MARKETS | PAGE 7 ECONOMY | PAGE 2 Active client base of brokers shrinks 10% Advance pricing pacts hit new high in 2024-25 HYDERABAD, SATURDAY, OCTOBER 18, 2025 VOL. NO. XXII 143, 28 PAGES, `12 INTERNATIONAL | PAGE 15 Trump says 100% tariffs on China not sustainable FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD 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: 83,952.19 ▲ 484.53 NIFTY: 25,709.85 ▲ 124.55 NIKKEI 225: 47,582.15 ▼ 695.59 HANG SENG: 25,247.10 ▼ 641.41 `/$: 87.97 ▼ 0.14 `/€: 102.96 ▼ 0.57 BRENT: $60.98 ▼ $0.08 GOLD: `1,29,828 ▲ `3,013 THE TATAS AND the Shapoorji Fugitive diamantaire Mehul Choksi is wanted in a `13,000-cr PNB fraud case along with nephew Nirav Modi PRESS TRUST OF INDIA New Delhi, October 17 A COURT IN Antwerp on Friday cleared the extradition of fugitive diamantaire Mehul Choksi, noting that his arrest by the Belgian authorities on India’s request was valid, officials in the know said. The order has come as a strong validation for India’s case, with Choksi having the optionofappealingagainstthe decision in a superior court in Belgium,they said. “The order has come in our favour. The court has termed his arrest by the Belgian authorities on India's request valid.The first legal step in getting him extradited is now clear,”a senior official said. Belgian prosecutors were aided by Indian officials from the external affairs ministry and the CBI in putting forth strong arguments on Choksi’s alleged crime in orchestrating a `13,000-crore scam in the Punjab National Bank (PNB) in collusion with his nephew Nirav Modi. The prosecutors toldthecourtthatheremainsa ‘flight risk’ and cannot be released from prison, the officials said. After hearing the Belgian prosecutors and Choksi’s defence lawyers during the hearings in mid-September, the court concluded that his arrest was valid. Choksi (66) was arrested in Belgium on April 11 on the basis of the extradition request sent bythe CBI,they said.His bail applications have been rejected bydifferent courts in that country. Pallonji (SP) Group are exploring a separation via share swap, which will allow the Mistrys a gradual exit from its 18.4% stake in Tata Sons. Sources familiar with the developments said under the proposal, SP will surrender its Tata Sons stake either fully or partiallyin exchange fora basket of shares of some of the listed Tata Group companies. It is being felt that a marginal stake reduction in a few of the companies where Tata Sons has massive stakes won’t have much of an impact on them. But it would give SP market-liquid equity instead of an illiquid, privately held stake in Tata Sons. SP Group can then sell those shares in the open market in tranches and take care of its Market cap (` lakh cr) 71.74 TCS 45.21 Tata Power 40.15 Tata Motors* Indian Hotels 35.66 Trent 32.45 Tata Steel 31.76 Tata Consumer 28.69 Voltas 26.64 Titan Company 20.84 14.07 Tata Comm burgeoning debt. Though a similar proposal was made by SP in 2020 at the height of the no-holds-barred battle between the two sides, the Tatas had then dismissed 10.72 1.27 1.46 1.05 1.72 2.15 1.16 0.47 3.27 0.55 it, calling it “nonsense” and arguing that the valuation arrived at by the Mistrys was “totally incorrect”. The Supreme Court later rejected SP’s proposal. But RIL consolidated financials RAGHAVENDRA KAMATH Mumbai, October 17 RELIANCE INDUSTRIES (RIL) ON Fridaymissed analyst esti- sources said the proposal has been revived again as “much water has flown down the river since then”. mates for the July-September quarter as softness in its oil and gas and petrochemical segments tempered gains in refining,retail,and digital services.The company reported a net profit of `18,165 crore for the quarter, up 10% from `16,563 crore a year ago, but below the Bloomberg consensus estimate of `20,023 crore. Sequentially,profits fell 33%. Revenue also rose 10% year-on-year to `2.59 lakh crore,ahead of Street expectations of `2.49 lakh crore, but slipped 4% sequentially as energy markets remained volatile and downstream chemicals continued to drag. Continued on Page 6 Continued on Page 6 Stake as on June 30, 2025 *after demerger of CV business 9.9 Revenue WITH SEVERAL COMPANIES dependent on silver as a raw material,the runawayprices of thewhite metal mayhurt their supply contracts in the future. The next 4-6 months will be critical, firms in the electric vehicle (EV), semiconductor and renewable energy sectors told FE as long-term supply contractswillbeupforrenewal. While silver is known for its ornamental&investmentvalue, itsusageinthejewellerysectoris around 30% only,according to commodityexperts.60%isused inindustrialapplications—from makingchipstoelectroniccomponents such as printed circuit boards,switches,contacts to EV batteries,solarpanels,chipsand medicaldevices. ■ PAGE 4 160,000 Continued on Page 6 1,70,695 140,000 120,000 85,913 100,000 80,000 Jan 1, 2025 Oct 17, 2025 GoldatnewhighonDhanteraseve GOLD PRICES ROSE by`3,200 to touch a new lifetime high of `1,34,800 per 10 g in the national capital on Friday, buoyed by strong festive buying by jewellers and retailers ahead of Dhanteras, reports PTI. According to data by the All India Sarafa Association, the precious metal of 99.9% purity had ended at `1,31,600/10 g in the previous session. Gold of 99.5% purity also jumped by `3,200 to scale an all-time high. Zepto’s replenished war chest to intensify battle for market share Q-comm race gathers speed ANEES HUSSAIN Bengaluru, October 17 THE QUICK COMMERCE mar- ket is gearing up for another round of aggressive competition. With Zepto’s latest $450-million fundraise, the 10-minute delivery race— alreadyoneofthecostliestbattles in the consumer internet space—issettointensifyagain. The company’s new capital infusion takes its total cash reserves to about $900 million, setting the stage for renewed spendingondiscounts,marketingandexpansion.Analystssaid that after months of exercising financialcaution,Zeptonowhas the firepowerto get back on the offensive. For consumers, that could mean deeper discounts and faster deliveries. For the companies, it likely means a longerroad to profitability. Zeptohadspentmuchofthe pastyeartighteningitsbelt.The FAST GROWTH ■ Zepto has recently raised $450 valuation million at $7-billion ■ With ample cash reserves, the q-commerce player may roll out discounts ■ Zepto likely to channel new funds into growth, including opening dark stores ■ It has spent most of the past year tightening its belt startup,which posted losses of around`1,248croreinFY24on revenues of `4,454 crore, had slowed its pace of store openings,cutbackonmarketingand userincentives.Thesemeasures helpeditbringitsmonthlyburn rate down from a peak of about `660 crore in January 2025 to between `450 crore and `480 crorebyMarch2025,according to peopleaware of the matter. That restraint maynowgive way to a fresh phase of expansion.Industryexecutivesexpect Zepto to channel its new funds intogrowth,whichmeansopening more dark stores, re-energising brand campaigns and reintroducing sharper pricing. 9.7 Net profit RELIANCE RETAIL ON Friday reported a nearly 22% yearon-yeargrowth in its net profit at `3,457 crore in the September quarter of FY26, driven by GST cuts and festive buying across categories, reports Viveat Susan Pinto. PRECIOUS METAL MCX spot silver (` per kg) 180,000 17.5 Ebitda CHAIRMAN & MD, RIL We delivered a resilient performance led byour domesticfocused portfolio & structural growth in economy Reliance Retail Jioposts3.78% profit up 22% riseinprofit Silversurgemayhurtfuture supplycontractsofIndiaInc VIVEAT SUSAN PINTO, SWARAJ BAGGONKAR, OJASVI GUPTA & NITIN KUMAR Mumbai/New Delhi, Oct 17 (` crore) Q2FY25 Q2FY26 % chg, y-o-y MUKESH AMBANI, 18,165 Tata Sons stake (%) REPORT CARD 16,563 GROUP DETAILS at `18,165 cr 39,058 FE BUREAU New Delhi, October 17 ● Profit rises 10% 45,885 Tatas, SPexplore options on share-swap separation RILmisses Q2 estimates onoil,petchemweakness 2,58,898 SPMAYGETSHAREOFTATAFIRMSINLIEUOFITSSTAKEINTATASONS 2,35,481 Belgian court clears Choksi’s extradition “Theyhavedonetheclean-upon costs and now have money to grow again. That changes the competitive dynamics for everyone,” an investor tracking the space told FE. But Zepto is not entering a calm market.Blinkit,backed by Zomato’s parent Eternal, continues to expand at breakneck pace.EternalendedtheSeptember quarter with over $2.1 billion in cash, far outpacing the warchestsofitsrivals.Thecompany has already increased its dark store target from 2,000 to 2,100byDecember2025,witha plan to reach3,000 by2027. Thisexpansionisbeingsupported by an advertising blitz. Blinkit’smarketingspendinthe September quarter was nearly four times higher than a year ago, and the management has indicated that such levels will continue through FY26. Continued on Page 6 HYDERABAD JIO PLATFORMS (JPL) ON Friday posted a 3.78% rise in its net profit during the September quarter on the back of a sequential rise in average revenue per user (Arpu) and an uptick in data consumption, reports Urvi Malvania. ■ PAGE 4