BACK PAGE | PAGE 20 BACK PAGE | PAGE 20 Banu Mushtaqwins International Booker INTERNATIONAL | PAGE 7 TheAbbys:Wavemaker, ABP bag top honours LUCKNOW, THURSDAY, MAY 22, 2025 Nvidia CEO praisesTrump for easingAI export curbs FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 144, 32 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: 81,596.63 ▲ 410.19 NIFTY: 24,813.45 ▲ 129.55 NIKKEI 225: 37,298.98 ▼ 230.51 HANG SENG: 23,827.78 ▲ 146.30 `/$: 85.64 ▼ 0.01 `/€: 97.08 ▼ 0.69 BRENT: $65.85 ▲ $0.47 GOLD: `95,215 ▲ `2025 CCPA issues notice to Uber over 'advance tipping' feature CONSUMER PROTECTION WATCHDOG CCPA has issued a notice to ride-hailing platform Uber for allegedly "forcing or nudging" users to pay advance tips for faster service, reports PTI. "The practice of 'Advance Tip' is deeply concerning," consumer affairs minister Pralhad Joshi said in a social media post. India logs new Covid spike; Kerala, Maha, TN report most cases FOLLOWING A SPIKE in Covid-19 in Southeast Asia, India has also seen fresh cases of Covid-19 in recent weeks, with most cases being reported from Kerala, Maharashtra, Gujarat and Tamil Nadu. However, most of the cases are mild and not associated with severity or mortality. ■ PAGE 20 THE ACCOUNTING DISCREPANCIES in the derivatives and microfinance portfolio continues to cast a shadow on IndusInd Bank with the private sector lender registering its worst-ever performanceinQ4FY25. In its March quarter results announcedonWednesday,IndusInd reported a loss of `2,236 crore -- the firsttimein19years--duetoaprovisionof`2,522crorefortheaccounting discrepancies.This was significantly higher than Bloomberg estimates of `203-crore loss. Last year, in the corresponding quarter, the bank had posted a profit of `2,347 crore while in the previous quarter, it registered a profit of `1,402 crore. The net interest income (NII) stoodat`3,048croreforthequarter, down 43% compared to `5,376 crore intheyear-ago period. The net NPA rose increased to 0.95% compared to 0.68% as on December31,2024. AsofMarch31,thedepositswere flat at `4.1 lakh crore compared to `4.09 lakh crore as of December 31, 2024. The private sector bank has been facing significant challenges overits accountingirregularities,fraudinits microfinanceportfolio,andconcerns overbalance sheet disclosures. Continued on Page 7 IndusInd Bank standalone financials Q4FY24 Q4FY25 (` crore) NII Other income Net profit 2,347 MAHESH NAYAK Mumbai, May 21 UNDER THE LENS -2,236 CORRECTIONS IN THE Indian equities market from September 2024 highs present an opportunity to invest in the country's longterm growth story, global brokerage Morgan Stanley said in its latest outlook, reports fe Bureau. ■ PAGE 6 the first time in 19 years,NIIs down 43% 709 Sensex can hit 100k mark in a year in bull case: Morgan Stanley ● Lenderposts loss for 2,500 INDIA IS BETTER placed than many other emerging markets to deal with US tariffs and global trade disruptions, helped by robust internal growth drivers, a sizable domestic economy and a low dependence on goods trade, Moody’s Ratings said on Wednesday, reports fe Bureau. ■ PAGE 2 Derivativefraud dragsIndusInd Q4tonewlow 3,048 India well-placed to deal with negative US tariff effects: Moody's `2.5K-CR PROVISION FOR SLIPPAGES 5,376 IN THE NEWS 43.3 71.7 % chg, y-o-y Boardsuspects internalfraud MAHESH NAYAK Mumbai, May 21 FOR THE FIRST time ever since the derivative discrepancy came to light, IndusInd Bank has made a significant revelation, openly suspecting fraud within the private bank. The bank's board has identified discrepancies, including incorrect accounting practices and unsubstantiated balances in certain accounts. The revelation was made during an analyst call post the March quarter results on Wednesday by Sunil Mehta, chairman of IndusInd Bank. Continued on Page 7 ● MID-AIR SCAREAFTER HAILSTORM Hospitals, dental clinics, medical centres are making a beeline for 3D printing ■ EFE, P9 Bullet train journey nearing destination The project will be partially operational next year and is eyeing the finish line in 2028 ■ EXPLAINER, P9 govt procurement likely to be part of initial agreement URGENT DEALMAKING ■ At the meeting between the European Commission (EC) president Ursula von der Leyen & PM Narendra Modi in February, the year-end deadline to conclude the FTAwas fixed ■ The early harvest deal with the EU will later be converted into a full-fledged FTA after further negotiations MUKESH JAGOTA New Delhi, May 21 ■ The full-fledged INDIA AND THE European Union (EU)areaimingto concludethefirst tranche of a bilateral free trade agreement (FTA) by July this year, and have intensified the pace of negotiations fora deal,a seniorofficial said Wednesday. “We are looking for an early harvest.We are trying to do it as early as possible..targeting (to finalise the earlyharvest)byJuly,”theofficialsaid. A team of Indian officials for the India-EU FTA,led by the chief negotiatorSatyaSrinivas,hasleftforBrussels to resume the dialogue from where it concluded last Friday. Last week,IndiaandtheEUheldthe11th round of negotiations in New Delhi include issues like trade and sustainable development etc trade agreement has 23 chapters that andwithin aweek of that,the Indian team is headed for Brussels, underscoring the urgency and fast-paced progress of the talks. Apartfromthekeyissueoftariffs on trade of goods, the early harvest willencompasssolutionstoissuesof non-tariffbarriers,governmentprocurement, intellectual property rights,traderemedies,rulesoforigin, aswellassanitaryandphytosanitary measures,the source added. Theseissueshavebeenidentified as core issues of the FTA by both sides.The full-fledged trade agreement has 23 chapters that include issues like trade and sustainable development, transparency, good regulatory practices, subsidies and anti-fraud among others. The early harvest deal with the EU would then be converted into a full-fledged FTA after further negotiations. Continued on Page 7 Aakash accuses EYof conflict of interest in Byju’s dispute ● EYissues statement to refute allegations ANEES HUSSAIN Bengaluru, May 21 AAKASHEDUCATIONALSERVICES (AESL) has issued a legal notice to Ernst&Young(EY),allegingconflictof interestintheongoingcorporatedisputeinvolvingByju's. CrestLaw Partners,AESL’s counsel,has accused EY of advising both Byju's and parties linked to AESL, despite their opposing positions in the matter. The notice dated May 21, 2025, has alleged that EY was simultaneously engaged with Think & Learn, Byju's parent company, and AESLconnected entities. The notice has termed this dual role as legally inappropriate and has asked EY to withdrawfromallrelatedengagements.It hasalsocalledonEYtopreserveallrelevant communication records and SAIKAT DAS & JENNIFER CREERY May 21 DESPITE 67% OF the professionals in India being willing to change their jobs, they struggle when it comes to searching for the job titles and sectors that suit their profiles, a new research by professional networking platform LinkedIn said, reports Manu Kaushik. ■ PAGE 20 Leaving a print on healthcare ● Non-tariff barriers, HEADED FOR COURTS simultaneously engaged with Think & Learn, Byju's parent company, and Aakash -connected entities ■ The notice has termed this dual role as legally inappropriate and has asked EY to withdraw from all related engagements ■ The notice has referred to am earlier email that allegedly indicates EY's knowledge of transactions between Aakash and Byju's warnedoflegalaction. ThelegalnoticeaskedEYto“advise Shailendra Ajmera of E&Y…to forthwith withdraw himself from conducting further proceedings as the resolutionprofessional,failingwhich, ourclientwillbeconstrainedtomove anappropriateapplication/snotonly The Delhi–Srinagar IndiGo flight hit turbulence mid-air due to inclement weather on Wednesday, prompting the pilot to report the "emergency" to ATC at Srinagar. The flight later landed safely PTI ACCENTURE WILL PROMOTE almost 50,000 people worldwide, including 15,000 in India, in June as the company tries to boost morale after a six-month delay to weather a slump in demand for consulting services. The Dublin-based technology giant told staffTuesdaythat the promotions will include 11,000 in the Europe, Middle East and Africa region,and 10,000 across theAmericas, according to internal memos seen byBloomberg News. ThemovecomesastheNewYorklisted companygrapples with a pullback in client spending and greater scrutinyofUSgovernmentcontracts underPresidentDonaldTrump,who wants to prove taxpayers are getting value for their money. Accenture abandoned its diversity targets after Trumporderedhisadministrationto push firms to end such practices. The company employs about 801,000 people,according to its latestearningsstatement,meaningthe promotions in June will include about 6% of its total workforce.The firm didn’t respond to a request for comment. Accenture had already pushed the bulk of promotions to June,ratherthantheusualmonthof December.Like rivals McKinseyand Ernst & Young, the firm went on a pandemic-era hiring spree in response to a surge in demand.But a slowdown in business led it to cut 19,000 roles from 2023. Deloitte is planning to lay off employees on its government consulting team, Bloomberg News reported inApril. Continued on Page 7 Interim US deal likely byJuly 8 INDIA WILL SEEK adequate safeguards for agriculture and commitment on complete removal of the reciprocal tariffs in the interim trade agreement with the US, which both the sides are trying to conclude by July 8, a senior official said Wednesday, reports Mukesh Jagota. ■ PAGE 2 IndiGoCEO saysleasedeal withTurkish firmasperrules SWARAJ BAGGONKAR Mumbai, May 21 ■ The notice has alleged that EYwas ■ In an earlier letter, Aakash alleged that despite being put on notice, EY continued to act in disregard of rules beforetheHon'bleNationalCompany LawTribunal,but would also undertake similar applications before the regulatory authority including the regulatory authoritywhich controls thefinancialservicessector”. Continued on Page 7 AccentureIndiatopromote15k Two-thirds of Indian professionals open to job change: LinkedIn FE S P E C I A L S Earlyharvest deal underEU FTAbyJuly APPRAISAL SEASON 50,000 people will be promoted worldwide in June ■ Total ■ These will include 11,000 in the Europe, Middle East and Africa region, and 10,000 across the Americas ■ The delay was to weather a slump in demand for consulting services ■ The move comes as the New York-listed company grapples with a pullback in client spending LOW-COST CARRIER INDIGO is compliant with all the regulatory frameworkandregulationsforusing aircraft leased from its long-time partner Turkish Airlines, said CEO Pieter Elbers on Wednesday, adding that it is for the government to decide on renewal of leases. Companies from Turkey operating in India have been at the receiving end of a consumer backlash in the wake of increased tension between India and Pakistan. Last weekregulatorybodyBureauofCivil Aviation Security revoked the securityclearance ofTurkish firm Celebi Airport Services,a ground handling company. Recent reports stated that the Centre is not keen on extending IndiGo’s lease agreementwithTurkish Airlines,which allows the Indian carrier to operate on the MumbaiDelhi-Istanbulroute.Theagreement is set to expire on May31. IndiGooperatestwoBoeing777s, leasedfromTurkishAirlines,running direct flights to Istanbul having over 500 seats each. It also offers codeshareseatstomorethan40pointsin Europe and the US through its partnershipwith theTurkish carrier. “It is important to recognise that the operation to Istanbul is in the context of the air service agreement between India and Turkey. Indigo is fully compliant with the regulatory frameworkandregulationswhichare there. We have thousands of customersbookedmostlybeyondIstanbul,” said Elbers. Carrier posts best-ever Q4 INDIGO POSTED ITS best-ever Q4 profit, riding on the Mahakumbh demand, when the industry was running short of capacity, sending airfares north, reports Swaraj Baggonkar. ■ PAGE 4 Launch planned in UK, neighbouring markets; India among first few to get the car JLRlinesupRangeRoverElectric’sgloballaunchlaterthisyear VIKRAM CHAUDHARY Gaydon (UK), May 21 TATA MOTORS-OWNED JAGUAR LandRover(JLR)isreadyingtheRange Rover Electric,which will be unveiled laterthisyearwithdeliveriesslatedto startnextyear.Itwillbefirstlaunched in the UKand neighbouring markets, and Indiawill be among the next few countriestogetthecar. “We are in the final testing phase of the Range RoverElectric,and later thisyearwewillbeinapositiontotell you launch timelines,but whenever it launches globally,Indiawill be one of the first markets to get it,” Martin Limpert,the global managing director of Range Rover, told FE. “More than 62,000 people have already expressedinterestinthecar–mostly COMING SOON ■ More than 62,000 people have ■ There is a ■ Almost already expressed interest in the car – mostly from the US and Europe 400 people from India have huge desirability for ‘Range Rover’ brand in India also expressed interest ■ The Range Rover Electric will be its first EV, followed by Jaguar Type 00 (which will be displayed in India on June 14, and likely launched later next year) fromtheUSandEurope–andalmost 400 people from India have also expressed interest.” Headdedthatthereisahugedesirability for the‘Range Rover’brand in India – among actors, businesspersons,sportspeople,and others.“The Indian economy is growing,and the numberofhighnet-worthindividuals is expected to grow from 900,000 ■ Last year in May, JLR India started local manufacturing of two models – Range Rover and Range Rover Sport rightnowto1.2millionbytheturnof the decade,so there is a huge market forus,”Limpertsaid.Onwhetheritwill be made in India,Limpert added that the company is trying to understand the finer details of the India-UK FTA, andthenitwilldecidewhichallproducts to get to India via which route – completely knocked down (CKD) or completelybuiltup(CBU). Lastyearin May,JLR India started local manufacturing of two models – RangeRoverandRangeRoverSport– andwas able to reduce prices of these models by 18-20%. “Since we launched these locally-made cars in India,theirsaleshaveincreasedby2.5 times,” Limpert said.“Those of the RangeRoverincreasedby72%,andof the Range Rover Sport by 42% – in FY25overFY24.” But as far as making India an exportbasefortheworldisconcerned, Limpert said there are no such plans. “We have enough manufacturing in Englandforallourglobalmarkets.” JLR now has four distinct brands – Range Rover,Defender,Discovery, and Jaguar.The Range RoverElectric will be its first EV,followed by Jaguar Type 00 (which will be displayed in IndiaonJune14,andlikelylaunched later next year). In 2018, the automaker launched the Jaguar IPace – its first-ever electric car – whichwasdiscontinuedinDecember 2024,tomakewayforall-newJaguar models. Limpert said that while the Range Rover brand will have ICE, hybrid, and EV powertrains, Jaguar willbeawhollyelectricbrand.“Indue courseoftime,eventheDefenderand Discovery brands will have electric powertrains,but it’s too early to talk about them right now,” he said. (ThewriterwasinGaydon,UK attheinvitationofJLRIndia) Lucknow