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L1 NO. 51, 26 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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: 80,242.25 ▼ 46.13 NIFTY: 24,334.20 ▼ 1.75 NIKKEI 225: 36,045.38 ▲ 205.39 HANG SENG: 22,119.41 ▲ 111.30 `/$: 84.50 ▲ 0.76 `/€: 96.01 ▲ 1.01 BRENT: $63.35 ▼ $0.90 GOLD: `93,928 ▼ `1,633 IN THE NEWS Demat a/cs may be made a must for select shareholders THE SECURITIES & Exchange Board of India (Sebi) on Wednesday proposed mandating select shareholders, including directors, key managerial personnel and current employees, to hold shares in the demat form before filing an IPO document. ■ PAGE 10 May likely to see 'above normal' temperatures: IMD IMD ON WEDNESDAY said most parts of the country are likely to see 'above normal' maximum temperatures in May, except parts of southern peninsular and eastern regions, reports Sandip Das. ■ PAGE 2 Ather Energy IPO fully subscribed on final day THE `2,981CRORE IPO of Ather Energy was fully subscribed on the final day of bidding Wednesday, supported by strong demand from institutional investors. ■ PAGE 10 FE S P EC I A L S ‘Security must for product design’ Interview with Rajiv C Mody, CMD & CEO, Sasken Technologies ■ EFE, P9 End of the road for entry-level cars? Customers are ready to settle for a pre-owned premium car rather than buy an entry-level one ■ EXPLAINER, P9 MAYINVEST$2.8 BN INANDHRA,GUJARATPROJECTS Aramco eyes 20% in twoIndianrefineries ● Move to mark investment foray by largest oil firm PRASANTA SAHU & ARUNIMA BHARDWAJ New Delhi, April 30 SAUDI ARAMCO MAY pick up 20% stake each in the two new large refineries being planned by state-run ONGC and BPCL on the country’s west and east coasts, respectively.The move would end the long wait for the world’s largest oil and gas company’s entry into India as an investor. Aramco has been one of the major exporters of crude into the country for decades, and downstream investments in the country are seen to cement the ties. The two refining facilities, eachwith a capacityto process 12 million tonne of crude annually,will be set up at a cost of roughly `1 lakh crore each. Though the details are still being worked out, Aramco’s initial investment in both the unitscouldbearound`24,000 crore (around $2.8 billion at ■ The two refining facilities of BPCL & ONGC will each have a capacity to process 12 mn tonne crude annually ■ Both projects likely to have a debt-equity ratio of up at a cost of around `1 lakh cr each ■ Aramco may 7:3 ■ Saudi major’s later raise investment to earlier plan to buy a stake in RIL’s refinery biz said to have failed $5 billion current exchange rate),including a debt component commensurate with the equity, informed sources told FE. The investments could later be jacked up to $5 billion. Both projects would likely have a debt-equityratio of 7:3. Sources in ONGC confirmed the partnership with Aramco in its proposed refinery in Gujarat, and the likely sizeofinitialinvestmentbythe company. BPCL, which is setting up the refinery in Andhra Pradesh, did not reply to FE’s queries till late Wednesday. While an in-principle agreement was arrived at between the two countries to set up the refineries in India during prime minister Narendra Modi’s visit to Riyadh on April 23, the modalities are being worked out. Seniorgovernmentofficials describedAramco’swillingness toinvestintheventuresasa“big milestone” as India aims to set up a chain of new oil refineries andemergeastheleaderinAsia in this line of business. Continued on Page 6 Adani puts on hold $10-bn chip projectwith Israel firm MUNSIF VENGATTIL & ADITYA KALRA Bengaluru/New Delhi, April 30 ADANI GROUP HAS paused discussionswith Israel’sTower Semiconductor for a $10-billion chip project as it did not make strategic and commercial sense for the group, two people familiar with the matter told Reuters. The Maharashtra governmentinSeptemberannounced approvalforAdaniandTowerto set up a facility which would produce 80,000 wafers per month and create 5,000 jobs. Adani Group had previously said the project was being evaluated, but the talks with Tower have been now been put on hold afterthe conglomerate’s internal evaluation found there was still uncertainty about how much demand — especially in India — the business can generate, said the first source. “It was more of a strategic HITTING A PAUSE ■ Maha govt in Sept granted approval for Adani and Tower to set up a chipmaking project population survey DIVYA A New Delhi, April 30 ASHWINI VAISHNAW, UNION MINISTER Tariff talks with India going great,saysTrump AGENCIES Washington/New Delhi, April 30 US PRESIDENT DONALD Trump said on Tuesday that talkswith India on tariffswere coming along great, and he thinks the two countries will reach a deal. Speaking to reporters on Tuesday outside the White House, Trump said: “I think we’ll have a deal with India.” “The prime minister (Modi) was here three weeks ago, and they want to make a deal,” he added. Prime Minister Narendra Modi visited the US in late February. Continued on Page 12 DONALD TRUMP, US PRESIDENT I think we’ll have a deal with India. The prime minister (Modi) was here weeks ago, and they want to make a deal FTA: Goyal may be back in UK COMMERCE AND INDUSTRY minister Piyush Goyal may traveltoLondonagainlater thisweekbeforehereturns to India from the ongoing three-nation foreign tour to iron out a fewirritants in the free trade agreement (FTA) with the UK, according to sources, reports Mukesh Jagota. The minister may formally declare the muchdelayed pact ready for signing along with the his UK counterpart,as he visits the island nation. ■ PAGE 2 ■ Tower makes analogue, mixed-signal semiconductors used mainly in automobiles to produce 80,000 ■ A proposed $19.5-bn wafers per month, create 5,000 jobs JV between Vedanta & Taiwan’s Foxconn fell apart in July 2023 wanted Tower to have more skin in the game” in financial terms,the person added. Adani and Tower did not respond to Reuters queries. The sources declined to be identified as the decision has not been made public. The Israeli contract chipmaker makes analogue and mixed-signal semiconductors used mainly in automobiles. Continued on Page 12 Sales volume drops 15-30% as high prices deter buyers No gold rush onAkshayaTritiya RAJESH BHAYANI Mumbai, April 30 GOLD, WHICH HAS traditionallybeenIndia’sgo-toasset,lost its sheen on Akshaya Tritiya,as prices have risen over 30% in the past one year. Sales estimates vary — some jewellers said volumes plummeted 30% on Wednesday while others peggeditat15%lowerthanthe AkshayaTritiyain2024.Invalue terms,theconsensusestimateis an average 10% increase. PrithvirajKothari,president, Indian Bullion and Jewellers Association,puts the fall at over 30% compared to last year.He, however,added that some traction is expected later in the day as the summerheat reduces. Traders pointed out that exchange of old jewellery for newoneshaspickedupsharply this year both during the marriage season and Akshaya Tritiya.Overhalf the sales are taking this route as this helps consumersrealisefullpricesof old gold due to hallmarking. Thesharewasaround30%just two years ago. LOSING SHEEN ■ Half the jewellery sales now against exchange of old ■ Gold coins, lightweight jewellery in demand ■ Low-ticket jewellery purchases in cash on the rise Customers at a gold jewellery shop on the occasion of Akshaya Tritiya, in Pune on Wednesday EXPRESS PHOTO Saurabh Gadgil, chairman and managing director, PNG Jewellers, said,“Nearly 50% of purchases are being financed through old gold (exchange of jewellery), allowing customers to manage their budgets smartly without compromising their festive or wedding needs. While volume growth may see a marginal dip of 89%,value-wise,weexpecttobe up by20-25%.” Anothertrend is the spike in sales of studded jewellery.Colin Shah,MD,Kama Jewellery,said, people are investing heavily in goldcoins,whichisunderstandable considering the surge in prices. Alongside, the sale of studded jewelleryup to `2 lakh haswitnessedaspikeindemand this season. GoldimportsinMarchwere estimatedat60tonneinanticipation of rising demand on Akshaya Tritiya and marriage season.But subdued sales have The caste census will strengthen the social and economic structure of our society while the nation continues to progress The decision, which also addresses a key demand of the Congress-led Opposition,was taken at a meeting of the Cabinet Committee on Political Affairs (CCPA) headed by Prime Minister Narendra Modi. Speaking to reporters after ■ Adani Group said to be unsatisfied with contribution amount Tower was willing to make ■ Plant was decision. Adani evaluated it and decided, let’s wait,” said the source, adding there is a possibilitytalks can resume at a later date. A second source briefed on the matter said Adani Group was not satisfied with the amount of financial contributionTowerwaswilling to make into the partnership, without disclosingdetails.Towerwas to provide technological expertise in the deal, but “Adani ● To be part of next THE CENTRE ON Wednesday announced that the forthcoming population Census will include a caste census with Union home minister Amit Shah describing the move as a “historic decision” by a government “committed to social justice”. ‘BIG MILESTONE’ ■ Projects to be set Govt approves caste census resultedinover50tonneinventory.ImportsinAprilsofarhave beenestimatedatalittleover30 tonneandspotgoldmarketisat 2%discount.However,eventhis has not helped much to revive the gold demand.Thiswas confirmed by Gemological Science International, a diamond and jewellerycertifying agency. Continued on Page 12 Gold investment demand grows: WGC, Page 10 ■ New Delhi the meeting, Union information & broadcasting minister Ashwini Vaishnaw said the caste census “will strengthen the social and economic structure of our society while the nation continues to progress”. Continued on Page 12 US economy shrinks first time since ’22 THE US ECONOMY contracted for the first time in three years in the first quarter, swamped bya flood of imports as businesses raced to avoid higher costs from tariffs and underscoring the disruptive nature of President Donald Trump’s often chaotic trade policy,reports Reuters. The commerce department’s advance gross domestic product (GDP) report on Wednesday, however, grossly exaggerated the economy’s dimming prospects. ■ PAGE 7 »INSIDE« EURO ZONE GROWTH UNEXPECTEDLY QUICKENS P7 CHINA MANUFACTURING SLUMPS ON US LEVIES P7