COMPANIES | PAGE 4 ECONOMY | PAGE 2 China disputes solar PLI scheme atWTO INTERNATIONAL | PAGE 10 RivalschipawayatBajajAuto motorcyclestrongholds HYDERABAD, WEDNESDAY, DECEMBER 24, 2025 US GDPgrows 4.3% in Q3, fastest in two years FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 199, 22 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: 85,524.84 ▼ 42.64 NIFTY: 26,177.15 ▲ 4.75 NIKKEI 225: 50,412.87 ▲ 10.48 HANG SENG: 25,774.14 ▼ 27.63 `/$: 89.66 ▲ 0.01 `/€: 105.75 ▲ 0.60 BRENT: $62.22 ▲ $0.15 GOLD: `135,850 ▲ `2,261 IN THE NEWS COMPANIES PAGE 4 TATA MOTORS TO INVEST `18K CR IN EV BIZ BY FY30 TATA MOTORS IS expanding its electric vehicle (EV) portfolio as it looks to retain 45–50% share of the EV passenger vehicle market till 2030, reports Akbar Merchant. The automaker will invest `16,000–18,000 crore in its EV business by FY30 and roll out five new electric models by the end of the decade. Three in fourstocks in the red as 2026 draws near AS MANY AS 2,774 stocks—around 75% of the 3,677 actively traded shares—have slipped into negative territory so far in calendaryear 2025,underscoring the breadth of the market’s weakness.The downturn has unfolded amid subdued sentiment,driven largely by uncertainty over US tariff policies and lingering geopolitical tensions. The contrast with last year is stark. In 2024, losers accounted for just 33% of the market, with 1,180 declining stocks TOP SENSEX LOSERS IN 2025 (%) out of a universe of 3,581. The pain in 2025 has not spared frontline indices,though it has been sharper outside them.Seventeen of the 50 Nifty stocks and nine of the 30 Sensex constituents have delivered negative returns. The damage is far more pronounced in the broader market: 61% of mid-cap stocks (85 of 140) and a striking 73% of small-cap ones (869 of 1,190) have ended in the red,testing investor patience. — Compiled by Kishor Kadam TOP SENSEX GAINERS IN 2025 (%) -41.1 Trent Maruti Suzuki 52.6 » INSIDE « -17.9 TCS Bajaj Finance 48.5 RIL,AXIS ENERGYKEYBIDDERS IN COALBLOCKAUCTIONS PAGE 6 -13.5 Power Grid BEL 36.3 GOVTRAMPS UP EFFORTSTO REDUCETAX SHORTFALLPAGE 2 RBI plans `2 lakh-cr OMO, $10-bn forex swap auction THE RBI ON Tuesday announced liquidity measures worth `3 lakh crore, including bond purchases worth `2 lakh crore through open market operations (OMO), and a three-year forex swap auction of $10 billion, reports Christina Titus. ■ PAGE 7 HCLTech -12.2 Infosys -11.3 TOP MIDCAP LOSERS IN 2025 (%) TOP MIDCAP GAINERS IN 2025 (%) Vedant Fashions Aditya Birla Capital -54.9 Brainbees Solutions Muthoot Finance -48.8 Whirlpool of India Laurus Labs Kaynes Tech AU Small Finance -44.2 INVESTMENTSBYINDIANresidents in overseas equity and debt have surged this year, reflectingagrowingappetitefor global assets and stronger returnsinforeignmarkets. Data from the Reserve Bank of India (RBI) show that outward investments by individuals rose 54.50% during the 10-month period ended October 2025, underscoring a clear shift in portfolio preferences amid mixed domestic market conditions. AccordingtoRBIdata,Indian residents invested $1.959 billion(over`17,000crore)abroad between January and October 2025,compared to $1.268 billion in the year-ago period.The momentumsignificantlypicked upinthelatterpartoftheperiod, 30.6 TOP SMALLCAP LOSERS IN 2025 (%) Amount in $ mn, in 2025 Jan 104.98 173.84 Feb Mar 306.39 Apr 203.44 May 104.94 Jun 206.12 Jul 156.19 Aug 152.18 Sep 278.8 Oct 273.09 Source: RBI with investments jumping to $278 million in September and $273millioninOctober,almost double the $135 million and $149 million recorded in the 518.7 -91.3 94.9 -88.5 78.2 -80.3 Veritas India NACL Inds 176.1 77.4 -80.0 Sadhana Nitro Indo Thai Sec 174.7 75.7 -79.7 Vishnu Prakash SML Mahindra 170.2 K&R Rail Eng Cupid VL E-Governance Force Motors Source: Bloomberg SHIFTING TREND TOP SMALLCAP GAINERS IN 2025 (%) 123.9 Indiansupglobalmarkets bet;investmentsrise54% GEORGE MATHEW Mumbai, December 23 33.6 Bajaj Finserv Ola Electric L&T Finance -59.5 -54.0 Bharti Airtel 183.7 Samsungpivotstosmart, AIdevicesinnew-ageshift OJASVI GUPTA New Delhi, December 23 AFTER THREE DECADES in India marked by manufacturing scale-up, R&D expansion and local design capabilities, Samsung is preparing forwhat it sees as the next phase of its India journey– one centred on connected devices, smartthings and AI-led ecosystems. This push comes even as the consumer electronics and smartphone industry faces signs of stagnation amid inflationary pressures and uneven demand recovery. In an interaction with a select group of journalists on Tuesday, JB Park, President and CEO of Samsung Southwest Asia, said, “The next phase is about transformation”.Apart from the focus on connected devices, exports are expected to play a larger role in the coming years. He said that around 50% of smartphones manufactured by Samsung in India are exported,with the remainder serving domestic demand. Park said that the company expects to outperform the broader market by gaining share in keycategories such as smartphones, consumer electronics and network equipment, despite a challenging industry outlook in 2026. He said calendaryear 2025 began cautiously, with urban demand under pressure and global trade uncertainty weighing on sentiment. STRATEGIC RESET ■ JB Park, President and CEO, Samsung Southwest Asia said apart from the focus on connected devices, exports are expected to play a larger role in the coming years ■ Electronics manufacturing continues to be a core pillar of Samsung’s India strategy ■ Samsung currently exports appliances from India to neighbouring countries such as Bangladesh, Sri Lanka and Nepal “Due to reciprocal tariffs between the US and India, there was a negative industry outlook initiallyand Indiawas among the worst affected Asian countries,” he said. Demand conditions improved after the government announced GST cuts, particularly benefiting categories such as televisions and airconditioners. “Earlier, TVs and ACs were seen as non-essential or luxuryproducts,unlike refrigerators and smartphones,” Park said. “The GST cuts helped change that perception and made these products more accessible.” Samsung, he added, recorded double-digit growth during the festive season,with air conditioners see- ing three-digit growth, aided by rising penetration of larger screens and cooling products. Electronics manufacturing continues to be a core pillar of Samsung’s India strategy.Park said the company is among the leaders in localvalue addition in smartphone manufacturing, though deeper localisation depends on the strength of the supplier ecosystem. “There are more than 5 million parts involved in making a smartphone.We can’t do everything alone,” he said, adding that Samsung is working closely with partners to localise more components over time. Continued on Page 10 HCLTecharm toacquire Jaspersoft for`2,100cr samemonthsof2024. Market participants say the spikecoincideswithstrongperformance of US equities after the return of Donald Trump as thePresident,renewedinterest in technology stocks and the search for diversification beyond Indian markets. On the other hand, foreign investors have pulled out `86,960 crore (around $9.66 billion) from India so far in 2025. The relative performance gapbetweenglobalanddomesticequitieshasplayedakeyrole in driving these flows.The NasdaqComposite,whichisheavily tilted towards technology and growth stocks, has delivered a robustreturnofaround21%in calendar year 2025 as of December22. HCLSOFTWARE, A SUBSIDIARY of HCLTech, has announced the acquisition of Jaspersoft from Cloud Software Group in an all-cash dealvalued at$240million(around`2,100 crore) to strengthen its data and AIsoftwareportfolio&expandits embeddedanalyticscapabilities. The transaction,structured as an asset carve-out, will see Jaspersoft become part of Actian, HCLSoftware’s Data & AI division,the ITmajorsaid in an exchange filing. The acquisition is expected to close within six months of signing, subject to regulatory approvals across multiple jurisdictions. Continued on Page 10 Continued on Page 10 URVI MALVANIA Mumbai, December 23 Begin with Systematic Investment Plan (SIP). Jobs, EVs and big-ticket investments are reversing migration inTuticorin Pearl Cityfinds itswayhome NARAYANAN V Tuticorin, December 23 FOR SEVEN YEARS, every Diwali and Pongal followed the same weary script for Arjun Selvam: a 700-km journey, nearly 16 hours on the road, and the familiar ache of departure for automotive jobs—first in Chennai, later in Andhra Pradesh. Each visit ended the same way: leaving Tuticorin behind. This year, there is no return ticket. The 28-yearold is now a quality engineer at VinFast’s $2-billion electric vehicle manufacturing facility in Thoothukudi. Where he once earned `15,000 a month—just enough to cover rent, send money home and save for the occasional bus ride—Selvam now takes home about `50,000. He has started rebuilding a life he once put on hold as for the first time, work and home exist in the same place. INDUSTRIAL HUB ■ Tuticorin is drawing investments across electric vehicles, shipbuilding, solar cells and even space technology ■ Facilities like ■ Recently, VinFast’s $2-billion electric vehicle manufacturing facility is offering locals a job at home ■ South Korean giant HD Hyundai also plans to set up its first Indian shipyard in Tuticorin with a $2-billion investment A few metres away on the shop floor, Senthamizh Selvi watches a steady stream of VinFast VF6 electric SUVs glide past the conveyor belt. A mother of two primary school-going children, Selvi joined VinFast nine months ago after stints at auto firms in Chennai. Now a quality control operator,she says the job has already helped her buy a small parcel of agricultural land in her hometown. the state government signed MoUs for 41 projects involving nearly The key to harnessing the power of compounding is to remain invested for a longer tenure, allowing the Investment to compound. The longer you stay invested, the greater the compounding effect can be. Starting early and consistently adding to your investments may further amplifies the benefits of compounding. `33,800 crore “My sons are in matriculation schools now,” she says. “Next year, I want to move them to CBSE.” Selvam and Selvi are part of a quiet return migration reshaping Tuticorin. Long known as the“Pearl City”,the port town has traditionally leaned on its seaport, marine products and salt pans— accounting for nearly 70% of Tamil Nadu’s salt production and close to 30% of India’s. Today, it is drawing investments across electric vehicles, shipbuilding, solar cells and even space technology. “We visited six states and evaluated 15 locations before choosing Tuticorin,” says Pham Sanh Chau, CEO of Vingroup Asia and VinFast Asia. Proximity to both a seaport and an airport proved decisive. Mutual Fund investors need to complete the Know Your Customer (KYC) process, which can be done by submitting completed KYC Form along with the required documents at any AMC's branch Office or Official Points of Acceptance. Please refer https://www.licmf.com/kyc-redressal to know about KYC documentary requirement, procedure for change of address, phone number, bank details etc. The investors are cautioned to invest only with SEBI registered Mutual Funds, the details of which can be verified on SEBI's website under 'Intermediaries/Market Infrastructure Institutions’(https://www.sebi.gov.in/intermediaries.html.) For any complaints and grievance redressal, investors can contact the Investor Relations Officer of the respective AMC and if not satisfied with the resolution given by the AMC, he/she can approach SEBI by registering the complaint on SEBI SCORES Portal (https://scores.sebi.gov.in/) and/or escalate the compliant through Online Dispute Resolution Portal (https://smartodr.in/login). Continued on Page 10 HYDERABAD