LUCKNOW, SATURDAY, DECEMBER 27, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 328, 26 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: 85,041.45 ▼ 367.25 NIFTY: 26,042.30 ▼ 99.80 NIKKEI 225: 50,750.39 ▲ 342.60 HANG SENG: 25,818.93 ▲ 44.79 `/$: 89.85 ▼ 0.07 `/€: 105.75 ▲ 0.19 BRENT: $62.15 ▼ $0.09 GOLD: `137,591 ▲ `1452 COMPANIES PAGE 4 ZEPTO FY25 LOSS WIDENS 177%, SALES JUMP 129% ZEPTO HAS REPORTED a significant widening of losses for FY25, even as its topline surged, reports fe Bureau. The quick commerce major’s net loss ballooned 177% year-on-year to `3,367.3 crore in FY25, while total jumped 129% to sales stood at `9,668.8 crore. ECONOMY PAGE 2 MP, KARNATAKA POST HIGHEST GSDP GROWTH MADHYA PRADESH RECORDED the highest growth in gross state domestic product with its economy growing 4.8 times between FY12 and FY25 followed by Karnataka at 4.7 times and Telangana at 4.5 times, reports Saikat Neogi. These three states are the top three in per capita income growth during the same period. » INSIDE « FOREX RESERVES RISE BY $4.36 BNTO $693 BN PAGE 2 GOLD, SILVER SMASH RECORDSAGAIN PAGE 6 TURNAROUND EXPECTED IN FPI FLOWS IN 2026 PAGE 6 BACK PAGE PAGE 22 BANGLADESH POLLS MUSTBE FREE & INCLUSIVE: INDIAON TARIQUE RAHMAN’S RETURN FROM EXILE Tata Steel faces $1.6-bn lawsuit from Dutch NGO A DUTCH NONPROFIT body is seeking €1.4 billion ($1.6 billion) in compensation from Tata Steel’s Netherlands units, alleging that harmful emissions from its operations have caused environmental harm and health damage to nearby residents, reports Bloomberg. ■ PAGE 5 TRANSACTION ENTIRELYVIASHARE SWAP SRIDHAR VEMBU, FOUNDER & CHIEF SCIENTIST, ZOHO Coforgetoacquire High-wireact Encorafor$2.35bn ofconviction ● Acquisitiontoaid ALONGWITHMANYBRICKBATS NEWSMAKERS URVI MALVANIA Mumbai, December 26 COFORGEONFRIDAYsaidthat ithasagreedtoacquireUS-based digital engineering firm Encora inanall-stocktransactionvalued at an enterprise value of $2.35 billion (around `21,140 crore), marking one of the largest overseas acquisitions by an Indian mid-tierITservicescompanyand signalling a sharper strategic shifttowardsAI-ledengineering, dataandcloudservices. ThedealpegsEncora’sequity value at about $1.89 billion (around `17,000 crore) and will seeCoforgeacquire100%ofthe company from private equity investors Advent International, Warburg Pincus and other minority shareholders.The balance between the equity value andenterprisevalue,amounting to up to $550 million (around `4,100 crore), will be used to retireEncora’sexistingtermloan. Coforge said the transaction willbeexecutedentirelythrough a share swap,with no cash consideration being paid to the selling shareholders.As part of the acquisition, Coforge will issue about93.8millionequityshares OF THE YEAR DEAL DETAILS Enterprise Value: Encora stats $2.35 billion Equity value: $1.89 bn Combined value post merger: $2.5 bn Post merger Ebit margin: 14% Upto $550 mn to be raised through QIP to bridge loan to service Encora debt atanissuepriceof`1,815.91per share, implying a premium of about 8.5% to the company’s closing price on Friday. Posttransaction,Encora’sshareholders will collectively hold about 20–21% of Coforge’s expanded equitycapital. The company said the debt repayment component will be funded through a bridge facility oraqualifiedinstitutionalplacement,if required.Its board has approvedraisingupto$550million (around `4,100 crore) throughaQIPorotherpermitted PNBreports`2.4K cr fraudinSREI’sa/cs KSHIPRA PETKAR Mumbai, December 26 STATE-OWNED LENDER PUNJAB National Bank (PNB) on Friday said it has reported a borrowal fraud of `2,433.99 crore to the Reserve Bank of India involving the erstwhile promoters of SREI Equipment Finance and SREI Infrastructure Finance. In a regulatory filing to the stock exchanges, the New Delhi-headquartered lender said of the total amount, `1,240.94 crore relates to SREI Equipment Finance while the remaining `1,193.06 crore relates to SREI Infrastructure Finance. The lender clarified that since it has already provided to the extent of 100% for the entire amount outstanding there would be no additional impact on its financials. The bank also clarified that a resolution has been arrived at for both the entities under the Corporate InsolvencyRes- thatmattered.ThefirstwasArattai,Zoho’shomegrownmessagingapp,whichrodeawaveof nationalistenthusiasmandofficialencouragement.Thesecond wastheCentralgovernment’s decisiontomigrateitsinternal emailsystemtoZohoafterarigorousauditprocess—an endorsementthatwentwell beyondsymbolism.Ontheother sidewereaseriesofavoidable controversiessparkedby Vembu’spublicinterventionson RISHI RAJ vaccines,fertilityandsocialprescriptions—areaswhereconfiIn 2025,SridharVembu made headlines fortwovery denceoutpacedconsensus. Startwiththesubstance. different reasons.One Arattai’ssurgeinsign-upswas burnished his reputation as notmerelyafunction a rare Indian tech ofministerialendorsefounderwho builds HEADLINES mentsorthezeitgeist patiently,locallyand arounddigitalsoverat scale.The other OF THE YEAR eignty.Unlikehurried exposed the risks of a ON PAGE 22 “me-too”appsthat public persona that surfacewhenevergeopolitics strays too farbeyond the intrudesintotechnology,Arattai boundaries of evidence and boretheunmistakablestampof expertise.Taken together,the Zoho’sengineeringculture:built yearreads like a case studyin forlow-enddevices,resilienton howconviction can be both a patchynetworks,anddesigned founder’s greatest asset and his withprivacy-firstdefaults. most fragile liability. Onthepositivesideofthe ledgerweretwodevelopments Continued on Page 7 ● ABUSINESSLEADERWHOGOTLOTSOFBOUQUETS mid-tierITfirm’s pushintoAI-led engineering PROVISION MADE ■ The fraud relates to erstwhile promoters of two SREI finance firms ■ Out of the total, `1,241 crore relates to SREI Equipment Finance olution Process (CIRP) and that it had been approved by the National Company Law Tribunal. The cases had been referred for insolvency in October 2021. This was after the Reserve Bank of India stepped in and superseded the boards of the companies amid concerns over governance and mounting repayment failures involving dues of nearly `28,000 crore. FY25 revenue: $516 million FY25 adjusted Ebitda margin: 19% Projected FY26 revenue: $600 mn SHYAM KR PRASAD IN THE NEWS I routes,although Coforge said a sharesalemaynotbetriggeredif alternative funding options are finalised. “This reflects the confidence that the incoming shareholders have in the prospects of the expanded firm,” Coforge said in its exchange filing,adding that the transaction would create a technology services company withprojectedannualrevenueof about $2.5 billion (around `22,500crore). Continued on Page 7 QUICK PICKS Vi readies wider 5G rollout plans VODAFONE IDEA IS positioning 2026 as a year of accelerated network expansion, with a sharper push on 5G deployment alongside continued investment in its 4G infrastructure, chief executive Abhijit Kishore said in a recent note addressing the telco’s customers, reports Urvi Malvania. ■ PAGE 5 Titan to foray into lab-grown diamonds INDIA’S LARGEST JEWELLERY retailer, Titan, is set to enter the niche yet fastgrowing lab-grown diamond jewellery segment, a market currently dominated by venture capital and PE-backed startups such as Limelight Jewelbox, Wondr Diamonds and Fiona Diamonds, reports Narayanan V. ■ PAGE 5 Aditya Dhar’s film set to push year’s theatrical revenues to `12,500 crore Dhurandhargetstheformularight ALOKANANDA CHAKRABORTY New Delhi, December 26 WITHABLOCKBUSTERinDhurandhar,theRanveerSingh-starrer,whichhasrakedinmorethan `1,000 crore in worldwide collections,Bollywood is set to end 2025 on a high note.Theatrical revenues are now tipped to top `12,500 crore,topping 2023’s all-time high revenues of `12,200crore. Indeed,2025 has been good forBollywooddespitethestrong challenge from regional films, over the top (OTT) content and foreignfilms. Dhurandhar has had a solid run so far. The Aditya Dhar directedfilm’sworldwidecollections have hit `1,006.7 crore, afternotchingupdomesticcollections of `668.80 crore by Day 21.The film has already crossed the lifetime worldwide box office collections for the Rajinikanth-starrer Jailer (2023),estimated at `650crore.Itisfastclosing in on Shah Rukh Khan's Pathaan (2023), which logged `1,055 crore worldwide. Besides Dhurandhar, atleastfiveHindi-languagefilms ingfromaround2.8millioninits (Chhaava, Saiyaara, War 2, first week to over 3.1 million in Housefull 5) have found place the second.“This highlights the amongthelistoftoptenhighest- film’s strong pull,” Dutta says, grossingIndianmoviesof2025. placing Dhurandhar alongside Dhurandhar,released across moviessuchasKantara:ALegend about 1,200 screens with more Chapter 1,which,at `700 crorethan 3,700 daily shows,opened plus,is the the highest-grossing at `32 crore and crossed `118 Indianfilmof2025,andAvatar: croreinitsfirstweek."Contentis TheWayofWater. These numbers have also the single-biggest driver of theatrical success,” Gautam Dutta, raisedhopesofarevivalofmovie CEO, revenue and operations, attendance, which has been erraticforsomeyears,withsome PVRINOXtoldFE. reportsevensuggestingthattheWeekly business atre footfalls have crashed held at around 50% between 2018 and `32crore,with DHURANDHAR 2025. footfalls ris(Hindi) Industry insiders Budget: `250 cr including PVR INOX's Sanjeev Kumar Bijli, Domestic collection: have said time and `668.80 crore again that a weak conWorldwide: tent pipeline, and not `1,006.7 crore highticketprices,hasbeen the primary reason for low footfallsinrecentyears. Film business analyst and movie critic Taran Adarsh says audienceloyaltyhasalwaysbeen conditional on quality rather thanhabitandaddsthatviewers will return to cinema halls in large numbers only if they get “goodcinema”. At the same time,film critic and writer Saibal Chatterjee cautionsoneshouldnotlookat Dhurandhar numbers as a sign of a multiplex resurgence. When you have big films, people will come back, he says, but rues that multiplex pricing has narrowed the audience base to urban,upper-middle-classconsumers. Lucknow