OPINION, P10 WELL BEING FE LINES Affordable testing kits on the horizon to help further awareness as well as screening of the genetic blood disorder Page 7 Holograms are moving from the stage to funeral halls to museums Page 9 HOPE FLOATS FOR SICKLE CELL ANAEMIA PATIENTS Life is a mystery,not always beautiful ACROSS THE AISLE, P CHIDAMBARAM VOL.NO.XIII SL.NO.136 Reinventing reality LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM FINDING A SWEET SPOT FINANCIAL EXPRESS ON SUNDAY SUNDAY, JULY 27, 2025 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 , ● Luxury items new THE LUXE LEAGUE ultra-high-net-worth asset class beyond 94% individuals own jewellery realty and stocks VAISHALI DAR New Delhi, July 26 LUXURY ASSETS LIKE art, jewellery,antiquities,watches, are no longer just personal pride, but are increasingly being considered serious investment as well. As per Kotak Mahindra An exploration of how inequality exists in a global village, and not just India markets during the same period.Year-todate in 2025, FPIs remain net buyers in IPOs with total investments of $4.1 bn, while they have been net sellers to the tune of $13.2 bn in the secondary markets. Compiled by Kishor Kadam 79 Luxury Investment Index, handbags top growth chart (+2.8%) followed by jewellery (+2.3%) and watches (+1.7%) 73% art as investment collectors keen on Bank’s Top of the Pyramid 2024 Report thisyear,as many as 94% of ultra-high-networth Individuals own jew- ellery,with 79% planning further acquisitions.Art is a close second with 73% collectors invested in this category. PIYUSH GOYAL, COMMERCE & INDUSTRY MINISTER So far the industry mindset is focused on the domestic market, but we want industry to grow by leaps and bounds THE GOVERNMENT WILL increase efforts to boost the capacity of local industry to competeandtakeadvantageof the India-UK Comprehensive Economic and Trade Agreement (CETA), and more such pacts with developed countries,includingtheUS,whichis in an advanced stage of negotiations,commerce and industry minister Piyush Goyal said on Saturday. “I am going to meet every sector. Everyday I will be meeting one sector to discuss their ability to compete, to scale up and to expand capacity. So far the mindset of the industry has been oriented for the domestic market, but now we want the industry to grow by leaps and bounds,”he told media. »INSIDE« INDIA-UK PACTTO EASE E-COMM EXPORTS PAGE 2 He said India is in a very advancedstageofnegotiations on the FTAswith the US,Oman and European Union (EU). “Agreement with Oman is almost finalised. Negotiations with the EU and the US are making fast progress.” When asked whether an interim deal with the US might come through before the second extension of the deadline for implementation of reciprocal tariffs by the Trump administration ends on August 1, an official said the“possibility exists”. Substantial progress has been made in trade pact negotiations with Peru and Chile. “The agreements are with countries that do not threaten India as a competitorbut complement our own strengths,” Goyal said. The ministry is also working on new ideas for export promotion to take advantage of the FTAs nearing conclusion. One of the ideas is replicating facilities like Bharat Mart that is coming up in May Jun Jul 14.4 4.1 2025 (in $ billion) Primary markets/IPOs 10.8 Secondary markets 7.1 20.1 16.1 15.2 13.2 2021 2022 2023 2024 2025 up to July 24 Source: NSDL 3.1 RBI extends tenure of oversight panel of IndusInd Bank RBI HAS extended the tenure of the oversight committee of IndusInd Bank by a month till August 28 as the lender looks to find new MD & CEO. ■ PAGE 14 Review ban on overage vehicles: Delhi govt to SC DELHI government has urged the Supreme Court to review its 2018 order on the blanket ban on overage vehicles across the National Capital Region. ■ PAGE 2 5.3 ■ For Sotheby’s of works sold above % their high estimates 56 Indian & Himalayan Art auction in March this year, “Tangible assets offer a compelling blend of emotional satisfaction and potential long-term financial gains. Dubai. The mart in Dubai will be operational by the end of 2026 and will be a warehouse to showcase Indian products. “We are going to look at other countries where we are going to support warehousing of Indian goods, besides other measures to promote India’s products.The commerce ministryis focusing its attention on marketing and taking our Indian manufacturers to advancedstandards,”Goyalsaid. After meetings with industry sectors, ministry officials will be visiting states to sensitisethemofopportunitiesthat the India-UK trade agreement has opened up for goods specific to them, such as textiles, leather and food products. The India-UK CETA signed on July 24 could take up to a year to come into force as the process of ratification of the agreement may take time in the UK. The pact will allow 99% of the Indian exports to enter the UK duty free and cover almost 100% of the trade in value terms. Continued on Page 2 KSHIPRA PETKAR Mumbai, July 26 -2,360 Apr D E L H I , P U N E With millennials emerging as the driving force behind luxury investment trends,growing awareness is a key factor behind the booming art scene in India,” said Sonal Singh, chairperson of Christie’s India. The 2024 Christie’s data reveals a generational shift: 44% of buyers and bidders in the APAC region were millennials or younger, contributing 26% of global auction sales. The 2024 Hurun India Art List pegged the cumulative value of the top 50 artworks at `252.61 crore, up threefold from `82.57 crore in 2021. Continued on Page 2 FM Nirmala Sitharaman at a book launch on Saturday PTI India,Chinatalking cooperation,but need caution: FM FE BUREAU New Delhi, July 26 BOTH INDIA AND China feel there is a need for more access and interaction with each otherforexploringwindows of economiccooperation,finance minister Nirmala Sitharaman said on Saturday, adding that such a relationshipwould have to be built with caution. Speaking at the launch of a book titled, A World in Flux: India’s Economic Priorities, in Delhi, she emphasised that growthisthetoppriority,overlapping with job creation and valueaddition.Reprioritisation of domestic economic aspirations and resources mobilisation, and the need for India to be a dynamic player in global institutions and redefine its role in the global South are other top priorities,she said. Responding to a question onIndia’sevolvingrelationship with China on the economic front, particularly in the context of recent developments like relaxation of visa norms, Sitharaman said: “There is some kind of a beginning.” Continued on Page 2 Kotak Bank Q1 net tumbles as NPAs,provisions rise ● REMEMBERING KARGIL MARTYRS 1,508 1,943 429 586 1,152 39 1,232 314 Mar N E W Boostforlocalindustrynext tomakemostofFTAs:Goyal Secondary markets -79 764 -6,117 -8,926 508 ■ As per 2025 Knight Frank MUKESH JAGOTA New Delhi, July 26 FPI investments in IPOs hit 7-month high cumulative value of top 50 artworks at `252.61 cr, up 3x from `82.57 cr in 2021 Defence minister Rajnath Singh pays tribute on the occasion of Kargil Vijay Diwas at the National War Memorial in New Delhi on Saturday. Chief of Defence Staff General Anil Chauhan, Vice Chief ofArmy Staff Lt General NS Raja Subramani, Navy ChiefAdmiral Dinesh K Tripathi PTI and Chief ofAir StaffAir Chief Marshal AP Singh are also seen KOTAK MAHINDRA BANK reported a standalone net profit of `3,282 crore for the quarter ended June, marking a year-on-yearfall of 48%.However, the net profit numbers includetheone-timegainfrom its divestment of 70% stake in Kotak Mahindra General Insurance in Q1 FY25.Excluding the one-time gains,the net profit was down 7%y-o-y. The decline inthenet profit was due to higher provisions and a fall in asset quality. Provisionsforthebank rose109% to `1,208 crore in the reporting quarter due to higher slip- »INSIDE« REPORT CARD (` cr) Q1FY25 Q1FY26 % change y-o-y Net Operating interest profit income 6.1 5.9 Net profit 6,250 Cast(e) in stone FPIs net investments M U M B A I , ■ 2024 Hurun India Art List pegs planning further % acquisitions of jewellery ● Says trade talks with US in very advanced stage ■ WORDS WORTH, P4 (in $ million) Primary markets/IPOs L U C K N O W , 3,282 More and more young people are consciously choosing to stay away from marriage. What’s leading to the declining faith in the social institution? invested $1.5 bn in the primary markets (IPOs) so far in July, marking their highest monthly investment in seven months, as per NSDL data. In contrast, they have offloaded shares worth $2.4 bn in the secondary K O L K A T A , 5,564 K(not) interested FOREIGN PORTFOLIO INVESTORS (FPIs) have K O C H I , 5,254 ■ SPOTLIGHT, P5 Feb H Y D E R A B A D , Investorportfoliosgetchicwithart,jewellery,collectibles WHAT'S INSIDE Jan C H E N N A I , 7,259 P U B L I S H E D READ TO LEAD 6,842 CHENNAI/KOCHI 18 Pages, `12 Brands are stepping up to offer indulgent food items with healthier options Page 6 47.5 pages.Sequentially,provisions rose33%.Theprovisioncoverage ratio of the bank stood at 77% as on June 30. IDFC FIRST BANK’S PROFITS DOWN 32% PAGE 3 The gross non-performing assetratioalsoworsenedfurther to1.48%asonJune30,ascompared to 1.42% a quarter ago. NetNPAratiostoodat0.34%as onJune30,higherfrom0.31%a quarter ago. The bank’s management said they are seeing signs of stress in the retail commercialvehicle portfolio. Fresh slippages rose to `1,812 crore in the reporting quarter from `1,488 crore a quarter ago. Continued on Page 2 Buyers want range: Bigger batteries drive EV bookings VIKRAM CHAUDHARY New Delhi, July 26 ELECTRICVEHICLE (EV) buyers are increasingly choosing variants with larger battery packs, signalling a growing preference for longer range over marginal cost savings. Data from leading manufacturers like Tata Motors and Mahindra & Mahindra shows that consumers are willing to pay a little extra to eliminate range anxiety. Even first-time EV buyers are opting for longer-range variants. Vivek Srivatsa, chief commercial officer at Tata Passenger Electric Mobility, told FE thatthe response to thenewlylaunched Harrier EV is a clear indication of this shift. The SUV, which starts at `21.49 lakh for the Adventure variant with a 65-kWh battery, has received more than 10,000 bookings. But, notably, the majority of these bookings are for the top-end trims powered by the 75-kWh battery pack. These are priced from `28.99 lakh onwards and offer a realworld range of over500 km.In contrast, the 65-kWh version offers a sub-400 km range. Srivatsa pointed out that the price difference between the two battery packs isn’t a dealbreakerasjust`1lakhsep- GOING THE EXTRA MILE ■ 95% of Tata Nexon EV sales coming from 45-kWh vis-a-vis 30-kWh variant ■ For Tata's Harrier EV, most bookings are for top-end trims powered by 75-kWh battery (500 km) vis-a-vis 65 kWh (sub-400 km) ■ MG Windsor EV's new variant, which offers 449 km (vs 332 km for smaller one), saw 8,000 bookings in first 24 hours arates the Fearless Plus 65kWhvariant (`23.99 lakh) and the 75-kWh version (`24.99 lakh). Given the substantial ■ For Mahindra's BE 6 and XEV 9e, 75% of reservations have been for 79-kWh battery (550-600 km) vis-a-vis 59 kWh (sub-400 km) gain in range, most buyers see valueinupgrading.What’salso significant is that a majorityof HarrierEVbookingshavecome of buyers % opting for 55-kWh variant of Tata Curvv EV as compared to 45-kWh version 75 of customers choosing 35-kWh battery of Tata Punch EV over 25-kWh option 80% from customers buying their very first EV. A similar trend is playing out at Mahindra and Mahin- dra.Whenitbegandeliveriesof the BE 6 and XEV 9e in March 2025, both models were offered with two battery pack options—59kWhand79kWh. While the smaller pack offers under 400 km of range, the larger one delivers between 550 and 600 km. Unsurprisingly, the bigger battery has dominated bookings. Company sources said that more than 75% of all reservations have been for the Pack 3 variant, which comes exclusively with the 79-kWh battery. The response prompted M&M to expand availability of the larger battery pack. In July, it made the 79-kWh unit avail- CHENNAI/KOCHI able in the mid-range Pack 2 trim as well, recognising that customersprioritiserangeover otherfeatures.RajeshJejurikar, in a recent media interview said,“Rangeisreallyimportant overmanyoftheotherfeatures thatwe are offering,”underlining the company’s focus on catering to this demand. Even mass-market offerings are seeing this shift. The MG Windsor EV, already a top sellersinceitsSeptember2024 launchwith a 38-kWh battery, got a massive boost in May 2025 when a 52.9-kWh version was introduced. Continued on Page 2