MARKETS | PAGE 6 COMPANIES | PAGE 4 Lenders cut home loan rates to woo customers INTERNATIONAL | PAGE 7 Drone startups set sights on sustained growth in 2026 NEW DELHI, SATURDAY, DECEMBER 27, 2025 Ellison, not Musk,was the tech titanwho defined 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 256, 22 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: 85,041.45 ▼ 367.25 NIFTY: 26,042.30 ▼ 99.80 NIKKEI 225: 50,750.39 ▲ 342.60 HANG SENG: 25,818.93 ▲ 44.79 `/$: 89.85 ▼ 0.07 `/€: 105.75 ▲ 0.19 BRENT: $62.15 ▼ $0.09 GOLD: `137,591 ▲ `1452 routes,although Coforge said a sharesalemaynotbetriggeredif alternative funding options are finalised. “This reflects the confidence that the incoming shareholders have in the prospects of the expanded firm,” Coforge said in its exchange filing,adding that the transaction would create a technology services company withprojectedannualrevenueof about $2.5 billion (around `22,500crore). Continued on Page 7 ● PREPARATIONS ON FOR REPUBLIC DAY PAGE 22 BANGLADESH POLLS MUSTBE FREE & INCLUSIVE: INDIAON TARIQUE RAHMAN’S RETURN FROM EXILE Vi readies wider 5G rollout plans VODAFONE IDEA IS positioning 2026 as a year of accelerated network expansion, with a sharper push on 5G deployment alongside continued investment in its 4G infrastructure, chief executive Abhijit Kishore said in a recent note addressing the telco’s customers, reports Urvi Malvania. ■ PAGE 5 Tata Steel faces $1.6-bn lawsuit from Dutch NGO A DUTCH NONPROFIT body is seeking €1.4 billion ($1.6 billion) in compensation from Tata Steel’s Netherlands units, alleging that harmful emissions from its operations have caused environmental harm and health damage to nearby residents, reports Bloomberg. ■ PAGE 5 QUICK PICKS Titan to foray into lab-grown diamonds President’s bodyguards take part in a rehearsal, ahead of the Republic Day Parade 2026, at the Kartavya Path in New Delhi on Friday ANI INDIA’S LARGEST JEWELLERY retailer, Titan, is set to enter the niche yet fastgrowing lab-grown diamond jewellery segment, a market currently dominated by venture capital and PE-backed startups such as Limelight Jewelbox, Wondr Diamonds and Fiona Diamonds, reports Narayanan V. ■ PAGE 5 IPO returns mixed as 50% trade belowissue price KISHOR KADAM Mumbai, December 26 AMOUNT RAISED NEARLY `2L CR IT’SBEENAbumperyearforinitialpublicoffers(IPO)withclose to `2 lakh crore having been raised.Whilepromotersandprivate equity players have cashed out at lofty valuations, many investors have made big listing gains. However,not all companies havebeenabletosustainthevaluationsthattheyachievedinthe initial days of trading. In fact, nearlyhalfor48ofthe102companiesthatmadetheirdebutson thestockexchangesthisyearare currentlytradingbelowtheirIPO price, according to data from PrimeDatabase. In some cases more, the stockshavelostasmuchas50% of theirvalue.At the same time, among the nine stocks which debutedwithnegativereturnsor listedatpricesinlinewiththeIPO price,somehaveperformedwell thereafter,delivering returns of asmuchas54%. Aditya Dhar’s film set to push year’s theatrical revenues to `12,500 crore edging past 2023’s all-time high of`12,200 crore Dhurandhargetstheformularightasittops`1K-crbiz ALOKANANDA CHAKRABORTY New Delhi, December 26 WITH A BLOCKBUSTER in Dhurandhar, the Ranveer Singh-starrer, which has raked in more than `1,000 crore in worldwide collections, Bollywood is set to end 2025 on a high note. Theatrical revenues are now tipped to top `12,500 crore,topping 2023’s alltime high revenues of `12,200 crore. Indeed, 2025 has been good for Bollywood despite the strong challenge from regional films, over the top (OTT) con- MONEY SPINNERS Saiyaara (Hindi) The top 5 movies of 2025 575.8 Dhurandhar (Hindi) dhar 334.2 1,006.7 668.8 250 50 Coolie (Tamil) Kantara: A Legend - Chapter 1 (Kannada) 853.4 622.5 130 tent and foreign films. Dhurandhar has had a solid run so far. The Aditya Dhar directed film’s worldwide collections have hit `1,006.7 crore, after notching up 516.7 Chhaava (Hindi) 808.7 604.1 150 (` crore) Budget domestic collections of `668.80 crore by Day 21. The film has already crossed the lifetime worldwide box office collections for the Rajinikanth-starrer Jailer (2023), estimated at `650 crore. It is fast closing in on Shah Rukh Khan's 350 260.3 Domestic collection Worldwide Pathaan (2023), which logged `1,055 crore worldwide. Besides Dhurandhar, at least five Hindi-language films (Chhaava,Saiyaara,War 2, Housefull 5) have found place among the list of top ten highest-grossing Indian movies of 2025. Dhurandhar, released across about 1,200 screens with more than 3,700 daily shows, opened at `32 crore and crossed `118 crore in its first week. "Content is the singlebiggest driver of theatrical success,”Gautam Dutta,CEO, revenue and operations, PVR INOX told FE. Weekly business held at around `32 crore, with footfalls rising from around 2.8 million in its first week to over 3.1 million in the second. “This highlights the film’s strong pull,”Dutta says, placing Dhurandhar alongside movies such as Kantara: A Legend Chapter 1, which, at `700 crore-plus, is the highest-grossing Indian film of 2025, and Avatar: The Way of Water. Continued on Page 7 IPO size (` cr) 307 451 149 450 232 500 698 813 400 143 IPO price vs current price (% change) Dev Accelerator $600 mn -32.0 Projected FY26 revenue: Mangal Electrical Industries atanissuepriceof`1,815.91per share, implying a premium of about 8.5% to the company’s closing price on Friday. Posttransaction,Encora’sshareholders will collectively hold about 20–21% of Coforge’s expanded equitycapital. The company said the debt repayment component will be funded through a bridge facility oraqualifiedinstitutionalplacement,if required.Its board has approvedraisingupto$550million (around `4,100 crore) throughaQIPorotherpermitted 19% -32.8 Post merger Ebit margin: 14% FY25 adjusted Ebitda margin: Seshaasai Technologies Combined value post merger: $2.5 bn Upto $550 mn to be raised through QIP to bridge loan to service Encora debt $516 million -35.0 Equity value: $1.89 bn FY25 revenue: Laxmi Dental BACK PAGE $2.35 billion -39.6 TURNAROUND EXPECTED IN FPI FLOWS IN 2026 PAGE 6 Enterprise Value: Encora stats Arisinfra Solutions GOLD, SILVER SMASH RECORDSAGAIN PAGE 6 DEAL DETAILS I -40.3 FOREX RESERVES RISE BY $4.36 BNTO $693 BN PAGE 2 OF THE YEAR BMW Ventures » INSIDE « COFORGEONFRIDAYsaidthat ithasagreedtoacquireUS-based digital engineering firm Encora inanall-stocktransactionvalued at an enterprise value of $2.35 billion (around `21,140 crore), marking one of the largest overseas acquisitions by an Indian mid-tierITservicescompanyand signalling a sharper strategic shifttowardsAI-ledengineering, dataandcloudservices. ThedealpegsEncora’sequity value at about $1.89 billion (around `17,000 crore) and will seeCoforgeacquire100%ofthe company from private equity investors Advent International, Warburg Pincus and other minority shareholders.The balance between the equity value andenterprisevalue,amounting to up to $550 million (around `4,100 crore), will be used to retireEncora’sexistingtermloan. Coforge said the transaction willbeexecutedentirelythrough a share swap,with no cash consideration being paid to the selling shareholders.As part of the acquisition, Coforge will issue about93.8millionequityshares -40.6 MADHYA PRADESH RECORDED the highest growth in gross state domestic product with its economy growing 4.8 times between FY12 and FY25 followed by Karnataka at 4.7 times and Telangana at 4.5 times, reports Saikat Neogi. These three states are the top three in per capita income growth during the same period. NEWSMAKERS URVI MALVANIA Mumbai, December 26 -43.5 Jaro Institute of Tech Mgt & Research MP, KARNATAKA POST HIGHEST GSDP GROWTH ALONGWITHMANYBRICKBATS VMS TMT PAGE 2 ● ABUSINESSLEADERWHOGOTLOTSOFBOUQUETS mid-tierITfirm’s pushintoAI-led engineering -46.3 ECONOMY ● Acquisitiontoaid Gem Aromatics ZEPTO HAS REPORTED a significant widening of losses for FY25, even as its topline surged, reports fe Bureau. The quick commerce major’s net loss ballooned 177% year-on-year to `3,367.3 crore in FY25, while total jumped 129% to sales stood at `9,668.8 crore. Coforgetoacquire High-wireact Encorafor$2.35bn ofconviction Source: Prime Database -48.3 ZEPTO FY25 LOSS WIDENS 177%, SALES JUMP 129% tilityandsocialprescriptions— areaswhereconfidenceoutpaced consensus. Startwiththesubstance.Arattai’ssurgeinsign-upswasnot merelyafunctionofministerial endorsementsorthezeitgeist arounddigitalsovereignty. Unlikehurried“me-too”apps thatsurfacewhenevergeopolitics intrudesintotechnology,Arattai boretheunmistakablestampof Zoho’sengineeringculture:built forlow-enddevices,resilienton RISHI RAJ patchynetworks,anddesigned withprivacy-firstdefaults.India’s In 2025,SridharVembu historywithdomesticsocialplatmade headlines fortwovery forms—fromHiketoKoo—offers different reasons.One acautionarytale:nationalism burnished his reputation as canignitedownloads,butit a rare Indian tech founderwho rarelysustainshabit.IfArattai builds patiently,locallyand at enduresbeyonditsmoment,it scale.The otherexposed the willbebecauseZohounderstands risks of a public persona that theunglamorousworkofreliabilstrays too farbeyond the ity,scaleandincremental boundaries of evidence and improvement. expertise.Taken together,the Thegovernmentemailconyearreads like a case tractsitsinadifferent, studyin how moreconsequential conviction can be both HEADLINES category.ThatZoho a founder’s greatest wasselectedtopower OF THE YEAR asset and his most emailforoveramillion ON PAGE 22 fragile liability. governmentofficials— Onthepositivesideofthe includingthePrimeMinister’s ledgerweretwodevelopments Office—after15to20auditsisno thatmattered.ThefirstwasAratsmallfeat.Itspeakstocapability, tai,Zoho’shomegrownmessagcredibilityandtrust.Vembu’s ingapp,whichrodeawaveof long-heldargument—that nationalistenthusiasmandoffidependenceonforeignplatforms cialencouragement.Thesecond forcriticaldigitalinfrastructure wastheCentralgovernment’s carriesstrategicrisk—isnotideodecisiontomigrateitsinternal logicalflourish;itisahardstrateemailsystemtoZohoafterarig- gictruth.Inanerawhentechnolorousauditprocess—an ogysupplychainsare endorsementthatwentwell increasinglyweaponised,Zoho’s beyondsymbolism.Onthe patientinsistenceonbuilding othersidewereaseriesof fromIndia,forIndia,lookspreavoidablecontroversies scientratherthanparochial. sparkedbyVembu’spublic interventionsonvaccines,fer- Continued on Page 7 Glottis PAGE 4 SRIDHAR VEMBU, FOUNDER & CHIEF SCIENTIST, ZOHO -52.7 COMPANIES TRANSACTION ENTIRELYVIASHARE SWAP SHYAM KR PRASAD IN THE NEWS Top losers - IPOs trading below issue price PNBreports`2.4K cr fraudinSREI’sa/cs KSHIPRA PETKAR Mumbai, December 26 STATE-OWNED LENDER PUNJAB National Bank (PNB) on Friday said it has reported a borrowal fraud of `2,433.99 crore to the Reserve Bank of India involving the erstwhile promoters of SREI Equipment Finance and SREI Infrastructure Finance. In a regulatory filing to the stock exchanges, the New Delhi-headquartered lender said of the total amount, `1,240.94 crore relates to SREI Equipment Finance while the remaining `1,193.06 crore relates to SREI Infrastructure Finance. The lender clarified that since it has already provided to the extent of 100% for the entire amount outstanding there would be no additional impact on its financials. The bank also clarified that a resolution has been New Delhi PROVISION MADE ■ The fraud relates to erstwhile promoters of SREI Equipment Finance & SREI Infra Finance ■ Out of the total amount, `1,240.94 crore relates to SREI Equipment Finance ■ PNB said it has provided to the extent of 100% for the entire outstanding amount arrived at for both the entities under the Corporate Insolvency Resolution Process (CIRP) and that it had been approved by the National Company Law Tribunal. Continued on Page 7