ECONOMY | PAGE 2 COMPANIES | PAGE 4 Daily orders driving RITES’ rising profitability: CMD BACK PAGE | PAGE 20 BPSLcase: CoC challenges ex-promoters in apex court AHMEDABAD, SATURDAY, AUGUST 9, 2025 Jaguar new boss hits back atTrump over ‘woke’ jibe FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XX 60, 44 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 79,857.81 ▼ 765.45 NIFTY: 24,363.30 ▼ 232.85 NIKKEI 225: 41,820.48 ▲ 761.33 HANG SENG: 24,858.82 ▼ 222.81 `/$: 87.66 ▲ 0.05 `/€: 102.05 ▲ 0.32 BRENT: $66.73 ▲ $0.30 GOLD: `1,00,672 ▲ `540 FE S P EC I A L S Modi,Putin pledge to deepen ties ● ‘Gathering of solidarity’: China welcomes PM visit for SCO meet DIVYAA New Delhi, August 8 AMID THE TENSION in ties with the US after President Donald Trump doubled the tariffonIndiaoveritspurchase of Russian oil, Prime Minister Narendra Modi and President Vladimir Putin held a phone conversation on Friday during which they discussed “the latest developments on Ukraine” File photo of PM Narendra Modi and Russian President Vladimir Putin during the SCO Summit in Uzbekistan in 2022 REUTERS and “reaffirmed our commitment to further deepen the India-Russia Special and Privileged Strategic Partnership”. Modi said he looked forward to hosting Putin in India later this year. National Security Advisor Ajit Doval, who travelled to Moscow this week and met Putin, had also said that the President would be visiting India. The Kremlin, meanwhile, issued a statement indicating a likely meeting between Putin and Trump next week over the war in Ukraine. The Modi-Putin conversation took place three days after RussiacriticisedTrump’saction and backed India’s right to choose its trading partners. “Sovereign countries have the right to choose their own trading partners,” Kremlin spokesmanDmitryPeskovsaid. Continued on Page 7 RESULTS CORNER Know which ITR form is right for you Ensure correct reporting of capital gains ■ PERSONAL FINANCE, P9 Q1FY25 (` crore) Net interest Operating income profit -0.1 15.5 Q1FY26 Net profit 19,160 STATE BANK OF India (SBI) on Friday reported a 12.5% year-on-year rise in standalone net profit to `19,160 crore for the first quarter of FY26 — the highest in five quarters — driven mainly by rise in treasuryincome.It outperformed Street estimates that had predicted a fall in net profit to `16,938 crore, according to Bloomberg. The bank earned a net profit of `17,035 crore in the same quarter of last year.On a quarter-on-quarter basis, the net profit rose 3% from CS SETTY, CHAIRMAN, SBI SBI standalone financials 17,035 MAHESH NAYAK, Mumbai, August 8 SCALE & PROFIT 30,544 highest in 5 quarters 26,449 ■ BRANDWAGON, P9 ● Profit of `19,160 cr 41,072 Can the droptop drama of this cool EV shock the sports car world? SBI net beats Street,up 12.5% 41,125 MG Cyberster: Scissor doors, instant torque 12.5 NIM trajectory will be U-shaped. We...expect some pressure in Q2...margins should recover by Q4 % chg, y-o-y `18,643 crore in the fourth quarter of FY25. “The Q1FY26 results reflect SBI’s ability to operate profitably at scale, even amid margin compression and macro uncertainty, underscoring strategic agility and disciplined execution,”said CS Setty, chairman, SBI. Continued on Page 7 Tata Motors profit slips 30.5% in Q1 TATA MOTORS REPORTED a 30.5%year-on-yearfallinconsolidated net profit to `3,924 crore in the first quarter of FY26,weighed down by contractingmarginsatJaguarLand Rover (JLR) due to the fullquarter impact of US tariffs. The profit marginally missed the Bloomberg consensus estimate of `3,972 crore, reports Urvi Malvania. Revenue from operations declined 2.5% to `1.04lakhcroreandEbitdafell 39.2% to `10,224 crore. The carmaker attributed the soft performance during the quartertovolumedeclineinallbusinesses and a drop in profitability,primarily at JLR. ■ PAGE 4 Compiled by Kishor Kadam 80,599.91 Aug 1 79,857.79 Aug 8 Govt withdraws I-T Bill; updated draft on Monday ● FM:Almost all FE BUREAU New Delhi, August 8 FM Nirmala Sitharaman said that various suggestions would be incorporated in the new Bill to convey correct legislative meaning PTI »INSIDE« CABINET NOD TO `30,000-CR LPG COMPENSATION PAGE 2 mala Sitharaman said on the reasons behind the withdrawal of the earlier Bill. A new version of the Income-Tax Bill, incorporating various suggestions, will be introduced in the Lok Sabha on August 11. Continued on Page 11 Bitcoin’s record-breaking run,Trump's pro-crypto stance & growing institutional participation provide tailwinds Crypto startups ride a globalwave of optimism S SHANTHI Bengaluru, August 8 AFTER MONTHS OF uncertainty, crupto startups such as CoinSwitch, CoinDCX and WazirX are riding a surge in marketmomentum,fuelledby Bitcoin’s record-breaking run and a friendlier global regulatory climate. The founders FE spoketosaidthattheconversation has moved from survival to scale, as users are returning and volumes swelling. “The first half of FY24 was a bit uncertain. People were still reeling from the volatility of the previous year. But as things moved forward, we started to see the tide turn,” Ashish Singha, co-founder of CoinSwitch, told FE. Between January and December 2024, thecompanysawuserregistrationsrise2.5timesandtrading volumesjump6.5 times.Italso expectstoreachprofitabilityat scale soon. “The landscape is still evolving,but the direction is becoming clearer.Compared to where we were even a year ago,there is farmore structure in the ecosystem now,and that gives us confidence to build responsibly,”Singha added. Bitcoin crossed the $1,21,000 mark for the first time on July 14,beating previous peaks between May and January. Ether, the secondlargest cryptocurrency, touched a five-month high of $3,048.23 as well. “The global bull run,a clear pro-crypto stance from world TURNING THE TIDE ■ CoinSwitch saw user registrations rise 2.5 times ■ Parent firm of CoinDCX saw user registration increase 30% and spot trading volume rise 37% to `23,497 cr in first half of FY25 and trading volumes jump 6.5 times in 2024 SUMIT GUPTA, CO-FOUNDER, COINDCX We have always believed this moment would come, and we were ready for it leaderslikeDonaldTrump,and growing institutional participation from giants like BlackRock are pushing crypto into the mainstream. We have always believed this moment would come, and we were ready for it,” Sumit Gupta, co- founderof CoinDCX,said.DCX Group, which includes CoinDCXIndia,BitOasis in the UAE and Bahrain, and Okto, has registered annualised revenue of `1,179 crore, supported by `13.7 lakh crore in annualised transaction vol- MILAN SHARMA, FOUNDER & MD, 35NORTH VENTURES Crypto winter didn’tkill optimism, itjust killedthe hype umes.In the first half of FY25, it logged `23,497 crore in spot trading volume, up 37% yearon-year; 19 million registered users, a 30% rise; and over 200,000 active crypto SIPs (systematic investment plans), up 1,071%. Gupta also pointed out to the growing traction inTier-2 cities such as Faridabad and Nashik. Similarly,WazirX is upbeat despite challenges. “Broader crypto sentiment remains favourable. We believe the hyper-bullmarket,likethoseof 2017or2021,isstillahead.The current year reminds us of 2016 or2020.We are positioningWazirXtobereadywhenthe next hyper-bull cycle arrives,”a spokesperson said.The firm is emergingfromacyberattackin July 2024 and is in the final phase of restructuring. Globally, regulations have firmed up in the UAE, Hong Kong and Singapore, while Europe’s Markets in CryptoAssets (MiCA) Regulation came into force at the end of -0.92 -0.82 -1.06 -1.09 Aug 8 Independent directorsmust bestewardsof accountability, saysSebichief NESIL STANEY Mumbai, August 8 proposals of select panel accepted THE GOVERNMENT WILL reintroducetheIncome-TaxBillin ParliamentonMonday,withthe inclusion of several taxpayerfriendly recommendations made bya select committee. ABill,whichseekstoreplace the Income-Tax Act, 1961 was tabled in the House in February. The Cabinet on Friday approved the withdrawal of that Bill, in order to pave the way for the introduction of a modified one. “Almost all of the recommendations of the select committee have been accepted by the government. Suggestions have also been received from other sources which are required to be incorporated to convey the correct legislative meaning. There are corrections in the nature of drafting,alignment of phrases, consequential changes and cross-referencing,” finance minister Nir- Market cap gain/loss in ` crore -472,152 JAPAN SAYS TRUMP TO CORRECT ERROR IN TARIFF ORDER PAGE 7 Aug 8 Aug 7 15,678 ANOTHER 1991 MOMENT, SEIZE IT, SAYS PANAGARIYA PAGE 2 -0 -0.92% Aug 6 OPINION: DECODING TRUMP’S FURY, WRITES BISWAJIT DHAR PAGE 8 Sensex Aug 1 Aug 5 »INSIDE« Jul 25 -82,702 What we are seeing is a churn... Every few years, new countries come up, some countries go down and this is part of the history of nations Nifty Sensex Jul 4 Jul 11 Jul 18 -0.36 PIYUSH GOYAL, COMMERCE & INDUSTRY MINISTER Return in % (Week ended) -0.53 Continued on Page 7 Office, “No, not until it gets resolved.” He is believed to have been referring to India’s purchase of oil from Russia. The Indian and US teams are expected to meet here betweenAugust25and30for the next round of talks. The doubling of the tariff to 50% has come as a shock to many because India had a headstart among all trade partners of the US as far bilateral negotiations were concerned. The two sides, however,could not strike an interim trade deal that would have helped India avoid reciprocal tariffs. —FE BUREAU -276,479 INDIA’S CIVIL AVIATION regulator, the Directorate General of Civil Aviation (DGCA), is expected to grant the aerodrome licence to the Adani Groupbuilt Navi Mumbai International Airport by the end of August, reports Swaraj Baggonkar. ■ PAGE 4 THE MONTH-END VISIT of the US trade negotiators to India for the sixth round of talks on the Bilateral Trade Agreement(BTA)hasnotbeen calledoffyet,officialssaidon Friday, even as US President Donald Trump suggested a pause in the negotiations.In a reply to a question on whether he expects increased trade negotiations with India since he announced 50% tariffs, Trump told reporters at the Oval 426,617 DGCA approval for Navi Mumbai airport by Aug-end Trump says no talks,but US team visit to India on and geopolitical tensions persisted, benchmark indices have declined for six weeks in a row, logging their longest weekly losing streak in over five years (since March 2020). Subdued corporate earnings too weighed on the indices, which fell by up to 0.92% this week. On Friday, the Sensex slumped 765.47 points, or 0.95%, to 79,857.79, while the Nifty fell 232.85 points, or 0.95%, to 24,363.30. The broader indices also came under selling pressure, falling up to 1.86% and posting their third consecutive weekly losses. During the week, foreign portfolio investors net sold shares worth `8,392 crore, while domestic institutional investors bought shares worth `33,609 crore. Investor wealth eroded by `3.9 lakh crore. Aug 4 HDFC BANK HAS formed a dedicated oversight department to update the board on critical matters, chairman Atanu Chakraborty said at the annual general meeting on Friday, reports ■ PAGE 6 Christina Titus. INDIA’S CONFIDENCE IS high and its exports in the current financial year will surpass last year’s level despite the high US tariffs,commerceandindustry minister Piyush Goyal said on Friday. “This is India’s time. This country will not bow to anyone,” the minister said when asked about the 50% additional tariff imposed by the US on India, at an event organised by Business Today. He said India would find opportunities in crisis. “The nation’smoraleishigh...Thereis a lot of strength in the Indian economy...India will emerge as thewinner(inanykindofcrisis),” hesaid.Inthelastfinancialyear, India’sexports—goodsandservices combined — reached a record $824.9 billion, a 6.01% increase comparedtothepreviousyear. -0.90 -0.72 HDFC Bank forms oversight dept for board updates MUKESH JAGOTA New Delhi, August 8 AS TARIFF UNCERTAINTIES -1.12 -1.22 DOMESTIC INSTITUTIONAL INVESTORS (DIIs) have doubled inflows into Indian equity markets since US President Donald Trump started announcing significant tariffs on Indian imports, reports Ananya Grover. In the seven sessions since July 30, the average daily inflows of DIIs have risen 148% from the first 30 days of July at `6,166.89 crore. ■ PAGE 11 Indiawon’t bow to anyone, to emerge aswinner: Goyal Indicesloglongestweekly losingstreakinfiveyears -0.69 DIIs double efforts as tariffs keep markets on edge EXPORTSWILLSURPASS FY25 LEVELDESPITE STEEPUSTARIFFS -0.74 IN THE NEWS 2024. In the US, the GENIUS Act — the Guiding and EstablishingNationalInnovationfor US Stablecoins Act — was signed on July 18 this year and has created the first federal framework forregulating payment stablecoins. In India, cryptocurrency startup founders said that policy conversations have moved from whether to regulate crypto to how to do it. “Afewyears ago,therewere serious conversations about banning the industry altogether. Today, we have welldefined guidelines around anti-money laundering, KYC, advertising,and,ofcourse,taxation,”Gupta said. SECURITIESAND EXCHANGE Board of India (Sebi) chairman Tuhin Kanta Pandey on Friday called forredefining the role of independent directors — from being honorary appointees or friendly critics to stewards of accountability. “Many directors are highly qualified, but unfamiliar with emerging risks of AI governance, cyber threats, ESG disclosures. Independent directors must feel free to dissent,” Pandey said at the 2025 Annual Directors’Conclave.He saidthatgovernanceshouldbe treated as breathing value and not a checklist. Boards should talk about succession planning, CEO compensation, probe culture, and review whistle-blower trends with curiosity.“We must treat culture as a board-level responsibility, just like financials, risk, or strategy,”he added. To strengthen boardrooms, directors should remain alert, agile, and equipped with the right tools, insights, and support to navigate newreality,he said.“We are living in a time of rapidly changing geopolitical dynamics and rising uncertainty. The emergence of disruptive new technologies and growing geo-economic fragmentation are reshaping how businesses operate and how they survive,”he said. Continued on Page 11 TUHIN KANTA PANDEY, CHAIRMAN, SEBI Independent directors sit at the table. Are they being heard? We have diversity on paper. Do we have diversity of thought? Continued on Page 11 Ahmedabad