COMPANIES | PAGE 10 BACK PAGE | PAGE 16 This is not a one-sided series, says Bumrah INTERNATIONAL | PAGE 7 Apple readies more conversational Siri Re-releases now a staple for PVR MUMBAI, SATURDAY, NOVEMBER 23, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXIV NO. 279, 16 PAGES, `12.00 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, 117.11 ▲ 1,961.32 NIFTY: 23,907.25 ▲ 557.35 NIKKEI 225: 38,283.85 ▲ 257.68 HANG SENG: 19,229.97 ▼ 371.14 `/$: 84.46 ▼ 0.05 `/€: 87.86 ▲ 1.01 BRENT: $73.79 ▼ $0.44 GOLD: `77,518 ▲ `989 Forex reserves fall by $17.8 bn in sharpest weekly decline ever INDIA'S FOREIGN EXCHANGE reserves logged their sharpest weekly fall on record to a more-than-four-month low last week, falling $17.8 billion to $657.89 billion, reports Reuters. ■ PAGE 3 Services demand spurs economic activity in Nov OVERALL ECONOMIC ACTIVITY in the country improved a bit in November due to pick-up in demand for services, even as manufacturing slowed. According to S&P Global, the HSBC Flash India PMI rose to 59.5 during the month. ■ PAGE 2 NTPC Green Energy IPO subscribed 2.4x on last day THE INITIAL PUBLIC offering of NTPC Green Energy, the renewable energy arm of NTPC, subscribed 2.40 times on the closing day of the share sale on Friday, reports PTI. ■ PAGE 13 Sebi allows Roshni Nadar to acquire majority HCL stake SEBI ON FRIDAY gave the go-ahead to Roshni Nadar Malhotra to acquire a majority shareholding in two promoter group companies of HCLTech from her father and founder of HCL Group Shiv Nadar. ■ PAGE 4 Zomato to join BSE Sensex, to replace JSW Steel in Dec ONLINE FOOD DELIVERY giant Zomato will become a part of the benchmark BSE Sensex, replacing JSW Steel from December 23, reports PTI. Advent to sell Indian packaging firm to PAG for close to $1 bn ADVENT INTERNATIONAL HAS signed a deal to sell Indian packaging firm Manjushree Technopack to PAG for an enterprise value nearly $1 billion, reports Reuters. ■ PAGE 4 FE S P E C I A L S Turns effortlessly at the corners, turns heads too Driving a car with the world’s most powerful four-cylinder petrol engine ■ MOTOBAHN, P9 Match new credit card benefits with your needs Banks have hiked minimum spend levels for reward points ■ PERSONAL FINANCE, P9 S&Passigns negative rating to threeAdani companies BOUNCES BACKAHEAD OFMAHAELECTION RESULTS D-St logs best day in nearly 6 months ● Financials,ITpack driveover1,900-point gaininSensex RELIEF RALLY ● Charges,ifproven, likelytohitoperations overtime,saysagency SACHIN KUMAR Mumbai, November 22 79,117.11 Close: Nov 22 1,961.32 points 2.54% VIVEK KUMAR M Mumbai, November 22 77,155.79 LED BY HEAVYWEIGHTS, stocks reboundedsmartlyonFridaytosnap atwo-weeklosingstreakandrecord their best session in nearly six months, shrugging aside concerns on exposures of lenders to Adani Group companies. Experts said the correction over the past month has seen stock valuations become less expensive.Thefinancialservicesand IT companies together contributed to nearly42% of Sensex's gains. The gains came ahead of the counting of votes for Maharashtra state elections on Saturday, where therulingBharatiyaJanataParty-led allianceisseenhavinganedgeasper exit polls. The Nifty and the Sensex rose 2.4% and 2.5%,respectively,marking their biggest single-day gains in nearly six months. The 30-stock indexsurged1,961pointstocloseat 79,117.11, while the Nifty ended 557 points higher at 23,907.25. State-owned lenders advanced by Close: Nov 21 Top Sensex gainers SENSEX BSE Midcap BSE Smallcap Bank Nifty Previous close Previous close Previous close Close: Nov 22 Close: Nov 22 Close: Nov 22 44,467.99 45,029.22 561.23 points 1.26% 52,141.15 52,612.93 471.78 points 0.90% about3%whileotherfinancialsand banks gained about 1.5% each, recovering from a fall in Thursday’s session. However, experts do not see Friday’sstrongbouncebackasasignof a reversal in the trend amid lingeringuncertaintiesincludingtheRussia-Ukraine war and US Presidentelect DonaldTrump's tariff policies. AndrewHolland,CEOofAvendus Ourgig firms set forbig league: FM FE BUREAU New Delhi, November 22 INDIAN INNOVATIONS SUCH as quick commerce could join the league of the biggest players in the international tech business space overtime,financeministerNirmala Sitharaman said on Friday, calling for a strong“Bharat Brand”in multiple sectors. She, however, said traditional brick-and-mortarretailing is facing some challenges and will need hand-holding. Speaking at the 8th India Ideas Conclave organised by India Foundation in Bengaluru, Sitharaman said India's start-ups and gig economy units, truly represent the kind of innovation that India is capable of. The minister said the country mustcapitaliseontheseventuresto establish“brand India”as a destinationofinnovativesolutionstomodern urban needs. Quick commerce is a fast-growing consumer sector in India. Such companies have developed robust infrastructures and logistics networks to ensure rapid delivery of goods,she noted. The minister said India should have a Bharat Food and Drugs Administration (FDA),which could set standards like the US-FDA, and help accelerate exports of pharmaceutical formulations.“Just like the US FDA, we must have our Bharat FDA of global standards,”she said. % gain SBI ❝ NIRMALA SITHARAMAN FINANCE MINISTER We must understand that capitalism has its limitations and we need to brand India as a “responsible capitalist” country ❝ IN THE NEWS The minister said it was important that in the top 100 tourist centres in India, digital self-learning programme of the architecture of thatsiteisavailable.“Weshouldgive learning material for those who want to understand the signature Indian architect marvels so as to provide a multi-disciplinary approach to tourism,”she said. India didn't follow the “circular economy”modelandprincipleofreuse because India was an impoverished nation, she noted. Circular economy is the model which seeks to reduce waste and encourage sustainable use of natural resources to boostproductionandconsumption. Continued on Page 7 50,372.90 51,135.40 762.50 points 1.51% 4.51 TCS 4.13 Titan 4.10 ITC 3.92 Infosys 3.75 Capital Alternate Strategy said the markets have been attempting to bounce back given that theywere in oversold territory.“But nothing has changedfundamentally.Themarket is likely to consolidate in the near term until there is some clarity regardingTrump'spolicies,"Holland observed. Continued on Page 7 Insider trading rulesviolation warning for JSWEnergy S&P GLOBAL RATINGS has assigned a negative outlook to several companies of theAdani Group following charges of bribery by US courts against chairman Gautam Adani. In a statement, the ratings agency said domestic, international banks and bond market investors could set limits on their exposure to theAdani Groupwhich may affect the funding of rated entities. “The indictment could further raise questions regarding the management and governanceofvarious Adani group entities,” the agency noted, adding that should the allegations be proven, it could have some bearing on the company’s operations over time. Placing a negative outlook on Adani Electricity Mumbai, Adani Ports andAdani Green Energy,S&P observed the negative outlook indicates their cash flows could be materiallyaffected if theiraccess to funding accessweakens.Moreover, JSW ENERGY ON Friday confirmed receiving an administrative warning letter from the Securities and ExchangeBoardofIndia(Sebi)regarding insider trading violations. The communication,dated November 4, 2024,wasreceivedbythecompanyon November21. Accordingtothecompany'sfiling, theviolationspertaintocertaintrades executed by designated persons and theirimmediaterelatives.Thiscontravenes Sebi's Prohibition of Insider Trading Regulations,2015,and the Sebi Act,1992,the firm said,adding that there was no financial or operational impact on the companydue to these violations. This is the second timeintwomonths,theJSWgrouphas hadarun-inwiththemarketsregulator.InSeptember,Sebihadputonhold theproposed`4,000-croreinitialpublicoffering(IPO)ofJSWCement.Ithad notspecifiedreasonsforthesame. Theproposedissueinvolvedanew issue of equity shares worth `2,000 crore and an offer-for-sale (OFS) of `2,000crorebyshareholders,according to the draft red herring prospectus(DRHP)filedwiththeregulator. On Friday, JSW Energy also said that it had taken necessary actions against the individuals involved in insidertradingincompliancewiththe relevantregulation. ■ S&P placed a negative outlook on Adani Electricity Mumbai, Adani Ports and Adani Green Energy ■ CreditSights said refinancing for Adani Group’s Green Energy business is the biggest concern in the near term ■ Adani Green Energy “has the weakest liquidity and credit fundamentals” it said ■ Analysts said the group’s cost of borrowing could go up by 200-300 basis points their funding costs could rise significantly. Meanwhile,research firm CreditSights said refinancing for Adani Group’s Green Energy business is thebiggestconcerninthenearterm after the indictment of the conglomerate’s founderbyUS prosecutors,Bloomberg reported. “Funding channels will inevitably squeeze across the Adani Group, with creditors likely to reduce or limit their group-wide exposure,” the firm’s analysts Lakshmanan R, Jonathan Tan and Nicole Chua wrote in a note. They said they are most concerned aboutAdani Green Energy“given it has the weakest liquidity and credit fundamentals”. The analysts pointed to shortterm debt of about $2 billion, largely in the form of project loans, at Adani’s Green Energy unit. A $600 million bond sale was scrapped this week,the proceeds of whichwere earmarked forrepaying foreign-currency loans. For Adani’s Green Energybusiness,some banks may be unwilling to rollover upcoming debt, “posing a high degree of refinancing risk,” CreditSights analysts wrote adding the Indian government may, however, prod state-backed powerfinanciers to provide funds. Continued on Page 7 Adanibonds Founderknew Global banks continuetofall of probein’23 weigh move BONDSOFADANIGroup fell forthe second consecutive dayas investors exited theirpositions amid charges of bribery and fraud on the conglomerate, reports Anupreksha Jain. Shares of the group companies, meanwhile, showed some recovery during the day. ■ PAGE 6 VIVEAT SUSAN PINTO Mumbai, November 22 RIPPLE EFFECT ON MARCH 18,2024,Adani Enterprises told exchanges that a report on March 15 that US was “probing Adani and his group over potential bribery” is “false”. Almost exactly a year ago, Sagar Adani, was approached by the FBI in the US, reports Sukalp Sharma. ■ PAGE 6 SOME GLOBAL BANKS are considering temporarily halting fresh credit to the Adani Group but staying put with existing loans following US prosecutors’ indictment of its billionaire founder Gautam Adani for fraud, sources said, reports Reuters. PAGE 6 SonygetsAsia Cup media rights for2024-31 cycle at $170 mn VIVEAT SUSAN PINTO Mumbai, November 22 GAME ON CULVER MAX ENTERTAINMENT, also known as Sony Pictures Networks India (SPNI), has won the Asian Cricket Council (ACC) media rights for the 2024-31 cycle, the network said on Friday. Industry sources said the rightswere bagged at the base price of $170m (`1,411 crore) via an e-auction process. The media rights,which include the Asia Cup tournaments for men and women, as well as Under-19 and emerging teams’ competitions, have both digital and TV broadcast rights as part of the package. JioStar was also in the fray for the media rights. The rights, which will strengthen Sony’s sports portfolio, mark a hike of 70% from Disney Star’s bid of $100 million (`800 crore) for the 2016-2023 period, sources said.Sonycurrentlyhas the rights to the England and Wales Cricket Board,New Zealand Cricket and Sri Lanka Cricket. “We are delighted to bring these action-packed tournaments,which ■ The rights, both for digital & broadcast, include the Asia Cup tournaments for men and women, as well as Under-19 and emerging teams’ competitions ■ The winning bid marks a hike of 70% from Disney Star’s bid of $100 million (`800 crore) for the 2016-2023 period ■ Sony currently has the rights to the ECB, New Zealand Cricket & Sri Lanka Cricket ■ The next four Men’sAsia Cup editions are lined up for 2025, 2027, 2029 & 2031 ■ JioStar was also in the fray for the media rights will include India and Pakistan matches,to ourviewers forthe next eightyears,”GauravBanerjee,MD & CEO, SPNI, said in a statement.The bidding process,he said,was transparent and fair. “The Asia Cup continues to be a cornerstone of cricketing excellence,bringing together the best of the region’s talent.With Sonyas our new media partner, we are confident of delivering world-class coverage and an immersive viewing experience for fans worldwide,” Jay Shah,president,ACC,said. Media experts say that had JioStarwontheACCmediarightson Friday, it would have beefed up its portfolio which includes media rightstotheIndianPremierLeague, International Cricket Council, BoardofControlforCricketinIndia, Cricket South Africa and Cricket Australia each. Thenext fourMen’sAsia Cupare lined up for 2025,2027,2029,and 2031, with India expected to host the tournament next year. Draft included a broader goal to raise $1.3 trillion annual climate finance by 2035 COP29 summit overruns as $250-bn draft deal flops VALERIE VOLCOVICI & GLORIA DICKIE Baku, November 22 THE COP29 CLIMATE summit ran into overtime on Friday, afteradraftdealthatproposed developed nations taketheleadinproviding $250 billion per year by 2035 to help poorer nations drew criticism from all sides. World governments represented at the summit in the Azerbaijan capital Baku are tasked withagreeingasweeping funding plan to tackle climate change, but the talks have been marked by division between wealthy governments resisting a costly outcome and developing nations pushing for more. The two-week conference in the Caspian Sea city,was to end on Friday evening, but spilled past its scheduled close asthewrangling continued, with expectations the $250 billion target could yet rise. "I'm so mad. It's ridiculous. Just ridiculous," said Juan Carlos Monterrey Gomez, the Special Representative for Climate Change for Panama, who called the proposed amount too low."It feels that the developed world wants the planet to burn." COP29 Baku, Azerbaijan DIVIDED HOUSE ■ The talks have been marked by division between wealthy governments resisting a costly outcome and developing nations pushing for more ■ There are expectations that the $250-bn target could rise ■ A European negotiator said the draft deal was expensive ■ Governments that would be expected to lead the financing include the EU and Australia Activists at a demonstration for climate finance at the COP29 Summit in Baku on Friday A European negotiator, meanwhile,told Reuters the figure in the draft deal released by the summit AP presidencywasuncomfortablyhigh and did not do enough to expand the numberof countries contribut- ing to the funding. "No one is comfortable with the number, because it's high and (there is) next to nothing on increasing contributor base," the negotiator said. Governments that would be expected to lead the financing include the European Union, Australia, the United States, Britain, Japan, Norway, Canada, New Zealand and Switzerland. The draft invited developing countries to contributevoluntarily, but emphasised that paying in climate financewould not affect their status as"developing"nations atthe UN - a red line for countries including China and Brazil. “This is not at a landing ground yet, but at least we're not up in the airwithout a map,”said Germany's special climate envoy Jennifer Morgan. Negotiations have been clouded by uncertainty over the role of the United States in the deal after climate sceptic Donald Trump won thepresidentialelectiononNovember 5, promising to withdraw the world's top historic greenhouse gas emitter from international climate efforts when he retakes office in January. The Azerbaijani COP29 presidency described Friday's text as a "first reflection" of what countries had said in consultations, and expressed hope negotiators would find agreement soon. Continued on Page 7