ECONOMY | PAGE 2 eFE | PAGE 9 Freebie promises may put Bihar's fiscal health at risk INTERNATIONAL | PAGE 11 Helping startups move from lab to market AHMEDABAD, THURSDAY, OCTOBER 16, 2025 Pak-Afghan truce after fresh fighting kills 40 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XX 117, 34 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 CBC 15502/13/0033/2526 SENSEX: 82,605.44 ▲ 575.46 NIFTY: 25,323.55 ▲ 178.05 NIKKEI 225: 47,672.67 ▲ 825.35 HANG SENG: 25,910.60 ▲ 469.25 `/$: 88.07 ▲ 0.73 `/€: 102.45 ▲ 0.16 BRENT: $62.69 ▲ $0.30 GOLD: `1,26,338 ▲ `663 RBL Bank’s USP: No Hyundai unveils `45K-cr promoter overhang KOREAN CAR MAJOR LINES UP26 NEWMODELS,HYBRIDSTO LEAD India growth roadmap SWARAJ BAGGONKAR Mumbai, October 15 EN ROUTE SOUTH KOREAN AUTO major Hyundai Motor Company is making its most ambitious move yet in India, committing aninvestmentof`45,000crore byFY30toturnthecountryinto its second-largest market globally,next onlyto the US. The announcement,which was made at Hyundai Motor India’s (HMIL) first-ever Investor Day in Mumbai on Wednesday, comes alongside another major decision.For the firsttimesinceitsIndiaentryin the mid-1990s, the company will be led byan Indian managing director and CEO, Tarun Garg,starting January2026. The plan underscores ■ First locally made ■ New launches dedicated electric SUV by 2027 7 new nameplates, ■ Launch of ■ Automaker targeting to include entry into MPVs, off-road SUVs luxury segment brand Genesis in India by 2027 15%+ domestic market share by FY30 JOSE MUNOZ, PRESIDENT & CEO, HYUNDAI MOTOR While others cut,we build. While others exit markets, we double down Hyundai’s long-term commitment to India at a time when some global rivals have either scaleddownorexited.President and CEO Jose Munoz made it clearthat Hyundai sees India as centraltoitsglobalgrowthstrategy.“While others cut,we build. While others exit markets, we double down,”he said,without TARUN GARG, MD & CEO- DESIGNATE, HYUNDAI MOTOR INDIA We remain steadfast in augmenting our presence in the highgrowth SUV segment naming Ford and General Motors,which shut India operations in recentyears. Continued on Page 11 Exportsup6.7%despiteUStariffshock TRADE WATCH MUKESH JAGOTA New Delhi, October 15 % chg, y-o-y (2025) 24 16 8 17.6 16.6 16 8.6 6.7 0 -8 -16 Exports Imports April Sept INDIA’S MERCHANDISE EXPORTS grew6.74% onyear to $36.38 billion in September despite a 50% extra tariff on its exports to the US coming into effect in late August. The better-than-expected growth in outward shipments could be attributed to a pickup in some other markets, a weak base (-2.8%), and stellar show by some sectors such as electronics. Exports to the US fell to $5.43 billion in September from $6.87 billion in August; thatwas a sequential decline of 21%. Many of the export consignments that left Indian shores just before the 50% took effect may have also contributed to exports growth. Imports during the month also showed a substantial growth of 16.66% to $69.53 billion,taking the trade deficit in September to $32.15 billion, a 13-month high. But imports growth was partly due to a surge in gold imports and a low base (-14%). Because of the front-loading of shipments, in April-September exports to the US grew 13.35% to $45.82 billion. ● Regulator’sbenign approachhasalso madethemid-size banktakeover-ready MAHESH NAYAK Mumbai, October 15 IN RECENTMONTHS, market chatter has centred on the possibility of Emirates NBD, the Dubai-based lender, acquiring a significant stake in RBL Bank — potentially becoming the largest shareholder or even taking control. Year-to-date, the bank’s stock has surged close to 90%, from `158 on Chinatakes IndiatoWTO overEVsops MUKESH JAGOTA New Delhi, October 15 GOOD CHOICE Banks Bandhan Bank J&K Bank RBL Bank South Indian Bank Karnataka Bank RoA (%) CRAR (%) 1.53 1.32 0.51 1.06 1.05 18.71 16.29 15.54 19.31 19.85 #Banks with similar asset size; as on FY25 December 31, 2024. The enthusiasm had waned a bit after RBL denied media reports in July about acquisition by Emirates, but it has got a fresh lease of life after reports resurfaced this week suggesting the Source: IBA whispers maybe edging closer to reality. As a result, the bank’s stock surged to a new 52-week high of `305 per share on Wednesday. Continued on Page 11 Silver shortage hits Mumbai’s Zaveri Bazaar A SEVERE SHORTAGE of silverin the spot market,along with a premium of `30,000 per kg, has forced jewellers in Mumbai’s Zaveri Bazaar to stop accepting fresh orders, reports Rajesh Bhayani. Rajesh Rokde, chairman, All India Gem and Jewellery Domestic Council, said: “The surge in the premium is primarily due to increased investment and industrial demand, both locally and globally. This has forced jewellers to stop fresh orders for ornaments and bullion.” ■ REPORT ON PAGE 24 CHINAHAS MOVED theWorld Trade Organization (WTO) against India on the“subsidies” the latter provides for electric vehicles(EVs)andbatteries,saying that these incentives give Indian industries an unfair competitive advantage and harm China’s local interests. In a communication to the multilateral body, Beijing has sought consultation with India on its subsidies forEVs and batteries, a transcript of a media interaction posted on its commerce ministrywebsite said. “China will take resolute measures to effectively safeguardthelegitimaterightsand interests of its domestic industries.It has noted that for some time, a number of India’s economicandtrademeasureshave beensuspectedofviolatingregulations,which have attracted widespread concern among WTO members,”it added. Continued on Page 11 Continued on Page 11 IN THE NEWS Room open for rate cut, but time not opportune: RBI guv DESPITE THE BENIGN inflation outlook opening up room for a repo rate cut, the timing is not appropriate to reduce the key rate at present, since it would not produce the expected results, Reserve Bank of India governor Sanjay Malhotra wrote in the minutes of the monetary policy committee (MPC) meeting, reports fe Bureau. ■ PAGE 6 Rupee gains most in four months on RBI intervention THE RESERVE BANK of India’s aggressive intervention led the rupee to rise onWednesday, posting its biggest single-day gain since June 24, reports ChristinaTitus. The rupee finally ended at 88.07, up 73 paise from its previous close. ■ PAGE 6 Axis Bank profit falls 26% in Q2 as provisions spike AXIS BANK ON Wednesday reported a 26.4% year-on-year decline in its net profit for the second quarter to `5,090 crore because of higher provisions, reports Kshipra Petkar. Provisions and contingencies increased 61% on year. ■ PAGE 6 Ahmedabad