbers for Flex-Fuel Vehicles
The finance ministry on Monday informed
Economic Indicator Parliament that the GST Council had dis-
The finance ministry told cussed a proposal to cut the tax rate on
Parliament that quarterly flex-fuel vehicles at its 52nd meeting, but no
comparison of net GST collec- change was recommended. Minister of State
tions is a more accurate eco- for Finance Pankaj Chaudhary said the
nomic indicator than monthly compari- Ministry of Road Transport and Highways
sons, as it smooths short-term fluctu- has urged all states and union territories to
ations. GST collections in June stood at consider exempting or reducing road tax on
`1.84 lakh crore, up 6.2% year-on-year. flex-fuel vehicles to incentivise adoption.
 CCI NG 3.17 Product: ETDelhiBS
PubDate: 29-07-2025Zone: DelhiCapitalEdition: 1 Page: ETDCETR User: samar.jhaTime: 07-28-2025 23:08Color:

12 } EYE ON AI THE ECONOMIC TIMES | NEW DELHI / GURGAON

TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

Even if ChatGPT gives better advice than any human

770
I THINK THE PEOPLE THAT ARE
REAL BELIEVERS IN THE MISSION
% Rise in referrals to
news websites from AI platforms
OF AGI AND WHAT IT CAN DO—AND
UNDERSTAND THE CONSEQUENCES,
therapist, something about collectively deciding to live
since June 2024, according to a BOTH GOOD AND BAD—ARE MOSTLY
DOING IT TO BE AT THE FRONTIER.
our lives the way AI tells us feels bad and dangerous
report by TechCrunch
DEMIS HASSABIS, CEO, GOOGLE DEEPMIND SAM ALTMAN, CEO, OPENAI

THE
GOOD
UK to Use OpenAI to
AI Keeps Supplies Coming
I
Improve Public Services
OpenAI and the UK have Amid rising global uncertainties, supply chain disruptions, businesses are leaning on AI for predictability and agility, reports Annapurna Roy
partnered to increase the n the face of tariff talks, trade tensions, MD and lead, Industry X, Accenture in Jain, vice president, global supply chain, learning is used to model supply chain
use of AI to raise volatile demand cycles and reconfigura- India. “We are seeing an uptick in AI adop- greater India, Schneider Electric. “In risks, while natural language processing TRACKING AI USE
productivity in the tions in global supply chains, businesses tion in supply chain operations across in- India, where supply chains face unique enhances customer communication and Over 60% of enterprises
are increasingly relying on artificial in- dustries, specifically in retail and ecom- challenges like infrastructural variabil- sentiment analysis,” said Naresh Kumar, are focused on piloting
country’s public service telligence technology for greater predict- merce, consumer goods, healthcare and ity and regional disruptions, we’re seeing COO of electrical and automation firm multiagent systems for
sector, reported the BBC. ability and risk management. transportation.” AI play a critical role in building opera- Lauritz Knudsen.” autonomous value chain
The deal could see OpenAI Use cases are emerging across industries such Applications in sourcing and procure- tional continuity. AI allows us to detect AI-driven sales value projections are ena- operations: Nasscom
given access to government as manufacturing, retail, consumer goods and ment include auto-generated vendor-spe- early signs of disruption, model various bling smarter monthly planning cycles for
data and have its software
large conglomerates. They include intelligent
demand forecasting, dynamic route optimisa-
cific insights to support contract renewals
and contextualised performance metrics,
scenarios, and proactively address risks,
whether it’s a raw material shortage or a
the company, grounded in real-time data,
he added. “Amid ongoing geopolitical and
$192.5 billion
Estimated market size of AI in
be used in education, tion and sourcing, inventory and procurement he said. This enhances explainability, effi- logistics bottleneck.” macroeconomic uncertainties, businesses
global supply chain in 2034, a sharp
defence and even security. management, digital twins of supply chains, ciency and operational performance. Firms are looking to strengthen their are grappling with challenges such as price
rise from $9.94 billion in 2025 — a
tariff code management, order processing and “We are seeing a sharp rise in AI adoption capacity to anticipate disruptions and volatility, supply chain disruptions, un-
quality control and logistics optimisation, ex- across sectors we serve, from respond with precision. “Machine planned tariff costs and unpredictable
CAGR of 39%
perts and executives said. energy to infrastructure to operational shifts,” said
The focus is on making supply chains more re- manufacturing,” said Anshum Prashanth Kaddi, partner, tory compliance, enabling faster and more
silient, scanning global events to identify risks Deloitte India. strategic decisions.
in real-time. Until recently, deriving efficiency AI-driven tools for sce- Microsoft customers like L&T are leverag-
and reducing environmental impact were the nario planning and pre- ing AI to reduce project planning time from
major reasons for AI deployment in this domain. dictive analytics, in- two weeks to 10 minutes, unlocking faster
But the current global scenario has shifted the cluding predictive decisions and cost savings in infrastructure
focus to stability as well, executives said. simulations, are be- and EPC, said Himani Agrawal, COO,
More than 60% of enterprises are focused on coming indispensable Microsoft India and South Asia. Globally, pro-
60-minute Fashion piloting multiagent systems for autonomous for navigating uncer- curement and supply chain solutions pro-
Startups Turn AI value chain operations, according to a recent tainty and managing vider GEP is driving around 50% productivi-
Startups in the 60-minute Nasscom survey. “With GenAI, value chain opti- disruptions, he said. ty gains with its AI-powered procurement
misation has emerged as an important use case For instance, AI can platform. In a rapidly evolving global envi-
fashion delivery segment
as models learn from the value chain interac- support complex tasks ronment where trade dynamics are shifting,
have turned to AI to cut tions and data flows to optimise resource, asset, such as trade classifica- AI is no longer optional. In fact, it’s becoming
down on the prevalent high and time efficiencies,” the report said. tion, cost structure foundational to how supply chains operate,”
return rates. By making use This helps companies get more nimble. analysis, and regula- said Agrawal.
“By using AI to predict disruptions, whether
of AI for features like ‘try due to trade tensions, raw material shortages, or
and buy’ and other virtual climate-related events, we can adapt quickly USE CASES
Demand forecasting: Traditional Dynamic route optimisation: GenAI
try on options they aim to while continuing to deliver responsibly,” a
spokesperson for multinational industrial tech- statistical models are being enables real-time route
increase conversion rates optimisation by adapting to
nology company Siemens AG told ET. “Real- replaced by GenAI-powered
and reduce returns, say time data on demand shifts, component short- synthetic data generation changing traffic, weather, and
industry executives. ages, or regulatory changes allows us to respond delivery constraints
quickly without compromising on our sustain- Autonomous sourcing and

THE negotiation: GenAI can Strategic decision support: Agentic

ability standards.”
The firm is seeing improved capacity utilisa- autonomously negotiate AI supports complex tasks
tion, faster response times, and significantly with suppliers and identify such as trade classification,

BADMonitoring AI Reasoning
lower carbon impact by using AI in supply chain
management. This includes a 15% reduction in
logistics costs and 40% faster delivery times. It is
alternative materials in
the event of stockouts by
processing vast datasets
cost structure analysis, and
regulatory compliance
Tariff code management: AI
also deploying AI-powered digital twins that
End-to-end product traceability: agents can classify and
may Become Difficult simulate supply chain scenarios in real-time.
GenAI can reimagine nearly 60% of 122 supply With faster computation correct tariff codes,
In a yet to be peer re- chain processes, from design and planning to capabilities, AI can track minimising misclassification
viewed study published on after-sales and service, according to Accenture products from raw material penalties and expediting
arXiv, researchers from analysis. 0“For example, embedding gen AI into origin to point-of-sale cross-border processing
companies like OpenAI, supply chain control towers improves data inter- SOURCE: PRECEDENCE RESEARCH, DELOITTE
action, real-time decision making and proactive
Meta and Anthropic have risk management,” said Vijay Kumar Baliyan,
warned that a lack of over-
sight on AI’s reasoning and
decision-making processes

AI Ups the Efficiency Quotient

could mean we miss signs POSSIBLE HURDLES  eed for updates
N
Data quality needs to
of malign behavior. Trust Data be reassessed over time
Poor data quality might

W
Firms lacking

THE
because information used
confidence in lead to costly mistakes, for training might no longer
ith technology TOP FACTORS THAT SUPPLY CHAIN PRACTITIONERS EXPECT data quality particularly in buyer-
TO INFLUENCE SUPPLY CHAINS IN THE NEXT 3-5 YEARS SUPPLY CHAIN DISRUPTIONS correspond to reality

UGLY
evolving rapidly might be reluc- supplier relationships
CAN BE COSTLY tant to implement
to help businesses Resource constraints
navigate complex supply Ü  For most companies, sup- AI. Possible issues  ime-consuming
T Many companies lack the
74% 67% 65% 62% 59% ply chains represent about related to (inter-) 50–80% of project time hardware, software and
chain networks, companies
AI capability 70% of their operating costs, organisational is dedicated to data col- broadband connectivity
globally see the potential Geopolitical Control Talent
according to an EY blog data-sharing lection and cleaning required for AI adoption
to ramp up efficiencies by New ESG fights/transition over data scarcity
regulations and for power Ü  AI and data for supply chain
incorporating AI, and even can enhance return on equi-
trade policies
agentic AI. From supplier STARTUPS IN Ü  Altana
ty by 2-4 percentage points,
management to weather and adding 1-3% to gross margins THE SPACE Ü  Fourkites
traffic data insights to dealing across revenue, costs and ARE ALSO
ChatGPT’s Instructions GAINING Ü  Daybreak
with changing regulatory assets, as per a 2024 KPMG
to Murder, Self-harm TRACTION: Ü  Pallet
and macroeconomic report
An investigation by the At-
lantic has seen ChatGPT de- environments, they see value
in greater predictability to By 2028, 60% of Asia’s top By 2028, 50% of Asia’s top 1,000 By 2030, half of
liver detailed instructions for 2,000 supply chain organisa- supply chain organisations will all cross-functional
WHAT’S THE

plan for better outcomes.

OUTLOOK?

wrist-cutting, ritual bloodlet- tions will use AI/ML for dynamic deploy LLM-powered platforms to supply chain manage-
Annapurna Roy takes a look shipment planning and network simulate and predict risks related ment solutions could
ting and murder when asked
at the growing traction of AI optimisation, reducing disruption to geopolitics, regulatory frame- use AI agents to carry
seemingly innocent ques-
in supply chain management response time by 75% and works and weather impacts to out decisions autono-
tions about ancient religious and the challenges transportation spend by 5%: IDC increase resiliency mously: Gartner
practices, raising questions businesses may face.
about AI safety guardrails. Sources: Gartner, IDC, ScienceDirect, EY, KPMG, media reports

Rapid AI advances maybe pushing startups to shut

OpenAI Preparing to
Launch GPT-5 in August NUETRENDS shop early, rethink product-market fit and core business
models, reports Swathi Moorthy
Tanm.AI
The US AI Action Plan can benefit India

I
OpenAI is planning to launch the GPT-5
by creating a strategic partner-

The AI Startup Dilemma:

model in August and will incorporate its n the last few weeks, four Indian AI
startups have announced that they are ship in AI development and
reasoning model o3, according to media
shutting in the face of challenges such manufacturing, which could
reports, citing sources. In a post on X as scaling up, raising funds and pivoting

To Pivot or Perish
last week, founder Sam Altman said that GPT-5 is an boost growth. As the US seeks
as technology shifts rapidly. This in-
experimental model that “incorporates new research cludes two Y-Combinator companies Wuri reliable allies for its AI supply
techniques we will use in future models.” This comes and CodeParrot as well as Subtl.ai and Locale. chains, India has a chance to
shortly after the company launched an experimental ai. This is not unusual in the world of start- position itself as a key player in
ups. According to the US Bureau of Labor
model that achieved gold medal level performance in technology production and inno-
Statistics, more than 50% of the startups fail
the International Math Olympiad. But the GPT-5 will not within five years. vation. This alignment can boost
have this capability, Altman said. The company will be However, unlike the previous cycles, beyond India’s own AI ecosystem. The
launching its first open-weight model soon. operational challenges, these closures are positive stance on open-source
coming amid rapid technological develop-
models fits well with the needs
ment in artificial intelligence.
of India’s growing startup
Amazon Set to Acquire AI “Startups are shutting down quicker com-
pared to before,” said a Bengaluru-based in- and research communities.
Wearable Startup Bee vestor. Unlike previous technology cycles dur-
Amazon is set to acquire Bee, an AI-wearable
startup that records everyday conversations,
ing which founders could continue running
businesses for longer until they found the IS THE US AI ACTION
its cofounder Marie de Lourdes Zollo posted
right fit, many now realize it’s better to shut
down and start afresh than burn money. AI PLAN AN OPPORTUNITY
on LinkedIn. Bee makes a wristband that startups for instance are being rendered obso-
listens to user conversations passively to lete, Tencent Investments managing partner
create reminders and to-do lists, Jeffrey Li told a recent conference.
unless it is manually muted by
the user. The company raised $7
Case in point, the sheer number of AI tools
that are going out of the market. AI tool ag- AI.sha CHALLENGE FOR
million last year. This signals an
increasing interest in AI devices
gregation platform Dang.ai said that of the
4,956 added, 1,301 have been terminated. In However, the plan INDIA?
2025, 227 AI tools ceased operations. In order could also present
from smart glasses to hardware. to win in the age of AI, startups should pivot they don’t keep pace with technology, they will difficulties for India. Tightened
fast as the technology becomes more commod- Startups should pivot be left behind by competitors, who may have
AI export controls and penalties such
itised, experts said. While technology is im- 20% inferior product but execute 50% faster.
Anthropic Builds AI Agents to portant, it’s key to focus on the problem that’s fast as the tech becomes Gandhi said, “A large percentage of compa- as secondary tariffs for not aligning
to be solved. nies that we back at seed end up pivoting, and might force India into complex
Audit Models, Improve Safety more commoditised... it the ones that are agile and keep evolving are trade decisions, possibly restrict-
Claude-maker Anthropic has built AI agents for auditing RAPID PACE the ones that are likely to succeed in this crazy,
AI models to improve safety, the company said in a blog “Right now is a very difficult time to be a is key to focus on fast-flowing environment.” ing cooperation with other na-
tions. There is a risk of progress
on July 24. These auditing agents address two key chal- founder because the developments are hap-
pening at such a rapid pace,” said Akshay
the problem they are The key is to find the right problem to
solve. and innovation slowing down
lenges faced by large language model testing, which are
scalability and validation requiring huge investment in
Megharaj, founder of Wuri. People always
seek inspiration from past experience, which
solving: Experts To build enduring companies, startups
need to solve fundamental issues in the ar-
if India gets caught in the quick-
terms of “human researcher time” and addressing loop- is not possible due to the sheer nature of how means that companies need to pivot and fast, eas of healthcare, climate and sustainabil- sands of these geopolitical and
holes in testing. In the blog, the company the technology is developing, he said. to stay relevant. ity, Google country manager Preeti Lobana trade conflicts. The US push to
said that they are releasing three agents “As much as artificial intelligence has made said at the recently concluded Google I/O prioritise its own workforce
it easy to build products, the rapidly evolving PACE ATTACK event in Bengaluru. A Bengaluru-based in-
that can autonomously complete auditing and production could shrink
technology is also making it challenging for Speed, more than anything, is a primary moat vestor said, “For most startups, AI is mostly
tasks. While they have shown significant
startups to have a right to win,” said Naman in the world of AI, said Sanjay Nath, co-found- an add-on. They need to ask themselves this opportunities for Indian tech
performance, the blog highlighted that Maheshwari, co-founder, Tune AI, an orches- er and partner, Blume Ventures. He explained question — are you solving a problem even workers and firms.
they come with limitations as well. tration platform that closed recently. This that even if a startup has a great product, if if you take AI out of the equation.”
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO6 User: samar.jha Time: 07-28-2025 23:44 Color:

SMART
INVESTING

IndusInd Q1
Net Plunges
72% on Asset
Hope
Greed Woes, Higher
Fear
Beating Volatility WWW.ETMARKETS.COM
NEW DELHI / GURGAON, TUESDAY, 29 JULY 2025
Panic
Hope Provisions

ISSUE: ` 4,011 CRORE PRICE: ` 760-800/SHARE

Market Trading firm, which had got 21 days to reply to July 3 order, also
Trends
NSDL IPO Priced at
said to seek inspection of documents relied upon as evidence

STOCK INDICES
Nifty 50 24681
% CHANGE

-0.63
Jane Street Seeks Time to a Discount Makes a Unlisted dreams
NSDL is set to
open its `4,011
BSE Sensex

MSCI India
MSCI EM
80891

1694
3396
-0.70
-0.88
-0.17
Respond to Sebi’s Charges Good Bet: Analysts “Jane Street is committed to
crore IPO on
July 30, pricing
shares in the
range of
Reena Zachariah `760-` `800. While the depos-
MSCI BRIC 749 -0.10 conduct that upholds the integ-
MSCI World 19514 -0.11
rity of India’s capital markets IPO priced at 47 times itory’s fundamentals are strong,
Mumbai: Jane Street has writ- and contributes to their continu- the pricing has left a bitter after-
Japan[Nikkei] 40998 -1.10 ten to the Securities and Ex- ed development,” the firm said. FY25 P/E vs CDSL’s taste for investors who bought it
Hong Kong[HSI] 25562 0.68 change Board of India (Sebi) se- Earlier this month, Sebi had in the unlisted market at around
eking more time to respond to barred Jane Street from acces- 67x; the latter’s weak `1,025. A similar saga unfolded
S.Korea[Kospi] 3210 0.42 the market regulator’s allega- sing the securities market for al-
Singapore[STI] 4241 -0.47 tions that it engaged in market legedly manipulating stock in- nos could, however, just last month with HDB Fi-
manipulation in the local deri- dices through large derivative nancial Services IPO. So, why is
vatives market. positions mostly on the Bank hit investor sentiment the math not quite adding up for
OIL ($/BRL)
“We are engaging constructively Nifty. It had also directed it to re- investors betting on unlisted
DUBAI CRUDE
71.91
with Sebi and have sought an ex- turn `4,844 crore of ‘unlawful Kairavi Lukka Brigade Hotel IPO stocks.
tension to respond to the interim gains’ from the allegedly mani-
1.16
Absolute Change
order issued on July 3,” Jane Stre- pulated trades. Mumbai: Investors looking for a Subscribed 4.48X Pravin Palande finds out.
et said in a statement on Monday. Within a few days after the or- relatively cheaper bet on India’s flo-
GOLD RATE The Wall Street major didn’t reveal JANE STREET der, the firm complied with the urishing capital markets could
MUMBAI Brigade Hotel Ventu-
in the statement how much time it
Trading Firm
directions and deposited the consider putting money in the up- res’ IPO was subscribed 4.48 Mass firing
US ($/Oz) India (`/10Gm) times on Monday, its final day of
OPEN 3344.00 97852.00
has sought to respond to the regu-
lator. But market sources close to
We are engaging con- amount in an escrow account.
Following which, its trading
coming initial public offering
(IPO) of National Securities Depo- bidding. The retail investor
Indian IT
companies
LAST* 3329.10 98027.00 the development said the trading
firm has also sought inspection of
structively with Sebi ban was lifted by the regulator.
“We take pride in the role we
sitory (NSDL), said analysts.
The `4,011 crore issue, which is set
category of the issue was have typically
Prev chg (%) -1.13 0.21 subscribed 6.4 times while the been highly
FOREX RATE (`-$ Exchange Rate)
documents relied upon as eviden-
ce by the regulator while it passed
and have sought an serve in markets around the
world, and it’s painful to have
to open for public subscription on
Wednesday, is priced at `760-800 per
qualified institutional investors averse to mass
OPEN LAST* the 105-page order early July.
Sebi had asked Jane Street to
extension to respond our firm’s reputation tarnished
by a report based on so many er-
share.“We believe the NSDL IPO is
attractively priced, and would sug-
category was subscribed 5.42
times. The non institutional
layoffs. But the
rise of GenAI and slowing IT
86.45 86.68 respond within 21 days to its in- to the interim order roneous and unsupported as- gest investors subscribe to the is- investors or high net worth sector growth have finally
terim ex-parte order. The deadli- sertions,” Jane Street told its sue,” said Geetanjali Kedia, IPO ex- investors category was sub- changed that. On Saturday, TCS
*At 6 pm IST Source: Bloomberg, MCX, ETIG
Market on Twitter@ETMarkets
ne ended last week. issued on July 3 staff on July 6. pert at SPTulsian Investment Advi- scribed 1.92 times. The IPO said it was laying off about
ser. “It operates in a duopoly within a
comprised a fresh issue of 12,000 people, or about 2% of its
growing Indian capital market, ma-
`759.6 crore. — Our Bureau employee base. While TCS is the

Realty Stocks Slump on IT Layoff Fears

king it a good long-term bet as well.”
The issue is entirely an offer for first one among Indian IT services
sale by existing shareholders. The Stock Brokers, said investors could biggies to bite the bullet, more
IPO is priced at 47 times FY25 Price subscribe to the IPO and hold the layoffs are likely. Indian IT’s
to earnings (P/E), compared with stock for at least a year. “It should
‘pyramid’ structure will need
Nifty Realty falls 4.26% as all 10 index constituents end in red; ‘Bengaluru market could be worst hit’ its listed peer CDSL’s 67 times, as be noted that the issue is coming at
some restructuring as machines
per SBI Securities. a discount to the previously antici-
any weakness as a buying opportunity. Narendra Solanki, head of Fun- pated price,” he said. write more codes.
Himadri Buch He also cautioned that realty firms in South damental Research — Investment Jochelle Mendonca

Mumbai: India’s real estate stocks tumbled

India could be hit harder due to their depen-
dence on IT-driven demand.
A Big Drop Services, Anand Rathi Shares and Continued on Smart Investing has the details.

on Monday as layoffs at the country’s largest IT While many companies have a strong pipeli- CMP (`) % Chg
services firm, Tata Consultancy Services ne of projects and new launches, analysts said
(TCS) cast a shadow on housing demand from the actual conversion into sales and cash flow
Lodha Developers 1,203.2 -6.0 INVESTORS FOCUS ON MEGACAP EARNINGS, FED MEETING
Godrej Properties 2,115.8 -5.3
software professionals. The selloff in real es-
tate was broad-based, with all 10 index cons-
tituents ending in the red. Lodha Developers
has fallen short. This is especially concerning
for the industry because pre-sales and collec-
tions are among the most critical metrics for
DLF
Oberoi Realty
787.2
1,627.2
-4.7
-4.2
Wall St Touches New Peak, Retreats
was the biggest laggard, falling 6.31%, follo- assessing real estate health. Brigade Enterprises 1,013.8 -4.1 and an impending US tariff dead- down 2.46 points, or 0.04%, to 6,386,
wed by Godrej Properties (-5.44%), Brigade Reuters line. and the Nasdaq Composite rose
Enterprises (-4.41%) and DLF (-4.30%). MORE STEAM LEFT? Prestige Estates 1,611.3 -3.5 President Donald Trump and Eu- 51.08 points, or 0.24%, to 21,167.
“If layoffs do materialise, it could significant- Some analysts remain optimistic about the Raymond 686.1 -2.4 New York: The S&P 500 and the ropean Commission President Ur- The Dow Jones Industrial Avera-
ly impact real estate sales, especially in IT-dri- sector’s prospects. Pankaj Kumar, VP-Funda- Anant Raj 563.1 -1.8 Nasdaq trimmed their gains af- sula von der Leyen unveiled a tra- ge fell 78 points, or 0.17%, to 44,823.
ven markets like Bengaluru,” said Sneha Pod- mental Research at Kotak Securities, expects ter briefly reaching record highs de framework on Sunday, slashing The blue-chip index was about 190
dar, VP — Research, Wealth Management at residential developers to post strong results in Phoenix Mills 1,508.8 -1.1 on Monday, as investors looked EU import tariffs to 15% - half the points away from its December 4
Motilal Oswal Financial Services. Q1FY26 Sobha 1,602.2 -0.7 past the US-EU trade pact and previously threatened rate set for record high.
TCS plans to reduce its workforce by approxi- He said valuations are attractive, with most Compiled by: ETIG Database braced for a week filled with me- August 1.
mately 2%, or 12,000 employees. Investors wor- listed developers tra- gacap earnings, a Fed meeting At 11:30 PM IST, the S&P 500 was Continued on Smart Investing
ry that other IT bigwigs may follow suit. ding at 8–11 times ad-
Historically, whenever the IT sector has faced justed Enterprise
slowdowns or job losses, the real estate market Value (EV) to EBIT-
in these regions has seen a corresponding dip. DA, a key profitabili-
The Bengaluru market is likely to feel the most ty metric used to
immediate impact, with a possible ripple effect compare companies
across other metro cities like Mumbai and Hy- on operating ear-
derabad, Poddar added. nings relative to the-
Vikram Kasat, head — advisory at PL Capital, ir valuation.
noted that the Nifty Realty Index has already The outlook could
corrected more than 26% from its peak, ma- further improve fol-
king it one of the most vulnerable sectors in lowing RBI’s recent
2025. He advised investors to focus on blue-chip 50 basis point inter-
developers with strong fundamentals and use est rate cut.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 2 Page: ETDCEDIT User: samar.jha Time: 07-29-2025 00:04 Color:

14 } Smart Investing THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM *

Bank says it’s looking to plug talent gaps, name of new CEO under approval by RBI

IndusInd Q1 Profit Falls 72% on RBI Buys Half a Tonne

WACR FALLS TO 5.35%
Overnight
Rates Dip as Gold in Last Wk of Jun
Govt Spends
Boost Bank
Liquidity
Asset Woes, Higher Provisions `1,760 crore in the June quarter ver-
Gayatri Nayak

Mumbai: The Reserve Bank of

India (RBI) bought nearly half a
constitute the twin objectives
of reserve management in In-
dia, return optimisation is
kept in view within this frame-
work,” notes the central
Our Bureau sus `1,050 crore in the year-ago quar- tonne of gold in the last week of bank’s latest report of foreign
Rough Patch ter. “During Q1, the board and the ma- June after a relatively conserva- exchange reserves.
Our Bureau Mumbai: IndusInd Bank, where a Q1FY26 Q1FY25 Change (YoY) nagement have spent considerable ti- tive spell of bullion shopping in Although returns on gold
CEO hunt is on after the incumbent Profit After Tax `604 Cr `2,171 Cr -72%
me and effort towards resolving the the current fiscal year. were among the highest in In-
Mumbai: Overnight money left following admission of record concerns relating to legacy, treasury The RBI’s outstanding stock of dia, the central bank seldom
market rates fell on Monday loss-inducing accounting gaps, re- Net Interest Income `4,640 Cr `5,408 Cr -14% and microfinance issues as identified gold amounted to 879.8 tonnes as sells its gold holdings.
on improvement in the ban- ported a 72% on-year slump in June Net Interest Margin 3.46% 4.25% -79 bps in the previous quarter,” Mehta said. of June 27, up from 879.6 tonnes Significantly,
king system liquidity sur- quarter net profit to `604 crore weig- Provisions `1,760 Cr `1,050 Cr 68% Asset quality also deteriorated and in the previous week. This trans- the last time RBI
plus, led by month-end spen- hed by deteriorating asset quality rose 1.62% on year to 3.64% versus lates into fresh purchases of 4 had bought gold
Gross Non Perf Assets 3.64% 2.02% 1.62%
ding by the government, and higher provisions. A poll of ana- 2.02% in the year ago quarter. Net quintals by the central bank dur- was in the last
bank treasury dealers said. lysts by Bloomberg had pencilled in Gross Slippages `2,567 Cr `1,536 Cr 67% NPA was at 1.12% versus 0.60% in the ing the week. week of March,
The weighted average call quarterly net earnings of `653 crore. Deposits `3.97 Lakh Cr `3.98 Lakh Cr Flat Growth year ago period. Gold has emerged as the fastest central bank da-
rate (WACR), which acts as The lender had reported profits of Advances `3.33 Lakh Cr `3.47 Lakh Cr -4% Microfinance continued to be the growing component of India’s ta showed.
Central
the operative rate for moneta- `2,171 crore in the year-ago quarter. It SOURCE: Investor Presentation
biggest driver pushing up bad loans foreign exchange reserves in re- bank’s From an invest-
ry policy transmission, clo- had reported record losses of `2,329 with NPA ratio shooting up to 16.39% cent years, with the value of the outstanding ment perspective
sed at 5.35% compared to pre- crore in the March quarter, after acco- versus 5.16% a year ago. From a peak yellow metal climbing more stock of gold with returns at
vious close of 5.39%, while unting anomalies linked to the settle- “The recommendations were submit- nance framework for the microfinan- of `40,000 crore microfinance loan bo- than 80% in the past 5 years. Its amounted to 26% in the first
TREPS (tri- ment of derivative trades over a pro- ted within the prescribed timeline ce subsidiary has been significantly ok, the lender has shed the book to share in India’s foreign ex- 879.8 tonnes half of this calen-
party repo dea- tracted period punched a `2,000-cro- and are currently under regulatory improved bringing in greater trans- `28,000 crore, with the management change reserves climbed to as of June 27 dar year, gold has
ling system) re-plus hole in the lender’s business. approval process.” parency.” After the exit of former also indicating they continue to be 12.1% as of July 18, 2025, from earned among
rate fell from IndusInd Bank on Monday clarified The bank is also looking to appoint CEO Sumant Kathpalia in April this cautious on microfinance loans, 8.9% as of July 19, 2024. the highest returns for India,
5.32% to 5.26%, that the name of the new CEO is un- two whole-time directors on its board year, the bank is currently being run along with exposures towards corpo- As a natural hedge against in- showed WGC estimates. Only re-
close to the lo- der approval by the Reserve Bank of and replace a significant part of its le- by a committee of executives. rate clients. Gross slippages stood at flation, gold has found signifi- turns in Turkey, in excesses of
Liquidity
wer end of the India (RBI) and that it was also loo- adership team that has either quit or Net interest income was down 14% `2,567 crore in June quarter versus cant institutional backing lately. 40%, were higher than in India.
surplus in the liquidity ad- king for other senior executives. is superannuating. on year to `4,640 crore versus `5,408 `1,536 crore in same period a year ago. World Gold Council (WGC) data Gold returns in India also ex-
banking justment facili- “The bank has made significant pro- “Wherever there are any open gaps, crore in the corresponding period a Deposits as on June 30, 2025, were showed gold purchases by cen- ceeded those in advanced mar-
system ty (LAF). gress on the CEO appointment,” Su- we are looking at both internal and year ago. Net interest margins were `3.97 lakh crore vs `3.98 lakh crore for tral banks topped 1,000 tonnes ket currencies such as the
currently Bank treasu- nil Mehta, the chairman of the board external candidates to fill them up,” down 79 bps on year to 3.46% versus June 30, 2024. Advances stood at `3.33 over each of the past three years, pound, yen and euro or even the
stands at ry officials sa- of directors, IndusInd Bank, said du- Mehta added. “In treasury, we have 4.25% a year ago. Provisions and con- lakh crore versus `3.47 lakh crore in significantly higher than usual Chinese renminbi, even though
`2.48 lakh cr id that month- ring the post-earnings analyst call. stopped internal deals. The gover- tingencies shot up 68% on year to the same period a year ago. purchases. China is one of the largest con-
end spending “While safety and liquidity sumers of gold.
by the government, in the
form of payments to pensio-
ners, contractors, and even
A HIGH-RISK BET HIGH MARGINS A POSITIVE, GEOGRAPHY A CONSTRAINT
AMID SLOWER CREDIT OFFTAKE, SURPLUS LIQUIDITY
salaries to employees, is ex-
pected to add to the liquidity
surplus this week. Liquidity
surplus in the banking sy-
Aditya Info Can Gain Sri Lotus Needs to LCR Rises with Retail
stem currently stands at
from China Scrutiny, Show It can Bloom
Deposit Surge, Fall
`2.48 lakh crore, close to the
central bank’s target of 1% of
NDTL (net demand and time
liabilities).
but Market’s Tight Away from Home
The central bank aims to ke-
ep overnight rates within the
LAF corridor, which has the Ranjit Shinde
Hawk Eye
in Bulk, Corp Flows
Growing Pangs
marginal standing facility Snehal Mergu

Quality Control
(MSF) rate, currently at 5.75%, ET Intelligence Group: Aditya In- Rozebud Gonsalves
IPO Dates: July 29-31
as its upper bound (ceiling) fotech, a security and surveillance ET Intelligence Group: Sri Lotus IPO Dates: July 30-Aug 1
and the SDF rate, currently at products manufacturer, plans to rai- IPO Price: `640-`675 Developers and Realty, a Mumbai- Mumbai: In the June quarter, LCR Ratio (%) Q4FY25 Q1FY26
5.25%, as the lower bound (flo- se `500 crore through fresh equity to based residential and commercial IPO Price: `140-`150 most Indian banks increased the-
Issue Size: Up to `1,300 crore HDFC Bank 119
or). The policy repo rate of partly repay debt and another `800 properties developer, plans to raise ir liquidity coverage ratio (LCR), 124
Issue Size: Up to `792 crore
5.50% sits in the middle of the crore through offer for sale. `792 crore through fresh issue to a key metric capturing a lender’s ICICI Bank 125
Implied Market Cap: 127
corridor. State spending-dri- The promoter stake will fall to 77% Trading margin is typically one- fund ongoing projects and general ability to meet sudden demand
Up to `7,331 cr Yes Bank 125
ven flows are revolving in na- after the IPO from 95%. The stan- third of Aditya’s own products mar- corporate purposes. The promoter for funds, to suggest the evident 135
ture and add to liquidity sur- dardisation testing and quality cer- gin. A lower trading contribution in stake will fall to 81.9% after the IPO Face Value: `1 retail tilt in deposit composition Axis Bank 118
119
plus. However, the surplus dra- tification (STQC) norms, which ca- revenue, therefore, may improve from 91.8%. The company operates Lot Size: 100 amid weak credit offtake across
Kotak Mahindra 135
ins out once the monthly GST me into effect in April 2025, will af- the Ebitda margin. Revenue grew at a higher operating margin before the lending spectrum. Bank 138
and other tax payments start fect the sale of products from Chi- 16.7% annually to `3,111.8 crore bet- depreciation and amortisation Retail Portion: 35% To maintain LCR—a regulatory
RBL Bank 133
in the middle of the month. nese companies in the internet ween FY23 and FY25. In July 2024, (Ebitda margin) of 53% compared requirement to limit the impact 150
protocol (IP) driven surveillance sy- the company acquired control of its with 11-37% for peers. mercial properties. Of this, 54% be- of sudden outflows in deposits- Canara Bank 125
144
stems thereby increasing the add- JV with Dixon technology in a share Its cash balance on books is higher longs to redevelopment projects and —banks buy the stock of high-qu-
127
ressable market opportunity for In- swap agreement with the latter. than net debt. But being present in the rest is from greenfield projects. ality liquid assets (HQLA) that IDBI Bank
Rupee Falls 15 P dian manufacturers. Aditya’s PAT was boosted by `248.6 just one market, it exhibits geograp- Revenue from operations, Ebitda can be liquidated to pay deposi-
128
116
IDFC First Bank 117
While this augurs well for Aditya, crore in FY25 as a gain on hic concentration. Given and net profit grew 81.5%, 272.4% tors. It is calculated as the ratio of
On Dollar Demand the extent of the benefit will take a account of fair valuation these factors, investors and 268.3% annually to `549.7 crore, HQLA to total net cash outflows LCR = High quality liquid asstes / total net
MUMBAI: The Indian rupee fell
15 paise on Monday because of
few quarters to become clear. In ad-
dition, the company’s Ebitda mar-
of its stake in the JV, ta-
king the total annual net
IPO WATCH with high-risk appetite
may consider the IPO.
`289 crore and `227.9 crore, respecti-
vely between FY23 and FY25. Ebitda
expected over the next 30 days.
HDFC Bank raised its LCR by 6
cash outflow in the next 30 days
Source: Banks Investor Presentation

sustained dollar demand from gin was in single digits, at 8-9% bet- profit to `351.4 crore. Incorporated in 2015, Sri margin expanded to 52.6% in FY25 percentage points to 124%, Yes
importers for month-end pay- ween FY23 and FY25. It indicates Net debt was `231 crore in FY25 Lotus focuses on redevelopment from 12.5% in FY23. Bank by 10 percentage points to 5.2% growth in wholesale depo-
ments. Weak local equity mar- that the company operates in a compared with `334.8 crore in the projects in the ultra-luxury segment Average price per square feet for 135%, while Canara Bank saw the sits to `9.6 lakh crore in Q1FY26
kets and uncertainty surroun- highly competitive market. Given prior year. Net profit in FY25 inclu- (3BHK, 4 BHK & over 4 BHK flats and Lotus Group is `68,000 vs `55,694 in largest increase, with its LCR ri- from a year ago.
ding India’s impending trade these factors, the IPO looks more des a one-time fair value gain, penthouses with a price of over `7 the Juhu micro-market. Debt-equity sing to 144% from 125% in The Reserve Bank of India (RBI)
deal with the US also exerted suitable for long-term investors which renders the trailing P/E crore) and luxury segment (2BHK ratio is 0.13 compared with 0.12-0.16 Q4FY25. On average, LCR rose by has mandated that from April 1,
pressure on the rupee. The In- with high risk appetite. multiple less effective. Profit befo- and 3 BHK flats ranging between for peers. Considering the post-IPO approximately 6.5 percentage po- 2026, banks maintain a higher
dian unit closed at 86.66 aga- Aditya undertakes manufactu- re exceptional items and tax at `3-``7 crore) in the western suburbs. equity and net profit for FY25, the ints during the June quarter of run-off factor of 2.5% for retail
inst the US dollar compared to ring and sales of its own products as `185.4 crore in FY25 was similar to As of June 30, 2025, the company company demands a P/E multiple FY26, showed an analysis of the and small business deposits that
86.51 in the previous session. well as trading of products of Chi- `189.9 crore in FY24. Valuation ba- has four completed projects, five of up to 32 compared with P/Es bet- earnings statements. are accessible via internet and
The rupee started the day on a na-based Dahua Technology. Tra- sed on FY24 numbers makes more ongoing projects and eleven upco- ween 14 and 127 for peers including “When share of retail deposits mobile banking. The run-off fac-
stronger note but gave up early ding of Dahua products contributed sense. The FY24 P/E works out to ming projects. It has developed 0.93 Suraj Estate Developers, Arkade De- increases, LCR would be high be- tor represents the assumed rate
gains following the rise in dol- 24.7% to revenue in FY25. This is ex- be 68.7. The company does not ha- million square feet of area consis- velopers, Sunteck Realty, Hubtown cause run-off factor for retail de- of sudden withdrawals.
lar index. — Our Bureau pected to fall given the STQC norms. ve any listed peers. ting of both residential and com- and Mahindra Lifespaces. posits is lower,” said AM Karthik, Bankers noted that retail depo-
senior vice president, financial sits are considered more stable,
sector ratings, ICRA. “Additional- reducing the likelihood of large

Kotak Bank Falls Over 7% on Q1 Slip

ly, with credit growth slow, banks outflows and contributing to hig-
Short Takes are investing in assets that qualify her LCRs. In addition, slower cre-
as HQLA, so there is a push for dit growth and surplus liquidity
higher LCR from both sides.” have led banks to invest excess
” Nippon Life AMC PAT Rises 19% in June Qtr While retail deposits grew, who- funds in HQLA-eligible assets.
Our Bureau lesale and corporate deposits de- HDFC Bank reported a 1.7% on-
MUMBAI: Nippon Life India Asset Management’s profit after tax
Sliding Graph clined. Yes Bank’s wholesale de- year growth in corporate advan-
(PAT) rose 19% to `396.1 crore in the June quarter, as against `332.3 Mumbai: Shares of Kotak Mahindra Bank fell over 7% Target Upside posits fell 13.9% to `1.07 lakh crore ces for June quarter, a decline
on Monday, their highest single-day fall in 15 months, af- Brokerage Rating compared with the previous qu- from 18.8% growth in same period
crore in the same period a year ago. On a sequential basis net profit Price (`) Potential (%)
ter the bank’s first-quarter results disappointed inves- Yes Securities Add 2,550 29.5 arter. Bandhan Bank’s wholesale last year. ICICI Bank’s domestic
rose 33% from `298.6 crore in March 2025. Revenue from opera- tors. Analysts see 2-30% upside in the stock from these le- deposits rose 4% to `49,147 crore. corporate loan book rose by 7.5%,
tions rose 20% to `606.6 crore during the quarter from `505 crore last year. vels. The stock ended at `1,968.7, down 7.3% from Friday. It Axis Securities Buy 2,500 27.0 HDFC Bank reported a modest down from 10.3% previously.
Core operating profit rose 23% to `377.9 crore compared to `308 crore in the was the worst performer on the benchmark Nifty, which Macquarie Neutral 2,300 16.8
previous year. Nippon's market share in the industry's average assets under fell 0.6%. Macquarie has maintained its ‘neutral’ rating Nomura Neutral 2,150 11.7
management (AUM) was at 8.49% as on June 2025 higher by 29 basis points for the stock, and has a target price of `2,300. The brokera-
ge said the bank’s credit costs were in line with the third-
Nuvama Hold 2,020 2.6 Day Trading Guide Religare Broking
compared to the previous year. SOURCE: Brokerage Reports, NSE
largest private bank and double those of the top two pri-
vate banks, which is surprising given the bank’s histori- Markets are facing pressure from both domestic
” Shriram General Q1 Net Profit Up 9% and global challenges. Weak earnings and
cally strong underwriting practices. Sunny Agrawal, head of fundamental research at SBI Se-
Kotak shares have declined 9% in the past month, aga- curities. In February, the RBI had lifted the restriction on continued foreign fund outflows are weighing on
MUMBAI: Shriram General Insurance reported a 9% year-on-year growth in net sentiment locally. Nifty is approaching a crucial
VARANI SAHU

profit for the June quarter to `125 crore vs `114 crore a year ago. Gross written inst Nifty Bank’s decline of 2.1% in this period. SBI Secu- opening new bank accounts digitally via Kotak 811 plat-
rities estimates the fair value of stock at `2,000-`
`2,050 over form, after a ban was imposed in April 2024. Nomura has support zone at 24,450–24,550, with resistance
premium rose to `960 crore in Q1 from `733 crore a year ago. This translates next 12 months and suggests buy-on-dips approach. a ‘neutral’ rating, with a revised price target of `2,150. expected around 25,000 first and major around
into a YoY growth of 31%, higher compared to industry average of 9%. The “Loan and deposit growth remains steady, and with the “Kotak's results in Q1FY26 were soft, led by asset quality 25,250 in case of a rebound. Traders are advised
company said while the motor segment continues to be a consistent performer, embargo on the 811 platform lifted and new product offe- deterioration and a sharper decline in NIMs. Slippages to adopt a cautious approach.
it is seeing promising growth in its health insurance products. — Our Bureau rings in place, performance is likely to improve from Q3 and credit costs were elevated at 1.7% and 1.2%, respecti- AJIT MISHRA
onwards, provided there are no further rate cuts,” said vely,” said brokerage Nomura’s analysts. Tech Picks SVP - Research

DR REDDY
BUY
‘NSDL IPO at a Discount Makes Good Bet’ Wall Street Touches Resilience in the pharma pack. Stock rebounding
after retesting its long term moving averages. TARGET

„„From ET Markets Page 1

day before its price-band announ- sults from its larger rival CDSL.
LAST CLOSE u `1,287 STOP LOSS u `1,240
` 1,375
New Peak, Retreats
cement. CDSL’s consolidated net profit in
The NSDL IPO, which was to debut The grey market premiums the June quarter rose 2% from the
on the Indian bourses by July 31, (GMPs) are the additional price previous quarter. However, it de- SBI LIFE BUY
had been delayed due to lengthy ne- that investors are willing to pay clined nearly 24% from the same
gotiations around the stock valua- over the IPO price in the grey mar- period a year ago. The stock drop- dies. Tesla jumped 3.6% after the Showing noticeable strength amid correction. Set
TARGET
tions. ket before the stock ped 5.6% on Monday. „„From ET Markets Page 1 automaker signed a $16.5 billion for a breakout from a consolidation range.
Kedia said the IPO pricing ade- lists on the stock ex- “CDSL’s weaker-than-expected Last week, a string of deals with deal to source chips from Samsung ` 1,950
quately factors in NSDL’s relative- change. A higher pre- results and a 5% stock drop may major US trade partners, includ- Electronics . LAST CLOSE u `1,848.1 STOP LOSS u `1,795
ly moderate financial position mium indicates the hamper some investor sentiment ing Japan, Indonesia and the Phi- Meanwhile, Washington's latest
compared to CDSL, despite being a market sentiment for ahead of NSDL’s initial public of- lippines, fueled robust gains on pact with the 27-member EU bloc BIRLA SOFT SELL
high ROE (return on equity) busi- the IPO in question. GMPs of IPOs fering, given both are Sebi-regulat- Wall Street. has raised expectations that a Trading in sync with trend in IT Pack. Drifting lower
ness with 24% net margins. with robust demand tend to be ed depositories,” said Solanki. “In The S&P 500 and the Nasdaq were global trade war could be averted, TARGET
after failed attempt to surpass moving averages.
In the grey market, NSDL cur-
rently commands a premium of
high, which implies a potential up-
side in the stock on listing.
the near term, CDSL’s miss may
weigh on NSDL’s debut, but over
up about 28% and 40%, respective-
ly, from their April lows.
as other economies worldwide
scramble to finalize agreements
` 358
LAST CLOSE u `385.5 STOP LOSS u ` 402
`137 per share. However, it has de- A dampener for the NSDL’s IPO time, a successful NSDL listing "That August 1st deadline is less before the August 1 deadline.
clined from `166 on Thursday, the would be the weak first-quarter re- could benefit both.” of an issue anymore for financial The ongoing US-China talks are CHAMBAL FERTILISERS
markets. They're happy that there expected to extend SELL
hasn't been any big retaliation by their fragile trade Fresh breakdown below the previous swing low.
Out of the 4299 stocks traded on the “The probability of disappointment the Japanese or the EU, and those truce by another three TARGET
Chart pattern indicates more pressure ahead.
‘Sell on Rise’ Market BSE, 2951 declined, while 1,200 advan- is higher in the market rather than talks have gone more or less as ex- months, while ` 490
ced, underscoring the weakness in making money in the current set-up,” pected," said Bill Sterling, global negotiations LAST CLOSE u ` 528.5 STOP LOSS u ` 548
„„From Page 1 the broader market said Bhamre. “We are not gung-ho on strategist at GW&K Investment with India are also underway. A
ABHIJEET BANERJEE
Bhamre said that expectations of 25-
30% growth from these companies
“Despite opening higher, the mid
and smallcap segment saw a fall today
the market at least until December
this year as the potential for decent
Management.
The market rally faces a crucial
key highlight of the week will be
the Fed's two-day policy meeting
Commodity Calls Senior Manager
imply a valuation of 40-50 times, driven by bearish sentiment as the upside is unlikely.” test in the coming days, with earn- starting Tuesday, with traders COMMODITY EXCHANGE STRATEGY
which is significantly higher than the benchmark Nifty remained below Kumar said that 24,000-24,400 is a key ings releases from "Magnificent widely expecting the central bank
rest of the market. key level of 24,800,” said Vipin Kumar, support level with some value buying Seven" heavyweights Meta, Mi- to keep interest rates steady. As Buy in the range of `98,400-98,450;
The Nifty Realty Index tumbled 4.1% AVP Equity Research & PMS (Deriva- likely to emerge at 24,000 levels, but crosoft, Amazon and Apple , which per the CME Group's FedWatch
Gold (Oct) MCX SL `97,400; TGT `1,00,300
while the metal index closed 1.2% lo- tives & Technical Analyst), Globe Ca- markets are likely to be in a short- could sway broader investor senti- tool, odds for a September cut
wer. Bank Nifty fell 0.8% while the pri- pital Market term downtrend. ment in either direction. Last stand at 60.4%. The meeting comes RATIONALE: Gold‘s upside capped on the progressive trade deals, but
vate bank and PSU Bank indices drop- Foreign portfolio investors (FPIs) “A bounce back is likely towards week, Alphabet's surprise capital amid an aggressive campaign by investment opportunities to continue amid persistent rate cut prospects.
ped 1.7% and 1.2% respectively. sold shares worth a net of Rs 6,082.5 24,900-25,000 levels in the near term as spending hike revived enthusi- the White House to pressure the Buy in the range `5,600-5,620;
The Volatility Index or VIX—the crore on Monday. Their domestic co- the markets are oversold in the short asm for AI investments, even as Fed into lowering borrowing Crude Oil (Aug) MCX SL `5,445; TGT `5,850
market’s fear gauge—gained 7% to unterparts bought shares worth Rs term. However, it is expected to be a Tesla disappointed by warning of costs. Trump on Friday suggested
12.1 on Monday, indicating traders ex- 6,764.6 crore. In July, overseas inves- selling opportunity as we are in a ‘sell tough quarters ahead amid Powell might be ready to lower in- RATIONALE: Crude appears positive as the trade deal progress between
pect higher risks in the near term. tors divested Rs 27,822.9 crore. on rise’ market,” said Kumar. shrinking electric vehicle subsi- terest rates. US and EU/Japan likely to offset the impact of Venezuela’s supply boost.
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 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCEFM User: samar.jha Time: 07-28-2025 23:21 Color:

THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM
Companies: Pursuit of Profit  15
Nayara Energy Shop Till You Fly Delhi Airport
Base Effect India Pips China, Turns Sues Microsoft for
Suspending Services Retail Spend Can Save User Fees
Biggest Smartphone Supplier to US
Apple’s faster iPhone assembly shift to India amid tariff uncertainties
June quarter as vendors continu- largest supplier to the US in the Ju-
Mumbai: Nayara Energy on
Monday said it has initiated legal
actions against Microsoft for su-
spending critical data services
Arindam Majumder

New Delhi: Passengers flying in

In March, the airport revised
passenger charges. While the
User Development Fee (UDF) for
domestic passengers was kept
Our Bureau ed to frontload inventories amid ne quarter. Apple has opted to dedi- based on “unilateral interpreta- and out of the Delhi airport could unchanged at `129, it saw a sharp
tariff concerns. cate most of its export capacity in tion” of recent European Union be relieved of paying user fees by increase for departing passeng-
New Delhi: For the first time, In- “India became the leading manu- India to supply to the US market in (EU) sanctions against the Indian 2035 if travellers continue to dine ers on international flights to
dia overtook China to become the facturing hub for smartphones 2025. Samsung and Motorola have refiner. and shop as frequently as they `650 for economy class (a 403% ri-
leading supplier of smartphones sold in the US for the very first time also enhanced handset supplies The US software ma- are doing. se) and `810 for business class
to the US in the June quarter. This in Q2 2025, largely driven by App- from India, although their shifts jor is restricting Naya- Airport charges are determi- (527% rise) from `129.
was largely fuelled by Apple’s mo- le’s accelerated supply chain shift are significantly slower and smal- ra’s access to its own ned in India through a process A large share of reve-
ve to expedite shifting of iPhone to India amid an uncertain trade ler in scale than Apple's. data, proprietary tools, wherein 30% of non-aeronauti- nue—about 57%—is
assembly operations to India landscape between the US and Chi- “Motorola, similar to Apple, has and products—despite having cal revenue like retail shops, lo- currently generated
from China amid tariff uncerta- na,” said Sanyam Chaurasia, prin- its core manufacturing hub in Chi- fully paid-for licences, the com- unges, and food courts are used to from non-aero activities.
inties under the Trump admini- cipal analyst at Canalys. na, whereas Samsung relies main- pany alleged. cross-subsidise aero revenue This includes retail and duty-
stration, according to research 61% a year earlier. Most of this de- He however noted that while App- ly on producing its smartphones in Russian oil and gas giant Ros- such as landing, parking and free sales, rentals, advertise-
firm Canalys. cline was captured by India. le has scaled up supply from India Vietnam,” Chaurasia said. neft owns a 49.13% stake in Naya- user fees. ments, food and beverages, and
The uncertain outcome of ongo- Total shipments of India-made as part of its China Plus One stra- According to Canalys data, iP- ra Energy. “We are already subsidising cargo and ground handling acti-
ing negotiations between Was- smartphones to the US soared tegy, even manufacturing and ex- hone exports from India to the US “This action, based solely on Mi- 50% of passenger charges. At so- vities. Cargo and ground hand-
hington and Beijing over a trade 240% on-year. It comprised 44% of porting the more-complex Pro mo- peaked in March ahead of the crosoft’s unilateral interpreta- me point of time, say in the next ling are aeronautical activities
deal has accelerated Apple’s supp- handsets imported into the US in dels from India, it is still reliant on Trump administration's announ- tion of recent European Union ten years, non-aeronautical inco- but they are globally classified as
ly chain restructuring, it said. Q2 2025, a more than threefold rise manufacturing bases in China for cement of reciprocal tariffs on its sanctions, establishes a concer- me will go to the extent that user non-aero.
The share of US smartphone from 13% a year earlier. increased supply of its Pro models trade partners, including India, ning precedent of corporate over- development fees will become ze- “Passenger charges would have
shipments assembled in China fell Canalys said US smartphone to the US. For the base iPhone mo- which eventually got deferred to reach and poses significant risks ro,” Videh Kumar Jaipuriar, CEO doubled if we hadn’t increased
to 25% in the June quarter from shipments grew 1% on-year in the dels, however, India became the August 1. to India’s energy sector,” Nayara of Delhi Airport told ET in an in- our non-aeronautical income,”
said. —Our Bureau terview. Jaipuriar said.

Adani Green Q1 Net Up

60% on Sales and Tech sites in Khavda, Gujarat, and
Our Bureau Rajasthan, the company stated
in a BSE filing. Adani Green’s
Mumbai: Adani Green Ener- operational capacity rose 45%
gy Ltd. (AGEL) has reported a y-o-y to 15.8 GW, with 4.9 GW ad-
60% year-on-year rise in quar- ded over the past year.
terly consolidated net profit, Its energy sales surged 42% to
helped by higher sales, capaci- 10,479 million units, surpassing
ty addition, improved plant the total annual sales recorded
performance and modern in FY22. The EBITDA increa-
technology. The company said sed by 31% y-o-y to `3,108 crore.
it is on track to achieve its 2030 “During Q1 FY26, we added 1.6
target of 50 GW of renewable GW of greenfield renewable
capacity, with at least 5 GW of energy capacity, bringing our
hydro pumped storage along total increase to 4.9 GW over the
with battery storage. past year—an achievement un-
The renewable energy arm of matched in India's
the Adani Group on Monday transition toward
said consolidated net profit in clean energy, said
the first quarter of FY26 stood Ashish Khanna,
at `713 crore compared with CEO of Adani Green Energy.
`446 crore a year ago. On a sequ- “Our investments in the mas-
ential basis, the profit surged sive RE development at Khavda
by 210%. Revenue from opera- in Gujarat, as well as other reso-
tions for the June quarter stood urce-rich sites, are delivering
at `3,312 crore, up 31% y-o-y results both in terms of supe-
from `2,528 crore a year ago. rior operational performance
The growth was primarily dri- and industry-best EBITDA
ven by the addition of 4.9 giga- margins.”
watts (GW) of greenfield capa- Adani Green operates a rene-
city, deployment of advanced wable portfolio of over 15.8 GW,
renewable energy (RE) techno- the largest in India, spread
logies, superior plant perfor- across 12 states. On Monday, the
mance, and the introduction of company’s shares ended 2.93%
new capacities in resource-rich higher on the BSE at `1,004.55.

AMID RISING GAS COSTS

Adani Total Q1 Profit Falls 3.5%
Mumbai: Adani Total Gas Limited (ATGL) on Monday repor-
ted a 3.5% decline in profit due to rising natural gas costs. Net
profit stood at `165 crore for the quarter, down from `172
crore in the same quarter last year. Revenue from operations increased
21% year-on-year to `1,491 crore. Sales volumes rose by 21% for CNG
and 6% for PNG , with the company adding 26,869 new domestic PNG
connections. However, the company posted a loss of `7 crore in the
quarter ending June 31, 2026. EBITDA was `301 crore, reflecting a 2%
decrease. The loss mainly resulted from a shift in gas supply. Low-cost
APM (administered pricing mechanism) gas from legacy state-owned
fields is being replaced by higher-priced gas from new wells and High
Pressure, High Temperature (HPHT) reservoirs. —Our Bureau
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCFIN User: samar.jha Time: 07-28-2025 23:17 Color:

16} Disruption: Startups & Tech THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

For comprehensive and Wistron is Eyeing TCS to Freeze Senior Hiring, US will Change
Visa Interview
`1kcr IT Hardware Pause Annual Salary Hikes
insightful stories about all
things startups and technology,
log on to www.ettech.com
Policy from
ET Ecommerce Tracker
September 2
Plant in Telangana
Returns Comparison (%) Other IT cos facing headwinds may adopt TCS approach: Analysts
ET Ecommerce Index
ET Ecommerce Profitable Index
ET Ecommerce Non-Profitable Index JEFFERIES REPORT execution slippages in the near
Beena Parmar term and higher attrition in the
35
Nifty 50
Compiled by ETIG Database
& Himanshi Lohchab With most deal wins longer-run for the firm and re-
30 Taiwanese co scouting for locations in Hyderabad being led by cost-optimi- flects a weak demand environ-
25 Bengaluru | Mumbai: Tata Con- ment for the sector,” the report
20 to open facility to make servers, routers, switches sultancy Services (TCS) will freeze sation initiatives and in- said. “With most deal wins being
volving AI-led productivi-
15
the hiring of experienced person- led by cost-optimisation initia-
10
BUILDING UP
Suraksha P nel and pause annual salary in- tives and involving AI-led produc-
5
0
creases globally, said people aware ty pass-through, IT firms tivity pass-through, IT firms un-
-5
Bengaluru: Wistron, the Taiwa- of the development. Coming on the unable to gain share may able to gain share may have to re-
nese contract manufacturer that heels of the shock announcement sort to layoffs.”
-10
1 Day 1 Month 3 Months 6 Months sold its iPhone assembly plant in by India’s largest IT employer that have to resort to layoffs The IT sector is likely to see more
Karnataka’s Kolar to Tata Electron- it will sack 12,000 people or 2% of its other firms were quicker to realize pain as companies focused on con-
Tweet OF THE DAY ics in 2023, is firming up plans for an
electronics production facility in Te-
workforce of 600,000, this has added
to the anxiety that’s gripping the
the AI transformation wave and in-
vested early in making pivots. We
sulting such as Wipro and Tech Ma-
hindra navigate the business slow-
langana with an investment of sector battling slowing demand have been seeing silent restructur- down amid an inability to keep up
around `1,000 crore, people aware of and the threat of artificial intelli- ing on people's side for almost two with reskilling and upskilling of
the matter said. gence culling jobs. Analysts said quarters. Whether TCS will trigger employees led by AI-led disruption,
It is scouting for land in Hyderabad the TCS move may be adopted by a talent bloodbath is difficult to say analysts said. Infosys, Wipro and
Indian workers and
to build the facility that will manu- other companies that are facing at this point.” Tech Mahindra did not respond to students face yet
facture servers, routers and switch- similar headwinds. Brokerage firm Jefferies said requests for comment.

CHARLES SHEELER, Cat-walk

es, these people said on the condition Onboarding delays for those this may be a “canary in the Employee welfare body NITES another US visa
of anonymity. with experience who have coal mine” mo- wrote to the labour ministry on
After exiting the Kolar plant, been hired exceeds 65 days, ac- ment for IT ser- Monday to complain against “ille- renewal roadblock
where it had faced worker unrest in cording to the people cited. The vices. “TCS' gal layoffs.” This is the third letter
2020, Wistron is again expanding its Tata Group unit has already start- move to cut2% the IT union has sent to the ministry
ALEXIS OHANIAN operations in India. The plans also ed phasing out hundreds of of its work- on TCS. One was with regard to the Swathi Moorthy
include setting up a `1,450 crore benched staff in Hyderabad, Pune, force bench policy and the other related to
@ALEXISOHANIAN
plant in Bengaluru to manufacture Chennai and Kolkata, in line with may onboarding delays of 600 experi- Bengaluru: Renewal of US work
The real founder laptops. This facility is scheduled to its new policy that mandates lead enced hires. “TCS has the biggest and student visas is facing yet anoth-
start production by January 2026, such employees to find pro- to bloat around the middle com- er roadblock, as the Trump adminis-
superpower isn’t Karnataka industries minister MB In January last year, the jects in 35 days or leave. pared to its peers,” said Phil tration is set to eliminate the inter-
intelligence—it’s Patil said last year. govt of Karnataka and Wis- TCS did not comment on Fersht, CEO and chief analyst view waiver provision effective Sep-
“They (Wistron) have decided to tron (ICT Service Manage- the development. at HFS group. “Most others tember 2. This is expected to in-
taste & relentless- come to Telangana with a different ment Solutions) signed an The plan by TCS to lay off have been gradually trimming crease interview wait time,
ness. Taste helps product line. They are investing al- MoU to set up a laptop man- staff has become a hot topic the middle for years now but impacting many companies that em-
most `1,000 crore. Now they are fina- ufacturing plant in the boardrooms of IT it's clear that TCS can't af- ploy workers on H-1B visas as well as
you know what to lising the location,” said one of the firms, one C-suite ex- ford that extra weight any students, say immigration experts.
do next—deeply people. “It could be in the same area Firm had sought 32 acres of ecutive said. more. This is more of a warn- The US Department of State on Ju-
empathising with where Hyderabad's electronics land for the proposed project “The magnitude ing sign to get their people to ly 25 announced that all non-immi-
manufacturing is concentrated, in of the problem is step it up and a smart move to grant visa applicants barring B1/B2
customers—and re- one of the electronics parks on the Unit with a fully automated more pro- show they are shedding their categories will require in-person in-
lentlessness keeps outskirts of the city. It has not frozen facility would make laptops nounced for stuffy image.” terview. The requirement will also
the location yet. They have seen a for all brands and over 50% TCS simply The Union government is cover the previously excluded cate-
you talking to cus- few locations,” this person said. of laptops made would be because of seeking clarity from TCS on gory of children below 14 years of
tomers + shipping. “Wistron is into manufacturing exported its size and the rationale behind the lay- age and elderly applicants aged over
servers, routers and switches. Man- structure,” offs that has spooked employ- 79 years. “With the interview waiver,
This will be even ufacturing of those may go to Telan- the execu- ees and investors. applicants were able to get an ap-
more true now in gana. But it will be the non-iPhone wholly owned subsidiary, ICT Ser- tive said. FOR FULL REPORT, GO TO pointment in less than a month to
the Age of making that will go to the state; vice Management Solutions (India), “But some www.economictimes.com drop the documents,” said Gnana-
iPhone assembly is ruled out,” an- intended to secure a land use right mookan Senthurjothi, founder of
Intelligence

HR Firms Log an Uptick in

other person said. from the Karnataka Industrial Area immigration platform Visa Code.
Wistron did not comment on the Development Board for up to `140 “But the process will further in-
Telangana plan. In a statement to crore. That land is near the interna- crease (now) and with the current
Tech Buzz ET, the company repeated the an- tional airport in Bangalore, it said in job scenario, this will impact highly
nouncement in 2024 when it said a the latest statement. skilled worker jobs, similar to what
Chinese AI Cos
TCS Staffers Hunting for Job
is playing out for students,” he said.
There is also not much clarity on in-
Form Alliances
MeitY wants Tariff Shield
terviews scheduled after September
2. Many Indians have scheduled ap-
to Build Tech pointments in India for H-1B renew-
als with the interview waiver after

for Electronics Exports

Recruitment cos expect nos to rise once timelines and scope are clear September 2 for their families,
earch India, said he has been get- which is now in a limbo, Senthur-

Looking Out
Prachi Verma ting CVs of senior TCS executives jothi said. “It is not clear if they need
for the last two quarters. And he ex- to book a new appointment.”
kicking in, due to government sup- New Delhi: Executive search Puneet Malhotra, senior perts more to follow with the com- Before Covid-19, interview waivers
iStock

Subhayan Chakraborty port over the past few years. It is cru- firms and recruitment services pany now formally announcing were restricted to certain visa cate-
partner at Transearch India,
cial they don't face tariff barriers at companies said they are already says he has been getting CVs the job reduction. “We are already gories or people. After the pandemic,
SHANGHAI: China’s AI New Delhi: India wants its fledg- this point, and we have communicat- seeing an uptick in queries and engaged in searches for a few of the US expanded the scope of waiv-
of senior TCS executives for
firms have announced two ling electronics exports, depend- ed that to the commerce depart- résumés from employees of Tata the senior executives at TCS,” ers to manage visa application back-
the last two quarters
new alliances, aiming to ent largely on the US markets for ment.” Consultancy Services, India’s IT Malhotra said. logs. The difference between then
develop a domestic eco- overseas earnings, to be treated India’s commerce ministry is at services market leader that on The salaries of these executi- and now is the increasing scrutiny
TeamLease has received
differently from Washington- the vanguard of the ongoing Wash- Sunday announced a mass layoff. ves, with experience of at least around visa issuance and renewals.
system to reduce depend- bound shipments from established ington-New Delhi talks that would Executives at companies like some resumes from mid- to 20 years at TCS, are around a
ence on foreign tech as global players, such as those based shape the final tariff landscape for Transearch, CIEL HR and Mi- senior-level IT professionals, crore. “Historically, H-1B RENEWALS UNDER STRESS
they seek to cope with US in China and Southeast Asia, when bilateral trade. The MeitY official chael Page told ET that they ha- including from TCS greater external acti- Sukanya Raman, country head, In-
export curbs on Nvidia the Oval Office fixes tariffs for said it made the request to the com- ve been getting queries even vity tends to follow dia & GCC Practice Team, Davies &
chipsets. The announce- these product categories. merce ministry for helping shield before Sunday’s announce- once timelines and Associates, said the level of scrutiny
Production of electronics, lately un- Indian electronics from the appli- ment, as many were expec- scope are clearer; so has increased not just at the consul-
ments were timed to coin-
dergirded by federal financial sup- cable continental tariffs dragnet ting an imminent job cut. we expect more trac- ate level but also at port of entry,
cide with three-day World port in India, would require a rela- during the recent inter-ministerial TCS said it would lay tion in the coming where multiple verifications are
Artificial Intelligence Con- tively favourable tariff landscape to talks on the trade deal. off 2% of its workforce, weeks,” said Team- done. Immigration experts are al-
ference in Shanghai. One fill US retailing shelves against com- In 2024, the US imported $478 billion or more than 12,000 Lease Digital chief so seeing increasing demand for
of the most talked about petition from established exporters of electrical machinery and electron- employees, in the executive Neeti Shar- biometrics from H-1B workers and
products at the conference from mainland China, Vietnam, Tai- ics, according to the Observatory of middle and senior le- ma. For now, the flow requests for evidence (RFEs) relat-
wan and Malaysia, said an official Economic Complexity, an online re- vels in fiscal 2026. Whi- of CVs rema- ed to workers’ arrest records.
was Huawei’s CloudMatrix
from the Ministry Electronics and In- pository of global trade data begun as le the company did not ins consistent “Following the biometrics appoint-
384 which incorporates formation Technology (MeitY). a research project at the MIT. China provide details, ex- with previous ment, depending on the individual's
384 of its latest 910C chips “The US is the largest destination (26.1%), Mexico (18%), Vietnam perts expect the actu- weeks, Sharma circumstances, the USCIS (US Citi-
and outperforms Nvidia’s for not only our overall electronics (8.8%), Taiwan (6.7%), and Malaysia al job losses to be mo- said. zenship and Immigration Services)
GB200 NVL72 on some sector, but also for a range of individ- (5.9%) made up the largest share of re than the numbers may issue another RFE related to the
ual electronic products,” said the offi- sectoral exports. Meanwhile, India announced. FOR FULL REPORT, beneficiary's arrest record,” said
metrics, according to US GO TO
cial cited above. “The large-scale pro- was the 9th largest source of ship- Puneet Malhotra, se- Joel Yanovich, immigration attor-
research firm SemiAnaly- www.econom-
duction of many of these are now ments, with a 3% share. nior partner at Trans- ney at Murthy Law Firm.
sis. —Reuters ictimes.com

Sona Sends Legal Notice

.

2.9 million
Number of advertiser ac-
EXAMINES ROLE OF PLATFORMS

ED Quizzes Google
Satcom Won’t be a Threat
to Restrain Rani Kapur to Telcos: MoS Pemmasani
counts Google suspended
in India last year. —PTI

LTTS Bags $60m

Officials in Illegal
Says high tariffs, limit on subscriber base set to limit appeal
Dealallegations
Calls from USby Sunjay Kapur’s mother as malafide and false, asks
her to withdraw board letter within 24 hrs; her team to file reply soon
Betting App Case
Telecom Giant Our Bureau
Not a Gamechanger
Arijit Barman & Indu Bhan Our Bureau New Delhi: Satellite communica-

Mumbai|New Delhi: Sona BLW

Boardroom Battle New Delhi: The Enforcement Directo-
tions will not emerge as a threat to
incumbent telecom operators in
Upfront cost of Starlink can
satcom customer only provide
Precision Forgings (Sona Comstar)
Company denies
allegations of
Rani Kapur sought
AGM deferment
AGM proceeded;
company argued
rate (ED) Monday quizzed representati- India due to the former’s high ta-
equipment is
as high as
20 lakh
has cranked up the heat by issuing ves of tech giant Google in connection riffs and a limit on subscriber base connections
a cease and desist notice to Rani Ka- mismanagement citing family legacy Rani Kapur holds no with its money laundering probe linked and data speeds, said Chandra Sek- `30,000 in India
iStock

pur, mother of Sunjay Kapur, the and coercion as false usurpation fears shareholder status to betting applications, people in the har Pemmasani, minister of state
former chairman of the company, know said. Meanwhile, no representati- for communications, on Monday. Monthly costs Maximum
to MUMBAI:
restrain her L&T Technology
from spreading un- Rani Kapur alleged ve from Meta appeared for the ED’s pro- Meanwhile, a government offici- of `3,000 to speed of
Services
lawful and (LTTS) has won
defamatory a
informa- that she was coerced be in the same matter. al said that rules for the allocation not hurt telco Starlink capped
$60-million,
tion, said peoplemulti-year
in the know. into signing docs As per available information, ED recor- of satcom airwaves are likely to be subscriber base at 200Mbps
Claiming
contractsignificant
from a US-basedreputational while grieving ded the statement of Google’s representati- issued within two months. The ru-
and financial
telecom damagesgiving
provider, solely adue to ves in addition to obtaining certain docu- les will be the last step before com-
her communication, the notice has ments from the company. panies such as Starlink, Eutelsat network services, is much higher, front costs are very high,” the mi-
significant boost to its
also asked Rani to withdraw her let- the right forum. shareholder and has no role in ope- The ED is examining the ro- OneWeb and the Reliance Jio-SES and will not lead to satellite ero- nister said.
tersoftware
dated July engineering busi-
24 to the company’s Rani Kapur on Thursday had so- rations. Neither did she hold any le of digital platforms in combine can start commercial bro- ding telcos’ subscription base. Satcom services are expected to
ness.shareholders
board, The deal, which andin- various ught the deferment of the compa- managerial, executive nor fiducia- enabling the promotion of il- adband from space services.. “You have to put an individual target rural and remote areas whe-
volves
other developing
stakeholders net- 24 ho-
within ny’s AGM while alleging that she ry role in the company, at least since legal betting apps that are be- “The maximum Starlink can of- antenna, just like how you put an re state-run BSNL currently has a
urs. Failure
work to comply
software andwithin three was ‘coerced’ into signing docu- 2019. ing probed for hawala trans- fer across India, even if everybody antenna dish for TV on the roof of significant presence.
days of receiving
applications, is the
onenotice
of could ments behind locked doors when Currently 71.98% of the company actions and potential violations of the wants a connection, is only 20 lakh your house, that typically costs Pemmasani said despite inves-
result in civil or criminal actions she was grieving, and that some pe- is held through public sharehol- Prevention of Money Laundering Act. connections with up to 200 Mbps `30,000, and `3,000 every month. ting in deploying 4G sites, BSNL
LTTS’ largest wins in tele-
against her and any other person ople were trying to usurp Kapur fa- ders, including institutional share- Meta, which owns platforms like Facebo- maximum speed which is distribu- So, for a village panchayat, which will not raise tariffs as its focus re-
comto
found space and comes
be involved withather,a the mily’s legacy. The company went holders like banks, mutual funds, ok and Instagram and Google, offered ad- ted across India…so there is no is a cost optimised entity, the up- mains on boosting market share.
time has
notice when it is looking
warned. to
“Vehemently ahead with the AGM, after it sought financial institutions and FIIs. vertising space and algorithmic visibility way satellite can provide any mea-
deepenall
denying” presence in sector.
the allegations made legal advice, claiming Rani was not 28.02% of the company is held by to the betting apps, facilitating their reach ningful connectivity in India,”
byLTTS
her has
late been
last week, regarding
on a steady a shareholder of the company and the promoters via Aureus Invest- to users, the people cited earlier said. Pemmasani said, referring to the
mismanagement
deal streak in recentand coercion,
quar- the thus had no legal ground to seek a ments (AIPL). ED had previously summoned executi- Elon Musk-owned company. Scindia Outlines BSNL’s Growth Targets
company has claimed the allega- postponement. After the sudden death of Sunjay, ves of Google and Meta days after the This is primarily due to capacity New Delhi: Union communications minister
ters, and this marks fourth
tions were “malafide, false, unwar- Sunjay Kapur passed away on Ju- the company, as per its notice, ma- agency searched four locations in Mum- limitations of the satellite service
dealand
ranted worth more than $50
uncorroborated”. ne 12 after suffering a heart attack intained full transparency and ma- bai in a dabba trading and online betting provider. The limited capacity, dis- Jyotiraditya Scindia on Monday set this year’s
million
Legal in theclose
sources pasttoyear.
Rani Kapur in the UK while he was playing po- de required public disclosures, ap- case, seizing allegedly unaccounted cash tributed across India, suggests that targets for BSNL, saying the company should aim
confirmed that they have
While it continues to facereceived lo. pointed a new chairman, and held of `3.3 crore, along with luxury watches, each district can only get around for 50% growth in consumer mobility business
thepressure
notice from the company
in some verticals,thro- On Monday, the company upped an AGM. Sunjay’s wife Priya Sach- jewellery, foreign currency and luxury ve- 50,000-40,000 connections, he said. and 25-30% growth in enterprise business. BSNL, after years
ugh lawstrategic
such firm DSKdeals Legal.areTheyex-said the ante by sending the notice to Ra- dev was appointed a non-executive hicles. Cash-counting machines were also The minister's comments come of losses, posted a net profit in the last two quarters of the
she is also in the process of filing a ni and also sent a copy to stock mar- director of the board based on a no- discovered during the search operations, even as Starlink secured necessary
pected to rebalance previous fiscal. At a review meeting, Scindia said it should
reply in due course of its time after ket regulator Sebi, the sources mination received from AIPL. Her officials had previously said. approvals from the government to
growth. with
discussing —Our Bureau
her legal counsels. mentioned above added. appointment was also ratified by The agency is also examining the finan- start offering its services. The grow its revenues faster than its expenditure next fiscal to
“The way things are panning out, The notice also questioned the ti- shareholders on Friday’s AGM. cial and operational activities of ‘dabba company has tied up with private maintain the current momentum. He said the target is to turn
including blocking of all the infor- ming of Rani’s “ill-advised and fac- Outcomes of all board meetings ha- trading apps’ involved in trading and bet- telecom operators including Reli- quarterly losses into profits.“Your enterprise business must
mation and banks accounts of Ra- tually wrong” letter, sent just one ve also been informed to the regula- ting, namely VMoney, VM Trading, Stan- ance Jio and Bharti Airtel to sell grow by a range of 25-30%. There’s no reason why your
ni, she is left with no option but to day prior to the AGM. That, it said, tory authorities and are publicly dard Trades, IBull Capital, LotusBook, the ‘Starlink kit’ to customers. consumer mobility business should not grow by 50%, consi-
move the National Company Law shows motive to cause harm to the available. The company has, there- 11Starss and GameBetLeague. It initiated Pemmansani said the upfront
Tribunal.,” these sources said, ad- company and illegal interference. fore, described her actions as “la- the probe on the basis of an FIR registered cost of using satellite services in dering the low ARPU levels,” Scindia said. — Our Bureau
ding the NCLT Chandigarh may be Rani, the letter reiterated, is not a mentable”. in Indore on January 9. India, as compared to terrestrial
 CCI
CCING
NG3.17 Product:ETDelhiBS
3.7 Product: PubDate:
ETMumbaiBS 29-07-2025
PubDate: Zone: DelhiCapital
29-07-2025Zone: Edition: 1 Page:
PanacheDelhiEdition: ETDCMI
1 Page: User: samar.jha
ETPANDFP Time: 07-28-2025 07-28-2025
User: suresh.kumarTime: 23:11 Color: 18:17Color:

Card of honour
Caitlin Clark’s rookie NEW DELHI / GURGAON
TUESDAY
trading card sold for 29 JULY 2025
$660,000 at an auction,
a deal that also includes www.etpanache.com
an autograph and a
swatch of her jersey ADVERTORIAL &
PROMOTIONAL FEATURE

George Lucas says

quote
unquote
Was this artefact from his museum will be a
King Tut’s tomb? Durham University in the UK
‘temple to people’s art’
The Guennol Grasshopper recently who has written extensively
on Carter’s behaviour, said
fetched $456,000 at auction, stirring it was unsurprising that
$456,000
there was no documentation of Criminal Justice at
an ethical maelstrom around of the grasshopper’s origins: the City University of New
Carter wouldn’t have listed York, US, said in an interview
its provenance

A
items he stole as being among that she wasn’t surprised

PIC: NYT
f t e r d i s c ov e r - the tomb’s contents. She also that the sale was occurring
PIC: NYT

i n g K i n g said the auction house should at a lesser-known auction

Tutankhamun’s have consulted the Egyptian house. Major auction houses
“My success is a tomb, Briti sh
archaeologist
Although government. The Egyptian like Christie’s and Sotheby’s,
M i n i st r y of Tou r i sm a nd she said, “wouldn’t touch an
the

PIC: AFP, X
fairytale.” Howard Carter spent years
Egyptian Antiquities did not respond to antiquity connected so closely The Lucas Museum of Narrative Art,
designed by Chinese architect Ma
cataloguing the thousands requests for comment, nor did a to a known pilferer”. Yansong, resembles a giant space cruiser
— JAMES LEPRINO, named
of priceless artefacts inside, government spokesperson for the Egyptian For Thompson, the auction
the ‘Willy Wonka of Cheese’, hasn’t claimed the
including life-size statues of government. also raises wider questions George Lucas took to the stage Rockwell and Maxfield Parrish, while
whose company the ancient Egyptian pharaoh, grasshopper, which Apollo Art Auctions said it about the ethics of selling at Comic-Con in San Diego, US, wife Mellody Hobson has collected
produced glittering thrones and the boy has long been held in had taken all necessary steps potentially looted artefacts. to an ovation from thousands of works by Black painters such as
85 per cent of king’s funeral mask. to ensure the legitimacy of the “Should we return only the attendees, some holding up light Norman Lewis and Kara Walker.
the cheese
private collections,
Now one object that experts have, for object’s provenance and that handful of artefacts whose sabres in the air, while the Star Wars The panel discussion also included
used on Egyptologists have for decades the Art Loss Register, a London- histories we can trace step theme music filled the room. director Guillermo del Toro
pizzas in said that Carter likely stole
decades, linked it based company that maintains by step?” she asked, adding, The 81-year-old, making and production designer
the US, including for brands has been auctioned for 3,40,000 to the tomb a database of stolen artefacts, “I t hi n k we shou ld ma ke h i s f i r s t app e a r a nc e Doug Chiang, who has
such as Domino’s, Papa Johns pounds ($4,65,000). On Sunday, had issued a “certificate of repat riation decisions by at t he pop cu ltu re worked on the Star Wars
and Pizza Hut. Leprino died Apollo Art Auctions, a small that he was “quite convinced” clearance” confirming that the thinking about what’s right, extravaganza, looked f i l ms. Si nger-actor
earlier this month, aged 87. auction house in London, sold that the grasshopper could item was not listed. not just what’s provable.” down-to-earth and even Queen Latifah, who calls
the ‘Guennol Grasshopper’, only have come from the tomb. a little embarrassed by herself a “sci-fi nerd”,
an intricately-carved ivory The artefact is of a style that Grey zone Rules of ‘the dig’ the attention. But what George Lucas has served as moderator.
and wood container in the existed in Egypt at “exactly James Ratcliffe, the register’s When Carter and his patron, followed was a quiet, been a prolific The project began, in

$28.5 bn shape of the noisy insect. The

auction house estimated that
the grasshopper, whose wings
the period” of Tutankhamen’s
reig n, Loeben said, while
the vessel’s lack of damage
general counsel, said in an
interview that the item sat in
“an awkward area”: There are
the Earl of Carnarvon, began
searching for Tutankhamen’s
tomb in 1914, they hoped for
thoughtful discussion collector of
about his upcoming art comic strips and
museum, a contrast to
political cartoons
part, just to document
the things Lucas has
collected in the last six
The net worth of Africa’s swing outward to reveal a hole indicates that it came from a questions about its origins, a big payday. At the time, the the sci-fi and superhero decades. He owns the
PIC: REUTERS

richest man, Aliko Dangote, to store perfume, is “from the sealed chamber like the boy but the Egyptian government Eg y ptia n gover n ment let bombast that is otherwise for over 60 years first drawing of Flash
who recently retired age of Tutankhamen”. king’s. Historical records also has never reported it stolen or archaeologists keep half of the norm at Comic-Con. Gordon; original panels
as chairman of show that Carter sold the item asked for its return. any discoveries if robbers had of Peanuts comic strips,
Dangote Was it stolen? after returning to England. Erin Thompson, a professor of already broken into a tomb. Future plans complete with notes by
Cement. The Apollo Art Auctions said in an Christina Riggs, a professor at art crime at John Jay College Carter argued that this was The filmmaker discussed creator Charles Schulz;
business emailed statement that there the case for Tutankhamen’s plans for the Lucas Museum of early drawings of Iron Man
formed the was “no documented evidence” chamber, although many have Narrative Art, first announced in and Black Panther; and original
biggest that the vessel came from the disagreed with his assessment. 2017, which will open its doors in Los artworks for political cartoons and
chunk of his pharaoh’s tomb. “The item In any case, the Egyptian Angeles next year. “This is sort of a alternative comics. “What am I
empire until his does not appear on any official gover n ment decided to temple to people’s art,” he said. going to do with it all?” Lucas said.
next venture: The excavation inventories,” the “regard the tomb as royal” and The museum, designed by Chinese “I refuse to sell it.”
oil refinery, which took 11 statement said. kept everything. architect Ma Yansong, resembles a Del Toro, himself a famous hoarder
years and $20 billion to build. Still, for some Egyptologists, Shortly after Carter’s death in giant space cruiser and is spread over of pop culture artefacts, said the
The refinery helped to almost there is little doubt about its 1939, his niece discovered items 3,00,000 sq ft. Star Wars-themed art Los Angeles wildfires earlier this
double Dangote’s wealth. origins. Christian Loeben, of among his belongings that were and artefacts will be displayed, but year came “frighteningly close” to
Emmanuel Ikazoboh, former the Museum August Kestner The tomb of inscribed with Tutankhamen’s Lucas’s personal focus on comic art his own collection. “Now that the
group chairman of Ecobank

.
Transnational, will fill the role
vacated by Dangote
in Hanover, Germany, who
has written about Carter’s
career, said in an interview
Tutankhamun
was discovered
in 1922
to Egypt .
name and some were returned

— The New York Times

and populist paintings are central
to its aims. He is one of the main
collectors of the paintings of Norman
there,” Del Toro said .
museum exists, a lot of it may go

— AP

ENGLISH WILLOH!
VITALS
‘Turns Out We Love Football Chaos’
Basel: Sarina Wiegman broke into a celebratory dance
when Chloe Kelly struck the winning penalty in Sunday’s
World Champion, Grandmaster Divya
shootout to help England clinch a second consecutive Teenager defeats Humpy to become youngest to win Women’s World Cup Lesson from Manchester? Stokes & Co believe that the world should play
Women’s Euros title. They beat world champions Spain
3-1 on penalties after the match ended in a 1-1 draw.
Batumi (Georgia): Teenaged
Indian chess player Divya
Saturday and Sunday ended in
draws. After the drawn games, it
and now I am the Grandmaster,”
said Divya, adding: “It’s hard for
the game as per the moral code they have in their heads
“This has been the most chaotic tournament, from the Deshmukh became the young- was the first set of tiebreakers me to speak. It means a lot, but
first game there was chaos … turns out we love football est to win the Women’s World that proved decisive as Humpy there’s a lot more to achieve. I’m
chaos!” a jubilant Wiegman said. Asked how she plans to Cup in Batumi on Monday as lost the battle of nerves. hoping this is just the start.”
celebrate, she said: “May be with some more dancing. I she outwitted the seasoned An emotional Deshmukh Five-time world champion
might have a drink but I will not be drinking as much as Koneru Humpy in the tie-break- couldn’t hold back her tears fol- Viswanathan Anand hailed
the players.” Reuters er of an all-Indian final which lowing the victory against an Divya’s triumph.
SWIMMING WORLD C’SHIPS left the youngster emotionally opponent twice her age. “I “ C o n g r at u l at i o n s t o @
Day 2, Gold No 2 for McIntosh overwhelmed. need time to process Divyadeshmukh05 on winning Anand Vasu
Singapore: Two days. Two gold medals. Summer The victory not just earned it (win). I think it the World Cup. Becoming GM
the 19-year-old the prestig- was fate, me get- and a spot in the candidates.

W
McIntosh is off to a perfect start at the swimming
world championships in her attempt to win five ious title, but also made t i n g t h e Amazing battle of nerves. @ ashington Sundar was on
individual gold medals. The 18-year-old Canadian her a Grandmaster, Grandmaster ti- humpy_koneru played a very 80 and Ravindra Jadeja on
took the 200-metre individual medley (IM) on Monday, something improbable tle this way be- good event and showed a com- 89 when Ben Stokes had
clocking 2:06.69. The victory matched the gold she when she started the cause before mendable fighting spirit. The had enough. He wanted to shake
won Sunday in the 400 freestyle. Alex Walsh of the tournament. this (tourna- great champion she is! It was a hands with the batsmen, the manda-
US claimed the silver in 2:08.58 with bronze going to The victo- ment) I didn’t great celebration of Indian tory overs in the final hour of the fi-
Mary-Sophie Harvey of Canada in 2:09.15. AP ry for the even have one chess, particularly Women’s nal day of the fourth Test had begun.
Nagpur (GM) nor m, chess,” wrote Anand on X. PTI India batted on, and when both bats-
p l ay e r men had reached three figures,
came after It’s hard for me to speak right called it quits at 425 for 4. Sounds running for cover at the earliest? The issue simply is that Stokes,
the two now. It means a lot, but there’s a perfectly reasonable. Jadeja already had four Test hun- and it seems some of his team-
classical Except Stokes lost his rag on the dreds to his name before this game, mates, believe that the world
g a m e s lot more to achieve. I’m hoping this field. Do you want a Test hundred but he’s a slightly different beast. should play the game as per the
played on is just the start DIVYA DESHMUKH against Harry Brook’s bowling? Jadeja has played so many invalu- moral code they have in their
England asked the batsmen at the able hands for India, many of them heads. Not the rules of the game,
crease, forgetting momentarily that not close to three figures, but worth and really, it should end there, but
they had been kept on the field for more than that in the context of the cricket has put this thing called
143 overs, and having reduced India game. And, about three years ago, spirit on a pedestal like no other
to 0 for 2, could only pick up two Jadeja was batting on 175 against sport. As one legendary cricketer
more wickets. Stokes was welcome Sri Lanka at Mohali when he told once said, the spirit of cricket is
to bowl whoever he wanted, but, Rohit Sharma, the captain, to de- best taken after the day’s play,
with one Test to play, and there being clare the Indian innings in order to about three fingers deep and with
no chance of forcing a result, he give themselves enough time to as many cubes of ice.
used his non-bowlers. On the field, bowl out the opposition. Which, of The sour taste in the mouth left by
frustrated that they could not do course, Jadeja planned to play a big England’s bitterness will pass soon
more after being in such a strong part in. It’s not as though Jadeja is a enough, given the quick turna-
position, Stokes’ momentary loss of milestone chaser. round before the final Test. One of
calm might be forgiven. Aching But, even if he were, it should be cricket’s most diabolical decisions,
limbs and tired bodies can play of no concern to the opposition Greg Chappell asking his brother to
tricks on the calmest of minds. captain. If anything, a tough com- roll the ball underarm to New
But, to suggest that India were put- petitor such as Stokes should wel- Zealand with six needed off the final
ting personal milestones ahead of come the opposition doing this. ball to tie the game, was within the
the game was churlish in the ex- But even that is beside the point. rules as they stood then. But,
treme. The fact is that England Chappell, when he had time to think
threw everything they could at about having won fair and square,
India’s batsmen, who dug deep and Ball-by-Ball admitted that the decision was
battled hard for a draw. Having done Do you want a Test hundred wrong and the product of a mind
all the hard work, exactly why against Brook’s bowling? that had endured a poor season, and
should either Washington or Jadeja England asked the batsmen was addled. Perhaps Stokes will
walk off ? Stokes was within his Test tons don’t come easy. Ask reach similar clarity at some point.
rights to offer, Shubman Gill equally Washington Sundar, who has Gautam Gambhir, India’s coach,
so, to politely decline. been left stranded on 85 and 96 defended his team, asking if
What followed was problematic, England would have walked off
to put it mildly. To state the obvi- About 3 yrs ago, Jadeja was with an early finish had the shoe
ous, Test hundreds don’t come batting on 175 against Sri Lanka been on the other foot. What he
easy. Ask Washington, who has when he told captain Rohit should have been asking was why
been left stranded on 85 and 96. Sharma to declare his own batsmen came off so early
India will eventually realise that The spirit of cricket is best in the end. After Stokes’s first offer, it
Washington is a top-order bats- taken after the day’s play, took only about 15 minutes for boxes
man who also bowls very well, and about three fingers deep and to be ticked. But, having seen
when he’s deployed higher up the with as many cubes of ice England’s reaction, India should
order, there will no doubt be many Greg Chappell asking his have made them bowl till the very
more hundreds to follow. But, here brother to roll the ball end, if only to make the point that
he was on the verge of his maiden underarm was within the rules neither the spirit of the game nor
Test ton, and Stokes’ England as they stood then the moral high ground was the sole
thought he was a bad sport for not preserve of the England team.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 29-07-2025 Zone: DelhiCapital Edition: 1 Page: ETDCST User: samar.jha Time: 07-28-2025 22:54 Color:

18  Around the World CONTRAPUNTO Healing yourself is connected with healing others. YOKO ONO
THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 29 JULY 2025 | WWW.ECONOMICTIMES.COM

Trump Sets 10-Day Ultimatum

for Putin to Halt Ukraine War
US President ramps up pressure on Moscow to halt military offensive in Ukraine
Putin. Those efforts have failed to
Edinburgh: US President Do- materialize with Moscow only re-
nald Trump said he would impo- sponding with maximalist de-
se a new deadline of 10-12 days for mands for Ukrainian territory
Russian leader Vladimir Putin to and declining calls for face-to-fa-
reach a truce with Ukraine, ram- ce talks between Putin and his co-
ping up pressures on Moscow to unterpart, Ukrainian leader Vo-
bring the fighting to a halt. lodymyr Zelenskyy.
“I’m going to make a new deadli- Since Trump’s renewed sanc-
ne of about 10—10 or 12 days from tions threat, Russia has continu-
today,” Trump told reporters in ed to launch blistering missile
Scotland on Monday during talks and drone attacks on Ukrainian
with UK Prime Minister Keir cities. Trump, who initially focu-
Starmer. “There’s no reason in sed his ire on Zelenskyy as an obs-
waiting.” tacle to peace, in recent weeks has
Trump on July 14 initially anno- signalled growing impatience,
unced a 50-day deadline on Rus- accusing Putin of not being sin-
sia — which would have fallen on cere about wanting to end the war
Sept. 2 — threatening to impose despite multiple calls and
stiff economic penalties on Putin months of diplomacy.
if he did not end hostilities with
Ukraine. File photo of Donald Trump and Vladimir Putin MEDVEDEV: TRUMP ULTIMATUM
Earlier Monday, Trump told re- COULD SPARK RUSSIA-US WAR
porters he was “disappointed in DEADLINE FOR TRUCE Former Russian President
President Putin.” Dmitry Medvedev said in a post
“I think I already know the ans- On July 14, Trump gave Russia a 50- on X on Monday that US Presi- TRUMP-XI MEETING IN THE WORKS
wer, what’s going to happen,” dent Donald Trump was playing
Trump had added, indicating
further skepticism that Putin wo-
uld come to the negotiating table
and commit to a ceasefire.
day deadline, warning of tough penal-
ties if Putin didn’t end the Ukraine war
“the ultimatum game” with
Russia, and that such an appro-
ach could lead to a war invol-
ving the US. Medvedev wrote:
US, China Hold New
Trump in July had said he would
impose 100% tariffs, which offici-
als have cast as secondary levies
that would fall on countries who
Washington and other capitals al-
lied with Kyiv view such oil pur-
chases as a form of tacit support
for Russia, helping to bolster its
Trump’s threat marked a major
shift in tone for the US president,
who returned to office vowing to
quickly end Russia’s war in Ukra-
“Each new ultimatum is a thre-
at and a step towards war. Not
between Russia and Ukraine,
but with (Trump’s) own count-
Talks on Tariff Truce
buy Russian exports such as oil. economy and undercut sanctions. ine, citing his relationship with ry.” Bloomberg Stockholm: Top US and Chinese
economic officials resumed talks in
Trump Says Number One Priority If I Weren’t Around, India would be Stockholm on Monday to resolve
longstanding economic disputes at
Now in Gaza Is Getting People Fed Fighting Pak, Claims Trump Again the centre of a trade war between the
world’s top two economies, aiming to
China Introduces
Turnberry: US President Trump said on Mon-
day the number one priority in Gaza was get-
London: US President Trump on Monday
claimed, yet again, that if he had not inter-
extend a truce by three months.
US Treasury Chief Scott Bessent
Subsidy to Spur
ting people fed, because “you have a lot of
starving people”, adding that he was not going
vened in time with a threat of stopping all
trade negotiations, India and Pakistan would
was part of a US negotiating team
that arrived at Rosenbad, the Swe- Population Growth
have been at war. Addressing the media in dish prime minister’s office in cen-
to take a position on Palestinian statehood at
tral Stockholm, in the early afterno- Beijing: China announced that it will
the moment. Trump said the US had provided Scotland, Trump took credit for stepping in to on. China’s Vice Premier He Lifeng start handing out childcare subsidies
$60 million for humanitarian aid, and other nations would prevent “six major wars” around the world, including bet- was also seen at the venue on video senators from both major parties across the nation, in its latest push to bo-
have to step up. "We're giving a lot of money and a lot of food, ween India and Pakistan. He was responding to a question footage. China is facing an August 12 plan to introduce bills this week ost birthrates after a worrying drop in
and other nations are now stepping up," Trump said. "It's a about pushing Israel towards ending the conflict in Gaza just deadline to reach a durable tariff ag- targeting China over its treatment recent years.
mess. They have to get food and safety right now." Reuters hours after ceasefire talks with Hamas collapsed. PTI reement with President Donald of minority groups, dissidents, The government will spend 3,600 yuan
Trump's administration, after Be- and Taiwan, emphasizing security ($502) a year per child under age three,
ijing and Washington reached preli- and human rights, which could according to the official Xinhua News
minary deals in May and June to end complicate talks in Stockholm. Agency. The assistance, effective retro-
weeks of escalating tit-for-tat tariffs Previous US-China trade talks in spectively from Jan. 1 this year and avai-
Tesla Signs
$16.5-Billion
Thai, Cambodian Leaders Agree and a cut-off of rare earth minerals.
Trump touched on the talks during
a wide-ranging press conference
Geneva and London in May and Ju-
ne focused on bringing US and Chi-
nese retaliatory tariffs down from
lable regardless of the first-, second- or
third-child, is meant as
an incentive for young

Chip Supply Deal to Ceasefire After 5 Days of Battle with British Prime Minister Keir
Starmer in Scotland. “I’d love to see
China open up their country. So
triple-digit levels and restoring the
flow of rare earth minerals halted
by China and Nvidia's H20 AI
The govt will
spend 3,600
yuan ($502) a
couples wary of rising
costs of child-rearing.
The policy is expected
with Samsung Putrajaya: The leaders of
we're dealing with China right now
as we speak,” Trump said.
chips, and other goods halted by
the United States. Reuters
year per child to benefit more than 20
million families each
under age
Cambodia and Thailand agreed Without an agreement, global three, year, Xinuha reported.
to a ceasefire on Monday effecti- supply chains could face renewed according to China has previously
ve midnight, in a bid to bring an turmoil from US duties snapping the official offered tax breaks and
end to their deadliest conflict in back to triple-digit levels that wo- Taiwan Prez Delays US Trip Xinhua News has been working to of-
more than a decade after five da- uld amount to a bilateral trade em- Agency fer more affordable da-
ys of fierce fighting. bargo. to Avoid China Flare-Up ycare services, it said.
Amid an international effort The latest measure follows China’s po-
to quell the conflict, the Thai XI-TRUMP MEETING? Taipei: Taiwan’s Presi- pulation shrinking for a third straight
and Cambodian leaders held Trade analysts said another 90-day dent Lai Ching-te is set to year in 2024. New births at 9.54 million
talks in Malaysia hosted by its extension of a tariff and export last year was only half of the 18.8 mil-
delay until at least later
Seoul: Tesla CEO Elon Musk sa- Prime Minister Anwar Ibra- control truce struck in mid-May lion registered in 2016 when China lifted
id the US automaker had signed him, the current chair of the between China and the United Sta- this year a diplomatically sensitive its one-child policy.
a $16.5-billion deal to source ASEAN regional bloc, where (L-R) Cambodia’s Prime Minister Hun Manet, Malaysia’s Prime tes was likely. An extension would trip his team had floated to Wash- Diminishing birthrate is a worry for
chips from Samsung Electro- both sides agreed to halt hostili- Minister Anwar Ibrahim and Thailand’s acting Prime Minister facilitate planning for a potential the world’s second-largest economy,
ties and resume direct commu-
ington for August that would have where the working-age population has
nics, a move expected to bolster Phumtham Wechayachai meet in Malaysia for ceasefire talks meeting between Trump and Chi-
the South Korean tech giant's nications. urs accuse each other of star- and China and the United Sta- nese President Xi Jinping in late included transit stops in the United been declining in a threat to labour
loss-making contract manufac- Anwar said when opening a ting the fighting last week, befo- tes also offered to assist in nego- October or early November. The Fi- States, according to three people supply and productivity. The country,
turing business. press conference alongside the re escalating it with heavy artil- tiations. US President Donald nancial Times reported on Monday which lost its title as the most-populous
Samsung shares soared nearly Thai and Cambodian leaders lery bombardment and Thai air Trump called both leaders at that the U.S. had paused curbs on
familiar with the matter. Such a trip nation to India in 2023, may see its popu-
7% after news of the deal on that there would be “an imme- strikes along their 817-km land the weekend urging them to tech exports to China to avoid dis- was bound to infuriate Beijing at a lation drop further to 1.3 billion by 2050
Monday which comes as the diate and unconditional cease- border. Anwar had proposed ce- settle their differences, war- rupting trade talks with Beijing time when US President Donald and below 800 million by 2100, according
world’s top memory chip maker fire with effect from midnight asefire talks soon after a long- ning he would not conclude tra- and support Trump's efforts to se- to the UN’s demographic modelling.
faces mounting pressure in the tonight. This is final.” running border dispute erup- de deals with them unless they cure a meeting with Xi this year. Trump is trying to negotiate a deal That outlook stems from the alarming
race to produce artificial intelli- The Southeast Asian neighbo- ted into conflict on Thursday, ended the fighting. Reuters Meanwhile, in Washington, U.S. on trade with China. Reuters drop in marriage rates. Bloomberg
gence chips, where it trails rivals
such as TSMC and SK Hynix.
Musk said Samsung’s new chip
factory in Taylor, Texas will ma-
ke Tesla’s next-generation AI6
chip, potentially re-energizing
Pyongyang Dismisses Need China’s Shaolin Temple Head to be Removed vestigation. “seriously violated Buddhist
the project that has faced long de-
lays amid Samsung’s difficulties
in retaining and attracting ma-
for Dialogue with Seoul Beijing: The head of the Chi-
nese temple known as the
birthplace of kung fu will be
The Shaolin Temple said on
Sunday that Abbot Shi Yong-
xin, known as the “CEO monk”
precepts”, including by alle-
gedly engaging in “improper
relationships” with multiple
jor clients. do not mean Seoul should expect a disrobed for “extremely” bad for establishing dozens of women.
“Samsung agreed to allow Tesla Seoul: North Korea has no interest thawing of icy ties, Kim Yo Jong sa- behaviour, Beijing’s top Budd- companies abroad, was su- “Multiple departments” we-
to assist in maximizing manufac- in pursuing dialogue with the South, id in an English dispatch carried by hist authority said Monday, af- spected of “embezzling project re conducting a joint investiga-
turing efficiency. This is a critical leader Kim Jong Un’s powerful sister the North's official Korean Central ter allegations of embezzle- funds and temple assets”. tion, it said in a statement on
point, as I will walk the line perso- said Monday, dismissing a new presi- News Agency on Monday. ment saw him placed under in- The monastery said Shi had WeChat. AFP
nally to accelerate the pace of pro- dent in Seoul who has vowed to mend “If the ROK... expected that it co-
gress. And the fab is conveniently ties. Since his election in June, South uld reverse all the results it had ma-
located not far from my house,"
Musk said in a post on X on Monday.
Korean President Lee Jae Myung
has broken with his predecessor's
de with a few sentimental words,
nothing is more serious miscalcu-
Crossword 9350
“The $16.5B number is just the hawkish tone on the North and hal- lation than it,” she said, referring
bare minimum. Actual output is ted loudspeaker propaganda broad- to South Korea by its official name. 1 2 3 4 5 6 29 It’s carried to celebrate event
likely to be several times hig- casts along the border — begun in re- “We clarify once again the official with rings? (7,5)
her,” he said in another post. sponse to a barrage of trash-filled stand that no matter what policy is 7
Shares of Samsung jumped North Korean balloons. adopted and whatever proposal is DOWN
1 One supplying instructions is
6.8% to their highest since Sep- North Korea has ended its own made in Seoul, we have no interest 8 9 10
less long-winded (7)
tember last year, while Tesla sha- propaganda broadcasts, which had in it and there is neither the reason 2 Style shown by set of execs with
res were up 1.9% in U.S. pre-mar- boomed strange and eerie noises to meet nor the issue to be discus- second features in cars (10)
ket trading. Reuters into the South. But such gestures sed with the ROK,” she added. AFP 3 Feel Dora is wrong to exploit
11 12 others’ generosity (8)
4 Greek character being vacant
NON-SEQUITUR 13 first off is stupid type (6)
Aeroflot Cancels 14 15 16
5 Neat papers put in case for
Timothy (4)
6 Natural product from treated
Dozens of Flights After 17 18 soil observed with year gone (7)
7 Dress acrobat changed for TV
Reported Cyberattack 19 20 21 22
hosts, maybe (12)
10 Director Billy senses upset in
uninhabited regions (12)
23 13 Rest on element in sea bar-
Moscow: Russian airline Aeroflot rier (10)
cancelled dozens of flights on Mon- 24 25 15 Longing for bread in Japan (3)
day after what it called a failure in 18 Sweater I suspect is most worn
its information systems, and a sha- 26 out? (8)
dowy hacking group claimed re- 20 Lot Iran trained being tested
sponsibility for what it said was a 27 28 for suitability? (2,5)
crippling cyberattack. The national 22 Remonstrate in Venezuela’s
carrier did not provide capital with figure shortly (7)
23 Held up Irish car in Italian re-
further details about the sort (6)
cause of the problem or 29 26 Something chewy about a U.S.
how long it would take to island territory (4)
resolve.
A statement purpor- ACROSS walk (6)
ting to be from a hacking group cal- 1 How lexicographers work intrinsi- 17 Speaker’s outstanding overnight SOLUTION TO No. 9349:
led Silent Crow said it had carried cally? (2,10) phenomenon? (3) ACROSS: 6 Countermeasure.
8 Further publication is sure to go 19 Inferior hospital of a strange sort in 9 Unsung. 10 Littoral. 11 Car-
out the operation together with a wrong close to June (7) Surrey’s borders (6) riage. 13 Acetic. 15,12 Moulin
Belarusian group called Cyberpar- 9 Natural hazard starts to make ump- 21 Denial, for example, encapsulated Rouge. 17 Skiing. 19 Angela.
tisans BY, and linked it to the war in teen dwellers flee base (7) by Germany? (8) 20 Short cut. 22 Decisive.
Ukraine. “Glory to Ukraine! Long li- 11 A pair of fellows with skill showing 24 Food put in neat sandwiches (4) 24 Aspect. 26 As safe as houses.
ve Belarus!" said the statement, friendliness (10) 25 Marco views fantastic types of DOWN: 1 Scandalmongers.
whose authenticity Reuters could 12 Phone attractive female men- oven (10) 2 Guru. 3 Stigma. 4 Left Bank.
not immediately verify. Silent Crow tioned (4) 27 Prompts male in fancy suit left on 5 Oslo. 7 Relief.8 Roaring
14 Artist put in vehicle with means to island (7) success. 12 See 15. 14 Edict.
previously claimed responsibility get condiment (8) 28 Wind round part of hospital before 16 Imagined. 18 Assets. 21 Ora-
for an attack on a Russian real esta- 16 Tourist’s first urged to alter difficult drink (7) tor.23 Ivan. 25 Push.
te database in January. Reuters Yesterday’s Answers:
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