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BENNETT, COLEMAN & CO. LTD. VOL. 53 NO. 113 | NEW DELHI / GURGAON | 16 PAGES | ` 4.50 OR * ` 9.50 ALONG WITH THE TIMES OF INDIA
. . TUESDAY, 13 MAY 2025

OP SINDOOR THE ‘NEW NORMAL’ IN FIGHT AGAINST TERROR DE-ESCALATION MOVE

FEE SEEN RISING Closing Milestones in 2025
Now Off the Test Field, US, China SENSEX

‘We Won’t Tolerate

84,000
82,000
77,044 79,944
Virat Kohli to Still be 76,294 APR 16 JAN 2

King of Brand Value

Virat Kohli’s retirement
Pull Back 80,000
78,000 72,990
76,000
MAR 4
FEB 11

82,430
from Tariff 74,000

Nuclear Blackmail’
from Test cricket is un- 72,000 MAY 12
likely to dent his brand
NIFTY
value—in fact, his en-
dorsement fee is set to
rise as major brand deals come up for
Frontier 25,500
25,000
24,500
24,189
JAN 2

renewal, executives at brands and

PM says India has only halted action, will continue to watch Pak To slash levies for now, 24,000
22,083
23,500
MAR 4 24,925
agencies associated with him said. Rakesh Mohan Chaturvedi work out a broader 23,000
23,437 MAY 12

Compiled by ETIG
Ratna Bhushan reports. 4 22,500
pact within 3 months 22,000
23,072 APR 16
New Delhi: Prime Minister Na- FEB 11
rendra Modi asserted on Monday Change in BSE Sensex highest Nifty highest
 Govt Picks Land in Three that India won’t tolerate any ter- Bloomberg
States for Shipbuilding 11 rorist activity under the shield of cos market cap gain on closing gain on closing
nuclear blackmail and the nation The US and China will temporari- over previous previously on previously on
will give a befitting reply on its ly lower tariffs on each other’s pro- close %4 Feb 1, '21 % 5 Feb 1, '21 4.7%
FINANCIAL FRAUD & CURBS own terms to any such misadven- ducts in a dramatic ratcheting
ture. He also emphasised that down of trade tensions that buys
Spotting Mule A/cs in talks and trade cannot go hand in the two sides three months to work PEACE ON DOMESTIC & GLOBAL FRONTS
hand with terrorist activity, in his toward a broader agreement.
Real Time on Cards
The Centre is working with
banks to develop an en-
first address to the nation after
Operation Sindoor, which was
launched on the night of May 6.
Any talks with Pakistan will only
The 145% US levies on most Chi-
nese imports will be cut to 30% in-
cluding the rate tied to fentanyl by
May 14, while the 125% Chinese du-
And When the
hanced due diligence process
that can identify ‘mule’ accounts in real
time, without impeding account open-
ing, reports Dheeraj Tiwari. 11
be on terrorism and Pakistan-Oc-
cupied Kashmir, he said.
“We have just postponed our re-
taliatory action on Pakistan’s ter-
rorist and military bases,” he sa-
TERROR AND TALKS CAN’T COEXIST,
ties on US goods will drop to 10%,

The US will cut

according to a joint
statement and
from officials Mon-
day in Geneva.
Bullets Stopped,
Bulls Ran Free
duties from
id. “In the coming days, we will TERROR AND TRADE CAN’T GO HAND IN HAND, 145% to 30% “Both sides ag-
 Jaggi Brothers Resign
measure every
step of Pakistan MORE
WATER AND BLOOD CAN’T FLOW TOGETHER by May 14 and ree we do not want
a generalised de-
China levies
from Gensol Engg 10 on the basis of REPORTS coupling,” treasu-
what attitude it 2, 3, 4 ANY TALKS WITH IF PAKISTAN WANTS TO
on US goods
will fall to 10% ry secretary Scott Indices leap highest in a day in 4 yrs on
adopts.” The two Bessent said in a
Crypto Exchanges on sides agreed to a TERRORISM PAK WILL FOCUS ON SURVIVE, IT WILL HAVE TO from 125%
Bloomberg Tele-
pause in military & economic hostilities
Alert over J&K Trades
halt in hostilities IS AN
on May 10. ADDRESS
TERROR & POK DESTROY ITS TERROR INFRA MORE
REPORTS
vision interview
Monday. “The US Our Bureau
The rally boosted the market
capitalisation of BSE-listed
4, 5, 12, 16
After the surgi- EDIT PAGE is going to do a companies by `16.9 lakh crore.
Cryptocurrency exchanges
have been told by the govern-
cal strike of 2016
and the Balakot air campaign of
India will undertake precise and
decisive attacks on terrorist ba-
DGMOs Agree to No strategic decoup-
ling in terms of the items that we
Mumbai: India’s equity bench-
marks jumped nearly 4% on
Easing of hostilities on both
fronts came as a significant re-
ment to keep an eye out for 2019, Operation Sindoor has es- ses flourishing under the shield Firing, Mull Border discovered during Covid were of Monday, posting their biggest prieve for investors who have be-
transactions linked to persons located in tablished “a new line, new of nuclear blackmail.” national security interests — single-day gain in four years, en on edge due to uncertainties
Jammu and Kashmir and border areas,
benchmark and a new normal” The Prime Minister referred to Troop Reduction whether it’s semiconductors, me- buoyed by stoppage of hostiliti- over the outcome of geopolitical
in the fight against terrorism, he the presence of the Pakistan mi- DGMO-level talks dicine, steel,” he said. es with Pakistan and a truce in and economic conflicts in the
reports Sugata Ghosh. 6 said in the televised speech. litary brass at the funeral of re- Bessent’s overtures come less the US-China tariff war. The past few weeks. While all Asian
“Firstly, if there is a terrorist latives of Jaish-e-Mohammad between India and Pak than six weeks after US President thaw in frosty relations between markets rallied after the US and
attack against India, a befitting chief Masood Azhar, saying this concluded Monday Donald Trump’s reciprocal tariffs the world’s largest economies China agreed to a 90-day pause
 AI Leadership Roles Grow reply will be given,” he said, was clear proof of the close ties with two sides agreeing “not to announcement on April 2. revived risk-on sentiment, sen- on tariffs and slashed levies, In-
40-60% in FY25 13 ticking off the terms of this new that the neighbouring country’s
fire a single shot”. Manu Pubby &
Following the de-escalation, ding safe-haven assets such as dian bourses got an extra fillip
normal. “We will respond in our armed forces and the state have Trump said he would likely spe- gold tumbling. from the halt in fighting with Pa-
own way, on our own terms. We with terrorists. Rahul Tripathi report. 2 ak to Chinese leader Xi Jinping The BSE Sensex jumped 2,975 kistan, forcing traders to liqui-
TRIBUNAL EXPECTS MORE OFFERS will take the harshest action at later this week. points, or 3.7%, to close at date bearish bets made late last
NCLT Junks Adani Plea for every place from where the roots
of terrorism emerge. Second,
PM: Not an Era
of War, Not
 India Refutes Trump’s
Trade Balance5
82,429.9. The NSE Nifty surged
916.7 points, or 3.8%, ending
week amid heightened tensions
between the neighbours.
Trade Threat Claim3
Delayed Tuticorin Coal Plan India will not tolerate any nucle-
ar blackmail.
of Terror
Either 5
over 24,924. Both indices closed
at their highest levels for the ye- VIX Drops 15%5
NCLT has dismissed Adani  India Unlocks the Skies! 32 AMID INDIA’S TALKS WITH US ar, aided by the sharpest run-up
Ports’ plea to submit a Airports Resume Ops 4 US-China Deal Means in a day since February 2021.  MORE REPORTS5
delayed resolution
plan for Tuticorin Coal
Stiffer Competition TRUMP EXECUTIVE ORDER TRIGGERS KNEE-JERK REACTION
China and US tariff
Terminal. NCLT said the co,
which is showing signs of
proposals offer chal- Pharma Stocks Under the Weather
lenges and opportuni- Several pharma shares underperformed, after the US
turnaround, could attract
more bids. Maulik Vyas ties for India, exporters said, with announced plans to slash prescription drug prices to match
reports. 10 US-China trade seen surging. 11 those in favoured nations, implying cuts of 30-80%. 5
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2 } Pure Politics THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

BOTH SIDES TO ‘CONSIDER IMMEDIATE MEASURES TO ENSURE TROOP REDUCTION FROM BORDERS & FORWARD AREAS’

OTHER NEWS
INDO-PAK DGMOs AGREE TO NO FIRING
India shares more evidence of punitive strikes carried out by armed forces that destroyed Pakistan Army assets, airbases and air defence
OF THE DAY systems; New Delhi maintains that ‘in last few years, character of terrorist activities has changed. Innocent civilians are being attacked’
PHOTOS: AGENCIES

INITIAL DE-ESCALATION WAS FOR 36 HOURS

List Of Pakistan’s Failed Mission
FILE PHOTO

Commitment Against Pakistan recently

acquired PL-15 missiles
Chinese-made J-10
and J-17 fighters

Aggressive Action
Long-range rockets, loiter munitions, with a significantly received significant
Beware of Turkish-origin Bayraktar Akinci Yiha reduced op- damages
drones neutralised erational
‘Dance of the range of 145 km — Fateh-1 missile has proven to be

Discussed, says Army

Pakistan Air Force received initial a complete disaster. It failed multiple
less than half the esti-
Hillary’, says batch of Bayraktar Akinci drones
from Turkey in April 2023
mated 300 km range of times — crashed, veered off course,
or simply failed to launch: An Official
indigenous PL-15 model
Punjab Police
People advised
against clicking on
DGMO Lt Gen Rajiv Ghai
holds talks with his
Pak counterpart Major
Recovery of Pak Artillery Points
to Close Chinese, Turkish Links
unknown links
General Kashif Abdullah
Press Trust of India
Manu Pubby & Rahul Tripathi
Chandigarh: Amid tensions
between India and Pakistan, New Delhi: The talks between the Pakistan Air Force used PL-15 air-to-air missiles, but failed to hit intended targets
AFP

the Punjab Police on Monday Director Generals of Military Opera-

advised people to remain alert tions of India and Pakistan conclu- India had hit terrorist ralised. The Indian armed forces furt-
of a malware allegedly being ded on Monday evening where the Rahul Tripathi her showcased the visual evidence of
spread by Pakistan-based two sides agreed “not to fire a single
infrastructure in Pakis- quadcopters being shot down by Indi-
hackers, saying it shot” and “immediately consider tan and PoK and the fight New Delhi: The failed attempts by an Air Force. According to leaked do-
could be used to measures to ensure troop reduction was not against the Pakistani the Pakistan Air Force on Indian tar- cuments from the China National Ae-
steal personal and from the borders and forward areas”. gets and recovery of artillery have ro-Technology Import & Export Cor-
banking informa- The talks between DGMOs were ear- military. Unfortunately, the revealed close Chinese and Turkish poration, Pakistan recently acquired
tion. The police lier scheduled to be held at noon, as Pakistani military chose to links, according to officials. At the fo- PL-15 missiles with a significantly re-
advised people per the initial agreement, but was intervene for the terrorists refront of Pakistan’s recent aerial duced operational
Dangerous against clicking held later on Monday evening. aggression was the PL-15 air-to-air range of approxi-
malware on unknown links “Issues related to continuing the AK BHARTI Air Marshal missiles that were deployed by Pa- India has mately 145 km —
being spread or messages. commitment that both sides must kistan Air Force but failed to hit the- presented less than half the es-
by Pak-based “A dangerous not fire a single shot or initiate any ir intended targets, officials said. visual timated 300 km
hackers: malware named aggressive and inimical action BLACKOUTS IN SAMBA, During a press briefing on Monday, evidence of range of the indige-
Punjab Police ‘Dance of the Hil- against each other were discus- DG Air Operations, Air Marshal AK missile nous PL-15 model.
lary’ is being spre- sed,” the Indian Army said in a sta- KATHUA, RAJOURI, JAMMU Bharti, presented visual evidence of remnants As per reports, INSIDE INDIAN TERRITORY: Debris of a projectile in Poonch — ANI
ad by Pak-based hackers, tar-
geting Indian users via What-
tement on Monday evening.
The initial ceasefire agreement
Suspected Drones the missile remnants during a joint
military press briefing. “You can see
the Pakistan Air
Force received its initial batch of
und active in Pakistan-occupied
Kashmir and Jammu and Kashmir. .
A day later, Pakistan fired Fateh-1
missile targeting a Gurudwara in a ci-
sApp, Facebook and email,”
the Punjab Police said on X. A
was for 36 hours, officials said.
DGMO Lt Gen Rajiv Ghai held talks
Observed Along IB the pieces of it on the screen,” he said,
showcasing the debris of the PL-15
Bayraktar Akinci drones from Tur-
key in April 2023. Earlier reports ha-
After the Pahalgam attack on
April 22, Pakistan in retaliation to
vilian-populated area of J&K. Anot-
her missile was intercepted by the In-
malware is a malicious soft-
ware specifically designed to
with his Pakistani counterpart Ma-
jor General Kashif Abdullah.
in Samba: Army that fell inside Indian territory, inclu-
ding a relatively intact rear section
ve suggested Chinese-made J-10 and
J-17 fighters received significant da-
India’s action against terrorist
camps targeted 26 locations on Fri-
dian defence system over Haryana’s
Sirsa on Saturday. The official mainta-
disrupt, damage or gain ac- Earlier during the day, India shared JAMMU: Security recovered from Hoshiarpur, Punjab. mages during the India-Pakistan day, using Chinese SH-15 artillery, ined “Fateh-1 missile has proven to be
cess to a computer system. more evidence of punitive strikes car- forces engaged Similarly, long-range rockets, loiter conflict. The Chinese apps and satel- Turkish drones and Fatah-2 missi- a complete disaster. It has failed multi-
“Do not click unknown ried out by the armed forces that dest- munitions and Turkish-origin Bay- lite phones purchased by the Pakis- les, along with F-16 and JF-17 air- ple times — crashing, veering off co-
links or messages from royed Pakistan Army assets, air bases suspected drones raktar Akinci Yiha drones were neut- tan Army in the past have been fo- craft, as per an official estimate. urse, or simply failing to launch.”
strangers. Stay alert, stay se- and air defence systems, following observed along the inter-
cure.” The police also advised escalation of hostilities after the Pa-
national border in Samba
against downloading files halgam attack. The Director Generals SUB-INSPECTOR MOHAMMED IMTIAZ WAS KILLED IN PAK FIRING IN RS PURA SECTOR
shared by unknown users. of Military Operations from Defence, district of Jammu region on
Air Force and Navy spoke on Monday.
“In the last few years, the character
Monday, Army said. “A small BSF Officer Laid to Rest With Full State Honours in Bihar’s Saran
number of suspected drones
of terrorist activities has changed. In- SARAN: Last rites of BSF sub-inspector Mohammed Imtiaz, who was killed in Pakistani firing near the border in J&K’s
nocent civilians were being attacked have been observed near
RS Pura sector, were performed with full state honours at his native village Narayanpur in Bihar’s Saran district on
and ‘Pahalgam tak paap ka ye ghada Samba in J&K. They are being
bhar chuka tha (By the time Pahalgam Monday evening. A large crowd gathered to pay their respects as the mortal remains of SI Imtiaz reached the village
happened, this vessel of sin was full),”
engaged,” it said. In the
around 1 pm, even as security personnel carrying the officer’s body had a tough time managing the emotionally
Lt Gen Ghai said, sharing visuals of backdrop of the situation,
charged villagers. The convoy stopped at several places where a large number of people gathered to pay their last
the 2024 Reasi tourist bus attack in several areas witnessed
which nine civilians were killed. respects. Besides locals, people from adjoining villages also gathered at Narayanpur to pay their last respects. “I am
Air Marshal AK Bharti added that blackouts in Samba, Kathua,
proud of my father and salute all those who sacrificed their lives for the country,” his son Imran told reporters. — PTI
Akash missiles were among the wea- Rajouri and Jammu. Lights
pon systems used by the Indian milita- were switched off at the

Last Rites of BSF Constable from Manipur Today

ry. “Indian air defence system effecti-
vely thwarted Pakistani attempts to cave shrine of Mata Vaishno
target Indian installations,” said Bhar- Devi and along its track as a
ti. During the DGMOs’ briefing on precautionary measure,
Operation Sindoor, Bharti said Pakis- border in RS Pura Sector on May 10.
tan was responsible for the losses it fa- sources said. — PTI Bikash Singh The deceased’s father said he is
POONCH
ANI

ced during military action by India. proud of his 25-year-old son. Ching-
“India had hit terrorist infrastruc- Guwahati: Last rites of BSF constable Dee- akham Bonibihari Singh, father of
ture in Pakistan and PoK and the to stop all firings and military ac- pak Chingakham, who succumbed to injuries the fallen constable, said, “We are
Forced to Flee Due fight was not against the Pakistani
military,” he said. “Unfortunately,
tions on land, air and sea, with im-
mediate effect. However, within ho-
sustained during firing in J&K’s RS Pura sec-
tor on Sunday, will be performed on Tuesday in
We are really
really proud of his sacrifice. He joi-
ned BSF in April 2021 and was the so-
proud of his
to Pak Shelling, the Pakistani military chose to inter-
vene for the terrorists,” Bharti said.
urs, missile and drone attacks star-
ted in Indian cities along the border
Thoubal in Manipur. His body is expected to re-
ach Imphal on Tuesday. Sources said the mar-
sacrifice. He le breadwinner of the family. Due to
joined BSF in health issues, I am unable to work.”
India and Pakistan on Saturday an- after which the Indian Air Force cau- tyred jawan will be accorded full state honour. Former CM N Biren Singh condo-
LoC Villagers Start nounced de-escalation on Saturday sed major damages across 11 Pakis- Chimngakham was among the eight BSF person-
Apr ’21, was
sole bread- led the death of the BSF constable.
evening, reaching an understanding tan air bases and defence structures. nel injured in the cross-border shelling along the Deepak Chingakham lost his life in RS Pura sector winner: Father — With PTI Inputs
Returning Home
ARMED FORCES, INCLUDING BSF, PART OF SECURITY STRUCTURE CHINESE HELPING PAKISTAN SAFEGUARD THE RESISTANCE FRONT
Disposal squads
clear areas of
unexploded shells
4-layer Security Grid Turned India to Move UNSC 1267 to
Our Political Bureau

Srinagar: Residents of vil-

Impregnable for Pak Air Force Declare TRF a Terror Group int air defence and short-range sur-
lages close to Line of Control
have started returning home. face-to-air missiles and pressed into
They were forced to flee due
‘There was no chance action if the first layer was not able
Team to give evidence,
to heavy Pakistani shelling. that Pakistan could have to diagnose and neutralise the ad- highlighting Pakistan’s
They started their journey versary, they added. The third layer
back after bomb targeted our defence included medium-range surface complicity in Pahalgam
disposal squads and air missiles and was deployed to
cleared the areas and security assets’ ensure safety of civilians and mili- terrorist attack
of any leftover or tary targets, as per the officials. The
unexploded shells, fourth and final layer was made of
officials said. “We Rahul Tripathi We have a unique mixtu- long-range surface-to-air missiles. Dipanjan Roy Chaudhury
Some are happy that a ce- re of counter-unmanned According to Lt Gen Ghai, the four
residents asefire has been New Delhi: A four-layer security layers were aided by surveillance ra- New Delhi: In the aftermath of the
provided by the armed forces, inclu-
aerial system, air defence dars and were controlled from Integ- Pahalgam terrorist attack, India has
praised Army reached. We are
and other hopeful that Pakis- ding the Border Security Force weapons and mediums of rated Air Command and Control Sy- decided to send a team to the United
security tan will not resort (BSF), helped India thwart Pakistan electronic warfare stem, an automated command and Nations Security Council’s (UNSC)
forces for to such activities Air Force’s attempt to target natio- control system for air defence deploy- 1267 Sanctions Committee, schedu-
taking care LIEUTENANT GEN RAJIV GHAI Bomb squad personnel destroying an active mortar shell in Rajouri — ANI
again,” said Ars- nal security and defence establish- ed by the Indian Air Force. Ghai lau- led to meet this week, to designate
of them Director General Military Operations
had Ahmad, a resi- ments, said Director General Milita- ded BSF, which is deployed along The Resistance Front (TRF) as a ter- blocking the mention of the ter- ups, undertakings and entities. It
dent of Kamalkote area in Uri. ry Operations (DGMO) Lieutenant gistic installation on May 9 and 10, with the Army near the border, for rorist organisation, imposing sanc- ror outfit’s name in a UNSC state- also decides on sanction measures
Some residents praised the General Rajiv Ghai on Monday. they failed to breach this strong air their role in repelling the Pakistan at- tions and travel bans on its members. ment, condemning the April 22 related to individuals, entities and
Army and other security for- While lauding India’s multi-layered defence grid,” Lt Gen Ghai said. tack and noted: “I want to praise BSF The team will present the latest Pahalgam terror attack, sources groups, associated with the terror
ces for taking care of them. air defence system, Ghai said that the- During the press conference, Lt Gen here also. Every soldier gave their evidence highlighting Pakistan’s said. TRF has claimed responsibi- organisations and ensures the
Uri MLA Sajjad Shafi asked re was no chance that Pakistan could Ghai also showed the diagram cove- contribution to our mission. Their complicity in terrorism, accor- lity for the attack twice. implementation of sanctions pur-
villagers to remain vigilant have targeted our defence and securi- ring 200 km from the border. The first counter-unarmed system was also ding to persons familiar with the The 1267 Sanctions Committee, al- suant to UNSC resolutions 1267
and not touch anything suspi- ty assets deployed along the Line of layer consisted of counter and Man- part of our multi-tiered grid system.” development. The evidence will so known as the ISIS and Al-Qaeda (1999), 1989 (2011) and 2253 (2015).
cious. Over 1.25 lakh people in Control and international border. “In Portable air defence systems. These During heightened tension last week, focus on the role of TRF in the Sanctions Committee, that was es- TRF emerged as an offshoot of
Baramulla, Bandipora and our inventory, we have a unique mix- are surface-to-air missiles that can be BSF shared visuals of destruction of April 22 terrorist attack, in which tablished under UNSC Resolution LeT after Article 370 was abroga-
Kupwara were evacuated to sa- ture of counter-unmanned aerial sy- carried and fired by a single individual terrorist launch pads at Looni in Pakis- 26 civilians were killed. in 1999, is one of the most impor- ted in J&K in 2019. The National
fety as their homes were at a ve- stem, air defence weapons and medi- or carried by several individuals and tan’s Sialkot district and visuals of av- Pakistan, a UNSC non-perma- tant UN subsidiary bodies working Investigation Agency’s probe has
ry high risk of being targeted. ums of electronic warfare, and that is fired by more than one person acting as erting infiltration attempts and repor- nent member, has been safeguar- towards combating terrorism, par- nailed TRF’s involvement in plan-
— With PTI Inputs why you saw when Pakistan Air For- a crew, according to officials. ted killing of seven terrorists in Samba ding TRF at UNSC with the help ticularly in relation to ISIS, Al-Qae- ning, killings, recruiting terro-
ce tried to attack our airfield and lo- The second layer consisted of po- district of Jammu and Kashmir. of China and was successful in da and associated individuals, gro- rists and smuggling weapons.

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THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM
Pure Politics  3
NO STRINGS ATTACHED BJP HAILS MODI’S 100% STRIKE SUCCESS; CONG COUNTERS WITH INDIRA’S 1971 DEFIANCE

New Delhi Refutes

Trump’s Claim on
After Strike Halt, Political Battle
Trade Threat Over Starts Over Operation Sindoor
De-escalation Trump’s ceasefire role Has India agreed to US
mediation? Has India agreed
PM’s decision and our
armed forces’ indomi-
14 Booked in
sparks Congress
Dipanjan Roy Chaudhury to a 'neutral site' for a dia- table courage have Gujarat, 3 in
questions on Shimla logue with Pakistan? Will India razed the terror sites to the
New Delhi: India on Monday re- now give in on US demands for ground. It was a promise by Bengal, One in
futed US President Donald Agreement breach opening Indian markets? Modi
Trump’s claim that Washington
had told New Delhi that bilateral JAIRAM RAMESH SAMBIT PATRA
Uttar Pradesh
trade would suffer unless it agre- Our Political Bureau Congress Spokesperson BJP Spokesperson Gujarat Police
ed to de-escalate tensions with have booked 14
Pakistan. New Delhi: Within days of the cea-
“After Operation Sindoor com-
menced, Vice President JD Van-
sefire, a political warfare over Ope-
ration Sindoor has erupted betwe-
individuals for
allegedly posting "anti-
Sena Wants
ce spoke to the PM on May 9. Se-
cretary of state Marco Rubio spo-
ke to external affairs minister S
en the BJP and Congress with the
ruling side hailing Prime Minister
Narendra Modi for delivering on
national" and "morale-
breaking" content on social
Turkish Firm
Jaishankar on May 8 and May 10
and to the NSA also on May 10.
We’re gonna do a lot of
trade with you guys
his promise of taking out revenge
for the attack and the Opposition
media following Operation
Sindoor, the armed forces'
Out of Airport
There was no reference to trade
in any of these discussions,”
highly placed sources said.
(India & Pakistan), so stop
it (clashes). Stop it and we’ll do
accusing the government of taking
credit for the sacrifice made by the
soldiers.
offensive targeting terror
hubs in Pakistan and PoK.
in Mumbai
On Monday, Trump took credit trade. If you don’t stop it, we’re BJP national spokesperson Sam- The accused include a busi-
for stopping a “potential nuclear bit Patra, while addressing a press Our Political Bureau
not going to do any trade nessman and the convener
war” between India and Pakis- conference at the party headquar-
DONALD TRUMP of the Sardar Patel Sanman
tan, saying his administration ters, said that 100% objective was Mumbai: Turkey helped Pa-
brokered a “full and immediate achieved by the Indian forces thro- Sankalp Andolan Samiti. kistan in its recent attacks on
ceasefire” between the two co- Vice President JD Vance ugh Operation Sindoor. “It is the India by supplying them a hu-
untries. first such instance in the world In West bengal, three ge number of drones that may
spoke to the PM on May 9.
Trump said he offered to help Secretary of state Marco where such decisive action, in this persons—including a prima- come to haunt Turkish busi-
the countries with trade, and sa- case striking at the heart of Pakis- ry school teacher posted in a ness in India. The Shiv Sena
id India and Pakistan were told Rubio spoke to S Jaishankar on tan, was taken by one nuclear-ar- has now claimed that they will
they would get no trade with the May 8 and May 10 and to the med nation against another,” Pat- government school—were not allow any Turkish compa-
US if they did not de-escalate. NSA on May 10. There was no ra said. He said Modi had vowed arrested on Monday from nies to do business in Mumbai.
“My administration helped bro- reference to trade in any of that India would take out terrorists two districts for "anti-India" On Monday, Murji Patel, a
ker a full and immediate ceasefi- these discussions in their homes and tear down the Shiv Sena leader, led a delega-
re, I think a permanent one, bet- terror sites. “PM Modi’s decision posts related to the opera- tion of Shiv Sena workers to
A HIGHLY PLACED SOURCE
ween India and Pakistan, en- and our armed forces’ indomitable tion. In all these cases, local meet the Mumbai Internatio-
ding a dangerous conflict of the courage have razed the terror sites BJP leaders flagged the nal Airport Limited (MIAL)
two nations with lots of nuclear NO MENTION AT ALL to the ground. It was a promise by and asked them to cancel the
weapons,” Trump said. Modi,” he said. content to district police contract for gro-
“I said, come on, we’re gonna
do a lot of trade with you guys,
Trade was not The kind of military and non-mi- authorities, prompting legal und handling gi-
litary action India has taken is un- ven to a Turkish
action.
so stop it. Stop it and we’ll do mentioned in precedented and has sent a decisive company for the
trade. If you don’t stop it, we’re
not going to do any trade,” any recent
message in its war against terro-
rism, he said. Even Islamic count-
CPM Seeks Special House Session, In UP, a man was arrested Mumbai
port.
air-
for allegedly posting a video
Trump added.
The US President emphasised conversations between
ries like Saudi Arabia and the UAE
have backed out, and Pakistan
Asks for PM’s Participation supporting Pakistan on Traders
from Pune
“Turkey has
helped Pakistan
that trade was one of the major stands isolated globally, Patra clai- New Delhi: CPI(M) general secretary MA Baby on social media, a police official have also by giving them
reasons for de-escalation betwe- US and Indian leaders- med, adding that India has shown Monday urged Prime Minister Narendra Modi to call a said on Monday. decided that drones that at-
en India and Pakistan, adding that no part of the neighbouring they would tacked India. We
that trade negotiations are ongo- hip, says sources country is beyond its reach. He said special session of Parliament in light of recent develop- Mohammad Sajid, a resi- stop will not allow
ing with India. “They did it for a the objective of Operation Sindoor ments, and requested his "personal participation" in dent of Girdharpur village in importing any Turkish
lot of reasons. But trade is a big dership of India and Pakistan was to dismantle the terrorist in- Turkish company to do
clarifying the government's position. Bareilly, was arrested for
one. We’re going to do a lot of tra- was unwavering, powerful — but frastructure in Pakistan as anno- business in Mumbai. We have
de with both Pakistan and India. unwavering in both cases. They unced by Prime Minister Modi in The CPI(M) joins a raft of opposition parties, including the Congress, writing "Pakistan Zindabad" told the CEO of MIAL that
We’re negotiating with India really were from the standpoint Bihar. in calling for a special session of Parliament in the wake of recent and posting its video on they should cancel the agree-
right now. We’ll soon be negotia- of having the strength and wis- Meanwhile, the Congress on developments.—PTI Facebook. ment with the Turkish compa-
ting with Pakistan,” he said. dom and fortitude to fully know Monday again questioned how ny. They have assured us that
Praising the leadership of both and understand the gravity of President Trump announced the they would do this within ten
countries, Trump said, “I’m very the situation.” ceasefire between India and Pa- days,” said Murji Patel.
proud to let you know that the lea- ET had earlier on Monday repor- kistan and whether there was a ding that the past Congress govern- asefire post-Operation Sindoor has ur of the armed forces. The deci- He said, “70% of the ground-
ted that the USA had played no ro- deviation from the Shimla Agree- ment too had acted firmly. left the country feeling cheated and sion was taken after a high- level handling in the Mumbai air-
NO MEDIATION TALK le in de-escalation of tensions bet- ment, allowing third-party medi- "In 1971, Indiraji had shown that insulted. There are questions abo- meeting at the BJP office on Mon- port is being done by the Tur-
ween India and Pakistan despite ation on the Kashmir issue. Add- India would not bow before anyone. ut it in everyone's mind. Has the day which was attended by BJP pre- kish company CelebiNAS Air-
Sources rei- Trump’s claims. PM Narendra
Modi had told Vance on May 9 eve-
ressing the party briefing on
Monday, senior Congress leader
Today, the armed forces are pro-
ving the same and the Congress
Shimla Agreement been annul-
led?” he said.
sident JP Nadda, general secretari-
es BL Santhosh, Vinod Tawde, Ta-
port Services India. We have
told MIAL that we will not al-
terated that ning, “If Pakistanis do anything, Bhupesh Baghel hit out at the stands shoulder to shoulder with run Chug, Arun Singh, Dushyant low them (Turkish company)
they will get a response, more de- BJP for taking credit for Opera- our armed forces,” he said. BJP TO ORGANISE 'TIRANGA YATRA' Gautam and leaders from BJP com- to earn money from India and
there would vastating than anything.” Sour- tion Sindoor. Questioning Trump announcing Meanwhile, the BJP will launch a munication department. Party in- then use the money to help Pa-
ces in reply to Trump's tweet on “They (BJP) tried to take credit the ceasefire, Baghel claimed that Tiranga Yatra across the country siders said the participation of ex- kistan. We have given them ti-
be no discussion with mediation in Kashmir said there for the armed forces’ sacrifices. In the nation felt humiliated and che- from May 13 to May 23, highlighting army men, influential people, pro- me of ten days.” Shiv Sena has
will be no discussion with the US the fight against terror, we need na- ated over it. the success of Operation Sindoor fessionals along with BJP leaders an airport union at the Mum-
the US on Kashmir on Kashmir. tionalism, not politics,” he said, ad- “The way Trump announced a ce- and spreading the message of valo- will be ensured for this Yatra. bai airport.

India Rolls Over $50 M Bill to Aid Maldives Naxalites Kill

Villager Accusing
Him of Being
Under neighbourhood first policy, SBI renews its subscription to Maldives’ Treasury Bill; Male foreign minister thanks India for timely aid Police Informer
sistance reflects the close bonds of fri- $1.6B DEBT PAYMENT people of the Maldives.
Dipanjan Roy Chaudhury endship between #Maldives & India Maldives is India's key maritime ne- Our Political Bureau

New Delhi: India has extended sup-

and will support the Government's
ongoing efforts to implement fiscal re-
With $1.6 ighbour and an important partner in
India's 'Neighbourhood First' policy New Delhi: A man, suspected
port to its Southern neighbour, Maldi- forms for economic resilience." billion in debt and Vision 'MAHASAGAR' i.e. Mutu- to be an informer, was attacked
ves, by rolling over the $50 million trea- The Indian high commission to Mal- al and Holistic Advancement for Se- and killed by Maoists in Chhat-
sury bill that will help keep the econo- dives noted in a statement, "India ex- repayments curity and Growth Across Regions. tisgarh's Bijapur district, poli-
my afloat amid a looming debt crisis. tends financial support to the Maldi- Maldives is also part of the Colombo ce said on Monday. According
Maldives foreign minister Abdulla ves through the rollover of the USD 50 due by 2026, Maldi- Security Conclave put together by the to officials, unidentified Mao-
Khaleel expressed gratitude to the In- million Treasury Bill.” Indian NSA. ists attacked the victim, Naga
dian government and hailed the time- According to the statement, after the ves looks to regional The island nation’s foreign ex- Bhandari, when he had gone to
ly assistance which "reflects the close request by the Government of Maldi- change reserves are running thin and participate in an event in Ling-
bonds of friendship" between the two ves, the State Bank of India (SBI) has allies for financial debt servicing payments are due in apur village under the Usur po-
countries. subscribed, for one more year, a USD 2025 and 2026, ET had reported in lice station limits around 11:30
Khaleel wrote in a message on X, "I 50 million Government Treasury Bill lifelines March. Of the current debt, $3.4 bil- pm on Sunday, an official said.
express my sincere gratitude to EAM issued by the Ministry of Finance of lion is external debt, primarily owed He said Bhandari, a resident of
@DrSJaishankar and the Govern- Maldives. ly, interest free to the Government of to the neighbour. ment of India's decision earlier this to China and India. The immediate Maredubaka
ment of #India for extending crucial It was noted that since March 2019, Maldives. This is a part of the govern- The statement also mentioned that year to extend the special quota for ex- concern is servicing external debt village, was a fa-
financial support to the #Maldives India has been facilitating subscrip- ment-to-government arrangement India has assisted Maldives in times port of essential commodities for worth $600 million in 2025 and $1 bil- ir-price shop
through the rollover of the USD 50 tion of several such Treasury Bills by between the two countries that serves of need and the subscription of this Maldives, reflects India's continued lion in 2026, according to people fami- owner.
million Treasury Bill. This timely as- the SBI and rolling them over, annual- as an emergency financial assistance Treasury Bill, along with the govern- support to the Government and the liar with Maldives' economy. Bhandari was
killed with an
axe, the official
Police
OTHER NEWS OF THE DAY Bangladesh Bans Hasina-led Awami recover arms, said, adding
that the police
ammo after
was alerted,
Counting on for Assam Panchayat League Under Revised Anti-terror Law Maoist
encounter at and a team was
Gadchiroli in sent to the spot.
Election, BJP Registers Huge Leads Dhaka| New Delhi: Bangladesh on Monday Maharashtra He said a se-
issued a gazette notification, officially on Monday arch operation
Guwahati: The BJP is leading in all pancha- banning all activities of deposed premier has been laun-
yat bodies across Assam with counting of Sheikh Hasina's Awami League party under ched in the area to trace the
votes continuing for the second day on an overnight revised anti-terrorism law. assailants.
Monday. "The Home Ministry today issued the Meanwhile, the police on
According to Assam SEC, the BJP has won Monday recovered two wea-
gazette notification banning all activities of pons, several live rounds, deto-
242 members of Anchalik Panchayat the Awami League, its all front, associate nators and other material be-
constituencies, while its ally Asom Gana and brotherly organisations,” Home Adviser Lt Gen (retd.) Jahangir longing to Maoists after an ex-
Parishad (AGP) has bagged 30 seats so far. Alam told a media briefing here. According to the notification, Awami change of fire with them in
Congress has cornered 34 seats, one constituency each won by League and its affiliated organisations were banned under the Anti- Gadchiroli district of Maha-
Raijor Dal and AIUDF and 14 by Independents. In Zilla Parishad, the Terrorism Act 2025 until Bangladesh's International Crimes Tribunal rashtra near the Chhattisgarh
BJP has won 26 seats while its ally AGP emerged victorious in three. completed the trial of its leaders and activists, said an official.—PTI border, officials said.
No other party has opened its account yet.—PTI The exchange took place at three
locations and lasted two hours, a
release by the Gadchiroli Supe-
rintendent of Police office said.
RSS Chief Mohan Bhagwat on five-day YSRCP Alleges Andhra Pradesh Govt
Odisha visit, To Chair Training Session Using Police to ‘Intimidate’ Opposition
Bhubaneswar: RSS chief Mohan Bhagwat reached Bhu- Amaravati: YSRCP leader S Ramakrishna Reddy on Monday
baneswar on Monday evening on a five-day visit. accused the NDA coalition government in Andhra Pradesh
During the visit, Bhagwat is scheduled to chair organi- of "misusing police forces to intimidate the opposition" and
sational meetings and training sessions. weaken institutional frameworks across the state.
Amid stringent security, he arrived at the Biju Patnaik Inter- Addressing party leaders at the YSRCP headquarters, Reddy con-
national Airport in Bhubaneswar and was received by senior RSS demned the alleged harassment of former minister Vidadala Rajini by
leaders and volunteers. a circle inspector, calling it a blatant abuse of power and evidence of
Though Bhagwat's itinerary was not made public, RSS leaders Buddha Purnima Tribute authoritarianism.
said he would attend a training session and chair closed-door Union Ministers Kiren Rijiju and Gajendra Singh Shek- Recently, the Anti-Corruption Bureau (ACB) booked Rajini, a senior
meetings. "He will stay at the Sangh Sikshya Barga (training camp) hawat offer prayers at Gautam Buddha relics on Buddha IPS officer, and two others for allegedly extorting Rs 2.2 crore from
at Gatiroutpatna in Cuttack, and not attend any programmes Purnima at National Museum, New Delhi. the owners of Sri Lakshmi Balaji Stone Crushers in Edlapadu, Palnadu
outside the campus," an RSS leader said.—PTI district.—PTI
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCINT User: satyam.shukla Time: 05-12-2025 23:51 Color:

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IN THE LINE OF FIRE NO DRONES IN THE SKY, NO MISSILES ON THE GROUND, LIFE WILL CARRY THE SCARS THOUGH
The M rning
Brief PODCAST
Corner Office India Unlocks the Skies, 32 Exodus of Migrant
Airports Resume Operations Workers Takes
Conversation
Duolingo CEO
Luis von Ahn
talks to ET’s
Anirban
Chowdhury and Airlines, authorities working to ensure smooth transition back to normal functioning
a Toll on Industry
Himani Kothari about gamifying MANPOWER WOES Industrial hubs, hospitality
Our Bureau
Back in cos, engineering & textile units come under strain
education, partnering with Move Pakistan
OpenAI, and why AI must en- follows airspace

the Air
New Delhi: India on Monday re- approval still shut
hance not replace how we learn.
Tune in to ETPlay.com.
opened 32 airports across north
and northwestern parts of the Srinagar, Jammu,
from Indian
Air Force
IndiGo said there may still be delays
and last-minute adjustments
for Indian
airlines
Sutanuka Ghosal &
Hakeem Irfan Rashid Walking Out
Available on country that were closed due to Chandigarh, Leh, Migrants leave J&K,
EconomicTimes.com/podcast, airspace restrictions following Bikaner, Amritsar Kolkata | Srinagar: Thousands Punjab, Haryana, Gujarat
Amazon Prime Music, Apple
the conflict with Pakistan.
Airports which reopened in-
reopened 1,000 flights were
of migrant workers have left Jam-
mu & Kashmir, Punjab, Haryana Cos don’t expect them to
Podcasts, JioSaavn and Spotify. cancelled in the last four days
clude Srinagar, Jammu, Chandi- and Gujarat in the past two weeks return immediately
garh, Leh, Bikaner, and Amrit- amid fears of the India-Pakistan
sar, airport authorities said. tension escalating into a war. The New Delhi, 10% of Northern
This follows approval from the hotel sector and industrial hubs in Islama- India Textile Mills’
SUITS & Indian Air Force to resume ope- J&K, and engineering and textile bad have Association’s

SAYINGS rations following the ceasefire

between the two nuclear armed
However, Amritsar and Chandi-
garh airports were shut again at
most all the airports, said there
may still be delays and last-minu-
don–Mumbai.
However, Indian airlines opera-
units elsewhere that employ wor-
kers from West Bengal, Bihar,
reached an
understand-
300,000
nations announced on Saturday. around 9 pm after both the cities te adjustments when it restarts ting international flights to the Odisha and Uttar Pradesh don’t ing to halt migrant
ET’s roundup of the “Attention flyers; reference notice announced blackouts following flights. Close to 1,000 flights were Gulf and the West continue to fa- expect them to return immediate- military workers
wackiest whispers in issued for temporary closure of 32 drone sightings in Srinagar. cancelled in the last four days af- ce disruptions as the Pakistan ly, though New Delhi and Islama- action leaving region
corporate corridors Airports for civil aircraft opera- Airlines and airport authoriti- ter these airports were shut for airspace remains shut for them, bad have reached an understan-
tions till 05:29 hrs of May 15, 2025. It es are now working to ensure a commercial operations. forcing these carriers to take ding to halt military action.
is informed that these airports are smooth transition back to nor- Air India Express said it will longer detours. “Around 55% of our workers in
Succession Code now available for civil aircraft ope- mal operations, including reallo- start flights on Tuesday on routes Air India’s services to North industrial units are non-locals,
Word in elite rations with immediate effect,” the cation of slots, staff deployment, such as Hindon–Bengaluru, America have been making tech- which is around 200,000 and aro-
circles is that
Airports Authority of India, which and crowd management. Jammu–Delhi, Jammu–Srina- nical stops at Vienna and Copen- und 25-30% of them moved out
operates these airports, said. IndiGo, which has flights to al- gar, Srinagar–Delhi, and Hin- hagen to uplift extra fuel. over the past two weeks … it has
the younger
impacted the industry here,” sa-
scion of a sto-

A Reality Check, Home & Away

id Arun Gupta, president of the engineering units in the entire
ried business
Jammu Chamber of Commerce northern region. “We expect the
dynasty has and Industries. migrant workers to return soon.
made his move- Functioning of the hotel indust- But once they go home, they take
—formally and on paper. He’s ry in the Jammu city and the pil- time to return,” said Pradeep Ag-
drawn up clear lines of control, grimage town of Katra has been garwal, chairman of the northern
laying out exactly who does hit. “There are 1,000 hotels and lod- region of the Engineering Export
what in the family empire. His Enquiries, visits dropped during rising tensions, but realtors hope for rebound amid de-escalation ges in the Jammu area which emp- Promotion Council.
message to the patriarch? He’ll discount. Better to wait,” they said. loy around 10,000 people. As much The situation is similar for the
take the reins, but only on his
terms. In a move that surprised
Sobia Khan & Sreeradha Basu
On Revival Radar The conflict, which escalated into
open military engagement along
as 50% of them are migrants. All
of them have left post the Pahal-
textile units Surat. Nearly 75,000
of the more than 300,000 migrant
many, the old lion not only Bengaluru: The ceasefire betwe- Property enquiries dip Buyers hold back due to border the Line of Control two weeks ago, gam disaster,” said Inderjit Khaju- workers have left, said Champalal
agreed—he stepped back com- en India and Pakistan comes as a Ceasefire had begun to weigh on real estate ria, president of the All Jammu Bothra, chairman of the Confede-
15–40% across key tensions, uncertainty; wary of likely to
pletely, giving his son full relief for the real estate sector Indian cities big-ticket commitments sentiment. While Indian property Hotel & Lodges Association. ration of All India Traders’ textile
freedom to chart the course which saw a clear dip in enquiries bring relief to markets have shown resilience du- In the Kashmir valley, all busi- committee. A section of the mig-
ahead. Insiders say this wasn’t amid escalating tensions between Rental markets too showed early signs of stalling, the nervous ring political or economic uphea- nesses in the Lassipora Industrial rant workers usually go to their
an emotional decision but a the two countries since the Pahal- with corporate leasing discussions slowing down sector vals in the past, the current situa- Growth Centre at Pulwama, which villages every year ahead of the
calculated one. Both men gam terror attack last month. tion, marked by the unpredictabi- has around 800 units and the lar- kharif sowing season. “But this ti-
understand: the heir is very From Delhi and Mumbai to Beng- lity of war, triggered a more prono- gest cold storage facility for apples me, they are leaving early due to
much his father’s son. The next aluru and Pune, site traffic across unced emotional response from in South Asia, are impacted as a the rising tension. They want to be
chapter? Independent, driven,
Indian metros had dropped any- both end-users and investors. large number of the 6,000 migrant with their family,” Bothra said.
where between 15% and 40%, bro- Sumanth Reddy, chairman of Na- workers have left, said Sarwar Ma- The Northern India Textile Mills'
and entirely his own.
kers told ET. tional Association of Realtors – In- lik, general secretary of the In- Association has witnessed 10% of
“There’s been a dip of around dia (NAR-India), the apex body re- dustrial Association of Lassipora. its 300,000 migrant workers lea-
15% in terms of both enquiries and presenting RERA-registered and His company, Proactive Packaged ving the region, a spokesperson sa-
Eyes on the Seat property buying visits since the In- licensed real estate professionals Drinking Water, has stopped pro- id. The most affected are small
Headhunters in dia–Pakistan tensions escalated,” across India, confirmed a higher duction for more than a week now. units, as he said the bigger ones
the finance said Amit Agarwal, chief executi- rate of cancellations, deferred site “There are no takers, and the stock are reporting negligible impact.
world are ve of proptech unicorn NoBroker. calls have seen almost a 40% drop put their plans on hold amid rising visits, and cold leads. has piled up. There is no response AWL Agri Business manage-
quietly lining up “People have become a bit cautio- in the last ten days, said a broker border tensions after the Pahal- “Clients are telling me, ‘Let us talk from the market,” he said. ment has asked workers at its
candidates for a us, especially since it is a large- who did not wish to be named. gam terror strike. “We decided we after things settle down.’ There is a But closure of the national basmati rice production unit in
top job at a bank ticket purchase. They are waiting “People are scared to make big would rather play it safe for now fear that if the situation worsens, highway due to heavy rains and Punjab’s Ferozepur area not to le-
that made
for a bit more clarity to emerge.” decisions right now. It is not just than be stuck with big EMIs later,” prices might fall, or worse, there co- suspension of airport opera- ave the factory, managing direc-
He said customers tend to postpo- about money but about psycholo- Srestha said, adding that they wo- uld be disruptions in banking or re- tions in Srinagar have prevented tor Angshu Mallick said. “We ha-
headlines for the wrong rea-
ne big decision-making in uncer- gical comfort,” the person said. uld still wait a while despite the ce- gistration services,” Reddy said. many from leaving the valley. ve stopped the night shifts at our
sons, and some of the industry’s
tain times. “If the situation stabili- Some customers confirmed this. asefire announcement. Rental markets, too, had started “We have 800 migrant workers in factory. After 6 pm, all the lights
heavyweights are believed to
ses after the ceasefire and continu- Bengaluru-based Srestha S, who Another couple working in con- showing early signs of stalling, one industrial area here and are switched off. We are provi-
be in the running. One partic- es in a normal vein, we should see runs a small food business from sulting in Gurgaon also said they with corporate leasing discus- they are all here,” said Javid ding ration and housing facilities
ularly well-placed executive is interest coming back,” he said. her apartment, and her husband, have hit pause on their move to buy sions slowing down. Tenga of Kashmir Chamber of to the 150 workers, so that they do
rumored to have shown in- In South Delhi, one of the pos- an IT professional, were in advan- a second flat. “If the market tigh- Now with the ceasefire, the in- Commerce and Industries. not leave,” he said. “If they leave,
terest—albeit subtly. Word is, hest premium residential mar- ced discussions to buy a flat after tens due to tensions, we might be dustry can hope for a revival in the Labour shortage has crippled it would be difficult for us to get
he’s waiting for a major mile- kets in the country, walk-ins and months of property hunting. They able to get the same properties at a coming weeks. many micro, small and medium them back.”
stone at his current firm, before
making any definitive moves.

Demand Recovery Likely to be

Once the financial stars align,
insiders suggest a transition
could very well be on the cards.
It’s one to watch closely.
‘Small Pvt Airports
May See 50-60%
Trump Drops the Price
Privy to the whispers in power
corridors or juicy tips on India Inc?
Do share with us at
[email protected] Gradual, Says Britannia MD Surge in Capex’ Bomb, Indian Pharma
Current fiscal a ‘test’ of both revenue & volume growth for co: Berry
Mumbai Capital expenditure
(capex) of small private airports
is expected to rise 50-60% on an May Feel Aftershock
In a Nutshell Shabori Das
make sure that
we deal with
inflation but is definitely expected.
For Britannia, volume growth
average over the next three years
on the back of capacity expan-
the inflation has been reasonably good compa- sion because of substantial in-
Bengaluru: Britannia managing which comes red to revenue, even in the last two crease in terminal utilisation le-
Executive order to
‘ director and vice chairman Varun in. But having years, Berry said. He, however, ad- vels, ratings agency Crisil said
” ‘Co-Living Firms Raise
Berry on Monday said demand re- said that, we ded the company may not need on Monday.
cut prescription drug
$980m in Last Decade’ covery is unlikely to follow a sharp are hoping to further price hikes with some On the other hand, capex at large prices in the US likely
“hockey stick” trend but improve see healthy remnants of the last price increa- private airports will see a decline
NEW DELHI Co-living
gradually and continue till next growth, both se having already passed on to the during the same period as much of to hurt revenues of
operators have raised year. He said the revival process volume as well first two months of this quarter. the capacity expansion has been
$980 million in the past 10 has begun already. as revenue.” “But that will all depend on how completed or is nearing comple- Indian generic players
years amid rising demand Speaking at an analysts’ call to For about two fiscals, large the trends (commodity price) move tion, it said. However, the overall
for managed rental accommodation, discuss quarterly earnings, Berry FMCG companies have been re- through the quarter and we will ha- capex of private airports will
noted that this fiscal year should porting price hike-led revenue ve to take a call based on those slightly slow down by 10-15% to Rica Bhattacharyya &
according to Colliers India. The real
be a “test” of both revenue and vo- growth in an inflationary environ- trends,” he said. about `40,000 crore over the next Vikas Dandekar
estate consultant noted that India's
lume growth for the biscuit and da- ment while volume or unit sales re- Berry was appointed as the inte- three years, as per the ratings
co-living market is on a growth trajec- iry product maker. mained under stress as consumers rim CEO, effective May 8, follo- agency. — PTI Mumbai: President Donald partner at EY.
tory, with demand rebounding in “So, we are hoping that we will be either cut back on spending or pur- wing the exit of erstwhile CEO Trump’s sweeping plan to reduce “While the move promises major
recent years and operators gearing up able to grow revenue and volumes,” chased cheaper smaller brands. Rajneet Kohli. He said a succes- prescription drug prices in the savings for American consumers,
for expansion across tier-I cities and he said. “Obviously, there will be a Senior executives at Hindustan sion plan is being worked out. United States may impact Indian it could face industry pushback
select tier-II cities. The consultant delta because we have taken a pretty Unilever, Tata Consumer Products, “The succession planning is in pharmaceutical companies, ma- and cause price increases in lower-
high price increase in the last quar- and Marico mentioned in recent ear- play, and it will definitely be clear ny of which earn a significant cost countries as manufacturers
estimated that there are around 3 lakh
ter, and we will be necessitated to ta- nings calls that demand recovery to you in the next 3-4 months…,” he portion of their revenues—so- seek to recover losses and R&D
beds in the organised co-living market. ke slightly more price increases to will take some time due to persistent said, without elaborating. metimes more than half—from cost from these countries,” he said.
the US market. A top pharma industry official,
While Trump’s executive order though, said the US move appears
signed on Monday—directing to be aimed at innovator compani-

Off the Field, Kohli’s Still a Prize Catch

drugmakers to lower medici- es and not generic firms. Innova-
ne prices to align them with tor drug prices in the US are much
what other countries pay- higher than in other nations. “This
—primarily targets glo- may lead many US innovator firms
bal Big Pharma innova- to delay the launch of their drugs
Cricketer’s brand valuation, fee to soar even after retirement from Tests: Execs tors, industry analysts
say generic drugmakers
in other countries,” he added.
Bhanu Prakash Kalmath SJ, part-
year, and have depended on the meat start-up Blue Tribe, from India may also feel ner and healthcare industry lea-
Ratna Bhushan
Bigger & Fewer longevity and personal equations
with these brands, according to
coffee brand Rage Coffee,
wellness services company
the squeeze.
Indian industry players
der at Grant Thornton Bharat, sa-
id the “order may
New Delhi: Virat Kohli’s retire-
ment from Test cricket on Monday
Kohli wants
to reduce no. `5-10 cr two people representing sports
management companies.
Hyperice, Chisel fitness
centres and gyms, and fas-
are cautiously watching
the development as they It is widely
lead to margin
pressure for gene-
is unlikely to dent his brand value- of existing charged by him for A June 2024 report by advisory hion platform Universal await more clarity. expected ric producers in
—in fact, his endorsement fee is set mid-sized big endorsements firm Kroll estimated Kohli’s brand Sportsbiz. Some analysts warn the that leading India in the short
to rise as major brand deals come endorsements per year value at $227.9 million, or about He has also invested in pricing parity plan could American term though the
up for renewal, executives at `1,900 crore, making him India’s homegrown sportswear put pressure on Indian companies scope may not be
brands and agencies associated Seeks bigger most valued celebrity. startup Agilitas founded by companies to increase pri- may legally significant.”
with him said. deals for “We will, of course, continue our former Puma India MD Ab- ces back home to ensure challenge According to re-
The world’s highest-paid cricke- large brands association with Virat…retire- hishek Ganguly. Kohli recently their price-cuts in the US the order ports, Trump has
ter is also looking to trim his ment or not,” a senior executive ended his over-eight-year are not steep. Some ex- set a 30-day dead-
roster of mid-sized endorsements. across age of a large digital-only brand told partnership with Puma to perts said the order may line for drugmakers to cut prices.
His team has informed several and de- ET. “We are renewing his cont- associate with Agilitas. establish a ‘most favoured If the pharma companies fail to
brands that their contracts are not mographics ract (at the revised fee). He has a His retirement announce- nation policy’ whereby the do so, they will face new limits
likely to be renewed once the because of his track record on the massive social and performance- ment on Instagram on Monday US would pay the same pri- over what the government will
current agreements expire, sig- field, and with women consumers driven connect with people who we led to a surge of brands pos- ce as select countries. pay, he warned. He is reportedly
nalling a move toward fewer, because he involves his family see as potential consumers… That ting tributes on social media “The said policy seeks to looking at price cuts between
bigger partnerships. upfront in all achievements.” very few have.” platforms, irrespective of lower prescription drug 59% and 90%.
“Kohli’s goodwill will outlive his Audi, Myntra, Manvayar, MRF Kohli has over 67.8 million follo- whether they have been costs in the US by tying It is widely expected that leading
playing days,” said Sandeep Goy- Tyres, Vivo, Hero MotoCorp, HSBC, wers on social media platform X associated with him or not. Medicare payments for American companies may legally
al, managing director of ad agen- Herbalife, Vivo and O’cean Be- and over 272 million followers on certain drugs to the challenge the order.
cy Rediffusion, which has been verages are among 40 big brands Instagram, as of Monday. KOHLI, TIME-TESTED lowest prices paid Most analysts don’t expect signi-
associated with the cricketer for the former Indian captain has Kohli’s own ventures include BLITZKRIEG STRATEGIST by other high-in- ficant near-term impact on Indian
multiple campaigns. “There are endorsed. sportswear brand One8, restau- „„SEE EDIT
come countries drugmakers even as they await cla-
such few heroes as him… He Kohli, 36, is known to charge rant chain One8 Commune, and with comparable rity. But they think the order may
appeals to Gen Z because of his anywhere between `5 crore and athleisure brand Wrogn. THE WARRIOR economies, such have a bearing on their long-term
aggression, with consumers `10 crore for big endorsements per He has invested in plant-based MONK „„PAGE 15 as Canada, Ger- capital allocation strategies.
many, or the FOR FULL REPORT, GO TO
UK,” said Sau- www.economictimes.com
rabh Agarwal, tax
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO2 User: satyam.shukla Time: 05-13-2025 00:06 Color:

SMART
INVESTING

Crypto
Bourses
on Alert
Hope
Greed
over Trades
Fear
Beating Volatility WWW.ETMARKETS.COM
NEW DELHI / GURGAON, TUESDAY, 13 MAY 2025
Panic
Hope
in J&K

A Shot in The Arm for Markets RELIEF RALLY Nifty Metal Index Surges 6% THIN MARGINS IN GENERIC SEGMENT
D-Street Diary

 Ant Financial to Sell

Shares Worth `2.2kcr

Metal Shares Shine as Pharma Cos Slip on in Paytm Parent

MUMBAI Ant Financial, the
fintech arm of Chinese

Slowdown Fears Ease US Move to Cut Prices e-commerce giant Alibaba

Group, is planning to
offload shares worth nearly `2,200
which gained 5-8% each. crore in One97 Communications, the
Our Bureau The US and China on Monday ag- Our Bureau
parent company of Paytm, via block
reed to reduce the steep tariffs they
Mumbai: Shares of metal com- had imposed on each other. As per Mumbai: Several pharmaceuti- deals on Tuesday. Shares are likely to
panies were among the top the agreement, the US will lower cal shares underperformed on be offered at a floor price of `809.7
gainers in a relief rally its overall tariffs on Chinese goods Monday despite a strong broad apiece — a 6.4% discount to Paytm’s
on Monday after the from 145% to 30%, while China will market rally, after US President closing price of `866 on Monday.
US-China trade cut US tariffs from 125% to 10%. Donald Trump announced plans Paytm shares gained 4% during
deal eased in- “We believe commodity prices to sign an executive order slashing Monday’s trade on BSE ahead of the
vestor concerns are poised to strengthen from he- prescription drug prices in the US
anticipated transaction. Ant Financial,
of a global econo- re, benefiting metal companies to match those in favoured na-
mic slowdown, across the board,” said Arijit Ma- tions, implying cuts of 30% to 80%. which currently holds a 9.85% stake in
which was feared to hit demand lakar, equity research analyst at Sun Pharmaceuticals fell 3.2%, Paytm, is expected to sell around 4%
for these commodities. Ashika Stock Broking. Ajanta Pharma slipped 2.3%, and of its holding through this block deal.
The Nifty Metal index jumped Investors had cut exposure to me- Glenmark and Divi’s Labs lost
5.9% — its best single-day perfor- tal stocks after the announcement over 1% each. Biocon dipped 0.5%.  General Atlantic to
mance in three years. Hindustan of Donald Trump’s tariffs in April The Nifty Pharma Index ended
Copper soared 10%, emerging as was feared to trigger a global eco- 0.2% higher Monday after tumb- Divest 7% in KFin Tech
the top gainer of the day. Steel Aut- nomic slowdown, which would lo- ling almost 2.4% earlier in the day ful. “Pharma stocks could resume MUMBAI Private equity
hority of India Limited (SAIL), Na- wer global demand for metals. in response to Trump’s remarks. their uptrend in the coming ses-
firm General Atlantic is
tional Aluminium Company (Nal- The Sensex and Nifty jumped ne- sions,” he said.
co), Tata Steel and JSW Steel, Continued on Smart Investing arly 4%—posting their biggest Year-to-date, the Nifty Pharma expected to offload up to
single-day gains in four years. Of Index is down 10%, compared with 6.9% of its equity stake in
the 20 stocks in Nifty Pharma, 13 a 5% gain in the benchmark Nifty. financial services company KFin
gained and seven declined. Bhavesh Gandhi, lead analyst for Technologies through block deals on
Rock and Roll “The order implies a 30-80% ex- pharma and healthcare at YES Se- Tuesday, according to a term sheet
pected cut to align US drug prices curities, said the proposed policy
CMP Day’s YTD Rtn 1 Year issued by IIFL Capital, the banker
Company with other regulated markets. But primarily targets the branded
(`) Chg (%) (%) Rtn (%) managing the transaction. The firm is
such cuts are commercially unvi- drugs segment, which accounts
Hindustan Copper 226 10.0 -8.7 -38.4 able for pharma firms, especially for 90% of the US market. Indian offering to sell 11.8 million shares,
Steel Authority of India 118 8.3 4.5 -24.9 those with low-double-digit mar- companies cater mostly to the re- representing 6.9% of KFin Technologies’
Adani Enterprises 2,425 7.7 -5.1 -15.8 gins,” said Nikhil Ranka, CIO at maining 10% — the generics space total equity capital, for a total conside-
Nuvama Alternates. “That’s why — where prices are already low. ration of `1,209.5 crore. The shares are
National Aluminium 168 7.4 -21.3 -4.8
companies like Sun Pharma, “Sun Pharma, with some exposu-
Lloyds Metals & Energy 1,259 7.1 -0.3 79.7 being offered at a floor price of `1,025
which derives around 40% revenu- re to the branded segment, may fa-
Vedanta 436 6.8 -2.0 5.2 es from the US, saw declines.” ce limited risk. But for now, the re- apiece, which represents an 8.3%
Ranka said most pharma stocks action is largely sentimental, and discount to the stock’s closing price on
Hindustan Zinc 435 6.5 -2.1 -24.9
rebounded after an initial knee- the real impact will depend on how Monday. Shares of KFin Technologies
Nifty Metal 8,914 5.9 3.2 -2.0 jerk reaction, as the proposed earnings shape up,” Gandhi said. rose 5% to close at `1,118 on Monday,
Nifty 50 24,925 3.8 5.0 12.8 changes are not expected to be im- ahead of the planned stake sale.
mediately enforceable or impact- Continued on Smart Investing
 Aether Promoters to
Pare Stake via OFS
Oil Prices Climb 2% to $62.4 Dow Jumps
NEW YORK US stocks jumped Mon-
day after China and the United Sta-
of its all-time high set in February.
It’s been roaring higher since fal-
ced stiff worldwide tariffs that igni-
ted worries about a potentially self-
MUMBAI Promoters of
tes announced a 90-day truce in ling nearly 20% below the mark last inflicted recession.
NEW YORK Oil prices climbed about 2% to a two-week high
on Monday after the US and China agreed to temporarily
Over 1,000 Pts, their trade war. Each of the
world’s two largest economies ag-
month on hopes that President Do-
nald Trump will lower
In the bond market, the yield
on the 10-year Treasury jum-
Aether Industries are set
to pare their stake through
slash tariffs, raising hopes of an end to the trade war between
the world’s two biggest economies. Brent crude futures rose
Nasdaq Surges reed to take down temporarily
most of its tariffs against the
his tariffs after rea-
ching trade deals with
ped to 4.45% from 4.37% late
Friday.
an Offer for Sale (OFS),
offering 89.79 lakh shares worth
other, which economists had war- other countries. The The Dow Jones Industrial Avera-
$1.35, or 2.1%, to $65.26 a barrel by 11:39 a.m. EDT , while US West Texas 4.2% After ned could start a recession and cre-
ate shortages on US store shelves.
index at the heart of
many 401(k) accounts is back above
ge was up 1,079 points, or 2.6%, as
of 1:53 p.m. Eastern time, and the
`628.5 crore — 6.8% of the company’s
outstanding equity. The floor price is
Intermediate (WTI) crude gained $1.40, or 2.3%, to $62.42. — Reuters
Trade Truce The S&P 500 was up 3.1% in after-
noon trading and back within 5%
where it was on April 2, Trump’s
“Liberation Day,” when he announ-
Nasdaq Composite was 4.2% hig-
her. — AP
fixed at `700, a 13.14% discount to
Monday’s closing price of `805.9.

proceed, that there will also be the erage tariff shock on China,” tho-
Trade Balance possibility of purchase agree-
ments to pull what is our largest bi-
lateral trade deficit into balance.”
ugh the remaining import taxes re-
main high and could still cut US
imports from China by about 70%
Not an Era of War, Not of Terrorism Either: PM
Bessent added that the tariff reduc- in the medium term. flow together.” The reference to to escape,” Modi said. “Pakistan re will be undertaken from its si-
From Page 1 tions don’t apply to sectoral duties From Page 1 “water and blood” was in the con- was pleading with the world to re- de, India considered it.”
The retaliation that followed took imposed on all US trading partners, BEIJING’S RESPONSE “Third, we will not see the govern- text of India suspending the Indus duce tensions. And after being The Prime Minister elaborated
duties to levels that for many com- and the tariffs applied on China du- China also said it would suspend or ment that patronises terrorism and Water Treaty following the April badly beaten, the Pakistani army on the sentiment he had expressed
panies effectively blocked trade ring the first Trump administration cancel its non-tariff countermea- the masters of terrorism as separa- 22 terrorist attack on tourists that was compelled to in his conversation with Russian
and caused widespread uncertain- remain in place. Asked what would sures imposed on the US since te entities,” he said. “During Opera- left 26 people dead in Pahalgam. contact our President Vladimir Putin on en-
ty that could be sustained if talks happen at the end of 90 days to avoid April 2. That’s an apparent referen- tion Sindoor, the world has once Modi categorically stated that any It has been DGMO (Director ding the war with Ukraine weeks
don’t keep progressing. tariffs ratcheting back up, Bessent ce to China’s addition on April 4 of again seen the ugly truth of Pakis- talks with Pakistan in the near futu- our declared General of Milita- after it erupted.
Bessent said it’s “implausible” indicated there’s a chance to extend seven rare earths to its export cont- tan, when top officials of the Pakis- re will be on two key issues alone. policy that if ry Operations) on “This is certainly not an era of
that reciprocal tariffs on China go the truce further. rol list. Securing the removal of tani army thronged to bid farewell “Today, I would also like to tell the there are the afternoon of war but it is not an era of terro-
below 10%, but the April 2 level — “Just like with all our other tra- those restrictions was a priority to the dead terrorists. This is ample world community that it has been talks with May 10. By then, rism either. Zero tolerance aga-
set by the President at 34% — “wo- ding partners, as long as there is for Washington as a range of indu- proof of state-sponsored terro- our declared policy that if there are Pakistan, we had destroyed inst terrorism is the guarantee of
uld be a ceiling”. He also said that good faith effort, engagement and stries faced disruption. rism. We will continue to take deci- talks with Pakistan, they will be on they will be the terrorist in- a better world,” Modi said.
“we could see some amount of the constructive dialogue, then we will China has always handled rela- sive steps to protect India and our terrorism only; if there are talks on terrorism frastructure on a Peace can only be achieved thro-
fentanyl tariffs perhaps come off,” keep moving forward,” he said. tions with the US based on the prin- citizens from any threat.” with Pakistan, they will be on Pakis- only, says PM large scale, the ugh strength, he pointed out.
if there were “excellent engage- Futures contracts for the S&P 500 ciples of mutual respect, the offici- In an ostensible rebuttal of re- tan-Occupied Kashmir only,” he said. terrorists were The Prime Minister slammed Pa-
ment” from Beijing on solutions to- and the Nasdaq 100 both climbed al Xinhua News Agency reported, ports that the threat of internatio- Setting at rest speculation about killed, and we had kistan for attacking India’s scho-
ward solving that crisis. Trump more than 1.2%. S&P 500, Dow Jo- citing a white paper on national se- nal trade sanctions was used to how the two nations agreed to pea- turned the terror bases establis- ols, colleges, temples, gurudwaras
put a 20% surtax on China earlier nes and Nasdaq gained 2-4% at the curity. China is committed to the pressure India to end Operation ce, the Prime Minister said Pakis- hed in the heart of Pakistan into and homes of civilians. He said
this year over fentanyl concerns. time of going to press. stable development of relations Sindoor, the Prime Minister said, tan had sought an end to hostilities shambles. So, when Pakistan ap- that 100 terrorists, including their
Speaking to reporters earlier in In a research note, Maeva Cousin with the US, it said, and imposing “Terror and talks cannot coexist, because of the losses it sustained. pealed, when it was said from Pa- leaders who had been roaming
Geneva, the Treasury chief said, of Bloomberg Economics said mo- pressure and threats are not the terror and trade cannot go hand in “After India’s aggressive action, kistan’s side that no further terro- free for years, were killed during
“We expect that as the negotiations ve “substantially lowers the US av- right way to deal with China. hand, water and blood can never Pakistan started looking for ways rist activity and military adventu- Operation Sindoor.

VIX Drops 15%

From Page 1
Pakistan’s main share in-
dex soared 9% on Monday.
“Today’s (Monday’s) mar-
ket rally is a confluence of
positive global and domes-
tic developments — from
easing geopolitical ten-
sions between India and
Pakistan, to progress on
US-China trade talks,” said on-rise market.”
Taher Badshah, chief in- The Sensex and Nifty are
vestment officer at Invesco up nearly 13% since April 7,
Mutual Fund. when the recent rebound
The Volatility Index started after Trump halted
(VIX), the market’s fear me- tariffs on imports from
asure, plunged 15% to 18.4, most countries, barring
in line with the equities re- China, for 90 days.
bound, indicating options Gold, one of the best perfor-
traders see lower risks in mers in recent times becau-
the near term. Last week, se of its safe-haven status,
this index had surged over slumped nearly 3% on Mon-
16% as the Sensex and Nifty day in response to the pause
declined 1.3% on fears of a in the US-China tariff con-
full-blown conflict with the flict. “For investors, our vi-
neighbouring nation. ew is that a clear framework
The broader market also of disciplined asset alloca-
ended strong, with the Nif- tion matters more than reac-
ty Midcap 150 jumping ting to noise,” said Neelesh
3.75% and the Nifty Small- Surana, chief investment of-
Cap 250 gaining 4%. Of the ficer at Mirae Asset Invest-
4,254 stocks traded on the ment Managers.
BSE, 3,545 advanced, while All sectoral indices in In-
576 declined. dia ended in the green,
The bullish momentum with metals, realty, power,
may push the markets hig- IT, and energy stocks lea-
her in the days ahead, but ding the charge, rising bet-
fund managers do not rule ween 4% and 6%.
out intermittent sell-offs. Foreign portfolio inves-
“The market could see tors (FPIs) remained net
small doses of correction buyers, purchasing shares
over the next few days after worth Rs 1,246.5 crore on
this massive rally,” said Monday. Domestic institu-
Badshah. “But what has tional investors (DIIs) also
changed now is that it’s contributed to the rally, in-
now more of a buy-on-dips vesting Rs 1,448.4 crore du-
market, rather than a sell- ring the day.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO5 User: satyam.shukla Time: 05-13-2025 00:00 Color:

6 } Smart Investing THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

Exchanges told to keep tabs on trades involving ‘private wallets’ that don’t rely on 3rd parties while managing virtual coins
Rate Transmission
Crypto Bourses on Alert over J&K Trades deposits from them. clamp down on such transfers once
Uneven Despite
Sugata Ghosh

Mumbai: Indian cryptocurrency ex-

changes have been told by the go-
“As per the instructions, exchanges
for the time being would focus more
on crypto trades by persons in the
border locations and report
Checks In Place
Cryptos can be
used to pay
Coins moved to
private wallets
the account holder ticks the necessa-
ry boxes,” said a source.

SEBI SEEKS AIF DATA

Liquidity Comfort
vernment to keep an extra eye out for them to FIU, than the regular while avoiding can be used The Securities & Exchange Board
transactions linked to persons loca- STR trades,” said a person requ- banks freely of India reached out to trustees of
ted in Jammu & Kashmir and border esting anonymity due to the confi- private equity and venture capital
Commercial banks
areas. The Financial Intelligence dential nature of the communica- Private wallets It’s easier to funds—also known as alternative passed on only 15
Unit (FIU-IND), the central agency tion. Just as banks are outside move cryptos investment funds (AIFs)—last Fri-
dedicated to curb money-laundering share data with FIU, the purview of across borders day to evaluate risks related to “mo- bps in rate cuts to
and financial crimes, communicated Cryptos, STR, or ‘suspicious exchanges than money ney laundering, terrorist finan-
this to several local crypto platforms moved from transaction report’, cing and proliferation financing.” existing borrowers
last week, two persons aware of the an exchange refers to regular fi- Among other things, the trustees
advisory told ET. wallet to a ling of information were told to ask the funds houses
Crypto bourses are directed to par- private one, on suspicious trades nymous nature and the relative ease son. Indeed, ever since Binance, one whether they had identified the be- Saloni Shukla
ticularly watch out and report trades can be and activities by with which they can be moved across of the world’s largest crypto ex- neficial owners while on-boarding & Rozebud Gonsalves
involving ‘private wallets’ that allow directly crypto exchanges borders. changes, has been registered with clients. AIFs are required to find
managing of virtual digital coins transferred with central body. “For instance, privacy coins like FIU-IND, many crypto users have be- out the last natural persons behind Mumbai: Banks appear to have
without relying on third parties like to the private Over the past one Monero or Zcash, which have greater en transferring part of their coin hol- entities which own 10% or more in largely looked through impro- The weighted average lending
exchanges or crypto custodians. wallet of the year, exchanges ha- privacy and anonymity, can be misu- dings to Binance wallets run from an investor (like companies, part- ving system liquidity and policy rate on fresh and outstanding ru-
If regular banking channels are to payee ve restricted free sed. Though these coins are not listed other countries. nerships etc). While this could well rate cuts while reducing the cost pee loans increased 186 basis po-
be avoided in making payments to withdrawals of on Indian bourses, theoretically, a “Some of the exchanges are allo- be part of the usual regulatory of borrowing for those taking lo- ints and 116 basis points, respecti-
dubious actors, terrorists, or their cryptos, insisting on enhanced due person can purchase a common and wing coin withdrawals once they ve- drill, large AIFs have been asked to ans tied to the lenders’ internal vely, during this period. Last we-
handlers, cryptos, moved from an ex- diligence of customers—enquiring universally accepted crypto like rify that the Binance wallet belongs disclose the percentage of ‘high- benchmarks. Rates have reduced ek, several major banks made mo-
change wallet to a private wallet, can about the identity of beneficiaries USDT, transfer to its wallet with an to the customer. But, once cryptos are risk customers’, ‘percentage of cli- by only 5-15 bps for existing borro- dest adjustments to their lending
be directly transferred to the private and the purpose of withdrawals to exchange outside India, and then moved to Binance, they can be trans- ents from countries in the list pre- wers on loans tied to marginal rates. HDFC Bank, India’s most-
wallet of the payee through a block- private wallets. The safeguards, tho- swap them for privacy coins before ferred, swapped freely, or paid to any- pared by the Financial Action Task cost of funds-based lending rate, valued lender, reduced its one-ye-
chain network. Under the circums- ugh not fool-proof, have been put in making payments. Such transac- one. Since regulations are unclear Force (FATF), the global anti-mo- even as liqudity turned into a sur- ar MCLR by 15 bps, from 9.30% to
tances, exchanges will have to keep place as it is widely perceived that tions would not leave a trail that Indi- and applicability of foreign ex- ney laundering body, and propor- plus, and the central bank cumu- 9.15%. Liquidity in system has im-
tabs on withdrawals from exchange cryptocurrencies can be used for illi- an law enforcement agencies can change laws are ambiguous in cry- tion of clients on internet-based latively cut policy rates by half a proved since April. Daily average
wallets to private wallets as well as cit purposes, thanks to their pseudo- track easily,” said an industry per- tos, platforms find it tough to fully transactions. percentage point since February. surplus liquidity stood at `1.4 lakh
“I think the market rates will re- crore in April and `1.3 lakh crore
main dynamic for some time befo- as of May 8. March saw an average
`1,106 CR DEBT FY26 OUTLOOK Most banks expect credit growth to be lower amid Gold Prices Fall re they settle,” Amitabh Chaudh-
ry, MD, Axis Bank, had said du-
daily deficit of `1.23 lakh crore.
The WALR on outstanding ru-

GVK Energy uncertainty linked to US tariffs; return on assets may moderate in Local Market
ring the earnings call. “It was so-
mething similar when the rate
pee loans declined by 10 bps as of
March. In case of fresh loans, it

Admitted for
PSU Banks may Take a Hit on
started going up. You will see so- has increased reflecting the signi-
mething similar when the rates ficant proportion of MCLR-lin-

Insolvency
PTI are going down. So, it is pretty ked loans in it, given the longer re-
much a part of the normal playout set period, it may undergo adjust-

Margins as Interest Rates Dip

New Delhi: Gold prices tanked of this activity over the next cou- ments with some lag, experts say.
Proceedings sharply by `3,400 to `96,550 per 10
grams in the national capital on
ple of quarters.” In response to
the cumulative 250 basis point ra-
“Uneven pace of rate transmis-
sion is due to mix of credit portfo-
Monday as traders shifted from te increase during the last tighte- lios across fixed and floating rate
Shilpy Sinha safe-haven buying after the US de- ning cycle, between May 2022 and structures, and varied spreads by
re better positioned than private clared a 90-day pause on tariff September 2024, the one-year me- banks,” said Aastha Gudwani, In-
Mumbai: The National Com- Atmadip Ray & Alekh Angre banks which have over 50% of their against Chinese imports. dian MCLR rose 170 basis points. dia chief economist at Barclays.
pany Law Tribunal has star- loans linked to external bench- According to the All India Sarafa
ted insolvency proceedings Kolkata | Mumbai: Public sector marks. Ceteris paribus, transmis- Association, gold 99.5% purity
against GVK Energy on an lenders have gained about 26% in sion of the rate cuts on the asset si- plunged `3,400 to `96,100 per 10
application filed by IDBI FY25 net profit cumulatively, but de may be slower for PSBs resulting grams on Monday. This marks the Fusion Fin’s Rights Issue Fully Subscribed
Bank for a debt of `1,106 crore. the current fiscal may expose them in a less than average fall in NIMs,” steepest fall in 10 months since gold KOLKATA: Microfinance lender Fusion Finance
GVK Energy was a guarantor to pressure on net interest margins Crisil's Narayanan said. prices plunged `3,350 on July 23,
for loans taken by its group (NIM), thus likely leading to a mo- She expects overall bank credit to 2024. Gold of 99.9 and 99.5% purity announced that its `800 crore-right issues was
company GVK Power (Goind- deration in their return on assets. grow 100-200 basis points (bps) fas- had settled at `99,950 and `99,500 per fully subscribed with its promoters Honey Rose
wal Sahib). The Hyderabad Large banks such as State Bank of ter on-year to 12-13% in fiscal 2026 10 grams on Saturday. Investment, an affiliate of Warburg Pincus, and
bench of NCLT has appointed India, Canara Bank and Punjab Na- given three tailwinds: the recent “Gold prices fell sharply amid Creation Investments Fusion LLC taking part in it. The
Venkata Chalam Varanasi as tional Bank have lowered their supportive regulatory measures, a signs of progress in trade talks rights issue comprised up to 61,100,000 partly paid-up
interim resolution professio- NIM expectations. Canara and boost to consumption from tax cuts between the US and China, along
equity shares at a price of `131 per, aggregating `799.86
nal while orde- PNB have also given guidance of lo- and softer interest rates. with some relief in geopolitical
ring the initia- wer credit growth amid geopoliti- “Our prognosis for large banks is tensions, including India-Pakis- crore. — Our Bureau
tion of CIRP. cal uncertainty triggered by US ta- that of benign margin expansion tan,” Rahul Kalantri, VP Commo-
IDBI Bank, part riffs. “From a profitability perspec- or, at the very least, stability in dities at Mehta Equities, said.
of group of len- tive, return on assets (RoA) are to the next monetary policy commit- H2FY26 after a shallow bottom in Also, silver prices fell Rs 200 to
ders, had provided a term loan moderate 10-20 basis points (bps) to tee meeting scheduled on June 6. H1FY26. Thus, we expect reasonab- `99,700 per kg from Saturday's Tech Picks DHARMESH SHAH,
Head - Technical, ICICI Securities
of `733.85 crore and working 1.1-1.2% this fiscal from an over- “There will be, definitely, some le credit growth to translate into close of `99,900 per kg.
capital limits of `153.75 crore to two-decade peak of about 1.3% in fi- pressure on the margins going ahe- concurrent earnings growth mo-
TCS
GVK Power (Goindwal Sahib)
for a coal-based thermal power
scals 2024 and 2025,” Subhasri Na-
rayanan, director, Crisil Ratings
ad,” he said.
The bank has not given any NIM
mentum for banks in FY26—a key
catalyst for re-ratings, in our view,”
BUY
Follow-through strength above monthly hammer like
plant in Punjab. GVK Energy told ET. guidance since some of the loan said Santanu Chakrabarti, an ana- Zaggle Prepaid Q4 candle confirms resumption of uptrend TARGET
gave a corporate guarantee in
July 2017 to secure loan given to
“This will stem from a similar
contraction in their NIMs, due to a
portfolio gets repriced immediate-
ly with the policy rate cut, while the
lyst with BNP Paribas Securities
India. “We believe the timing of ra- Profit Rises 67% LAST CLOSE u `3,626 STOP LOSS u `3,535
` 3,790
GVK-Goindwal. GVK-Goind- faster downward repricing of loan impact of lower deposit rates co- te cuts will be key to the margin pi-
wal defaulted on repayments. assets than of deposit liabilities in mes at a lag. “The lag generally is vot point and gradient”. Fintech platform LARSEN & TOUBRO
The account was declared a a falling interest rate environ- 12-18 months for existing deposits In FY25, all government-owned
NEW DELHI:
Zaggle Prepaid Ocean Services BUY
non-performing asset on Fe- ment,” she said. to get repriced,” Shetty said. lenders reported a surge in net on Monday posted a 67% rise in Breakout from six months falling trend line
TARGET
bruary 28, 2018, with effect For the entire banking sector, abo- SBI expects gross credit to grow profit, offsetting the pressure on net profit to `32 crore for the fo- signifies conclusion of corrective phase
from July 31, 2016. ut 45% of total loans are linked to by 12-13% in FY26, against 12% ex- their NIMs. SBI posted a 15.8% ri- urth quarter ended March 2025. ` 3,760
On February 8, 2019, IDBI is- an external benchmark, primarily pansion in FY25. Canara Bank gave se in net profit. PNB showed a tri- The company had reported a net LAST CLOSE u `3,586 STOP LOSS u `3,477
sued a recall notice to GVK repo—these are typically repriced a guidance of 10-11% credit growth ple digit 102.6% jump while Bank profit of `19 crore in the year-ago
TITAN IND
Energy demanding `989.66
crore by February 15, 2019.
rapidly after rate cuts. For the pub-
lic sector group, the EBLR-linked
against 11.74% in FY25, while PNB
pegged it at 11-12% as compared
of Baroda booked the least growth
at 10.6%. Overall net profit for the
period, Zaggle said in a regulato-
ry filing. During the quarter un- BUY
Though a resolution plan for loans are around 35% of the total with the FY25 growth of 13.6%. public sector pack stood at `1.93 Nine months falling channel breakout backed by pick
der review, the company's opera- TARGET
GVK Power was approved in portfolio. SBI chairman CS Shetty “In this context, public sector lakh crore in the last fiscal year, up in volume indicates revival in uptrend
December 2023, IDBI said it expects another 50 basis points po- banks—with about 35% of their to- up 26.14% over `1.53 lakh crore in
ting revenue rose 50% to `411 cro-
re compared to `273 crore a year ` 3,782
could recover only `306 crore. licy rate cut starting with 25 bps in tal loans being linked to EBLR—a- the preceding fiscal. LAST CLOSE u `3,566 STOP LOSS u `3,448
ago. — PTI

Metals Shine as Slowdown,

Dumping Concerns Ease
Pharma Firms Slip On US
Price Cut, Recovery Seen
10-year Paper Expected to Open Stronger Today
border strikes intensified, trigge- “The 10-year yield may cool off vestors who entered at 6.40%-
Shilpy Sinha ring a rush to pare exposure to risk temporarily to the 6.32–6.34% le- 6.44% a potential gain and addi-
„„From ETMarkets Page 1 „„From ETMarkets Page 1 & Rozebud Gonsalves assets. The 10-year benchmark yi- vels due to the ceasefire and posi- tional returns, higher than earli-
Additionally, it was anticipated that the oversupply India Ratings and Research said Trump’s ex- eld had spiked nearly 10-12 basis tion unwinding, but that’s just a er estimates.
from China would be dumped in India, crashing domes- ecutive order to reduce the prices of prescrip- Mumbai: Foreign banks and pri- points recently. knee-jerk move,” said Ashhish “There have been de-escalations
tic prices. tion drugs in the US, once implemented, will mary dealers dumped nearly $3 bil- While there was sharp movement Vaidya, managing director & he- on the border and a cease fire, so I
“Previous concerns about China dumping metal into have a limited near-term impact on the Indi- lion worth of Indian government in G-sec yield last week, it was not ad — Treasury & Markets, DBS do expect bond yields to soften by
India and a potential crash in metal prices have eased an pharma companies, but it may have a bear- securities over Thursday and Fri- primarily due to foreign inves- Bank India. “The broader about 4 basis points on Tuesday
following progress on the US-China trade deal, which ing on their long-term capital allocation day amid escalating India-Pakis- tors pulling out and trader posi- short term tone remains and I am expecting yields to close
makes such dumping actions less likely,” said Malakar. strategies. tan tensions. But traders expect tioning in response to geopoliti- cautious, with upward at about 6.33%,” said Mataprasad
The Nifty Metal index is down 1.8% since April 2 Most Indian companies operate on thin them to return as geopolitical risks cal uncertainty only but also re- pressure persisting unless Pandey, vice president, Arete Ca-
against Nifty’s gains of 6.8%. margins in the generic drugs segment, which showed signs of cooling over the sponding to the US yield move- global yields, especially in pital Services. “I had given an in-
“With a US-China deal likely, concerns about economic limits scope for further price reductions. The weekend, likely lowering yields by ment. This has caused a the US, begin to ease mea- vestment call on Thursday when
slowdowns in both countries have eased. This develop- proposed cuts are more likely to target the 4-5 basis points Tuesday. pullback in yields from the re- ningfully, which will likely yields went up to 6.44% to ‘buy.’
ment could help correct the global supply-demand im- branded drugs segment, said analysts. Traders believe the 10-year cent highs around 6.44% toward the set the trend for making the Em In the longer term, Pandey sa-
balance, creating a supportive environment for growth “Volumes may remain stable, but lower benchmark is likely to settle near previous consolidation zone debt more attractive.” id that assuming RBI cuts rates
in metal prices,” said Pankaj Pandey, head of retail re- prices could squeeze margins and weigh on 6.32-6.34%, following the recent 6.32–6.34%. Yields on 10-year G-sec, which to a terminal repo of 5.50%, yi-
search at ICICI Direct. share prices,” said Dharmesh Kant, head of border de-escalation and ceasefi- Global cues, especially US Trea- was at 6.3% on 23 April has risen elds will likely fall to 6%. In
Malakar prefers domestic-focused players such as Jin- research at Cholamandalam Securities. He re announcement. sury yields rising 70–80 basis po- 6.44% at the end of last week. such a scenario, investors who
dal Steel and Power, SAIL and Nalco. Divyam Mour, re- expects firms such as Sun Pharma, Aurobin- They said the sudden selling last ints over a few days, are also influ- In the longer term, if RBI cuts bought when yields were at 6.40-
search analyst at Samco Securities said the outlook for do Pharma, and Cipla to be affected, though week was driven by concerns of a encing India’s fixed income mar- the repo rate to 5.50%, experts say, 6.44% would see more capital
the metal industry is promising in 2025. the extent of the impact is still uncertain. wider military conflict after cross- ket. yields could fall to 6%, offering in- appreciation.

Market Intelligence Powered By: ETIG Database www.etintelligence.com

MARKET SNAPSHOT TURNOVER Turnover in ` Crore
Shares & Trades in Lakhs ADVANCE & DECLINE HIGHS & LOWS FII ACTIVITY (` Cr.) MF ACTIVITY (` Cr.) F&O Corner-NSE
SENSEX NIFTY BSE NSE BSE (Number of traded scrips) NSE BSE (Number of scrips) NSE EQUITY DEBT EQUITY DEBT Positive Trend Negative Trend
Open 80803.80 24420.10 Date Turn Shares Trades Turn Shares Trades ‘A’ ‘B ‘ Others Total Total ‘A’ ‘B ‘ Others Total Total Date Buy Sell Net Buy Sell Net Date Buy Sell Net Buy Sell Net
Spot Future % OI Spot Future % OI
High 82495.97 24944.80 12/5 6859 7902 36.46 106751 42041 353.17 Advances 680 1268 1598 3546 2510 52WK High 14 12 83 109 47 8/5 22515 20088 2427 338 885 -548 2/5 11224 7525 3698 8473 8446 27 Company Price Price Diff Chg(%) Company Price Price Diff Chg(%)
Low 80651.07 24378.85 Declines 35 54 528 617 220 52WK Low - 3 45 48 12 7/5 16404 13452 2952 161 831 -671 30/4 11177 9164 2013 7720 11772 -4052 Ramco Cement 952.30 960.40 0.85 30.04 Central DSL 1279.00 1258.60 -1.59 -1.31
Close 82429.90 24924.70 9/5 6336 7463 29.96 94551 38760 352.31 Trent 5441.00 5483.00 0.77 1.69 SBI 801.65 789.90 -1.47 -1.75
Unchanged - 5 127 132 36 All High 8 10 35 53 30 6/5 13482 9470 4011 116 834 -718 29/4 10012 8909 1103 6934 15304 -8370 Vodafone Ide 7.07 7.12 0.71 -1.07
Change(Abs) 2975.43 916.70 L&T Finance 171.20 169.21 -1.16 -0.91
8/5 5363 6358 31.70 105606 34036 353.76 Total 715 1327 2253 4295 2766 All Low - - 11 11 5 5/5 10469 8673 1796 197 150 47 28/4 11796 8488 3308 9518 14909 -5390 M&M Financ 256.85 258.65 0.70 -0.12
52-Wk High (Sep 27)85978.25 (Sep 27)26277.35 Astral 1330.30 1339.50 0.69 1.42 Apollo Tyres 481.00 478.20 -0.58 9.56
52-Wk Low (Jun 4)70234.43 (Jun 4)21281.45 2/5 18050 15244 2807 294 756 -463 25/4 12597 9780 2816 10891 14546 -3655 LIC Hsg.Fin. 601.50 605.60 0.68 0.26 Sona BLW Pre 519.80 517.90 -0.37 1.79
7/5 5315 6689 29.05 101223 33197 349.82 Max Health 1159.90 1167.70 0.67 -1.09
3-Yr High (Sep 27,24)85978.25 (Sep 27,24)26277.35 Turnover Cash Market ET Indices Tot May 80920 66927 13993 1105 3457 -2352 Tot May 11224 7525 3698 8473 8446 27
Adani Green 940.55 946.75 0.66 1.38
LTIMindtree
BSE
4940.40
6955.50
4927.30
6943.00
-0.27
-0.18
3.17
-2.32
3-Yr Low (Jun 17,22)50921.22 (Jun 17,22)15183.40 6/5 5831 6499 34.31 90454 33033 323.11 BSE NSE (` Crore) MINDEX ET-100 Total 2025 1247004 1339836 -92832 51250 66068 -14818 Total 2025 890501 751409 139091 884548 1094623 -210345 Hind.Copper 225.06 226.55 0.66 0.77
Oil India 416.45 419.20 0.66 4.09 Indian Ene.E 194.95 194.60 -0.18 4.00
Five Consecutive Days Up Five Consecutive Days Down 120000 32800 26900 Spurt in Volumes at BSE Spurt in Volumes at NSE
Company Days Prev 5 Days 5 Days Company Days Prev 5 Days 5 Days Days 2 Weeks % Days Days 2 Weeks % Days
Active Calls Active Puts
(BSE) Close Close Ago Rtn.(%) (BSE) Close Close Ago Rtn.(%) Company Volume Avg. Vol. Chg Close Company Volume Avg. Vol. Chg Close Traded Open Chg in Traded Open Chg in
90000 31600 26300 Company Contract Qty Interest OI (%) Company Contract Qty Interest OI (%)
Bharat Bijle 3248.30 2999.45 2893.85 12.25 Swad.Polytex 54.48 55.59 59.05 7.74 Kabra Drugs 419518 2268 18397.27 11.63 IFGL Refrac. 540151 10615 4988.67 442.00
Uni Abex 2807.35 2756.40 2549.25 10.12 Eurotex Inds 12.43 12.59 13.40 7.24 Naturite Agr 25151 249 10012.58 316.00 Bajaj Elec. 2216897 44878 4839.88 610.20 Yes Bank 22.00-May 3458.52 697.58 46.37 Yes Bank 20.00-May 1422.20 379.60 -2.41
Elecon Engg. 643.75 621.95 593.70 8.43 Ador Multipr 72.00 72.43 76.93 6.41 IFGL Refrac. 32829 373 8693.56 440.60 Grill Splend 177600 4400 3936.36 113.40 Yes Bank 21.00-May 2876.38 627.12 10.85 NIFTY 24500.00-May 1281.56 80.70 742.57
60000 30400 25700 NIFTY 25000.00-May 2395.07 65.19 -10.21 NIFTY 24600.00-May 1118.71 59.15 1995.93
Singer (I) 62.59 61.80 54.48 14.89 Ritesh Intl. 32.76 33.47 35.10 6.67 Ramco Cement 1105903 13454 8119.61 952.95 Sundaram Cla 664329 28375 2241.24 2029.00
Yes Bank 20.00-May 2354.56 603.20 -12.45 NIFTY 24700.00-May 1106.70 48.06 2811.22
KSB 780.80 757.50 725.00 7.70 Lactose (I) 98.30 103.45 109.85 10.51 Pulsar Intl. 1709158 21451 7867.65 7.59 Owais Metal 40500 1844 2095.79 597.55 NIFTY 24800.00-May 1739.25 32.32 -10.20 Vodafone Ide 7.00-May 934.00 1190.00 9.74
WPIL 424.15 405.50 397.05 6.83 Guj.Inj(Ker) 18.51 18.67 19.69 5.99 29200 25100 Kandagiri Sp 48562 698 6854.02 38.62 Trident Tech 44500 2667 1568.75 511.80 Vodafone Ide 7.00-May 1717.20 1793.20 -7.87 Yes Bank 21.00-May 834.34 276.12 506.86
30000 NIFTY 24700.00-May 1535.90 24.49 -2.37 Yes Bank 19.00-May 648.70 475.54 24.34
Surya Roshni 280.05 263.05 251.40 11.40 Tahmar Entp. 13.92 14.20 15.07 7.63 Ironwood Edu 68237 1002 6710.08 33.78 Centrum Cap. 3685288 247140 1391.17 28.61
Ion Exchange 534.90 513.50 496.95 7.64 Onix Solar 168.45 177.30 206.70 18.51 Tata Steel 150.00-May 802.18 130.35 -13.09 Tata Steel 145.00-May 344.41 94.60 52.75
MFS Intercor 29476 455 6378.24 17.10 Mahickra Chm 260250 18375 1316.33 116.10 Vodafone Ide 8.00-May 627.60 4666.40 0.28 Tata Steel 140.00-May 295.96 139.15 5.42
Transpek Ind 1563.55 1531.50 1246.05 25.48 Acrow (I) 699.25 715.00 738.70 5.34 Birla Corp. 109570 2467 4340.83 1270.25 Tips Films 28918 2312 1150.84 535.45
0 28000 24500 Tata Steel 155.00-May 576.24 102.80 48.45 Canara Bank 100.00-May 271.62 144.32 23.09
EPL 230.55 208.45 197.50 16.73 SBEC Systems 16.91 17.25 18.13 6.73 Centrum Cap. 444366 13668 3151.04 28.79 Nakoda Group 140360 12320 1039.28 29.13
Kothari Indl 323.70 317.39 299.14 8.21 Vintron Info 22.13 22.58 23.98 7.71 MAY 06 MAY 12 APR 15 MAY 12 Mohit Paper 36852 1417 2500.50 30.99 IPru BSE500 1490131 131988 1028.99 37.78 Future OI Gainers Future OI Losers
Supreme Inds 3578.60 3482.90 3446.25 3.84 GNRL 47.67 48.64 51.67 7.74 Aztec Fluids 249000 9778 2446.59 100.65 Phoenix Over 56000 5000 1020.00 22.15
Himat. Seide 156.65 154.44 137.55 13.89 Panch.Steel 161.50 164.75 174.95 7.69 Open Chg in Future Chg in Open Chg in Future Chg in
Windsor Mach 354.15 333.15 311.95 13.53 K & R Rail E 81.05 82.85 96.55 16.05 Positive Breakouts Negative Breakouts Best Returns on BSE Worst Returns on BSE Company Interest OI (%) Price Price (%) Company Interest OI (%) Price Price (%)
Titan Co. 3561.45 3510.80 3298.20 7.98 Indrayani Bi 15.96 16.62 17.64 9.52 Ramco Cement 70.87 30.04 960.40 1.97 NIFTYNXT50 0 14.85 65430.40 4.40
Company Days 20 Days % 50 Days Company Days 20 Days % 50 Days Company Days Prices % Average Company Days Prices % Average Hind.Aeronau 83.70 15.44 4456.80 -1.19 Pun.Nat.Bank 2226 9.46 96.31 4.32
(BSE) Close Mvg Avg Chg Mvg Avg (BSE) Close Mvg Avg Chg Mvg Avg Close Chg Volume Close Chg Volume Bk of India 578.23 11.30 110.44 0.15 Multi Com.Ex 17 9.22 6096.50 7.12
52 WEEK AT NSE * ALL TIME AT NSE One 97 Comm. 181.34 11.13 871.00 4.39 ABB India 23 9.07 5618.00 2.94
UTICRF0603QD 162.88 70.09 132.39 53.75 Gensol Engg. 54.56 96.88 43.68 229.24 Fortnight Fortnight UPL 314.48 11.13 675.85 -0.39 Escorts Kubo 14 7.95 3432.40 9.16
HIGH *Gabriel (I) 618.00 Navin Fluori 4748.00 *CMI 3.19 Indian Link 383.90 253.09 51.69 226.70 Umiya Tubes 11.76 19.99 41.17 24.91 Omnipotent I 12.49 8.17 52.9 78600 Gensol Engg. 54.56 91.05 -40.1 12369 Indian Hotel 245.80 10.18 773.30 7.11 Kalyan Jewl. 114 5.46 541.20 3.98
APL Apollo 1732.30 *GACMTecDVRRE 0.06 Nazara Tech 1170.00 *Eros Intnl.M 5.40 Ginni Filam. 33.24 23.95 38.79 22.41 Harshil Agro 2.02 3.10 34.84 4.40 Umiya Tubes 11.76 19.36 -39.3 47157 Sun Pharma. 169.39 9.98 1695.30 -3.13 NMDC 2097 5.23 68.48 6.42
Shalimar Agn 16.00 10.75 48.8 19861
*Aprameya Eng 142.95 *GACM TechRE1 0.06 Privi Sp.Ch. 2220.00 Shalimar Agn 16.00 11.72 36.52 11.06 Thakral Serv 10.11 15.27 33.79 29.15 Apollo Tyres 86.09 9.56 478.20 2.77 Power Financ 456 5.20 416.05 7.66
Gangotri Tex 0.63 Bharat Seats 109.08 75.69 44.1 99818 K & R Rail E 81.05 124.85 -35.1 70434 Yes Bank 6134.18 9.18 20.48 1.99 IRFC 598 5.16 125.62 7.89
ARSS Infrast 44.45 *GSM Foils 143.00 Rajvir Inds. 11.57 Bharat Seats 109.08 81.01 34.65 77.39 K & R Rail E 81.05 122.01 33.57 178.66
*Gensol Engg. 53.95 Clara Inds. 29.90 21.45 39.4 109744 Shri Gang I 86.00 125.40 -31.4 16636 Tata Tech 128.23 8.85 705.10 5.51 Titagarh Rai 35 5.04 748.50 8.73
*Arunaya Orga 36.50 *HP Telecom 131.00 *Redington 267.79 Timex Group 230.15 173.55 32.61 166.06 Onix Solar 168.45 245.76 31.46 284.66
Giriraj Civ. 185.00 NDR Auto Com 885.10 650.55 36.1 8869 Shukra Pharm 12.09 17.22 -29.8 160697
Aster DM Hel 552.95 *ICICI Bank 1453.00 *RM Drip & Sp 518.00 Ideaforge 491.40 371.18 32.39 365.86 Shukra Pharm 12.09 17.01 28.92 20.46
*Bharat Seats 116.45 *India Glycol 1563.20 *SBI ETF PB 284.85 *Poddar Hsg. 34.01 Skyline Mill 22.90 17.32 32.22 17.32 Le Levoir 229.55 312.33 26.50 262.96
Growington 1.78 1.31 35.9 1797743 Rajoo Engin. 119.80 163.46 -26.7 836524 Market-Wide Position Limit Top Sectoral OI Gainers
*Bharti Hexa 1777.00 *India Sheltr 938.00 SMVD Poly Pa 18.00 1 Month 1 Month
*Premium Plas 26.05 Asahi Song.C 472.25 361.05 30.80 335.85 Cupid Brew 81.85 108.53 24.58 123.58 MWPL OI MWP Chg in Open Chg in Trd Chg in
Grill Splend 113.40 *Interiors & 488.00 *Solar Inds. 13761.00 Dhanashre El 162.20 88.74 82.8 18101 Gensol Engg. 54.56 163.45 -66.6 57543
Prolife Indu 155.30 NDR Auto Com 885.10 676.87 30.76 675.40 Shri Gang I 86.00 113.58 24.28 119.51 Company (Lakh) (Lakh) (%) OI (%) Sector Interest OI (%) Qty TQ (%)
*BSE 7047.00 Innovat.Tyre 54.15 *SRF 3098.50 SRM Energy 12.72 9.85 29.14 8.57 NDA Securit. 50.29 27.96 79.9 11357 Harshil Agro 2.02 4.96 -59.3 10883889
Padam Cotton 52.76 68.84 23.36 81.65 Manap.Fin. 1096.07 982.74 89.66 -2.84 Pesticides 338.82 11.12 363.98 257.05
*Ceat 3899.00 *Krishana Pho 355.00 *Transteel Se 120.15 Quintegra So 1.40 NipEHSP2D-MD 101.79 79.17 28.57 56.30 Aayush Well. 101.82 60.71 67.7 293758 Thakral Serv 10.11 24.35 -58.5 7582
Prabhhans In 84.00 107.23 21.66 114.91 Central DSL 355.30 315.67 88.85 -4.70 Tyres 109.42 7.64 64.53 -52.23
*Choice Intl. 658.80 MIRAE N1DRL 1031.74 Univa Foods 11.19 RS Software 46.30 Welcure Drug 11.16 8.69 28.42 8.58 RS Software 49.97 63.76 21.63 67.38 Omnipotent I 12.49 7.60 64.3 48421 Umiya Tubes 11.76 28.23 -58.3 26710 ACC 162.66 141.24 86.83 -0.08 Ecom.App Based 2720.70 4.65 571.92 39.29
*Committed Ca 245.00 *Manorama Ind 1494.10 UPL 699.45 Salsar Exter 7.35 Cura Tech. 82.01 64.01 28.12 53.50 Comfort Comm 26.57 33.57 20.85 33.74 RSC Intl. 64.53 39.92 61.7 7551 Sharp Invest 0.50 1.19 -58.0 175587 Hind.Copper 654.82 563.79 86.10 6.44 Hospitality 528.65 4.20 273.65 17.43
Comm.Syn Bag 107.80 *Max India RE 30.15 UTI Nif.Bank 56.70 Sportking 120.36 95.70 25.77 86.45 Ashika Credi 315.10 395.23 20.27 514.73 3 Months 3 Months Syngene Intl 378.15 305.39 80.76 -1.88 Textiles 1.89 3.68 0.41 21.87
SKIL Infrast 3.31 Aerospace & Defence 1118.39 3.64 636.28 4.52
*Coromandel I 2429.90 *MOST NCMETFS 40.05 LOW Faze Three 617.80 491.89 25.60 413.42 One Global 253.65 317.76 20.18 318.66 Osiajee Texf 204.45 50.40 305.7 69604 Gensol Engg. 54.56 744.00 -92.7 71988 L&T Finance 1683.48 1301.70 77.32 -1.03
*Synoptics Te 51.50 IIFL Finance 293.81 226.49 77.09 0.21 Fertilisers 84.54 3.06 43.86 -53.04
Cura Tech. 82.01 *MOST N50EW 30.79 *AGS Transact 3.78 Jagson Fin. 57.36 45.85 25.10 49.27 Ksolves (I) 337.60 421.80 19.96 418.24 Colab Platfo 146.40 43.11 239.6 262937 AGS Transact 4.07 53.83 -92.4 156092
Techindia Ni 17.00 Aarti Inds. 418.00 320.16 76.59 2.66 Banks 25985.40 3.04 10552.35 -5.54
*Faze Three 641.00 *KotakMSCIInd 29.31 *Ambey Lab 36.35 R R Kabel 1278.30 1022.34 25.04 971.57 Infonative S 34.33 42.40 19.03 42.40 Raj.Tube Mfg 32.25 11.30 185.4 21913 Money Mast.L 1.39 5.86 -76.3 267498 Auto Ancillaries 1908.18 2.70 745.22 14.95
*Force Motor 10849.00 MVK Agro 77.80 Century Enka 420.30 Umiya Build 56.81 Kaycee Ind 1629.75 1308.63 24.54 1124.57 GSB Finance 30.25 37.14 18.55 38.89 Dhanashre El 162.20 59.25 173.8 8062 Premier Ener 5.72 22.60 -74.7 61158 Open Interest & Traded Quantity in Lakhs Pharmaceuticals 1244.19 2.57 488.74 92.06
Disclaimer: The content hereof does not constitute any form of advice or recommendation by the newspaper. “BCCL” or its affiliates will not be liable for any direct or indirect losses caused because of readers’ reliance on the same in making any specific or other decisions. Readers are recommended to make appropriate enquiries and seek appropriate advice before making any decisions.
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Terrorism Is an TESSELLATUM US using financial markets as indicators to reduce unintended consequences

Address, It’s Pakistan

Modi’s undehyphenation brings clarity
In his distillation of India’s response to Pakistan’s role in
4 Horsemen of Trumpocalypse sition (NIIP) of $28 tn, 90% of its GDP.
Such resets have occurred in the
the April 22 Pahalgam terrorist attack, Prime Minister past. Current real-effective-exchange
Narendra Modi laid down non-negotiables on Monday.
He broke it down simply, cogently, firmly: ‘Terror and
rate (REER) of the dollar is at high le-
vels last seen in 1971 and 1985, follow- Why Judge
Narad Muni?
ing which it had fallen in value by 30-
talk can’t happen together. Terror and trade can’t hap- 35% over 3-8 years. A deliberate deva-
pen together.’ He could well have added, terror and Pakis- luation of the dollar is effectively a
tan can’t exist together. The new matrix in these otherwi- Neelkanth Mishra default and, thus, needs negotiation.
That most of the US’ international
ANANDMURTI GURUMAA
se established non-negotiables was, however, articulated

A
liabilities are with its allies — Euro- Popular media portrays Devrishi
towards the end of Modi’s almost half-hour address: ‘If n investing Rip Van Winkle pe, North Asia (Japan, Taiwan, South Narad as a meddlesome trickster
there is talk, it will be about terrorism. If there is talk, it who went to sleep on April 1 Korea) and West Asia — is perhaps rather than a great spiritual mas-
and woke up now, would not why even allies were subjected to reci- ter. We often hold incomplete in-
will be about Pakistan-Occupied Kashmir, POK.’ By that realise the world had seen procal tariffs. If their currencies ap- formation about our scriptures
elaboration, he aired New Delhi’s well-reasoned confla- the biggest shock to global preciate against the dollar, US’ NIIP simply because we do not read
tion of terrorism, Pakistan, and POK, underlining that trade since WW2. Equity markets, would be less negative, as foreign as- and understand them. Our little
including in the US, have recovered sets get marked up in dollars. The re- knowledge is often shaped by what
Pakistan itself was the ‘address’ for terrorism and that losses incurred in the week after cent sharp appreciation in the Tai- we see in films or TV serials. Peo-
meant undehyphenating all three. The horse of Pakistan April 2 — Trump’s ‘Liberation Day’. wanese dollar shows some allies may ple tend to believe these dramati-
has been, at last, placed before the cart of terrorism. US bond markets, which also initial- already be adjusting. sed portrayals as ultimate truth.
ly struggled to cope with the spike in x Revenue-building A somewhat However, such views are not only
After running through a brief of uncertainty, have stabilised, too. minor objective is to earn fiscal reve- baseless but also disrespectful.
‘Operation Sindoor’ and its success, This rebound has occurred even as nue from import duties and use it to Devrishi Narad is Brahma’s ma-
Modi’s emphasis that all roads of terro- it’s becoming evident that there was finance tax cuts Trump 2.0 promised nasputra, born from Brahma’s
a sharp fall in US-China trade thro- during the election campaign. mind and an unparalleled devotee
rism — whether 9/11, 2005 London bom- ugh April, a visible increase in US re- It’s important to remember these of Vishnu. He is one of the earliest
bings, 26/11, Pahalgam, and other innu- tail prices, and early signs of a global objectives, as the contentious process teachers of astrology and a maes-
merable attacks across the world — lead slowdown. Markets appear to be ex- of trade negotiations unravels. Is it tro of divine music. Narad, as one
trapolating the progressive US pull- possible that we are finding grand ob- of Vishnu’s most beloved devote-
to Pakistan’s doorstep was unambiguo- back from disruptive policies — first jectives where there are none? That es, chants ‘Om Namo Narayana’
us. This sourcing of a scourge, with sta- the 90-day pause on tariffs in respon- there is no method underlying the with every breath. The celestial
te sponsors carrying out their trade with impunity — and se to bond market turbulence, and madness? raag and ragini that form the foun-
then the about-turn on China: from a Absence of a clear approach isn’t dation of musical tonality owe the-
external assistance — for decades, is important in its arti- combative escalation of tariffs, to a surprising. At turning points like the- ir origin to his veena’s melodies.
culation. Modi’s clear warning to the Rawalpindi clique willingness to negotiate, apparently se, and for large and complex proble- Attributed to Devrishi Narad,
and its sponsors was buttressed with an assurance to the after US retailers warned of empty sh- Horsing around with tough love: Illustration by Luke McGarry ms, the regime knows what does not Narad Bhakti Sutras define bhak-
elves in two months, culminating in work, even if it does not know what tias pure, selfless love for the Divi-
people of India — doubling as a cautionary message to the areduction in duties on China to 30% While life expectancy of a White ma- tariffs on autos dispelled any remai- will. For example, while the 1971 and ne, independent of caste, status
Pakistani military-terror complex — that ‘in the coming (from 145%) for 90 days on Sunday. le American who’s a graduate has ri- ning doubts. In a 1940 speech, FDR 1985 devaluations involved or intellectual ability. The Bhakti
days, we will test Pakistan’s actions to see their attitude’. Some now doubt the strength of the sen to 84 years, that of the average promised military supplies to Brita- mostly the Japanese yen Sutras emphasise that true devo-
US resolve to withstand economic White male American has fallen back in to fight Nazi Germany, tion is free from selfish desires and
Taking the battle against terror to its source (read: Pa- pain. Can the risk of ‘fewer dolls this to 73-74 of several decades ago. using the ‘arsenal of de- Markets appear to be ego, focusing on God’s love. Bhak-
kistan) can mean multiple things to multiple people. For Christmas’ force US import duties We can debate whether a revival mocracy’ — effectively, extrapolating progressive tiis presented as a natural and ac-
down to pre-April levels? That would of US manufacturing is the best solu- among other things, ma- US pullback, culminating in cessible path to moksh, for etern-
New Delhi, it means being brutally level-headed and out-
be going too far. tion for this problem. But the politi- king a 1,000× jump in pro- reduction in duties on China albliss and unity with the Divine.
come-obsessed. India has done well not to fall for the Even if a ‘grand strategy’ is lack- cal forces unleashed are real, and duction of fighter air- to 30% (from 145%) for 90 The Sutras also emphasise hu-
bombast of other players, Pakistan included. With Modi ing, and daily announcements seem Trump 2.0 draws its support craft. The claim, inviting days on Sunday mility, compassion and surrender,
chaotic — like a proposed 100% tariff from this base. much derision initially, while warning against material
clearly undehyphenating terrorism from its address,
on movies made outside the v National security If became reality in 1943. Given China’s and Deutsche mark, no solution wo- attachments and intellectual pri-
how terror will be weeded out — and it will have to be in a US — Trump 2.0’s actions an economy with per-ca- ascendance, the US may be replenis- uld be possible today without China. de — obstacles to true devotion.
multipronged way — will decide India’s dealings with and interviews of POTUS pita GDP exceeding hing capabilities for a hot war, even Trump 2.0 appears to be calibrat- Ultimately, they offer a timeless
and his senior cabinet collea- $85,000 wanting to make if only as a deterrent. ing the pace of change, using financi- and inclusive path to evolution,
Pakistan in the days to come. underscoring that anyone with a
gues point to 4 underlying ‘gra- penicillin and steel was w International monetary reord- al markets as leading indicators to
nd objectives’: not enough, the use of er The country behind the global re- minimise unintended consequen- sincere heart can experience the
u Political Despite a near-do- FDR’s phrase ‘arsenal serve currency must run a current- ces. Major objectives being non-eco- transformative power of love.
ubling of per-capita GDP in of democracy’ by a key account deficit (CAD). Only then can nomic in nature, some short-term

Kohli, Time-Tested
the last four decades Trump adviser to justify 25% foreign entities accumulate assets in economic pain is likely unavoidable. Narad Jayanti is on May 13
(in real terms), medi- the dollar. Over several decades of Further, it may be many months, if
an real wage has barely Absence of a clear approach running a CAD, accumulated deficits not years, before contours of the new

Blitzkrieg Strategist
grown. This means that nearly become so large that the currency system begin to emerge. Prolonged
half of the US population has not
isn’t surprising. At turning
may become unsafe to hold. period of economic uncertainty it- PARANORMAL
points like these, the regime ACTIVITY
seen much improvement in their In December 2024, the US owed the self is likely to be a headwind to glo-
knows what doesn’t work, Paragraphs From Fiction
quality of life despite the US GDP world $62 tn, and owned only $34 tn bal growth.
growing 2.6× in real terms even if it doesn’t foreign assets, resulting in a negati-
Indian cricket is entering a new world, and it does so without its
most ferocious warrior: Virat Kohli, the man who turned ag-
and 6.4× in nominal terms. know what will ve net international investment po- The writer is chief economist, Axis Bank Happy Moscow
gression into an art form, has decided to step away from Test Andrey Platonov
A dark man with a burning

No EU Toast Raised with Single Malta

cricket. King Kohli was not merely the nuclear core of India’s
torch was running down the
batting, but its ideological lodestar. As India’s most successful
street on a bleak night in late
Test skipper (2014-22) with 40 wins in 68 matches — with 16 wins autumn. The little girl saw him
out of 36 matches away from home — he remains the template through a window of her hou-
for a calibrated blitzkrieg strategist. He redefined India’s appro- se as she woke from a bleak
also held that: would jeopardise attainment of EU open for applications until Septem- dream. Then she heard a pow-
ach to the longest format, imbuing his team with a singular et- u Freedom to do so must be exercis- objectives. ber 30, 2020, after which it was re- erful shot from a rifle and a
hos: play hard, play proud, and never back down. Under his ste- ed in compliance with EU laws. Notably, CJEU’s order contradicts placed by 2020 regulations and the poor, sad cry — the man run-
wardship, India conquered the world’s most treacherous condi- u The scheme led to ‘commercialisa- advocate general Anthony Collins’ Maltese Citizenship by Naturalisa- ning with the torch had pro-
tions, triumphed in Australia, and turned home dominance in- tion of the grant of nationality of a opinion from 2024, in which he tion for Exceptional Services by bably been killed.
member state and, by extension, of remarked that ‘holding the scheme Direct Investment scheme. Soon afterwards came the
to a ruthless routine. His firebrand [EU] citizenship’, which breaches to be illegitimate would upset the With its success, Malta has conti- sound of distant,
leadership — marked by clenched fists, pi- Anmol Ratan EU rules relating to citizenship and carefully crafted balance between nued to promote the scheme. Vallet- repeated shots and
ercing glares and audacious declarations the principle of sincere cooperation. national and EU citizenship, leading ta has now become home to many of uproar from the
— drew tut-tuts from the fogeys. But Kohli- According to Article 20 of the Trea- to a wholly unlawful erosion of licensed agencies and legitimate nearby prison. The
In April, Court of Justice of the Eu- ty on the Functioning of the Europe- member states’ competence’. brokers that peddle citizenship of little girl went back
less, the balance between aggressive in- ropean Union (CJEU) held Malta’s an Union (TFEU): CBI was launched after Malta’s their country (and, by extension, to sleep and every-
tent and measured pragmatism in India’s investor-citizenship scheme (ICS) — u Every person holding the nationa- integration into the EU and its that of the EU). Its concurrent rise thing she saw dur-
Test sides must now be recalibrated. ‘golden passports’ — to be a contra- lity of a member state shall be an EU adoption of the euro, which exposed in notoriety stems from the fact that ing the following
Kohli’s 9,230 runs in 123 Test matches — vention of EU laws. This was the citizen and enjoy the rights, and be Malta’s economy to the 2008 financi- by selling its citizenship, Malta is days got forgotten:
only remaining EU member state subject to the duties, provided for in al crisis and the euro crisis of 2009. transacting EU citizenship — open- she was too small,
India’s fourth-highest run-scorer — tells only the quantitative that still operated a golden passport the treaty. After this, Malta first came up with ing the proverbial door to non-EU and the memory
side of the story. His true legacy is aesthetico-cultural. A wort- programme. u These rights shall be exercised the idea of CBI in the form of the nationals to enter the union’s politi- and mind of early childhood
hy successor to the likes of Sourav Ganguly and M S Dhoni, he ICS was adopted under Article under conditions and limits defined Individual Investor Programme cal bloc and economic markets. became overgrown for ever in
10(9) of the Maltese Citizenship Act, by the treaties and by measures (IIP) in 2013. Under it, an investor CBI’s implications have been deep, her body by subsequent life.
made fitness non-negotiable, elevated pace bowling to equal
and the Granting of Citizenship for adopted under them. (citizenship buyer) was required to perverse and expansive. Countries But until her last years, the
status with batting, and transformed India’s cricketers into Exceptional Services Regulations Article 9 of the Treaty on Europe- make a non- such as Malta are arguably transac- nameless running man would
athletes first and artisans second. 2020, which allowed foreign invest- an Union (TEU) similarly states that refundable ting more than just an entitlement appear unexpectedly and sad-
India’s Test team will move on, as it always does. But for a na- ors to be naturalised as citizens of every citizen of a member state contribution to or a bundle of rights, leading to un- ly inside her… Amid hunger
Malta upon fulfilment of certain shall be an EU citizen. Also, Article Malta’s National expected triggers and worries. The or sleep, at a moment of love
tion where cricket serves as religion and reckoning, Kohli’s conditions, principally of a financi- 4(3) of TEU puts forth the principle Development issues around national sovereignty, or some youthful joy — sudden-
Test exit marks the fading of a primal force, a leader who ruled al nature. Such schemes are called of sincere cooperation, and Social Fund. market access, free trade, visa-free ly the sad cry of the dead man
with passion, defiance and sheer will. And a player whose po- ‘citizenship by investment’ (CBI). under which the EU and A minimum travel and global security are just was there again in the distan-
werful cover drive and inside-out lofted shots will remain case CJEU’s impugned order comes days member states shall: non-refundable the tip of the iceberg. ce, deep in her body, and the
after the EC initiated legal proceed- u Assist each other in car- donation of ¤6 Whether it’s the issue of abscon- young woman would imme-
studies in controlled aggression. ings against Malta after revelations rying out tasks flowing lakh was requi- sion, tax avoidance, shifting wealth diately change her life: if she
that Maltese passports had alleged- from the treaties. red for a 36-mth or even waging wars, one can wit- was dancing, she would stop
ly been sold to Russians, who were u Take appropriate measu- naturalisation ness a systematic and institutional dancing; if she was working,
later sanctioned due to the Russia- res to ensure fulfilment of period, while ¤7.5 decoupling of the state from its citi- she would work more surely,
Ukraine war. obligations arising from the lakh could fast- zenry. This is a proven nightmare with more concentration; if
JUST IN JEST Malta defended its competence in treaties or resulting from acts track naturalisa- for polity and governance. she was alone, she would cov-
regulating citizenship matters. of EU institutions. This Maltese tion to only a er her face with her hands.
Coming to a high-end wardrobe While the court recognised this, it u Refrain from any measure that falcon isn’t flying year. IIP was The writer is a Delhi-based lawyer
Translated from Russian by
near you: military haute couture Robert and Elizabeth Chandler

Camo Collection as Slowing IPOing, a Healthy Reset Chat Room

Tactical Couture refocus and quietly back the next
wave of public winners. In buoyant
reprices risk.
This shift, however, is also a turn-
discipline. Over-allocating to illiqu-
id assets can limit flexibility, mak- Winning the Toss,
Let’s be honest. Everyone has been keeping scorelines be- markets, IPOs become a symbol of
exuberance. Late-stage deals attract
ing point — not just for public mar-
kets but for how private capital
ing it harder to capture emerging
opportunities in both public and
Match and Series
yond casualties, destroyed assets and those kinds of aggressive capital, with PE and VC shapes India’s growth. As IPO exits private markets. What’s needed is a Apropos ‘Cease, Not Just the Mo-
things. In the aftermath of the latest cross-border hostiliti- firms chasing future listings at stall, attention is turning inward. thoughtful, balanced approach that ment’ by Indrani Bagchi (May
es, fashionistas are asking the burning question: ‘Who premium valuations. It becomes a For early investors, angels, VCs protects near-term liquidity while 12), history shows that ceasefires
won the war of style?’ Camouflage — the humble garb of Sandip Sinha seller’s market, where founders and and even Esop holders, the need for building long-term value. without accountability become
early backers expect exits at rich liquidity remains. And, increasing- For investors leaning into private irrelevant pauses, not long-last-
soldiers dodging enemy fire — is now storming the civvie multiples. ly, it’s the private market — especial- markets, quality should be the north ing solutions. From the Tashkent
wardrobe. Military couture is officially in. No small India’s IPO market, which beca- But when that win- ly secondaries — that’s providing star: resilient business models, stro- Declaration to the Lahore Decla-
thanks to Vyomika Singh and Sofiya Qureshi. me the world’s second largest dow tightens, as it the release valve. In 2024, private ng cash flows and credible paths to ration, each diplomatic thaw with
From Delhi’s elite super trouper circuits to Mumbai’s chi-chi in 2024, is now entering a has now, the lands- equity and VC firms invested $56 bn profitability. Diversification across Pakistan was punctuated by be-
phase of healthy recalibra- cape shifts. Capital in India, signalling a shift toward sectors, geographies and stages is trayal — Kargil, parliament atta-
brigade, no outfit feels complete without at least one olive-gre- tion. A combination of turns selective, pub- private deployment. What’s differ- key to managing risk. And perhaps, ck and Uri. India seeks strategic
en accessory that screams ‘I’m battle-ready for brunch, homi- global economic concerns, lic valuations correct ent now is the growing use of secon- most importantly, partnering with deterrence, not Western valida-
es!’ Luxury brands should catch wind of the trend, offering li- shifting investor risk appetite and liquidity tightens. daries and continuation vehicles — experienced private market mana- tion. Donald Trump’s repeated
mited-edition combat boots for urban warfare (read: naviga- and geopolitical uncertainty has For late-stage tools that help unlock liquidity and gers can be critical in navigating opportunistic remarks trivialise
led companies to reassess listing companies reprice opportunity. dislocation and surfacing value. India’s restraint. Ceasefires must
ting potholes), and tactical vests roomy enough to carry both timelines and approach built around With fewer companies going public, Market swings aren’t a cue to re- be rooted in zero tolerance for
gossip ammunition and artisanal cold brew. Streetwear desig- public markets more rapid listings buyers now have access to strong bu- treat but a call to rethink and reallo- cross-border terrorism, not fake
ners are getting ready to market distressed cargo pants as thoughtfully. According and lofty grow- sinesses at more attractive valuati- cate. Investors who act with inten- parity. Post-Pulwama, New Delhi
to PRIME Database, th assumptions, ons. In response, new structures are tion, stay patient and remain an- is seeking recalibration that is
‘war-torn chic’. Want to blend in at the next Whitefield soiree?
mainboard IPOs dropped this is a moment gaining traction: secondary transac- chored in fundamentals will be the not just kinetic but also diploma-
‘Wear camo.’ Want to stand out on Insta? Give that ‘fatigued’ lo- from 26 in Q2 FY25 and 29 in of reckoning — tions offering clean exits, continua- ones best positioned when momen- tic, economic and infrastructur-
ok with an intense BrahMos stare. It’s the paradox of post-con- Q3 to 9 in Q4. Year-to-date, IPO one that restores tion funds supporting maturing as- tum returns. al. Revoking Article 370 signalled
flict style: wear clothes meant to make you invisible to beseen. activity is down 58%, and total disci- sets, and opportunity vehicles desi- Because the real edge isn’t in choos- the end of ambiguity. India’s pos-
fundraising across listing plat- pline gned to re-enter quality businesses ing between public or private — it’s ture is pragmatic. Amid the cur-
Wedding designers can join the fray with camouflage sherwa- forms has declined by 18%. and at reset prices. These aren’t stop- in knowing how to blend strategical- rent turmoil, peace is desirable
nis, tactical lehengas and veils so stealthy, even the groom may This isn’t a setback; it’s a natu- gaps, they’re part of a more sophis- ly, flexibly and for the long haul. — but not at the cost of vigilance.
miss them. Fashion, after all, is a battlefield… of trends. ral part of the market cycle. Periods Don’t fret, ticated private capital playbook. Anansha Godani
of pause create space to reset, mix it right But seizing this moment requires The writer is co-founder-CEO, Oister Global Ujjain
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCPERS User: satyam.shukla Time: 05-12-2025 23:22 Color:

THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM
Companies: Pursuit of Profit  9
Tata Steel Net
Jumps 117% to Foreign Oil Firms May Get Tikona Infinet to Settle Dues with L&T Fin
Mumbai: Mumbai-based Tikona Infinet moves
ment agreement has been executed already,
which will settle all disputes amicably between

`1,201 cr in Q4
Our Bureau
Overseas Arbitration Option to settle its dues related to Series ‘E’ Compulsori-
ly Convertible Debentures (CCDs) with L&T Fi-
nance, bringing closure to the insolvency resolu-
tion process against the broadband services pro-
LTF and the other majority shareholders. A
withdrawal application to NCLT is under pro-
cess,” he added.
The Mumbai bench of the National Company
essential to protecting their invest- vider. The process for formal withdrawal of the Law Tribunal had admitted Tikona Infinet under
ments, as it helps insulate the arbitra- insolvency petition from the NCLT is currently the Corporate Insolvency Resolution Process in
Mumbai: Tata Steel on Monday
For domestic firms, tion process from domestic govern- underway, said the company in its release. an application filed by L&T Finance with the ob-
reported a 117% increase in its local arbitration must; ment influence. “It was a dispute amongst the shareholders servation that even though certain CCDs are
consolidated net profit for the Ja- The new contracts will allow fore- about Coupon Rights,” said Prakash Bajpai, fo- structured for conversion into equity, they may
nuary-March quarter ended 2025,
helped by lower raw material
oil ministry framing ign players to choose from about half
a dozen arbitration venues, exclu-
under and chief executive of Tikona Infinet, in
a statement. “I am glad to inform that a settle-
still be considered financial debt if the coupon pa-
yment obligation is absolute. —Our Bureau
costs.
Net profit for the fourth quarter
new exploration rules ding those in India and the foreign
company’s home country. London,
rose to `1,201 crore from `555 crore The Hague, Paris, Singapore and
a year earlier. During the past qu- Sanjeev Choudhary Hong Kong are among the leading in-
arter, revenue from operations ternational arbitration seats. Past
fell 5% to `55,706 crore. New Delhi: New exploration cont- disputes between oilfield developers
For the fiscal year, the company racts will require Indian oil compani- and the Indian government show
posted a net profit of `3,174 crore, es to resolve contractual disputes that the arbitration process can be
compared with a loss of `4,909 cro- with the government through arbitra- or contractor which is an entity incor- lengthy and costly. Arbitral awards
re in FY 2024. Consolidated annu- tion exclusively in India, while allo- porated under the laws of a foreign ju- are often challenged in Indian co-
al revenue stood at `2,18,543 crore, wing foreign firms to opt for overseas risdiction, the seat of such arbitra- urts, leading to years of delay.
while Ebitda improved around arbitration, according to an official. tion must be of a neutral jurisdic- For instance, arbitration over cost
10% to `25,802 crore, with a mar- The oil ministry is currently fram- tion,” the draft states. However, it is recovery in the Panna-Mukta-Tapti fi-
gin of around 12%. ing new rules for the exploration sec- less explicit about requirements for elds between the government and
“FY2025 has been an important tor and working on a new model cont- India-incorporated firms. contractors—Reliance Industries and
transition year for Tata Steel ract for future winners of exploration An official clarified that the option Shell—has dragged on for more than a
with significant developments licences in the country. of overseas arbitration will not be av- decade.
across operating geographies. According to the draft rules, all dis- ailable to Indian companies. Foreign Another legal battle between Relian-
India deliveries were the best putes and claims related to petroleum oil firms have been vocal in deman- ce Industries and the government
ever at around 21 million tonnes leases or contracts are to be resolved ding “neutral arbitration”—a seat of over gas extraction in the KG Basin fi-
and were up 5% YoY, aided by a through arbitration, either in India or arbitration not located in either par- eld licensed to ONGC has also been
smooth ramp-up of the new blast overseas. “In case of a licensee, lessee ty’s home country. They consider this ongoing for several years.
furnace at Kalinganagar and ca-
pacity utilisation close to 100% at
the remaining operations,” Chi-
ef executive TV Narendran said.
The company said it invested mo-
re than `1,600 crore in R&D in the
Himadri Chem in Talks to
last five years, enabling it to beco-
me the first Indian steel supplier
to have end-to-end capabilities in
Buy 10-12% in US Battery Co
hydrogen transportation and to pected to start by December. This
localise automotive grade. Shally Seth Mohile plant will localise battery manufac-
“Our group liqui- turing, lower costs, and cater to Indi-
dity remains strong Mumbai: Kolkata-headquartered a’s rapidly expanding mobility and
at `38,791 crore, Himadri Speciality Chemical Ltd is energy storage markets.
which includes in advanced talks to buy a 10-12% sta- Himadri’s investment could comple-
cash & cash equiva- ke in International Battery Company ment this arrangement, creating a ro-
lents of `12,222 cro- (IBC), a US-based lithium-ion battery bust, India-centric battery ecosystem.
re,” the company cell technology firm, said people fa- Himadri’s core business spans car-
The board of
the co has said. It had a net miliar with the matter. The potential bon black, speciality chemicals, and
suggested debt of `82,579 cro- deal, estimated at $10–12 million, is increasingly, new
a dividend re as on March 31. likely to be announced later this energy materials such
of `3.60 per Its board recom- month, the people said. as anode materials, lit-
share mended a dividend A strategic investment in IBC would hium iron phosphate
of `3.60 per share. help Himadri enter newer markets (LFP) cathode materi-
Tata Steel said it has begun cate- and strengthen its position in the new als, and lithium refi-
ring to commercial shipbuilding. energy ecosystem, the people cited The deal is ning—components
In the UK, deliveries totalled 2.5 above said, adding it would also enab- estimated to that account for rough-
million tonnes in the past fiscal le Himadri to gain from IBC’s simula- be at $10–12 ly 65% of a battery
million and is
year, while fixed costs reduced by tion know how and R&D setup. cell’s cost. This invest-
likely to be
around £230 million, the benefit of IBC, currently valued at about $100 announced
ment may pave the way
which though was not visible due million, currently has operations in later this for Himadri to enter
to surging imports, it said. "In the the US and South Korea, with a 35,000 month the next-generation
Netherlands, our deliveries were sq ft facility in the latter for produ- battery cell space. It
6.25 million tons and for the quar- cing lithium-ion cells. may also bolster its global foray in cle-
ter were 1.75 million tons, the hig- Himadri and IBC did not respond to an energy and electric mobility.
hest in the last six years," the com- email queries. Himadri currently is a supplier of
pany said in a press statement. IBC already has an Indian stakehol- anode and cathode material to IBC.
The quarter-on-quarter impro- der, with state-run Mahanagar Gas The company said earlier this month
vement in profitability at the Net- Ltd (MGL) taking a 44% stake for `385 that it plans to set up a factory to pro-
herlands includes efforts to redu- crore earlier this year. MGL formed a duce 200,000 million tonnes per an-
ce controllable costs. It launched a joint venture with IBC for manufac- num of LFP, which would meet 100
transformation programme to turing and distributing lithium-ion GWh of li-ion battery, in phases in 5-6
restore long-term competitive- cells in India. Both are in the process years. This would be the first-ever
ness in the Netherlands in April, of setting up a 500 MWh gigafactory LPF plant globally outside China, ac-
Tata Steel said. near Bengaluru, with operations ex- cording to the company.
 CCI NG 3.17 Product: ETDelhiBSPubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO1 User: satyam.shukla Time: 05-12-2025 22:22Color:

10 Companies: Pursuit of Profit THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

OFFERING BY SUPERMARKET CHAIN LIKELY IN 12-18 MONTHS

Jaggi Brothers NCLT Junks Adani Ports Plea
More Looks to Raise `2kcr Resign from
Gensol Engg for Delayed Tuticorin Coal Plan
in Fresh Capital Via IPO on Sebi Order
Press Trust of India Wants more bidders; In Demand
Apart from Adani Ports & SEZ,
other bidders such as Seahawk
Lines, Seapol Port and Jindal Po-
Proceeds to be used for expansion, retiring significant part of debt tribunal to continue
Tuticorin Coal Terminal is
undergoing CIRP since Feb 2020,
wer had also shown interest in
acquiring Tuticorin Coal Termi-
New Delhi: Promoters of beleague-
with debts exceeding
red Gensol Engineering–Anmol evaluating Seapol nal through the insolvency reso-
Our Bureau
On the Shelves Singh Jaggi and Puneet Singh Jag- `479 cr Seapol is the
lution process.

Kolkata: Amazon and Samara Ca- PROMOTERS More Retail’s FY25 Co’s Ebitda
gi–have resigned from the company resolution plan Adani Ports sole bidder with
In the case, appearing for Adani
Ports & SEZ, Animesh Bisht, of
following market regulator Sebi's a resolution plan,
pital-owned food and grocery su- Samara sales rose 14% to loss has interim order, according to an ex- argued for fair Cyril Amarchand Mangaldas,
come Maulik Vyas competition which is under
permarket chain More Retail is Capital `4,985 cr change filing. They shall also cease review
argued that the company was
planning a `2,000 crore initial pub- down from to be a member of the various com- and value part of the provisional and final
51% maximisation of
lic offering (IPO) in the next 12-18
Amazon
Around `260 cr mittees of the company. Anmol Mumbai: The Mumbai bench of list of bidders.
months, said managing director 25% of Singh Jaggi held the post of mana- the National Company Law Tri- the terminal asset “Allowing the applicant (Adani
entity in FY23 to
Vinod Nambiar. its sales ging director while Puneet Singh bunal has dismissed an applica- NCLT suggests that improved Ports & SEZ) to submit a resolu-
The proposed IPO will be mostly 48% `65 cr Jaggi was a whole-time director. tion filed by Adani Ports and Spe- tion plan for the corporate deb-
is from last FY
economic conditions could allow
through fresh capital raising, with HNIs and online Earlier on April 15, the Securities cial Economic Zone to submit a a broader range of bidders to tor would aid in value maximisa-
no significant offer-for-sale compo- family and Exchange Board of India (Sebi) delayed resolution plan for the maximise asset value tion of the asset,” argued Adani
nent, as the promoters, Samara Ca- offices 1% Co aims `6,000 cr revenue this fiscal barred Gensol Engineering and the closely held Tuticorin Coal Ter- Ports & SEZ.
pital, and Amazon’s investment en- two promoters from the securities minal. Instead, it said it will “Since no resolution plan has
tity in Singapore—with 51% and markets till further orders in a fund want more bidders/continue to been received from Seahawk de-
48% stakes respectively—are un- STOCKED UP seller for Amazon’s grocery retail diversion and governance lapses ca- evaluate the current resolution spite being allowed by this tribu-
likely to offload their holdings, venture in India, Amazon Fresh. se. The regulator also de- plan offered by Seapol. nal, the CoC is presently only
Nambiar told reporters on Mon-
day. The balance 1% is held by high
There will be no major The company’s earnings before
interest, taxes, depreciation, and
barred Anmol and Puneet The division bench of judicial
member KR Saji Kumar and a
considering one resolution plan,
Singh Jaggi from holding which has been submitted by Se-
net worth individuals and family offer-for-sale as promo- amortisation (Ebitda) loss narro- the position of a director technical member, Anil Raj Chel- apol,” argued Adani. Therefore,
offices through holding company wed sharply to `65 crore last fiscal or key managerial personnel in lan, observed that more than fo- nal) have improved drastically the grant of reliefs to the appli-
More Consumer Brands. ters, Samara Cap and an from `260 crore in FY23. Gensol until further orders. The ur years have passed since the during the CIRP period, and the cant will ensure fair competition
“Both Samara and Amazon belie- This fiscal, it expects to post an markets watchdog directed Gensol publication of EoI (Expression corporate debtor has started ge- and would be in furtherance of
ve in the asset, and they want to bu- Amazon unit, are unlikely Ebitda profit of `60 crore, Nambiar Engineering to put on hold the stock of Interest), and lenders have be- nerating profits now,” observed the objective of the Code i.e., to
ild the business long term,” said said. “In about two years, we expect split announced by it. en considering many options for the tribunal in its recent order. maximisation of value of the as-
Nambiar. He said proceeds from to offload their holdings to be net profit positive. We should The Sebi order came after a comp- the revival of the company and “Hence, we cannot ignore the sets of the corporate debtor,” ar-
the public issue will be used to fund not lose cash from the operations. laint was received in June 2024 rela- resolving its insolvency. changes in the economic condi- gued the company.
network expansion and to retire a Nambiar said Amazon and Sam- This fiscal, we are also targeting ting to the manipulation of share As the debt-laden borrower, as tions that would generate furt- Shloka Dikshit of Chandhiok &
large part of debt. ara have together infused ` 900 `6,000 crore revenue,” he said. price and diversion of funds from acknowledged by the Adani gro- her interest by more partici- Mahajan appeared for the reso-
“More Retail has plans to expand crore in the company in the last fi- More Retail has rationalised its GEL and thereafter started exami- up company, has shown signs of pants than one.” lution professional (RP) and ar-
its 775 store network to 3,000 stores ve years, which was used mostly store network by shutting unprofi- ning the matter. a turnaround, a broader set of in- Tuticorin Coal Terminal was ad- gued that the CoC agreed to con-
by 2030 and halve its debt from Rs to trim losses. table stores and exiting markets In a 29-page interim order, Sebi had vestors may be interested in bid- mitted under the Corporate Insol- sider the applicant’s resolution
500 crore as of today by the time it The company recently raised like Maharashtra including Mum- said, “The prima facie findings have ding for the asset, said the bench. vency Resolution Process (CIRP) plan if the requested reliefs are
will go public,” he said. another `150 crore by selling 1% bai, New Delhi and Indore. It also shown mis-utilisation and diver- At present, the lenders are evalu- in February 2020 after the compa- granted by the tribunal.
More Retail’s current debt is a stake to family offices in the last exited from lifestyle categories to sion of funds of the company (GEL) ating a proposal by Seapol Port, ny defaulted on dues of about `90 “The respondent (RP) confirms
mix of term loans and non-com- two months. focus only on food and grocery. The in a fraudulent manner by its pro- the lone bidder left for the asset. crore to Bank of India. Currently, that the CoC is willing to consi-
mercial borrowings. Nambiar said More Retail recorded sales of company has a presence in South moter directors, Anmol Singh Jaggi “During the arguments, the co- the company has admitted liabili- der the plan of the applicant
the business is not capital intensi- `4,985 crore in 2024-25, growing India, Punjab, Haryana, Guru- and Puneet Singh Jaggi, who are al- unsel for the applicant (Adani ties of over `479 crore. (Adani Ports & SEZ), subject to
ve as it takes about `30 lakh for set- 14% from the year before. About a gram and Noida, West Bengal, and so the direct beneficiaries of the di- Ports) brought to our notice that An email query to Adani Ports this adjudicating authority
ting up a supermarket since the re- quarter of sales came from online Uttar Pradesh. It plans to enter verted funds”. the operations of the corporate & SEZ remained unanswered till (NCLT) granting permission to
al estate is taken on lease. since the company is the preferred Jharkhand and Odisha this year. debtor (Tuticorin Coal Termi- the time of filing the story. the applicant,” added the RP.

I , Bhavaya Chawla S/o Rajiv

Chawla R/o H.N. 152, Sector
21A, Faridabad Haryana
121001, have changed my
minor son's name Viraj
Chawla to Virat Chawla. For
all future Purposes
I, Nirdesh Kumar S/o Sh.
Dharamveer Singh R/o VPO
Prithla, Hatua Mohalla,
Tehsil & Distt. Palwal have
changed my name from
Nirdesh to Nirdesh Kumar
for all future purposes.

I, Satish Kumar alise Satish

Kumar Chandela S/o Raja
Ram R/o Near Devi Mandir,
Village- Bhatola, Bhatola I Nandi devi W/O Prem Ram
(115), Baroli, Faridabad, Ha-
IT is for general information R/O H. No. 2380 prem gali
that I,NEEMA W/O: DEEPAK near bhadana chowk Nangla
ryana-121004 have declared
R/OA-136,Daslum Qtrs Ga rhi enclave part 1 sector 22 Distt.
that Satish Kumar & Satish
,Sriniwaspuri, PO:- East of Faridabad Haryana 121005
Kumar Chandela both name
Kailash Phase-I, DIST:- South have changed my name to
are same & one person
Delhi, Delhi- 110065, declare Nandini Arya for all purpose
that name of my husband
I, Dileep Kumar s/o K.K. has been wrongly written as
Kumaran R/o H.no.7, Block AMIT KUMAR TANTI in my
no.17, Spring field colony, minor daughter DEEPIKA
Amar nagar sector 31-32 aged 15 years in her class
Faridabad Haryana have 10th marksheet and certifi-
changed my name to Dileep cate. The actual name of my
Kumar K.K for all purposes. husband is DEEPAK, which
may be amended accordingly.

I, Prithik Dileep Kumar S/o

Dileep Kumar K.K. R/o
Hno.7,Block-17,First floor
left side, Spring field colony ,
I, Jaishree Bhaduri & Sector- 31-32, Faridabad,
Nikhilesh Bhaduri S/o Late Haryana declare that Prithik
Shri B.B. Bhaduri R/o 3202 W Dileep Kumar S/o Dileep
Alvina Avenue, Greenfield, Kumar K.K. & Prithik Dileep
WI USA have Lost my Orig- I, Rakesh Kumar Singh S/o Kumar S/o Dileep Kumar are
inal Builder Buyer Agree- Nem Singh, R/o H.No. B-699, one & same person.
ment Bearing Unit No. D2-22, Sainik Colony, Sector-49,
Block D, BPTP Parkland, Faridabad have changed my
Sector 85, Faridabad. Finder name to Rakesh Singh for all
contact above address. future purposes.

I, Vijender Kumar S/O

Kishan Lal R/O RZ-A-1/32,
A1 Block Vijay Enclave, I, Puneet Kumar S/o
Mangla Puri Dabri, Palam Darshan Lal R/o H.No-2C/98,
South West Delhi-110045 Shivalya Mandir, NIT-2,
have changed my name to Faridabad have changed my
Vijender Kumar Gandhi for name to Punit Thakkar for all
all future Purposes. future purposes.
 THE NEWS

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 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCECO6 User: satyam.shukla Time: 05-12-2025 23:11 Color:

THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM
Economy: Macro, Micro & More  11
FIGHTING FINANCIAL FRAUD
Land Selected for Shipbuilding, Repair Plan in Works to Catch
Centres in Andhra, Tamil Nadu & Guj ‘Mule’ A/cs in Real Time
Cochin Shipyard, HD Hyundai in talks for `10k cr mega project, TN’s Thoothukudi may be chosen site
Twesh Mishra
India currently holds less than 1% of
the global shipbuilding market but ho-
Such bank accounts are used Curbing Fraud
Setting Sail India currently
pes to break into the global top 10 ran-
by fraudsters to move illegal CEIB suggests Match account details
Besides S Korea’s Hyundai, has less than access to mobile with officially valid
New Delhi: The Centre has identified
land for establishing mega shipbuil- companies based in Netherlands, 1% of global king by 2030, and top five by 2047. The go-
vernment is eying a multi-pronged app-
funds; CEIB is in talks with number-related documents provided for
France, and Middle East shipbuilding identifiers SIM registration
ding and repair centres in Andhra Pra-
desh, Tamil Nadu, and Gujarat. Offici- interested in projects in India market roach with plans to procure state-owned
ships also getting a fillip.
banks to develop new plan
als aware of the developments said So- Shipbuilding financial assistance Aims for Bharat Container Line, a national con-
uth Korea’s HD Hyundai is close to fina- policy worth `18,090 cr and global top tainer shipping carrier, is expected to Dheeraj Tiwari
lising a partnership with Cochin maritime development fund of 10 ranking reduce dependence on foreign-flagged
Shipyard Limited (CSL) for domestical- `25,000 cr were announced in by 2030, top vessels and strengthen India’s control New Delhi: In a bid to tackle financial frauds,
ly manufactured large vessels for inter- this year’s budget five by 2047 over foreign trade. the government is working with banks and
continental trade. An existing financial assistance policy other stakeholders to develop an enhanced due
“CSL and HD Hyundai are zeroing in for domestic shipyards was launched in diligence process that can identify ‘mule’ acco-
on the location of this shipbuilding faci- CSL did not respond till press time. ding projects. “Interest has been recei- December 2015 for shipbuilding cont- unts in real time while ensuring it does not im- According to Indian Cyber Crime
lity,” a senior official told ET while ad- This progress is close to the finance mi- ved from Netherlands, France, and racts signed between April 1, 2016, and pede legitimate account opening. Coordination Centre (I4C):
ding that Thoothukudi in Tamil Nadu is nistry’s Expenditure Finance Commit- Middle East-headquartered companies March 31, 2026. It is focused on suppor- Mule, or fraudulent, bank accounts are used There are around
expected to be finalised for this mega in- tee (EFC) completing appraisals for an for setting up manufacturing facilities ting development of specialised vessels by fraudsters to move illegal funds through the Associated with
2 million mule
frastructure project with expected in- enhanced shipbuilding financial assi- in India,” the official said. such as those for wind farm installa- banking system.
accounts in Indian 800,000
vestment of around `10,000 crore by stance policy worth `18,090 crore, and a Officials aware of the deliberations sa- tions and those powered by green fuels. An official aware of the developments said suspects
completion. Responding to queries maritime development fund of `25,000 id there will soon be greater financial Plans are also afoot to provide direct ca- the Central Economic Intelligence Bureau
banking system
from ET on talks around partnership crore announced in Budget 2025-26. assistance to the shipbuilding industry, pital support to create the breakwater or (CEIB) has suggested access to mobile num- Banks earlier recommended using voter
with CSL, HD Hyundai said “Nothing The other two land parcels are being seeking to support the manufacture of shipyard protection infrastructure, ber-related identifiers and databases with data to verify bank accounts
has been confirmed.” offered for more international shipbuil- large vessels in the country. along with capital dredging at shipyards. banks for risk assessment.
“We have sought suggestions
from banks on how to make Earlier this year, a committee formed by the
AFTER US-CHINA TRADE DEAL the data more suitable and Indian Banks’ Association (IBA) also recom-

India-EU FTA Talks Turn Stiffer Competition usable while ensuring that it Committee
is not a barrier for account under IBA
opening and other transac- had earlier
tions,” the official said. suggested
mended API integration with the Department
of Telecommunications (DoT) or telecom ser-
vice providers in the digital onboarding pro-
cess of account opening.

to Carbon Tax, QCO Issues for Indian Exporters Earlier, banks had highligh- API
ted that under the extant regu- integration
lations, different customers with DoT or
can use one mobile number, telecom
particularly in case of family service
At present, DoT provides a mobile number re-
vocation list. The committee recommended
that this be further upgraded to verify name,
date of birth and email address in real time
from the mobile service provider.
Non-Tariff Concerns Cos eye gains in pharma API, engg goods accounts, which at times gets providers Banks had also proposed using the Election
EU pressing New Delhi to to intensify competition for In- misused. during digital
Commission database to verify individuals
EU has concerns Import licensing, Our Bureau dian exporters in markets like “We have suggested building onboarding who open accounts using voter identification
finish pact in one go instead on India’s QCOs on investment protection Southeast Asia, Africa, and La- holistic customer, account of new a/cs cards and Form 60—in the absence of a perma-
furniture, tyres also part of talks
of two phases; 11th round of New Delhi: China’s proposal to
cut tariffs on American goods to
tin America where New Delhi
recently made inroads, capitali-
and transaction profiles for
accurate portfolio monitoring,” said a senior
nent account number (PAN)—and capping the
number of transactions on such accounts.
EU’S CBAM,
talks to go on till May 16 DEFORESTATION 10% from 125% for 90 days, and a
reciprocal US proposal to redu-
sing on US-China trade disrup-
tions, the Federation of Indian
bank executive requesting anonymity.
This will essentially mean sharing and verifi-
The IBA committee had recommended integ-
rating cybersecurity teams of all banks under
REGULATION MAY
AFFECT $9.5 BN ce levies on Chinese goods to Export Organisations said. cation of information provided through offici- a unified framework to enable faster, real-time
Kirtika Suneja 30% from 145% offer both chal- “India can leverage this shift to ally valid documents submitted during SIM action, including freezing of accounts imme-
OF INDIA’S
lenges and opportunities for In- strengthen exports in sectors card registration and matching it with the ac- diately upon the reporting of fraud.
EXPORTS
New Delhi: India and the EU are discussing dia, exporters said. that remain relatively insulated count details. The finance ministry has also directed banks
ways to manage non-tariff barriers such as The tariff reduction is likely to from US-China trade, such as “This, however, cannot be a reason to not open and financial institutions to use artificial in-
the bloc’s Carbon Border Adjustment Me- support growth in US-China bi- pharmaceutical APIs, gems and the account or report it suspicious if the infor- telligence tools, including MuleHunterAI de-
chanism (CBAM) and Deforestation Regula- lateral trade in high-value seg- jewellery, engineering goods, or- mation doesn’t match unless there are more veloped by the Reserve Bank of India, to curb
tion (EUDR) and New Delhi’s Quality Cont- ments such as electronics, ma- ganic chemicals and IT-enabled red flags,” the above quoted executive said. growing financial frauds.
rol Orders (QCO) in the ongoing round of chinery and chemicals. services,” said SC Ralhan, presi-
their bilateral free trade pact talks. incurred due to CBAM under their recently The measures are part of the dent, FIEO.
While there is an understanding to conclu-
de the proposed India-EU FTA in two pha-
concluded free trade pact.
The EUDR seeks to prevent the import of
US-China trade deal announced
Monday and represent a signifi-
However, key sectors like steel,
aluminium, and automobiles
Power Minister Asks Goa to Consider N-power Plant
ses, the bloc has asked New Delhi if the pact specified goods contributing to deforesta- cant thaw in trade tensions bet- are excluded, with 25% tariffs New Delhi: Power minister Manohar Lal on neration of power, according to a govern-
can be concluded in one go since a similar tion and forest degradation in the bloc. It co- ween the two large economies. still in place for all US partners. Monday asked Goa to consider the possibili- ment statement. Lal made the remarks du-
deal with the UK was done in a single phase. vers coffee, leather, oil cake, wood furnitu- The deal has come amid India Exporters said India must pro- ty of establishing a nuclear power facility as ring a review meeting with chief
The eleventh round of negotiations are ta- re, paper, and paperboard. and the US negotiating a Bilate- actively engage with the US to a long-term measure for the state’s energy se- minister Pramod Sawant and se-
king place in New Delhi from May 12-16. The EU CBAM and EUDR are expected to ral Trade Agreement (BTA) secure and expand its preferen- curity and sustainability. nior officials in Panaji.
“While the two sides are negotiating ta- affect $9.5 billion of India’s exports to the with the two sides expected to tial trade access, emphasising Around 80% of Goa’s electricity is procured The Centre is currently making a
riffs but the issue is now how to manage EU, which amounts to 9% of India’s exports conclude an interim arrange- its role as a reliable alternate so- from other states. The minister urged the sta- roadmap for achieving 100 GW of nuclear po-
non-tariff barriers. Both sides have raised to the world or 12.9% of India’s exports to ment by July 8, ahead of the ad- urcing destination. te to explore all possible avenues for local ge- wer capacity by 2047. — Our Bureau
concerns,” said a person in the know of the the bloc, the Economic Survey for 2024-25 ditional 26% reciprocal tariff
development. said, citing studies. on Indian goods entering the
India has already said that it will impose “India is set to become the fourth largest US coming into effect.
retaliatory duties if the EU imposes carbon economy but is not the fourth largest recipi- The issue could be discussed
tax on Indian goods. The EU’s CBAM is ex- ent of foreign direct investment. There are during Indian trade negotia-
pected to translate into a 20-35% tax on se- concerns on this front also,” the person said. tors’ visit to Washington next
lect imports into the bloc from January 1, Brussels has also ruled out visa issues week for holding further
2026 and will impact the cement, iron and from the purview of the trade pact pact. talks on the BTA as the tariff
steel, aluminium, fertiliser, electricity and The India-EU FTA is to be concluded by advantage to Indian expor-
hydrogen sectors. this year end. Separate negotiations for an ters, because of the earlier
This assumes significance as India will ha- Investment Protection Agreement and an higher duties on Chinese go-
ve the right to retaliate or seek compensa- Agreement on Geographical Indications in ods, could get hit.
tion from the UK for its industry for losses June 2022 are also underway. The US-China deal is likely

CBDT Calls
for More
Disclosure
on Foreign
Donations
Political parties,
charitable trusts
to file new ITR-7
Our Bureau

New Delhi: Political parti-

es, charitable trusts, uni-
versities and research bo-
dies now require to disclo-
se more information on in-
come from foreign
contributions, voluntary
donations, accumulated
income, and application of
funds. The Central Board
of Direct Taxes (CBDT) no-
tified a revised Income-tax
Return Form ITR-7, Mon-
day, effective April 1, 2025,
for assessment year 2025-
26. The ITR 7 is filled by po-
litical parties, charitable
trusts and educational, re-
search institutions.
The updated form also in-
troduced compliance
checks for specified viola-
tions that could lead to de-
nial of exemption.
The changes
aim to improve
transparency,
given the abuse
of tax exemp-
tion in the past by some po-
litical parties and chari-
table institutions.
The form requires the as-
sessee to report capital ga-
ins separately for transac-
tions before and after July
23, 2024, due to changes in
capital gains rules.
The notification says that
capital loss on share buy-
backs can be claimed if di-
vidend income is shown as
‘income from other sour-
ces’, applicable from Octo-
ber 1, 2024. The form also
captures deductions clai-
med under Section 24(b) for
interest paid on borrowed
capital for house property
and must report specific
TDS section codes for
compliance and verifica-
tion. Digital signature is
mandatory for political
parties and entities requi-
ring account audits.
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCEDI User: satyam.shukla Time: 05-12-2025 23:40 Color:

12 } Around the World CONTRAPUNTO We are near waking when we dream we are dreaming NOVALIS
THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

RUSSIA-UKRAINE WAR

Trump Prescribes Up to Over 100 Drones Hit

90% Cut in Drug Prices iPhone 17 May Kyiv after Kremlin
Come at Higher
US President signs executive order, gives 30 days to companies for implementation
US President Donald Trump signed If drugmakers do not meet the go-
Price: Report
Apple is weighing raising pri-
Rejects Truce Offer
a wide-reaching executive order on vernment’s expectations, it will use ces for the iPhone lineup co-
Monday directing drugmakers to rulemaking to bring drug prices to ming out later this year, the
lower the prices of their medicines international levels and consider a Wall Street Journal said, ci-
to align with what other countries range of other measures, including ting people familiar with the
pay that analysts and legal experts importing medicines from other matter whom it didn’t identify.
said would be difficult to imple- developed nations and implemen- The company is considering
ment. ting export restrictions, a copy of whether to “couple” price in-
Trump told a press conference the order showed. creases with new features and
that the government would impose Trade groups representing bio- designs, while trying to avoid
tariffs on companies if the prices in tech and pharmaceutical decried the perception that any hikes
the US did not match those in other the move. are tied to US tariffs on China,
countries and said he was seeking "Importing foreign prices from so- the Journal
cuts of between 59% and 90%. cialist countries would be a bad de- reported.
The order gives drugmakers price al for American patients and wor- Trump spoke The compa-
targets in the next 30 days, and will kers. It would mean less treatments with Apple ny hasn’t in-
take further action to lower prices and cures and would jeopardise the CEO Tim Cook creased the
if those companies do not make hundreds of billions our member and told him starting price Kyiv: Russia launched more
"significant progress" towards tho-
se goals within six months of the or-
companies are planning to invest in
America," PhRMA CEO Stephen
how he
thinks the
of its flagship
iPhone model
than 100 Shahed and decoy dro-
nes at Ukraine in nighttime at- Get Serious
der being signed.
Trump told a press conference
Ubl said in a statement.
Ubl said the real reasons for high
company will
end up
since it debu-
ted the iPhone
tacks, the Ukrainian air force sa-
id Monday, after the Kremlin re- About Peace,
that the government would impose
tariffs on companies if the prices in A FRIEND INDEED
drug prices are "foreign countries
not paying their fair share and
raising its US
spending
X in 2017 — ke-
eping it at
jected an unconditional 30-day
ceasefire in the more than three- Urges UK
the US did not match those in other middlemen driving up prices for US plan beyond $999. year war. The UK's foreign minister
countries and said he was seeking
cuts of between 59% and 90%.
An unnamed friend told the President that he got patients." the $500b Menawhile,
US President
Ukraine, along with European al-
lies, had demanded Russia accept
called on Russian Presi-
dent Vladimir Putin to
“Everybody should equalise. Eve-
rybody should pay the same price,"
aweight loss injection for $88 in London and ‘EU NASTIER THAN CHINA’
Trump also said that on trade issu-
Dional Trump said he spoke
with Apple CEO Tim Cook on
a ceasefire starting Monday befo-
re holding peace talks. Moscow ef- “get serious about peace”
Trump said. that the same injection in the US cost $1,300 es, the “European Union is in ma- Monday. He did not address the
potential price increases, in-
fectively rejected that proposal
and instead called for direct nego-
in Ukraine on Monday, as
he hosted key London
Investors were skeptical about the ny ways nastier than China.”
order's implementation, and sha- developed nations. Trump tried in Americans, from eggs to the gas Trump said that the EU would “co- stead focused on how he thinks tiations in Istanbul. talks backing calls for a
res, which had been down over- his first term to bring the United pump. me down a lot” on trade restric- the company will end up rai- There was no response from the swift ceasefire.
night on the threat of "most favou- States in line with other countries Trump said his order on drug pri- tions regarding the US, tearing in- sing its US spending plan be- Kremlin, meanwhile, to Ukraini-
Ministers from France,
red nation" pricing, recovered and but was blocked by the courts. ces was partly a result of a conver- to the longstanding ally. The US yond the $500 billion that it had an President Volodymyr Zelens-
rose in early morning trade on Trump's drug pricing proposal co- sation with an unnamed friend who president insisted that America pledged in February. “He’s go- kyy’s challenge for Russia’s Pre- Germany, Italy, Poland,
Monday. mes as the president has sought to told the President he got a weight has “all the cards” in trade talks ing to be building a lot of sident Vladimir Putin to meet Spain and the EU joined
The United States pays the highest fulfill a campaign promise of tack- loss injection for $88 in London and with Europe because of the vehi- plants in the US for Apple,” him for face-to-face peace talks in the UK foreign secretary
prices for prescription drugs, often ling inflation and lowering prices that the same injection in the US cles it buys from the continent’s Trump said. Agencies Turkey this week. David Lammy for a mee-
nearly three times more than other for a host of everyday items for cost $1,300. automakers. Agencies ting of the so-called
TRUMP TO JOIN ZELENSKYY AND
PUTIN IN TURKEY?
"Weimar+" group.
The meeting follows

Won’t Use Qatari Jet after

Meanwhile. US President Donald
US PRESIDENT ARRIVES IN SAUDI ARABIA TODAY Trump raised the possibility of Saturday's visit by the
flying to Turkey on Thursday to leaders of France, Ger-

Leaving Office: US Prez

President Donald Trump said he over delays in delivering a new Air
POTUS Seeks Double Bonanza in join potential conversations bet-
ween Zelenskyy and Putin.
“I was thinking about flying
over,” Trump said on Monday at
the White House. “I don’t know
many, Poland and the UK
to Kyiv, where they
called for "a full, lasting
and reliable" 30-day
would not use a luxury jet being of-
fered by the Qatari government af-
ter leaving office amid criticism
over his administration’s conside-
Force One plane. “They were way
behind,” Trump said. “It’s going to
be a while before we get them.”
The proposed sale has generated
Riyadh: $1 Tn & Saudi-Israel Ties where I’m going to be on Thurs-
day — I’ve got so many meetings
— but I was thinking about actu-
ally flying over there. There’s a
ceasefire from Monday,
as a condition for ope-
ning direct talks.
"This is the time for Vla-
ration of using the plane as the significant criticism from both si- US officials quietly press Tel Aviv to agree to immediate ceasefire in Gaza possibility of it, I
next Air Force One. des of the aisle. Detractors were guess, if I think dimir Putin to get serious
“It’s not a gift to me; it’s a gift to quick to point out that accepting Washington | Dubai: When US Prime Minister Benjamin Netany- things can hap- about peace in Europe, to
the Department of Defense,” gift of such proportions from a fo- President Donald Trump lands in ahu to a permanent stop to the war pen.” get serious about a cea-
Trump told reporters at the White reign government would pose hu- Riyadh on Tuesday, he will be gree- or to the creation of a Palestinian The United States sefire and to get serious
House on Monday. ge political, ethical and technical ted with opulent ceremonies, gil- state make progress on similar and European go- about talks," Lammy said
Over the wee- issues. ded palaces and the prospect of $1 talks with Riyadh unlikely, two of Russia’s vernments are ma-
kend, officials from Some reports trillion in investments. But the ra- the sources said. invading king a concerted on Monday.
the US and Qatar from the weekend ging war in Gaza has denied him forces have push to stop the
acknowledged they suggested Trump one goal he has long craved: Saudi- US-ISRAELI SOLDIER FREED taken around fighting, which has CLOCK IS TICKING: BERLIN
were discussing an could continue to Israel normalisation. The Hamas militant group relea- one-fifth of killed tens of thou- Germany warned the
arrangement in use the jet after lea- Behind the scenes, US officials sed the last living American-Israe- Ukraine sands of soldiers "clock is ticking" for
which Qatar would ving office at the are quietly pressing Israel to agree li hostage held in Gaza on Monday since the on both sides as
conflict Russia to agree by the
offer a luxury Boe- end of his term, be- to an immediate ceasefire in Gaza- even as an Israeli strike on a scho- well as more than
ing 747-8 jumbo jet fore it was eventu- —one of Saudi Arabia's precondi- ol-turned-shelter in the Gaza Strip began 10,000 Ukrainian
end of Monday to an
for use as Air Force ally decommissio- tions for any re-start of normalisa- killed about 16 people in the em- civilians. Russia’s invading for- unconditional 30-day
One. The aircraft ned and displayed tion talks, said a US official and battled enclave, mostly women ces have taken around one-fifth ceasefire. If Moscow
would act as a brid- at his future presi- two Gulf sources close to official and children. of Ukraine in Europe's biggest does not accept the
ge before Boeing Air Force One dential library. circles. Hamas said it released Edan conflict since World War II. demand, "preparations
Co. delivered a pair of new jets be- Former George W Bush White Trump’s Middle East envoy Steve Alexander as a goodwill gesture to- In a flurry of diplomatic deve- will be set in motion" in
ing outfitted to Pentagon specifi- House press secretary Ari Flei- Witkoff told an audience at the Is- wards the Trump administration lopments over the weekend, Rus-
cations, and address Trump’s fru- scher also raised concerns about raeli embassy in Washington this to try to revive talks on ending the sia shunned the ceasefire propo- Brussels for fresh sanc-
stration with the current presi- the potential deal. “Nothing about week that he imminently expected war. The Israeli military said sal tabled by the US and Europe- tions, a government
dential aircraft. getting Air Force One from a fore- progress on expanding the Abra- A supporter before the release of a Alexander was with the Red Cross an leaders but offered direct talks spokesman said in Ber-
“They said we would like to do so- ign government feels right. It may ham Accords, a set of deals broke- US soldier in Tel Aviv on Monday and is now with Israeli forces. with Ukraine next Thursday. lin. "The Ukrainian pre-
mething and if we can get a 747 as a be legal, but I wouldn’t do it,” he red by Trump in his first term un- Getty Images At least five children and four wo- Turkish foreign minister Ha- sident has made it clear
contribution to our Defense De- wrote on X. “Air Force One should der which Arab states including men were among those killed in kan Fidan said he expected the
that he is prepared to
partment to use during a couple of be American through and thro- the UAE, Bahrain, Sudan and Mo- progress by next year,” Witkoff sa- the strike on a school in the Jabali- two sides to reach a compromise
years while they’re building the ugh. It shouldn’t pass through fo- rocco recognised Israel. id in a video of his speech. He is ex- ya area, the Gaza Health Mini- in coming days that might break agree to a ceasefire," the
other ones,” Trump said. reign hands and it shouldn’t be a “We think we will have some or a pected to accompany Trump on his stry’s emergency service said, ad- the deadlock over whether talks German government
Trump reiterated his long-ex- gift from a King. Don’t do it.” lot of announcements very, very visit to the Middle East. ding that a number of people were could begin without a truce in spokesman said. AFP
pressed frustration with Boeing Bloomberg shortly, which we hope will yield However, opposition by Israeli wounded. Agencies place. Agencies

Nissan to Cut 11k More Starmer Vows Immigration Kurdish Militant Group PKK Gives up Arms
Jobs in Big Overhaul The Kurdistan Workers' Party arms in 1984, begin- day congress in northern Iraq.

Nissan Motor will elimi-

Curbs to Thwart Poll Threat (PKK) on Monday announced its
dissolution, saying it was ending
ning a string of at-
tacks against the Tur-
"The PKK has fulfilled its histo-
rical mission" and brought "the
nate 11,000 more jobs than Britain’s Prime Mi- Starmer’s plans, which inclu- its armed struggle against the kish state that would Kurdish issue to a point where it
previously planned, NHK nister Keir Starmer de ending automatic settlement Turkish state and drawing a line cost more than 40,000 lives. The can be resolved through demo-
reported Monday, as part said he would end and citizenship rights for anyo- under its deadly four-decade in- PKK "has decided to dissolve.. cratic politics," it said.
of a plan to restructure its flailing the UK’s “experi- ne living in the country for over surgency. and end its armed struggle," it The move was welcomed by
business. The Japanese carmaker ment in open borders” with to- five years, come against the Founded in the 1970s by Abdul- said in a statement issued a week President Recep Tayyip Erdo-
said in November it would cut 9,000 ugher plans to curb migration, backdrop of a surge in populari- lah Ocalan, the PKK took up after its leadership held a three- gan's AKP party. AFP
positions after weak sales in the US seeking to head off the growing ty for Farage’s anti-immigra-
and China led to a 94% drop in first- electoral threat from Nigel Fa- tion reform and a quadrupling
half net income. Now those job cuts
will be closer to 20,000, or around
rage’s populist Reform party.
“We risk becoming an island
in net migration in recent years.
Farage immediately hit back
Crossword 9284
15% of the entire workforce, accor- of strangers,” Starmer said at a at Starmer’s plans. “The only
ding to Japan’s national broadcas- press conference from Downing reason that this press conferen- 1 2 3 4 5 6 DOWN
ter. The redundancies will occur Street on Monday, where he set ce happened today is because of 1 Part of a course, reasonable
both at home and overseas, it added. out plans to increase English- blind panic over what Reform 7 course (7)
Nissan declined to comment. Nis- speaking requirements for mig- did to the Labour vote in parts 2 Make weaker golf shot with a
manner on a tee (4,4,2)
san’s crisis is in danger of getting rants and make it harder for of England on May 1,” Farage 8 9 10
3 Supplied dessert to captivate
even worse after the company war- them to stay in the country. said in an interview on Sky very excited European (8)
ned shareholders last month that it “I believe we need to reduce News on Monday. “It’s fiddling 4 Effect shown by independent
will see a net loss on restructuring immigration significantly.” around the edges.” Bloomberg politician on statute (6)
costs of as much as ¥750 billion ($5 11 12 5 Some star navigates small
billion) for the fiscal year that en- mountain lake (4)
NON-SEQUITUR 13 6 Most innocent sort of na-
ded March 2025. Bloomberg
tives (7)
14 15 16 7 Exert pressure and rotate Seth
at work with team (4,3,5)
10 This person’s beset by change
HSBC Becomes UK’s 17 18
of tradition by Yankee of a
threatening nature (12)
Most Valuable Co 19 20 21 22 13 Analyse one’s guilt hiding uni-
form and office gear? (6,4)
AstraZeneca lost its 23 15 Overcharge Rex with old
crown as the UK’s most boy (3)
valuable listed company 24 25 18 Wild garden for all to see onri-
after US President Donald ver has imposing quality (8)
Trump’s plans to lower drug prices 26 20 First sign of issue amid crazy
sent shares of pharmaceuticals time in Portuguese island (7)
companies lower across the world. 27 28 22 Lifted this code wrongly after
The stock slipped as much as 5.8% on ignoring chapter (7)
23 Settle with English archdea-
Monday, reducing AstraZeneca’s con ahead (4,2)
market capitalization to roughly 26 Boss doing a lot of 1reading?
£154 billion ($203 billion) and taking 29 Not half (4)
it below HSBC Holdings Plc’s £156
billion.\ Shares of European drug-
makers have been hurt more broad- ACROSS 17 Follow boxer, perhaps (3)
ly in recent weeks, with Trump also 1 Decorative activity following excel- 19 Ape, say, is in retreat seen by chap SOLUTION TO No. 9283:
lent portrait, maybe (4,8) touring island (6) ACROSS: 6 Ecclesiastical.
planning to impose tariffs on phar-
8 One seeking togetherness in place 21 Bend and arch somehow character- 9 Citron. 10 Moreover. 11 Cel-
maceutical imports. AstraZeneca to study spread of fire (7) istic of a tree? (8) lular. 13 Bigwig. 15 Ignite.
chief executive officer Pascal Soriot 9 Recall lot in Italy getting wild mush- 24 Bad-mannered and coarse after los- 17 Odessa. 19 Duress. 20 Orato-
last month warned that trade tariffs rooms (7) ing head (4) rio. 22 Overstep. 24 Malady.
are not the best way to manage phar- 11 Wag seen possibly in northern 25 Greek musician featuring in film is 26 Prima ballerina.
maceuticals. HSBC, meanwhile, has Cyprus is supplier of information? crusading figure (10) DOWN: 1 Demisemiquaver.
said that it doesn’t expect tariffs to (4,6) 27 Recorded legal document shown by 2 Scar. 3 Fennel. 4 Ascribed.
have a major impact on its business. 12 Annoying person interrupting figure (7) 5 Silo. 7 Immure. 8 American
troupes, typically (4) 28 Notional line followed on a global Indian. 12 Lance. 14 Gesso.
Last month. the company unveiled a 14 Farm employee’s forceful blow (8) basis? (7) 16 Test tube. 18 Compel.
fresh buyback for shareholders. 16 Jerry’s rival twice has drum (3-3) 29 Eccentric traded a phone manual (4-8) 21 Armies. 23 Ramp. 25 Laid.
Bloomberg Yesterday’s Answers:
©The Daily Mail
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCEDIR User: cci Time: 05-12-2025 23:44 Color:

THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM
Disruption: Startups & Tech | 13

For comprehensive and

Flipkart may Limit its QuickComm AI Leadership Roles
Expansion to Top Cities to Cut Burn up 40-60% in FY25 as
insightful stories about all
things startups and technology,
log on to www.ettech.com

ET Ecommerce Tracker
Returns Comparison (%)
ET Ecommerce Index
ET Ecommerce Profitable Index
ET Ecommerce Non-Profitable Index
Flipkart Minutes taking a cautious approach to expansion to halve its cash burn of around $40m
Disha Acharya & Pranav Mukul
short-term profitability. “...(Flipkart)
plans to expand to 500-550 dark stores
from Google as part of a $1 billion
funding round led by Walmart.
growth witnessed by the sector over
the last one year — particularly
Talent Demand Soars
14
Nifty 50 before its annual ‘big billion days’ sa- when the broader ecommerce seg- With AI a client priority, firms positioning AI
12
Bengaluru | New Delhi: Walmart- le. However, it is also under pressure QUICK COMMERCE CHALLENGES ment with a long-tail of categories
10
owned ecommerce giant Flipkart is li- to halve its ongoing cash burn of aro- Flipkart’s tempered quick commer- has seen sluggishness. leadership talent to drive engagements, biz
8 miting the expansion of its quick und $40 million (` `340-350 crore) a ce push comes amid the rapid A March 2025 joint
commerce unit, Flipkart Minutes, to month over the next few quarters in a report by Bain &
On the Job
6
4 the top six to eight cities to rein in bid to launch its IPO,” analysts at bro- Company and Flip-
2 costs, according to people familiar kerage firm HSBC Securities wrote in kart pointed out that
0 with the matter. a May 12 research note. India’s e-tail gross Chief AI officers are of-
2 Flipkart Minutes, which competes Flipkart did not respond to queries merchandise value fered between `1.2 and
4
Compiled by ETIG Database with Eternal-owned Blinkit, Swiggy sent by ET. growth slowed `2.5 crore annually
1 Day 1 Month 3 Months 6 Months Instamart, Zepto, BigBasket’s BB Last month, Flipkart’s board clea- down to 10-12% in
Now and Amazon Now, is currently red the company’s proposal to shift 2024 from over 20% Heads of AI/ML typically
Tweet OF THE DAY present in 14 cities and runs a network
of more than 300 so-called dark stores,
its domicile from Singapore to In-
dia, ahead of a planned IPO in 2026.
in the previous ye-
ars on account of
earn `80 lakh to `1.5cr
or mini warehouses. The intent is to The process, which is underway macroeconomic VPs of GenAI/ML are in
scale this up to around 500-550 by Oc- now, was initiated almost a year af- consumption stress.
`70 lakh to `1.2cr range
tober. Flipkart group chief executive ter Flipkart raised $350 million In the same period,
Kalyan Krishnamurthy had said in quarterly gross or-
April that Minutes would have 800 sto- der value for quick Directors of AI innova-
res by this year-end.
“More than 90% of the quick com-
Taking Stock commerce players
more than doub-
tion can expect salaries
of `80 lakh to `1 crore,
merce volumes are generated from CURRENT QUICK COMMERCE led, albeit on a smal- as per Quess data
the top eight cities and a bulk of this PRESENCE Dark stores ler base. Even as
comes from Delhi-NCR, Mumbai and Flipkart works to care, and retail where data-driven
Bengaluru where Flipkart is going
Blinkit 1,301 shorten delivery ti- Annapurna Roy transformation is accelerating,”
deeper with Minutes,” one of the peo- Swiggy Instamart 1,021 melines across its said Krishna Vij, vice president at
ROBERT GREENE ple said. broader ecommer- New Delhi: AI leadership roles staffing firm Teamlease Digital.
@ROBERTGREENE With this shift, Flipkart joins its Zepto 1,000+ ce network, a wider grew between 40-60% year-on-year “Industry has realised that AI is
Bengaluru-based rival Swiggy in ta- expansion of Mi- in FY25, data sourced by ET from now a boardroom priority for their
Your mind will king a relatively cautious approach to BigBasket 500-550 nutes could result staffing firms showed. clients and are positioning AI lead-
never go blank expansion from hereon, notwithstan-
ding Eternal’s plans to aggressively
Flipkart Minutes 300+ in increased losses. The demand is being driven by ership talent to drive consulting-
firms across IT and consulting, led engagements, co-create indus-
when it is that chase market share even at the cost of Source: ET Research, company reports FOR FULL REPORT, GO TO global capability centres, BFSI and try-specific AI solutions, and di-
well prepared www.economictimes.com healthcare firms, and startups
across fintech, heathtech and
rectly influence business out-
come.” Companies are increasing-

Govt Gets Bids Offering 18k GPUs in

ecommerce setting up dedicated AI ly tying compensation to business
business units and teams requir- impact, and top talent in this space
Tech Buzz ing leadership, experts said. It is al- is seeing faster progression into

AI Fin Startup so coming from deeptech and Ge-

nAI-focused startups and from
CXO or P&L-aligned positions, she

Round-2 of IndiaAI Mission Tender

KRISHNA VIJ
Hyperbots multinationals setting up AI cen-
tres of excellence in India. VP, Teamlease Digital

Raises $6.5m
AI leadership roles in demand in-
clude chief AI officer, head of AI/
Industry has
ML, VP — AI engineering, VP — AI realised that AI
MUMBAI: Hy- ON OFFER Third round now open for submission of applications: IndiaAI CEO Abhishek Singh strategy/innovation, VP — ma-
perbots, which chine learning or generative AI, di-
is now a boar-
builds agentic AI GPUs in the third round. Piyush So- rector — applied AI or innovation, droom priority
Building up director — generative AI applica-
Suraksha P & Surabhi Agarwal mani, founding chief executive of
co-pilots for fi- Govt is already offering Cloud company ESDS Software So- tions, director of data science, AI
for their clients and are
nance and ac- Bengaluru | New Delhi: The Centre 14,517 GPUs at subsi- lution told ET, “We are in the proc- product head, AI solutions archi- positioning AI leadership
counting operations, has has received bids proposing to offer Govt has re- dised rates to start- ess of acquiring the Nvidia Black- tect (leadership level). Leading
raised $6.5 million in a Se- 18,000 graphics processing units ceived bids ups, institutions and well series of GPUs — B200 and companies that have been hiring talent to drive consulting-
ries-A funding round co-led (GPUs) in the second round of the In- offering 18K research bodies B300. Once those are deployed in for such positions include Accentu- led engagements...
diaAI GPU tender, and expects 15,000 GPUs in the our data centres, we will be submit- re, LTIMindtree, IBM, Deloitte, and
by Arkam Ventures and GPUs to finally be offered following second ting the bid for the third round of Wipro, as per Ciel HR. added. These roles are expected to
Athera Venture Partners. round of In- Seven cos, includ-
technical qualifications and commer- the IndiaAI Mission's GPU tender “India is a strategic hub for Ac- be in a sustained growth phase
diaAI tender ing partners of
New investor JSW Ven- cial bid-opening, IndiaAI CEO Abh-
AWS, Oracle and
which is now open.” centure’s global AI innovation with double-digit growth in FY26
tures and existing backers ishek Singh said. “We won't be participating with the powered by exceptional data and AI and beyond owing to their rising
The first round of the GPU tender Expects 15K Google Cloud, older generation GPUs,” Somani, who talent. We nurture expertise across strategic significance, experts said.
Kalaari Capital, Sunicon GPUs after tech- have been
has already concluded. In that round, is also president, Cloud Computing the AI value chain and career lev- LTIMindtree in March, for in-
Ventures, and Darashaw & New Delhi is offering 15,000 GPUs on nical qualification shortlisted for Innovation Council of India, added. els,” Accenture told ET, adding that stance, appointed Nachiket Desh-
Company also participated subsidised rates to the country's star- round of bidders tech evaluation it cultivates a broad spectrum of ca- pande to the newly created position
in the round. The startup tups, academics and research organi- SUNIL GUPTA pabilities to leverage AI effectively of president—global AI services,
sations. on May 7. The Mission plications to India AI Cofounder & CEO, Yotta Data Services and drive AI-led reinvention for cli- strategic deals and partnerships, to
will use the funds to ex-
pand its presence in the US,
Sunil Gupta, cofounder and chief
executive, Yotta Data Services, told
has invited the firm-
s—Netmagic IT Services
for building India-spe-
cific large language
We had already ents across various sectors.
A significant jump in hiring in
lead this new business group fo-
cused on addressing the “new AI
build new co-pilots, and ET that while the company had al- (now known as NTT Glob- models (LLMs) / small offered 8,192 Nvidia this space was seen in the last two to economy”, offering services across
launch HyperLM—a propri- ready offered 8,192 Nvidia H100 GPUs al Data Centers & Cloud In- language models (SLMs) H100 GPUs and 1,024 three quarters, staffing firms said. AI Advisory, AI engineering, AI so-
etary large language model and 1,024 Nvidia L40S GPUs in first frastructure India, or and more than 30,000 “This spike correlates with the lutions and more.
pre-trained on finance and round of empanelment, it has now NTT GDC India), Cyfu- GPU requests are in the Nvidia L40S GPUs in shift from pilot AI initiatives to
proposed Nvidia Blackwell B200s in ture India, Sify Digital pipeline. scaled enterprise adoption, espe- FOR FULL REPORT, GO TO
accounting data. —Our Bureau this second round of empanelment. Services, Vensysco “The bid submission
first round. We have now pro- cially in sectors like BFSI, health- www.economictimes.com
. IndiaAI Mission has shortlisted sev- Technologies, Locuz Enter- is now open for third con- posed Nvidia Blackwell B200s in
6%
Expected growth of global
en companies—including partners
of Amazon Web Service (AWS), Ora-
cle and Google Cloud—for technical
prise Solutions, Yotta Data Services,
and Ishan Infotech—for technical
presentation of their proposals on
tinuous empanelment," Singh said,
indicating that the third round of
the GPU tender is now open for ac-
2nd round of empanelment
FOR FULL REPORT, GO TO Tech Trotter Meanwhile in tech...
evaluation under the second round May 14. cepting bids. Some companies are www.economictimes.com
mixed reality (XR) display of the GPU tender, ET had reported There are already more than 230 ap- planning to bid higher versions of
shipments in 2025, ac-
cording to Counterpoint LTI Mindtree Clinches its
Ather Narrows its Q4 Infosys Staffers Get
Research
Biggest Ever $450m Deal
EV Battery Co
Losses 17% to `234cr, a Heads up on Lower
Mumbai: LTIMind- the agreement, LTIMindtree will
CATL Eyeing tree, the technology
services and digital so-
deploy an AI-powered operating
model to manage applications, in-
$4b in HK IPO lutions arm of Larsen frastructure, and cybersecurity

HONG KONG:
Chinese EV bat-
Revenue Rises 29% Bonus Payouts in Q4 & Toubro, has clinched its largest-
ever deal — a $450 million, seven-
year engagement with a leading
global agribusiness player, it said
services. The engagement will lev-
erage platforms including SAP
S/4HANA, ServiceNow, Microsoft
Azure, and the company’s proprie-
tery giant CATL Co says e-scooter sales up 35% to 47k units HR execs inform teams of lower bonus pay in a statement on Monday. tary AI frameworks for scalability
aims to raise $4 109,577 in FY24. For the full year “This marks a pivotal milestone and operational efficiency, it said.
Our Bureau FY25, Ather reported an operating KR Balasubramanyam as we shift to an AI-driven busi- The deal is also seen as a signifi-
billion in its
revenue of `2,255 crore, up from ness model,” said Venu Lambu, cant boost for LTIMindtree’s con-
Hong Kong listing sched- Mumbai: Electric two-wheeler ma- `1,753.8 crore in FY24, while its net Bengaluru: Infosys employees said CEO (Designate) and Whole-Time sumer services vertical. — Our
uled for May 20, said a ker Ather Energy's net loss narro- loss narrowed by 23.3% to `812.3 cro- there are indications that their per- Director, LTIMindtree. As part of Bureau
statement filed to bourse wed to `234.4 crore in the fourth qu- re. “This was a pivotal year becau- formance bonus payout for the fo-
on Monday. CATL produces arter of FY25, helped by rising volu- se this is the year we went from be- urth quarter ending March 2025 wo-
more than a third of all
electric vehicle batteries
me and improved margin. The net ing a single-product line business
loss was 17% lower than a year ago. to seven products and two product
uld be muted, in a sign of continued
uncertainties across the software New Survey Shows Asians
sold worldwide, working
The Bengaluru-based company, lines with Rizta and Ather 450,”
which made its market debut last Tarun Mehta, executive director
services sector.
Infosys had last month reported a Work from Home the Least
with top brands. The firm is week, reported a 29% increase in and CEO of Ather, said in the qu- 11.7% year-on-year fall in its net pro- identified. While at the call, the top
AVERAGE DAYS PER WEEK WORKED REMOTELY AMONG
already listed in Shenzhen, operating revenue to `676.1 cro- arterly earnings call. fit for the fourth quarter to `7,033 executives assured the team mem-
re, up from `523.4 crore in the He said, “Adjusted gross crore. The revenue guidance for bers not to lose heart as this was a COLLEGE-EDUCATED WORKERS, BY SEX AND REGION
and its plan for a secondary same period last year. margin for us was a very 2025-26 was also in low single digit. passing phase, and they would try to Women Men
1.62 1.59
listing in Hong Kong was Ather said its electric scoo- strong story in FY25. The At a conference bridge call with the compensate with better bonus re- 1.42 1.38
announced in December. ter sales rose by 35% in the fo- business generated `428 members of a large delivery unit commendations for eligible perfor- 1.35
urth quarter of FY25 to aro- crore in adjusted gross mar- last week, the company’s HR execu- ming employees once the growth cy- 1.15 1.16 1.25 1.11 1.06
According to a prospectus,
und 47,400 units, with growth gin, which is up 172% year- tives and delivery managers infor- cle returns.
CATL will offer approxi- largely driven by its recent- on-year compared to med their team members that the Infosys did not respond to an email
mately 117.9 million units ly launched family e- FY24. So, this was a bonus would be lower in view of the request for comment.
priced at up to HK$263 per scooter, Rizta. very strong lever drop in profits. The Bengaluru-headquartered
share ($33.8) for total ex- On a full-year ba- for us, and that's The call was initiated by the HR te- software major had, in February, English-speak- Africa Latin America Europe Asia
pected proceeds of sis, sales volume what led to a re- am, which may have had similar rolled out salary revision letters
ing countries 16,422 college-educated workers from 40 countries surveyed Nov
grew by 42% to duction in losses chat with other units too, a senior with an increase of between 5% and 2024 - Feb 2025. Source: Statista, Ifo Institute/Stanford University
HK$31.01 billion. —AFP 155,394 units from Tarun Mehta for us.” employee said. He did not wish to be 8% for most employees.

Behind ePay Apps’ Turn to M-wallets Again PhonePe Suffers UPI Snag as New
With no revenues from UPI payments, digital payments apps are turning to wallets to make some money
EXPLAINER MONEY MATTERS
million. Even Mobikwik has added
around 14 million new wallets in
EASIER FULL KYC
The RBI in its directions to PPIs in
Data Centre Fails to Handle Rush
the last one year. Unlike bank acco- December 2024 had said any custo-
unt-based UPI payments, which mer who undertakes a full KYC for
Co says traffic redirected to other servers, services being restored
Pratik Bhakta are not revenue generating, mobile the wallet can store up to `2 lakh in The company said it has and reported that services are grad-
wallet-based UPI payments attract the instrument. Almost like a pay- Our Bureau redirected traffic to other ually coming back online. PhonePe
Bengaluru: Paytm chief executi- a merchant discount rate. Given ments-focused bank account, custo- users took to X to express their frus-
DUILIO BARNABÉ, A still life with a funnel

servers and reported that

ve officer Vijay Shekhar Sharma large payment applications like mers can undertake person-to-per- Bengaluru: Digital payments ma- tration, reporting issues with per-
services are gradually coming
last week told stock market ana- PhonePe and Google Pay do not ge- son transactions up to `2 lakh for tho- jor PhonePe reported a disruption son-to-person (P2P) transactions
lysts the company is trying to get nerate any revenue from core UPI se who are already added as benefici- in its services on Monday around back online and the inability to find accounts
back its mobile wallet business payments, they are focusing on aries. For others, a customer can 7.30 pm after a new data centre faced vices was being routed through a linked to UPI IDs during the disrup-
and could be near a breakthrough. wallets, hoping to make some mo- transfer up to `10,000 in one go. a shortfall in network capacity. new data centre,” Chari posted tion.
At a time when the entire country ney per transaction. The RBI does not mandate any li- PhonePe cofounder Rahul Chari on X (formerly Twit- As the outage continued,
is moving towards instant pay- Large payment apps like PhonePe and Additionally, the National Pay- mit for usage of wallets for mer- attributed the outage to a network ter). “Unfortunately, Paytm CEO Vijay
ments via Unified Payments Inter- Google Pay do not generate any reve- ments Corporation of India is enga- chant payments. Industry insiders capacity issue detected in a new da- the Monday evening Shekhar Sharma
face, why are fintechs still looking nue from core UPI payments, forcing ging with the industry to settle on a said that given that the Indian cen- ta centre that was handling 100% of peak traffic ex- highlighted that
to revamp the good old mobile wal- them to focus on wallets fee of 0.6% to 0.7% for all wallet-ba- tral bank is not keen to offer digital the platform’s transaction load. posed a network Paytm, the third
let, which is technically referred to sed transactions. With the govern- banking licences, fintechs are loo- “Given the escalation of the (India- capacity short- largest UPI app
as Prepaid Payment Instruments in their wallet business over the ment having slashed subsidy pay- king at enabling as many features Pakistan) conflict last week, at Pho- fall, causing with an 8% mar-
(PPIs)? ET explains: last one year. According to RBI da- ments on digital transactions, the as possible for their customers nePe we initiated active DR (disas- transactions to ket share, was
ta, PhonePe has added around 25 compensation received for the zero through a full KYC-ed wallet. ter recovery) drills, with height- fail.” The com- running smooth-
THE BUZZ AROUND WALLETS million new wallets in the last one MDR mandate is also going to get ened cybersecurity measures on pany said it has ly and handling
Large UPI applications like PhonePe year. For Amazon Pay the corre- slashed. Paytm said it received `70 FOR FULL REPORT, GO TO our network firewall. This evening, redirected traffic double the usual
and Amazon Pay have seen an uptick sponding number is around five crore in UPI incentives for last year. www.economictimes.com 100% of our traffic across all our ser- to other servers transaction volume.
 CCI NG 3.17 Product: ETDelhiBS
PubDate: 13-05-2025Zone: DelhiCapitalEdition: 1 Page: ETDCEDIT User: satyam.shuklaTime: 05-12-2025 23:23Color:

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

TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

50 “Workforce is limited by the number of

“USING TECH LIKE AI CAN HELP
FOUNDERS FOCUS ON THE CORE
%
Of 2,000 CEOs surveyed said rapid invest-
IDEA OF A COMPANY. THAT WILL
LEAD TO BETTER QUALITY STUFF hours they have at their disposal. AI can
ment in AI resulted in disconnected technol-
ogy in their companies, finds an IBM study
THAT GETS CREATED AROUND
THE WORLD.” unlimit this limitation.”
MARK ZUCKERBERG, CEO, META ARUNDHATI BHATTACHARYA, CEO & CHAIRPERSON, SALESFORCE

THE
GOOD Now Locating: Human How Your Digital
Teammates are
Talent for AI Agents
AI Tool Predicts Cancer
Survival Outcomes

Reshaping Jobs
Researchers have devel-
oped an AI tool capable of
identifying a person’s age
based on a selfie picture.
As agentic AI sweeps the automation wave across
A
The analysis done by the gentic AI is transforming the future of work. These
tool,FaceAge, is capable of sectors, India is witnessing a surge in new job advanced AI agents are not just tools but autono-
mous digital teammates who can plan, reason and
finding out information
about a person’s overall
roles to train, design and deploy these execute tasks across applications without human input.
health and potential cancer intelligent systems responsibly. As businesses experiment with agent-driven systems,
traditional workflows are being reinvented, creating new
survival outcomes. A study Himanshi Lohchab analyses challenges around orchestration, governance and ethical
involving 6,000 cancer pa-
tients found that those in deployment. This shift is fuelling demand for new job
the app that appeared older
roles and skillsets across technology, product and opera-
tions teams. Himanshi Lohchab decodes what this means
than their actual age tended
for jobs of tomorrow.
to have poor survival rates.
New Job Roles in Agentic AI

THE Multi-Agent
Architect
AI Product Ops

BAD
 Monitor agent
 Design collaborative performance
AI workflows
Workers Using AI Seen Agent Orchestration
as Less Intelligent AI Ethics Specialist Lead
A study published in the  Develop govern-  Manage task decomposi-
ance frameworks for tion, scheduling, and coor-
‘Proceedings of the National responsible AI dination between agents
Academy of Sciences’, has
found that people that make AI Engineer/ AI System Engineer
use of AI tools are perceived Architect  Build self-learning bots
to be less intelligent and lazy  Faster integration, with continuous feedback
by their co-workers. The Scalable deployment loops
study was done through on-
line experiments done on Skills Required Global Patterns

L
4,400 people.
arge IT services firms and global capabil- tomation architects, organisational psycholo- $47.1 billion in 2030 from $5.1 billion in 2024. Over

Python, LangChain, Agentic AI market projected to exceed
ity centres are actively hunting for talent
in agentic AI with demand exceeding
gists and prompt engineers.
“In India, one of the growth areas for agentic AI
60% of Indian enterprises were in active deploy-
ment or the pilot stage in FY25 with BFSI, telecom,
AutoGen,
LlamaIndex $50.3 billion
globally by 2030, with accelerated
supply in positions such as agent ops, that we see is in software, driven by the need for and IT services leading adoption, followed by retail LLM fine-tuning

adoption in the US, EU, and APAC
agent architect, prompt engineer and professionals who can not only work in develop- and healthcare. IDC expects India’s AI agent mar-
(LoRA, QLoRA)
agent trainer. Traditional roles such as ment, but work in implementation to make agentic ket to grow at a CAGR of 35%, reaching $2.5 billion USA: 50% of AI job postings
process designers, architects, data specialists, re- AI systems that are fair, transparent, accountable by 2027. By 2026, AI agents are projected to be the 
Vector databases (LinkedIn 2024) mention
engineering experts, natural language processing and explainable,” said Vishal Chahal, vice presi- default interface for customer interaction, employ- (Pinecone, Weaviate) autonomous agents as keywords
(NLP) and machine learning (ML) programmers dent, IBM India Software Labs.He added intuitive ee onboarding and low-code app building, IDC said.
are also extendable to agentic AI, said Jaideep or imaginative skills to envision how the agent will Global estimates by McKinsey say AI agents could

Monitoring Europe: Strong demand in Germany
Kewalramani, COO and head of employability respond in various scenarios are also crucial. automate routine tasks such as scheduling, data tools (MLflow, for automotive, manufacturing,
business, TeamLease Edtech. While most open roles are currently centred retrieval, summarisation and customer responses, Prometheus) engineering (for manufacturing bots)
The shortage of agentic AI professionals is a around the metros, IBM said it’s tapping talent in saving up to 70% of employees’ time. AI copilots can Problem-solving for & in the UK (for finTech agents)
AI Leading to Loss of key concern. There are fewer than 100,000 such cities such as Gandhinagar, Bhubaneswar, Kochi, lead to a 30-40% increase in productivity in software


Critical Thinking: Study autonomous systems China: Heavy investment in multi-agent

professionals in the country, while demand is development, HR and customer service. Capgemini
Research by Microsoft and projected to double to 200,000 by 2026, according noted the need for full-stack AI architects responsi- Cross-functional systems (Alibaba, Tencent, Manus)
NEW TECH, NEW ROLES


to research and recruitment services firms such ble for aligning agentic tech within existing enter- collaboration
Carnegie Mellon University India: Enterprise agentic AI market
has shown that the use of
s BCG, Everest Group, TeamLease and Adecco,
ET had reported. Demand for these skills is
There are a growing prise architectures. “These distinct roles necessi-
tate a blend of deep technical expertise with a
(DevOps + AI teams
+ Product/Design)
projected to reach $1.7 billion by
generative AI tools can ham- growing at 300%, although that’s on a low base,
TeamLease said. Annual salary levels are at par
number of employ- nuanced understanding of complex, multi-discipli-
nary environments,” said Padmashree
2030, at a CAGR of 53.9%
per the ability to think care-
fully and process informa-
with other AI roles. Entry-level tech positions ment contracts with Shagrithaya, EVP and head, insights and data, Salary Ranges for Emerging Roles *Range (` - Per Annum)
can command `3-18 lakh, mid-level pay is at `10- global business line, India, Capgemini.
tion. It points out that skills 45 lakh and it’s upward of `40 lakh for senior the job titles of agent ops, agent Global AI solutions provider Findability Sciences
Early Level
(2-5 yrs)
3-18L
that typically sharpen with roles, depending on expertise. Exceptionally
skilled talent commands a 100% premium. architecture and technical lead said investment in data-driven operations is now a
priority for medium and large enterprises in
3-12L Tech Non tech
experience are particularly
Global recruitment firm Deel said it’s seeing a North America, Japan and Latin America. “For Mid Level 10-45L
affected by regular use of growing number of contracts with the job titles Mysuru and Coimbatore. IBM recently announced the past 10+ years, the focus has been on applica- (4-8 yrs) 7-32L
these AI tools. of agent ops, agent architecture and technical a software lab in Lucknow focussed on advancing tions such as ERP, customer, relationship man-
lead. The top five countries hiring for these roles GenAI and agentic tech. agement and business intelligence to monitor

THE
are India, Argentina, Brazil, Colombia and the AI agents are gaining rapid traction across indus- operations, where data was generated as a by- Senior / Experts
40L onwards
UK, Deel said. IBM said it is actively hiring for tries due to their transformative potential in auto- product,” said Sagar Mahurkar, vice-president, Level (8-12 yrs)
new job roles such as experience designers, agile mating complex tasks, improving efficiency, and Findability Sciences. “However, with agentic AI,

UGLY
coaches, design thinking, D&I specialists, digital cost savings. Software industry grouping Nasscom data will be at the centre of enterprise opera- Source: Apna.co, TeamLease, Grandview Research
data security and privacy, content managers, au- says the market for AI agents is projected to grow to tions, autonomously driving decisions.”

Vibe Coding, the Newest Tool with Good Biz Vibes

O
penAI’s reported acquisition of Cursor (Anysphere), (2022) Windsurf (Codeium), (2021) GitHub Copilot (Microsoft), (2008) Cognition AI (Devin), (2023)
AI coding platform Windsurf for Natural language prompts; 1Bn+ Fast, cost-efficient assistant; IDE-integrated Deep GitHub/VS Code integration; Fully autonomous AI software
$3 billion has put the spotlight on lines of code processed daily early market mover engineer
the potential of the ‘vibe coding’ market.
$40M | $3B
$300M | $9B 
Founders: Varun Mohan $400M | N/A N/A | $4B
Crowdstrike to Slash 5% Windsurf, formerly Codeium, launched its 
Founders: Michael Truell HQ Location: Mountain View, USA

Founders: CEO Thomas Dohmke 
Founders: Scott Wu
of Workforce on AI AI assistant just six months ago and has



HQ Location: San Francisco,USA Key Investors: Kleiner Perkins, General Catalyst

HQ Location: Redmond, USA 
HQ Location: San Francisco, USA
Crowdstrike will cut down already reached $40 million in annual 


Key Investors: Thrive Capital, a16z, Accel 
Key Investors: Microsoft 
Key Investors: Founders Fund, 8VC
5% of its workforce citing ‘AI recurring revenue. Generative AI has
efficiency’ as the cause. dented the technology industry’s most-
Around 500 people from prized skill – software coding, which is Replit, (2021) ARR Valuation Lovable, (2023) Bolt, (2024) Tabnine, (2012)
the company’s global work- turning into a commodity. Developers Built into Replit IDE; AI-powered app builder for Web-based AI coding Privacy-first; multi-language
real-time code gen non-coders; rapid growth agent; fast-growing user and IDE support
force are going to be let go, are paying top dollars for tools which can base
in-browser
according to the company’s generate code in seconds and a couple $17 M | N/A N/A | N/A
CEO. He added that AI of keystrokes. The vibe-coding platforms $10-$30M | $1.16B 
Founders: Anton Osika, $40M | N/A 
Founders: Dror
helped them ‘flatten the hir- compete on pricing, user experience, 
Founders: Amjad Masad Fabian Hedin 
Founders: Eric Simons Weiss, Eran Yahav
ing curve’ and cited market speed and accuracy. Himanshi Lohchab 
HQ Location: San Francisco, USA 
HQ Location: Stockholm, Sweden 
HQ Location: San 
HQ Location: Sel Aviv, Israel
demand as one of the fac- gets the details on developers’ go-to vibe Key Investors: Creandum, Francisco, USA Key Investors: Khosla Ventures,

Key Investors: a16z, Coatue,  

tors for the downsizing. coding platforms: Y Combinator Initialized Capital, Northzone 
Key Investors: StackBlitz Headline, Hetz Ventures
Source: Bloomberg, TechCrunch and company blogs

Tanm.ai NUETRENDS
With computing costs falling and GPU access improving, some Indian players are pivoting their strategy to
double down on software offerings and focus more on inferencing-as-a-service, says Swathi Moorthy
OpenAI’s stated mission was to create

GPU Firms Step up Their Tech Stack

artificial general intelligence — AI that
can do all human tasks — to benefit
humanity “unconstrained by a need to
generate financial return.” Hence, its non-
profit arm had control over the for-profit
Indian AI cloud and GPU-as-a-service compa- entered orchestration and application layers.
business and profits were capped. But nies such as Neysa, JarvisLabs and NeevCloud “But we realised that GPUs are a commodity
making AGI needs money, and by December are altering strategies as AI market dynamics and you need to build a technology for consumer
2024, OpenAI wanted to transition to a shift. While Neysa continues to invest in ad- stickiness and provide value beyond the GPU
for-profit structure to be able to raise vanced GPUs to double down on inferencing, such as improving chip performance,” he said.
money, though critics argued others such as JarvisLabs and NeevCloud are As a result, NeevCloud, instead of bulking up on

OPENAI’S ORG this would “sell out” the

non-profit mission.
taking a step back and not buying any more
GPUs. Instead, they are focusing on building the
GPUs, is taking a call to buy them based on de-
mand. “This is only 10-20%,” he added. The firm
STRUCTURE: software stack.
The reasons for this range from low utilisation
did not disclose the scale of GPU operations, but
this had been a key strategy earlier.
FOR PROFIT of high-end GPUs, high capital investment re-
quired for purchasing them and better and
Sharad Sanghi, cofounder of Neysa, an AI
cloud platform, said some
NOT FOR cheaper access to such chips in recent times. In
addition GPUs are capital intensive and unless
companies are not focusing
Companies are on GPUs as they are capital
PROFIT? startups have raised enough funds, it is a risky focusing on intensive and, unless they
Ai.sha business. While training and fine-tuning of
large language models is yet to pick up at scale,
building the
orchestration
have money, it is a risky busi-
ness. Neysa has so far de-
But it’s now hit the brakes on the transition companies are also focusing on inferencing, a layer. This layer ployed 1,200 GPUs and is in
with a new model that balances business process in which trained AI models use the data has systems talks to place further orders
imperatives with social and ethical ones. to predict, reason, or solve problems. that manage for advanced chips including
OpenAI says its non-profit arm will meted. “The rental prices and margins at which partnering with global players to offer process- multiple AI Nvidia Blackwells, expected
THE GPU ISSUE you can rent has significantly gone down. For ing capacity. components in India later this year. This
retain control, while the for-profit Vishnu Subramanian, founder of Jarvislabs AI, example, on-demand H100 (an Nvidia GPU) used backs up the company’s focus
business becomes a public benefit which offers GPU rental and AI cloud services, to cost $11-12 a year back. Now you can get them THE TECH STACK FOCUS on inferencing-as-a-service.
corporation (PBCs) with the same explained that one of the reasons they bought for less than $3 from a decent cloud service pro- In addition, Jarvislabs is also focusing on build- Sanghi said that with (Indic) foundational
mission. It made the decision after GPUs in 2019 was that back then no one else was vider,” he said. ing the orchestration layer. This refers to sys- models such as Sarvam coming, there will be
talks with civic leaders, lawyers buying them and costs were exorbitant. India’s appetite for spending on high-end GPUs tems that manage multiple AI components by use cases for training and finetuning. While the
and governments. This is becoming Jarvislabs offered the service at an economical has declined. “Even within Jarvislabs, we see a streamlining the process, scaling and bringing firm was doing all three earlier—training, fine-
price to startups and the student community in bigger chunk of revenue coming from the in efficiency. NeevCloud founder Narendra Sen tuning and inferencing, Sanghi said the enter-
a trend for AI firms -- rivals like the country. But with more companies entering West,” Subramanian said. As a result, the com- said it began with a plan to build the CoreWeave prise space is going to be more of a market fo-
Anthropic and X.ai too are PBCs. the field in India and globally, costs have plum- pany stopped buying GPUs a year ago and is of India. It started out renting GPUs and then cused on the latter.
 CCI NG 3.17 Product: ETDelhiBS
PubDate: 13-05-2025Zone: DelhiCapitalEdition: 1 Page: ETDCCORP User: satyam.shuklaTime: 05-13-2025 00:05Color:

Double duty NEW DELHI / GURGAON

Actress Amber Heard has TUESDAY
13 MAY 2025
announced the arrival
of her twins — daughter www.etpanache.com
Agnes and son Ocean —
in a social media post ADVERTORIAL &
PROMOTIONAL FEATURE
on Mother’s Day

Billionaire battle exposes Blessings, not tips, from

Pope Leo at a Peru diner
mysterious art market
David Geffen and Justin Sun’s dispute over ownership of a
since February “in connection with
her confessed fraud and theft” — a
When Pope Leo XIV
dined out as a bishop in
the Peruvian town of
Chiclayo, his appetite
was big and his tips
came i n t he for m of
claim that could not be independently blessings rather than
Giacometti sculpture gives a glimpse into a shrouded world verified. cash, the staff recall.

B
Carlos Lopez
A lawyer for Sun, William Charron, used to wait

PIC: U.S. DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK
illionaire art collectors Seller’s remorse? said in an email that Geffen’s claims on a younger
rarely air their deals or At a 2021 auction in New York, Sun, are “desperate and bizarre” and that Robert Prevost
dirty laundry out in public. who founded the crypto platform he is clinging to a “fiction” that the
But a battle between a pair Tron in Singapore, paid $78.4 million adviser is not a thief. During Pope Leo local cuisine. “He was a
of boldfaced names over a for ‘Le Nez’, a mid-century work of XIV’s (left) time as very calm person who
Giacometti sculpture is now playing bronze, steel and iron depicting a head, Under wraps inspired peace when he

PICS: AP, AFP

out in the open, shining a rare light on suspended in an open cage and boasting Whether there was really a theft is
Bishop of Chiclayo spoke, a very humble
a global market featuring unlicensed a very long nose. crucial, but will not necessarily in Peru, the El person,” Lopez said.
agents, multimillion-dollar handshake Geffen, in turn, bought the sculpture decide the case, art lawyers Trebol restaurant The Spanish delicacy
deals and pervasive secrecy. last year while it was on loan to the say. If the adviser transferred the was one of his Chicha r rón, washed
Chinese crypto entrepreneur Giacometti Institute in Paris. Geffen paid sculpture without authority, Sun The US-born pontiff favourite haunts down with orange juice
Justi n Su n a nd A meric a n But early this year, Sun sued, could be named the rightful owner. Or devoted more than 20 and coffee — that was
$10.5 million in
entertainment executive David alleging that an adviser who sold it Geffen could keep the sculpture if his years as a missionary “This was one of the breakfast; lunch was
G ef fen a re sli ngi ng w rit ten to Geffen, for $10.5 million and two cash and turned reliance on her representations was in the Andean country pope’s favourite places. sometimes stewed goat;
accusations at each other in a US unnamed paintings, had done over two other reasonable. and became a Peruvian He used to come two or d i n ner wa s ch icken
federal court, each claiming so without his permission, artworks worth T he cl ai ms a nd cou ntercl ai ms national in 2015. three times a week,” broth, he recalled.
to be the rightful owner of forging documents and $55 million for fill hundreds of pages, and the gaps “We a re happy and said Lopez. “He had his Prevost also frequented
Alberto Giacometti’s ‘Le Justin inventing a non-existent ‘Le Nez’ between the billionaires’ accounts lucky to have served our favourite table here, the nearby restaurant
Nez’ (‘The Nose’). Along a Sun Chinese lawyer to make are vast. Sun says his adviser was a current Pope Leo XIV,” number three, with a of Las Americas where
AI GENERATED

trail stretching from New York the deal. The accused freelancer perpetrating an “elaborate said Carlos Lopez, who view of the cathedral. manager Rodrigo Couto
to Singapore to Paris and back to the adviser was publicly ruse”. Geffen contends that Sun has waited on a younger He didn’t tip you, that’s said t he bishop was
United States, Sun says the sculpture con nec ted wit h been trying to delete text messages and Robert Prevost at the for sure, but he gave you “kind and simple” — and
was secretly sold by a dishonest adviser David Su n a nd hi s a r t Sun had “seller’s remorse” after trying evidence on the internet. El Trebol restaurant his blessing.” also a joker. “Sometimes
and sued for its return from Geffen, Geffen p u r c h a s e s f o r to sell the paintings included in the deal Practical ly the only thing they years before he became we got his order wrong,
who recently struck back, accusing Sun years and spoke but finding that they did not fetch offers appear to agree on is that the paintings pontif f. He said that ‘God will repay you’ and he would say: ‘God
of devising an elaborate fraud because
he regrets the sale.
Adding to the tangle is an agent who
about advising him on his bid for the
Giacometti and other pieces.
L a st mont h , G ef fen sue d Su n ,
as high as he had hoped.
Sun’s lawyers fired the latest salvo,
tel li ng t he cou r t t hat G ef fen is
traded in the 2024 deal are not to
be publicly identified. The secrecy
is most likely to avoid tainting the
Prevost was a regular at
the eatery between 2015
and 2023.
Lopez recounted Prevost
as a ca l m a nd quiet
character who loved the
quipped .
will repay you,’” Couto

— AFP
might or might not be to blame and
who might or might not be in a Chinese
accusing him of concocting a “sham”
story about his adviser making an
“completely misguided” and should
actually be suing the adviser, who .
paintings’ value with the fight over the
sculpture, experts say

$62,000
detention centre. illegitimate sale. In reality, he charged, they say has been detained in China — The New York Times

80 boxes of Nazi material found in Argentina’s court basement The amount that horse jockey Junior Alvarado It was
Alvarado’s
Dozens of boxes of Nazi material the attention of authorities, who feared materials and referred the matter to the has been fined for striking his horse more than
PIC: AP maiden
con f i sc ated by A rgenti ni a n its contents could affect Argentina’s Supreme Court. It was not immediately the allowed limit. Alvarado whipped the bay win at the
authorities during World War II neutrality in the war. clear why the items were sent to colt eight times during the Kentucky Derby, Kentucky
were recently rediscovered in the Despite claims at the time from Argentina or what, if any, action the above the maximum six allowed by the Derby
Supreme Court’s basement. German diplomatic representatives Supreme Court took at the time. Horseracing Integrity and Safety Authority in
that the boxes held personal items, The court has invited the Holocaust the US. Alvarado also received a suspension for
Uncovering history A rgent i ne cu stom s aut hor it ies Museum in Buenos Aires to participate two races in Kentucky on May 29 and 30. Had
The 83 boxes were sent by the searched five boxes at random. in the inventory of the boxes. Experts he used the riding crop 10 times during the
G er man embassy in Tokyo to They found postcards, photographs will examine them for clues about still- race, he would have been disqualified.
Argentina in June 1941, according to and propaganda material from the unknown aspects of the Holocaust, such The fine and length of the suspension were
the history that the court was able to It is not clear why the items were sent Nazi regime, as well as thousands
.
as international financing networks
.
doubled because it was Alvarado's second
PIC: AP

piece together. to Argentina or why they were shipped of notebooks belonging to the Nazi used by the Nazis offence in a 180-day period
At the time, the large shipment drew from a German embassy in Tokyo party. A federal judge confiscated the — Reuters

The Warrior Monk

VITALS
IPL to Resume from May 17
To be played in six venues, final moved to June 3 RE VISED SCHEDULE

KOHLI RETIRES FROM TESTS A career forged in discipline, defined by dominance N e w D e l h i : The BCCI on ernment and security agencies, Date
May 17
Match
RCB v KKR
Venue
Bengaluru
Monday decided to resume the and with all the key stakehold-
May 18 RR v PBKS* Jaipur
there are few more pleasing IPL season across six venues ers, the Board has decided to
May 18 DC v GT Delhi
sights. Everything about his bat- A GREAT CAREER from May 17 with the final slated proceed with the remainder of May 19 LSG v SRH Lucknow
ting is about planes of existence. MAT INNS RUNS HS AVE 100 50 for June 3 as per the revised the season,” the board said in a May 20 CSK v RR Delhi
His set up at the crease is immacu- schedule. statement. May 21 MI v DC Mumbai
late, built on a core strength that
Overall 123 210 9230 254* 46.85 30 31 The IPL was halted on The first match upon the May 22 GT v LSG Ahmedabad
Ancelotti to Leave Real came from years of training and a Home 55 87 4336 254* 55.58 14 13 May 8 after the match resumption of the league May 23 RCB v SRH Bengaluru
Madrid for Brazil Job monkish adherence to diet and Away 66 119 4774 200 41.51 16 18 between Punjab Kings will be between Royal May 24 PBKS v DC Jaipur
Rio de Janeiro: Real Madrid coach Anand Vasu discipline. His movements were and Delhi Capitals was Challengers Bengaluru May 25 GT v CSK* Ahmedabad
Neutral 2 4 120 49 30.00 0 0
Carlo Ancelotti will leave the compact and decisive: feet leading called off after and Chennai Super May 25 SRH v KKR Delhi

W
club at the end of the season to the way, arms following, wrists As Captain 68 113 5864 254* 54.80 20 18 Pakistan tried to in- Kings in Bengaluru May 26 PBKS v MI Jaipur
hen Rohit Sharma locking, a symphony of action As not Captain 55 97 3366 186 37.40 10 13 vade Indian air space on May 17. May 27 LSG v RCB Lucknow
take charge of the Brazil national
slipped away from that allowed the bat to trace the n e a r The six venues May 29 Qualifier 1 TBC
team, the Brazilian Football
Confederation (CBF) announced Test cricket, you best possible arc. INDIA UNDER CAPTAIN KOHLI Chandigarh, for league May 30 Eliminator TBC
June 1 Qualifier 2 TBC
Monday. The 65-year-old Italian were left with a And when bat met ball, the meat Mat Won Lost Tied Draw W/L forcing a matches as
June 3 Final TBC
will become Brazil’s first foreign feeling of quiet of that English willow punched Overall 68 40 17 0 11 2.352 blackout in per the re- * Starts at 3:30pm. Rest at 7:30pm
coach since 1965, with Xabi sadness, an appreciation for what leather with an oomph that let the stadium. vised sched-
Alonso set to be appointed as he brought to the game and a fielders know that Home 31 24 2 0 5 12.00 “BCCI is ule will be:
the new Real Madrid boss after sense of gratitude for what they had no Away 36 16 14 0 6 1.142 pleased to an- Bengaluru, playoff matches will be an-
confirming his exit from Bayer he had done for the team. chance one the nounce the J a i p u r, nounced at a later date. A total of
When Virat Kohli fol- ball went past
I’m walking away with a heart full of gratitude resumption D e l h i , 17 matches will be played across
Leverkusen last week. “The
greatest national team in the lowed suit, the loss was them. — for the game, for the people I shared the of the TATA L u c k n o w, six venues and the revised
history of football will now be qualitatively different, Kohli the field with, and for every single person who made IPL 2025. After Ahmedabad schedule includes two double-
led by the most successful coach more visceral, more leader was me feel seen along the way VIRAT KOHLI extensive consul- and Mumbai. headers, which will be played on
in the world,” said the CBF in a wrenching, because there man unto tations with gov- The venues for the two Sundays. PTI
statement. “He will lead Brazil may not be another like h i m s e l f. and changed the playing eleven Kohli, wore his beard and repli-
until the 2026 World Cup and him for a time to come. H e more than anyone before or after cated his tattoos.
will coach them in their next
two qualifying matches against
Ecuador and Paraguay next
Kohli scored a mountain
of runs, forcefully impos-
ing his will on the opposi-
chopped him, defied conventional wisdom
and threw out the playbook. And
yet, he won 40 of the 68 Tests he
But, for a set of youngsters who
did not take instruction too well,
and did not like being told what to
Sinner Overcomes ‘Big Drop’ in Level
month.” Ancelotti will be the tion and dictating the tempo was captain of. Statistically, this do or how to look, Kohli lived out In 2nd match back from
fourth non-Brazilian to coach of matches. But, more than sort of consistency should not the manual. If you wanted to give
Brazil. The last was Argentine the runs he scored, the manner have been a realistic aim. But, yourself the best chance at suc- doping ban, the Italian
Filpo Nunez who was in charge in which he elevated himself Kohli’s method — and it occasion- ceeding be like Kohli. This was loses serve twice to
for one game 60 years ago. AFP above his peers will burn ally looked like a kind of madness something even rebels without a qualifier De Jong
brightly. — was to chase victory even if it cause identified with.
WORLD SQUASH CHAMPIONSHIPS To compare anyone to Sachin meant flirting with defeat. At no That Kohli drove himself and his ROME: Jannik Sinner is still re-
Indian Campaign Tendulkar is an exercise in futility, point did Kohli consider a team, to constant improvement gaining his focus on the tennis
Ends in Second Round but the only player who draw a useful result. was a given. When he suffered a court after his three-month dop-

3
Chicago: India's campaign in has come close to occupy- Indians For Kohli to leave the fruitless tour of England in 2014, ing ban.
the prestigious World Squash ing his space is Kohli. who have game with 9,230 runs to Kohli did not hang his head in dis- The top-ranked player over-
Championships ended in the When you picked an more Test his name — and the appointment. He went back to the came a brief lapse during the
second round on Monday with Indian playing eleven, in runs than Kohli’s 10,000 milestone was drawing board and rewired his first set of a 6-4, 6-2 victory over
all the four players losing their the 1990s and 2000s, you 9,230 — Sachin there for the taking had game, to the extent that his 2018 Dutch qualifier Jesper De Jong
respective singles matches. Lone built it around Tendulkar. Tendulkar he decided to press on visit to England was the harvest of in his second match back on tour
Indian in the women's singles, With Kohli, it was much (15,921), — and an average of a bumper crop. No matter what the at the Italian Open on Monday.
Anahat Singh lost 1-3 to Fayrouz the same. Rahul Dravid 46.85 puts him right up bowlers came up with, harnessing Sinner jumped out to a 4-1 lead I felt like I started allowed him not to miss any
Aboelkheir of Egypt. The Even in the last few (13,265) and there with the best of every advantage the conditions of- but then lost his serve twice as the match very well Grand Slams and come back at
17-year-old Anahat, ranked 62nd years, when Kohli’s re- Sunil Gavaskar those who have fered, Kohli had an answer. the 93rd-ranked De Jong evened his home tournament.
turns were much dimin- (10,122) played. But, more im- In Australia, a country that Kohli the first set at 4-4. and then I had a big drop. The Italian Open is the last big
in the world, had earlier beaten
world No. 28 American Marina ished from the heights he portantly, he laid loves almost as much as its sport- There were poor drop shots, an I tried to understand warmup before the French Open
Stefanoni in the opening round. hit, and his manner of dismissal down a marker that ing populace grudgingly admires inopportune double-fault and what was going on. Then starts on May 25.
In the men's singles, Abhay outside off stump was becoming generations to follow him, Kohli was at his best. Pace other errors from Sinner. But the fortunately I broke him Just like in his opening win
Singh, Veer Chotrani and Ramit something of a recurring joke, must live up to. and bounce may hurry and harry Italian regained control in front on 4-all again, which then over Mariano Navone on
Tandon also lost their second- Kohli was undroppable. Other Kohli’s attitude to fit- lesser players, but he weaponised of his home crowd with his pow- gave me the confidence to Saturday, the fans at the Foro
round matches to bow out of the players with the same results ness, his transforma- them, turning the bowlers’ great- erful groundstrokes and big Italico were fully behind Sinner
would have got a tap on the shoul- tion from the chubby est strengths into their biggest serve and extended his winning
continue — Italy’s first No. 1.
tournament. Singh was no match
to world No. 13 Youssef Ibrahim der from the selectors. butter chicken loving vulnerability. streak to 23 matches, dating back JANNIK SINNER Yelling “Vai Jannik” (“Go
of Egypt, losing 0-3 (6-11, 6-11, But, you did not do that with teenager to the ultimate Kohli will be remembered for his to October. Jannik”) and singing his name,
9-11), while Chotrani was beaten Kohli because he was the one play- professional, is a case study aggression — the cameras simply “I felt like I started the match first tournament since he won the crowd provided encourage-
1-3 (11-7, 7-11, 3-11, 10-12) by top er that the opposition feared the in what can be achieved if you loved tracking his every animated very well and then I had a big his third Grand Slam title at the ment whenever Sinner needed
seed Ali Farag, also of Egypt. most. He did not accumulate runs put your mind to it. If Tendulkar movement on the field — but he drop,” Sinner said. “I tried to un- Australian Open in January. it. “It’s good to have him back,”
Tandon's match was the closest — and in Indian cricket, there will was an untouchable paradigm, should be celebrated for his relent- derstand what was going on. In February, Sinner agreed to 12th-ranked Tommy Paul said of
as he went down fighting 2-3 (9- always be someone who does — Kohli was an aspirational real-life less pursuit of excellence. No Then fortunately I broke him on the three-month ban in a settle- Sinner after beating Tomas
ZAHID

11, 7-11, 11-5, 11-8, 8-11) to eighth he hammered a stake into the hero. A generation of cricketers, player in recent times has tried 4-all again, which then gave me ment with the World Anti- Machac 6-3, 6-7 (5), 6-4. “He’s such
seed Marwan Elshorbagy of heart of the opposition bowling. especially batsmen, in India, harder, and this is the ultimate re- the confidence to continue.” Doping Agency that raised some a big figure in the sport. He kind
England. PTI If you watch Kohli at his best, looked like Kohli, walked like spect you can give to a great game. Sinner is into the last 16 of his questions, since it conveniently of sets the bar right now.” AP
 CCI NG 3.17 Product: ETDelhiBS PubDate: 13-05-2025 Zone: DelhiCapital Edition: 1 Page: ETDCBP User: satyam.shukla Time: 05-13-2025 00:09 Color:

16 Companies: Pursuit of Profit THE ECONOMIC TIMES | NEW DELHI / GURGAON | TUESDAY | 13 MAY 2025 | WWW.ECONOMICTIMES.COM

Liquidator Puts
Jet Airways’ US-China Truce Unlikely to Trip Addition of Mobile
Mumbai Office Users Slows as
Up for Sale Phone Cos’ Make-in-India Play Tariff Hikes Pinch
Geopolitical situation still favours India as an alternative to global supply chains: execs packs becoming more expensive.
“Irrespective of the regional di-
Industry executives remain up- Trend similar in both versity, India’s total broadband user
Kiran Rathee & Subhrojit Mallick beat about global interest in in- base has reached 944.12 million, and
On Call vesting in the manufacturing rural and urban getting the next 100 million users is
New Delhi: The US decision to ecosystem in India. going to be very challenging,” said a
pause steep reciprocal tariffs on Pace of growth in mobile “India still has some residual dis- markets as households senior telecom executive. “This is
China for 90 days is not expected to sector production unlikely ability when compared to Vietnam mainly because, for a very large ru-
Kailash Babar slow down the pace of growth in to slow even if US and China and we are working with the go- cut down on multi-SIMs ral population, even a `1,000 annual
domestic production of mobile settle tariff issues amicably vernment to remove the bottle- spend on a mobile device and
Mumbai: A government-appointed phones and related components in This benefit lasts India and the US necks. We remain cautiously recharge is unaffordable.”
liquidator has put an entire office flo- India, as the country still has a 20% only till July 9, unless are working on optimistic,” Mohindroo said. Himanshi Lohchab “But, we see a huge headroom for
India still has a a new India-US trade a trade deal, and
or owned by defunct Jet Airways in tariff arbitrage that can be turned “Global companies will not stop growth in rural markets as tele-
commercial tower Godrej BKC in into an opportunity, industry 20% tariff deal is signed hopes are high looking beyond China since the si- Mumbai: Telecom tariff increa- density is at 59%. Lately, the refur-
Mumbai’s business district Bandra- executives and experts said. tuation is still very fluid…most pla- ses in July 2024 have caused the pa- bished smartphones market is bur-
Kurla Complex (BKC) on the block. Moreover, the geopolitical situa- advantage Global firms still see India as a good yers in the electronics industry ce of subscriber additions to slow geoning in these regions and even
The liquidator has set a reserve price tion still favours India as an alter- over China for tech option, though it trails Vietnam in operate with an around 5% net mar- in rural India, a geography that 5G FWA-based home connections
of `335.24 crore for the property to be native to global supply chains, exports to the US some areas gin, except for Apple, and a 30% du- hitherto led urban markets in are growing in tandem with urban
auctioned next month under the In- which are being diversified to re- ty differential is still massive for drawing more users. numbers,” the executive added.
solvency & Bankruptcy Code, 2016. duce dependence on China, they them. So, the world will continue lo- Rural India added a net 790,000 According to Trai, the share of
In 2020, as part of Jet Airways' insol- said. They, however, warned that untry in a disadvantage. But this have an edge over exports from Chi- oking at other countries,” an execu- subscribers in the 12 months pre- urban and rural wireless (5G
vency proceedings, global alternative given the pace of changes in global looks less likely as both countries na which must pay 20% duty, he sa- tive from an electronics contract ceding March 25, a miniscule ga- FWA) subscribers
investment major Brookfield Asset developments, particularly from are working on a bilateral trade ag- id. In the latest deal between the US manufacturing firm told ET. in as compared with the 15.27 mil- was 62.97% and
Management had acquired the com- the US administration, nothing reement, and the industry is hope- and China, the reciprocal tariffs ha- Other executives said the indust- lion added in the previous fiscal 37.03%, respecti-
pany’s two office floors in the building can be taken for granted. ful of a positive outcome. ve been reduced from 125% to 10%. ry is seeing US-China development year, showed an analysis by the vely at the end of
for `490 crore. These offices are cur- Despite the agreement reached “Since smartphones, laptops and The 25% tariff that the then Trump as an icebreaker, signalling an in- Telecom Regulatory Authority of March 2025. “This
rently occupied by marquee tenants between the US and China in Gene- tablets were excluded from the re- administration imposed in 2018 on tent from both sides to find a com- India (Trai). is significant, be-
including World Bank and PayPal. va, India continues to have a 20% ciprocal tariffs, there won't be any several imports and the 20% duty mon ground and move towards a “This is largely due to SIM conso- cause FWA home
India’s
The transaction involved around tariff arbitrage over China for ex- significant change for India’s ma- on the opioid drug fentanyl stay. more balanced trade relationship. lidation after the tariff hikes as mobile connections are
180,000 sq ft office space spread across ports to the US. But this arbitrage nufacturing ecosystem as of When it comes to the Indian ma- “This reprieve creates a slight un- many rural households cut down internet three-times more
the third and fourth floors, along with certainty is only till July 9 — Was- now,” Pankaj Mohindroo, chair- nufacturing space, the govern- certainty for India regarding pre- on multi-SIMs and new connec- gender gap expensive than
rights to 138 car parking spaces. Bro- hington has agreed to suspend re- man of the India Cellular and ment’s incentive schemes combi- viously held plans and expecta- tions,” said Balaji Subramanian, reduced from mobile packs.
okfield holds the right of first refusal ciprocal tariffs on India until then. Electronics Association, told ET. ned with the current scale of pro- tions. Before this deal, heavy import vice-president, IIFL Securities. 40% to 30% as This shows im-
(ROFR) for this office space too as If India and the US fail to reach an US-bound exports of products like duction has been able to offset the 7- duties on Chinese goods made India “We expect a correction in rural more women mense appetite for
part of the agreement entered then. agreement, India may again face smartphones, laptops and tablets 10% cost disability compared with appear as the next best alternative,” net adds as both Airtel and Jio will users came data-hungry users
As per the ROFR terms, Brookfield 26% tariffs, which will put the co- from India attract zero duty and still China in manufacturing. an industry executive said. continue to enhance rural rollouts online in these markets,”
is expected to match the highest offer in coming quarters,” he added. he said. He also no-
the asset receives if it intends to ac- The trend was similar for urban ted that the gender divide of mo-
quire the same. regions, albeit with a narrower bile ownership in India is redu-
The currently vacant office spread
MOTOROLA, VIVO, AND NOTHING SET TO JOIN APPLE, SAMSUNG IN GENAI RACE gap. In FY25, urban circles gained cing, meaning women will be lea-
over 83,000 sq ft on the second floor of 730,000 telecom subscribers com- ding growth contributors as new
the commercial tower was sealed by
the Municipal Corporation of Grea-
ter Mumbai owing
to unpaid dues. On
AI Phones to Get More Affordable as pared with a net addition of 11.67
million in the previous fiscal.
As of March ‘25, total rural and
urban user bases stood at 534.69
mobile owners going forward.
According to the GSMA Mobile
Gender Gap report 2024, India’s
mobile internet gender gap redu-

Smaller Brands Get Cheaper Chips

E-auction to April 28, the Natio- million and 666.11 million ced from 40% to 30% as more
be held on nal Company Law respectively, Trai data showed. women users came online.
June 2 for Tribunal (NCLT) Notably, teledensity, a measure of Prominent rural hotspots in Ut-
BKC space; ordered the civic the number of telecom users per tar Pradesh, Bihar, Karnataka are
reserve price body to de-seal the 100 people in a geographic area, has also consuming higher levels of
set at `335 cr property and halt The sharp fall was triggered by rola, Vivo and Oppo too have laun- shrunk for urban India—to 131.45% data, though affordability is a con-
recovery actions.
The e-auction for the property
The New Wave AI phone prices were higher sales this year of the iPho-
ne 16 series base models—which
ched smartphones with limited AI
capabilities in lower price tiers.
from 133.72%. This means that an
average urban user who has more
cern as a large 2G user base has
still not upgraded to higher reve-
Brands are Handset
along with 70 exclusive car parking
slots in the tower is scheduled for Ju- counting on makers inking down 39% in the are considered AI-enabled
smartphones—along with the in-
“What we are trying to do is own
the space on AI… we would be
than one SIM card is cutting down,
the decision swayed by telecom
nue generating 4G/5G services,
experts said.
GenAI to stand long term deals
ne 2, and as per the auction notice,
prospective bidders are expected to out in a slowing with ChatGPT March quarter on year troduction of AI features in
mid-tier Android phones too.
bringing these AI features at a pri-
ce-point which nobody else has. I
submit an earnest money deposit of smartphone and Perplexity and could drop further Canalys defines AI smartphones would call it differentiation, and al- Slow, But Steady
`32.5 crore. The asset is being sold on market for on-device as those that can run large GenAI so democratisation of AI,” TM Na- RURAL URBAN
an ‘as is where is’ basis under the integration models on-device through a dedica- rasimhan, managing director, Mo-
IBC, and all applicable taxes, dues Subhrojit Mallick ted AI unit. This covers the latest torola Mobility, India, said. Subs (mn) Teledensity (%) Subs (mn) Teledensity (%)
and transfer charges will be borne by models from Apple and flagship These brands are also banking Mar-23 518.6 57.7 653.7 133.8
the successful bidder. New Delhi: AI-enabled smartpho- smartphones from major brands. on chipmakers such as Qualcomm
ET's separate email queries to the li- nes are becoming more affordable According to the research firm, and MediaTek, which have diffu- Mar-24 533.9 59.2 665.4 133.7
quidator and Brookfield remained AI PHONE with more price drops likely in the around 7.6 million sed GenAI hardware to lower-end Mar-25 534.7 59.1 666.1 131.5
unanswered until press time. SHIPMENTS second-half of the year, driven by AI-enabled chipsets, opening up the lower pri- Source: TRAI
In the earlier auction held in June 2024 Total smaller brands switching to new- Single-digit smartphones were ce segments for disruption, and
2020, Brookfield emerged as the sole gen mid-tier chipsets capable of growth shipped in even new device categories such
bidder, matching the reserve price of 7.6M running on-device AI workloads. expected in 2024—around 5% as smart glasses.
`490 crore. The acquisition price
translated to approximately `28,900
units
(5% of all SMART
In absence of major growth
drivers, brands are counting on
2025, with AI
marketing
of total shipments
that year. But by
Chipmakers are a crucial piece of
the puzzle as they hold the key to
C-DOT, Synergy to Develop
PLAYERS
per sq ft then, which was about 25%
lower than the prevailing market ra-
phones)

Q1 2025
PREMIUM
generative AI to play key differen-
tiator in their products, industry
driving
momentum
the first quarter of
this year, brands
bringing down the cost of proces-
sing AI tasks by shifting from the Drone-based Comm Tech
tes in BKC at that time. Real estate ex- nApple executives said. Mobile phone across price have already ship- cloud to the edge, experts said.
perts considered this a fair valuation Already oSamsung makers are also inking long-term bands: IDC ped nearly half of Market research firm IDC on New Delhi: The Centre for Deve- national vision of strengthening in-
given the market conditions and the pGoogle deals with third-party AI chatbots that volume—aro- Monday forecast single-digit lopment of Telematics (C-DOT), a digenous research and innovation
lack of new premium office supply in 3.5M such as ChatGPT and Perplexity, und 3.5 million—and the total 2024 growth for the overall smartpho- premier telecom R&D institution under the ‘Atmanirbhar Bharat’
the area at that time. shipped AFFORDABLE integrating them into the handset volumes are set to be topped by the ne market in 2025, driven, among under the telecom department has initiative and enhan-
The Godrej BKC building, a 19-sto- — likely to nNothing operating system to offer a first half of 2025. others, by increased marketing of inked a pact with Synergy Quan- cing India’s edge in
rey commercial tower, was developed surpass 2024 oMotorola differentiated experience. The AI smartphone surge is being generative AI features across tum India to jointly develop quan- emerging and secure
in 2011 through a joint venture betwe- totals by H1 pVivo qOppo That said, a majority of AI led by Apple, Samsung and Google price-points. However, a major de- tum communications technologi- telecom technologies.
en Godrej Properties and Jet Airwa- smartphones continue to be on the premium end, but smaller terrent for smartphone brands to es optimised for drone-based de- “As part of the colla-
ys. Jet Airways had originally pur- priced at a premium. brands operating in mid-tier price diffuse AI features to lower price ployment, according to a release boration, C-DOT and
chased the land from the Mumbai
Qualcomm and MediaTek As per market research firm Ca- segments are fast catching up. Lon- tiers is the steep cost of providing on Monday. Synergy Quantum will jointly pur-
Metropolitan Region Development are pushing GenAI chips nalys, the average selling price of don-based brand Nothing recently these features. Synergy Quantum, is a deep-tech sue the development of quantum
Authority in 2008 for `826 crore before into lower-priced segments, AI smartphones has fallen by 39% announced a new smartphone, pri- Narasimhan described the cost company focused on quantum communications technologies opti-
collaborating with Godrej Properties opening them up for disruption on-year in the March quarter to ced below `50,000, capable of run- of running AI features as an ever technologies. mised for drone-based deploy-
for the project's development. $994 from $1,140 a year ago. ning GenAI tasks on-device. Moto- evolving scenario. The partnership aligns with the ment,” the release said. — PTI