COMPANIES | PAGE 4 INTERNATIONAL | PAGE 10 Cristiano Ronaldo retires from international football INTERNATIONAL | PAGE 10 PhysicsWallahbestplaced forfreecoachingplan: CFO CHENNAI/KOCHI, FRIDAY, NOVEMBER 6, 2026 BankofEnglandraisesrates forthefirsttimesince2023 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVII 155, 54 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: 79,310.01 ▲ 2,008.61 NIFTY: 24,536.60 ▲ 576.00 NIKKEI 225: 61,077.90 ▼ 1,110.73 HANG SENG: 24,796.98 ▲ 877.48 `/$: 94.48 ▼ 0.17 `/€: 106.10 ▲ 0.45 BRENT: $96.99 ▲ $2.37 GOLD: `143,184 ▲ `1,929 COMPANIES PAGE 5 REALTYFIRMS SEE PRE-DIWALI SALES GROWING 10-15% REALTORS HAVE REPORTED better preDiwali sales this year than last year, with growth estimated at 12-15%, reports Raghavendra Kamath. Driven by strong sales of premium and luxury properties, developers have recorded their highest-ever quarterly bookings in the second quarter of FY27. COMPANIES PAGE 4 LG INDIAFORAYS INTOAUTO ELECTRONICS LG Electronics India on Thursday announced its foray into automotive electronics and mobility solutions with a new line of business, reports Viveat Susan Pinto. The company is looking to diversify its revenue streams and leverage its expanding manufacturing footprint to accelerate exports. Renewables firms seek curbs on China imports INDIA'S RENEWABLE ENERGY industry has urged the Centre to introduce ALMMlike regulations for battery energy storage systems and other green energy components to reduce dependence on imports, particularly from China, New and Renewable Energy Secretary Santosh Kumar Sarangi said on Thursday, reports Saurav Anand. ■ PAGE 2 MFI loans decline in Q2, but ticket size increases THE OVERALL PORTFOLIO of microfinance institutions contracted both year-onyear and sequentially during the September quarter, reflecting borrower consolidation, changing lending patterns and lenders’ continued focus on portfolio quality, reports fe Bureau. The gross loan portfolio stood at `3.28 lakh crore as of September 2026, a 5% decline, according to CRIF’s September 2026 edition of MicroLend. ■ PAGE 7 SENSEX SOARS 2,000 POINTS; INVESTORWEALTHTOPS `500LCR FORTHE FIRSTTIME Dalal Street lights up early KISHOR KADAM & RAJAS KELKAR Mumbai, November 5 DALAL STREET GOT an early start on Diwali onThursday,as a sharp fall in crude oil prices, renewed foreign buying and strong earnings lifted benchmark indices to their highest levels in over six months. The Sensex surged over 2,000 points, the Nifty reclaimed the 24,500-mark, and investors’ wealth crossed the `500-lakh-crore milestone for the first time. The rally, which extended the market’s winning streak to six consecutive sessions, was fuelled by growing hopes of an easing of geopolitical tensions following the Democrats’ victory in the US midterm elections. Brent crude’s slide below $100 a barrel for the first time in two months added to the cheer. The Sensex jumped 2,008.61 points, or 2.60%, to close at 79,310.01 — its biggest single-day gain in seven months and highest closing level in eight months. The index crossed the 79,000mark for the first time since March 5.The Nifty surged 576 points, or 2.40%, to settle at 24,536.60, its highest close in nearly three months. Over the past six sessions, the Sensex and Niftyhave climbed 8.28% and8.10%,respectively,marking a dramatic turnaround in market sentiment. After months of relentless selling, foreign portfolio investors (FPIs) have returned with a vengeance, pumping around`55,000crore($5.8billion) into Indian equities over the past 14 trading sessions. Continued on Page 10 BULL CHARGE OIL RISES AGAIN 98 96 79,310 90 94.3 94.4 2.60% 94.6 94.7 TOP SECTORAL GAINERS (%) Auto 77,301 3.99 Realty Nov 4 (close) 7.20 7.15 3.52 Private banks 3.44 94.475 94.648 Nov 4 (close) 0.18% Nov 5 (close) 7.19 10-yr govt bond yield (%) 7.17 7.10 7.05 3.13 PSU banks Dollar vs rupee BOND YIELD EASES 4.14 Financial services Nov 5 at 8 PM IST 94.5 (2,008 points) SENSEX Nov 4 (close) RUPEE AT 2-WEEK HIGH Nov 5 (close) 7.00 Nov 4 (close) 2 bps Nov 5 (close) Oilslump,AIfatiguefuelFPIreturn RAJAS KELKAR Mumbai, November 5 FOREIGN INVESTORS ARE buying Indian stocks again. After months of heavy selling, foreign portfolio investors (FPIs) have put a net `54,925 crore ($5.8 billion) into Indian equities over the past three weeks. Experts say that several reasons have contributed to this,including a sharp fall in crude oil prices, improving corporate earnings and RESULTS CORNER Airtel revenue beats estimates points to a shift in the company'sgrowthdrivers.Thecompany’s Ebitda increased 4.9% quarter-on-quarterto`35,240 crore, ahead of the Bloomberg estimate of `34,406 crore. Net profit after exceptional items, however, rose 8.8% to `8,888 crore, missing the estimate of `9,293 crore. ■ PAGE 4 LIC posts 20% M&M Q2 profit profit growth beats Street LIFE INSURANCE CORPORATION of India (LIC) reported a 20% year-on-year increase in standalone net profit to `12,076 crore in the Septemberquarter,drivenprimarilyby growth in its group insurance business, reports fe Bureau. Standalone net premium income rose 16%. ■ PAGE 7 Brent crude prices ($ per barrel) 92 growing unease over the artificial intelligence (AI) boom in global markets. With crude slipping below $100abarrelforthefirsttime intwo months,oneofthebiggest threats to India’s macroeconomic stabilityappears to be receding. Oil prices have tumbled to around $94 a barrel from $116, easing concerns over India’s import bill, current account deficit and the rupee. Continued on Page 10 MAHINDRA & MAHINDRA (M&M)reporteda12.9%yearon-yearincrease in standalone net profit to `5,102 crore in the second quarter of the current financial year, beating Bloomberg estimates of `4,529 crore, reports Akbar Merchant. Ebitda rose 3.9% to `6,718 crore. ■ PAGE 4 $5.8-BN INFLOWS IN 3 WEEKS FPIs equity inflows ($ mn) 2,000 1,600 1,200 800 400 1,585* Total: 5,791 278 1,112 Oct 27 Oct 16, 2026 Nov 05, 2026 *provisional data A PERILOUS PRESIDENCY, WRITES ANITA INDER SINGH PAGE 8 Source: NSDL, NSE MIDTERM DEFEAT: GOP BLAME GAME STARTS PAGE 10 Tata trusts dispute: Mistry defends his locus standi URVI MALVANIA Mumbai, November 5 MEHLI MISTRY HAS defended hisrighttoseekaninquiryinto theaffairsoftheTatatrusts.He argued that any person can bring information about possible mismanagement of a public charitable trust to the charitycommissioner,without having to show a personal or proprietary interest in it. In a rejoinder to Sir Dorabji Tata Trust (SDTT), Mistry challengedtheobjectiontohislocus standi.Hecitedthecharity commissioner’s orders of May 15 and 18, 2026,which directed an inquiry into Sir Ratan Tata Trust (SRTT)followingacomplaintby an advocate who was neither a trustee nor a beneficiary. If an outsider could trigger an inquiry,Mistryargued,aformer trusteewithdirectknowledgeof the trusts’affairs should also be entitledtoapproachtheregulator. Mistry’s legal representativesubmitted the rejoinder in personatthecharity commissioner’s office on Thursday.It countersthestand of SDTT and Bai Hirabai Trust that,as a former trustee,he has nostandingtofilecomplaintsor raise issues. In their joint reply on October 15, the two trusts had said Mistry’s submissions did not merit consideration. While submitting the rejoinder, Mistry’s lawyer pointed to sections 6 and 18 of the Bai Hirabai Jamsetji Tata Navsari Charitable Institution deed, which set conditions of faith and residency for trustees. This led to a brief exchange between the lawyers for Mistry and the trusts, before the presiding officer fixed December 3 as the next date of hearing. Continued on Page 6 REGULATOR SEEKSTO BRING SATELLITE CONNECTIVITYCLOSERTO EXISTINGTELECOM ECOSYSTEM Traibatsformobilephoneslinkingdirectlytosatellites RISHI RAJ New Delhi, November 5 IN A MOVE that could change the way satellite communication services are delivered in the country, the Telecom Regulatory Authority of India (Trai) has proposed allowing telecom operators to use satellite networks to provide connectivity directly to mobile phones, including in areas where conventional mobile towers are unavailable. It has also recommended a new framework underwhich satellite companies can operate networks and lease capacityto telecom operators and other eligible service providers, opening up the possibility of shared satellite infrastructure. The recommendations KEY RECOMMENDATIONS ■ Trai has suggested two routes for directto-device satellite connectivity: using spectrum allocated for mobile satellite services to connect devices directly; utilising spectrum held by telecom operators for terrestrial mobile ■ Proposed fee: 8% of adjusted gross revenue and an annual minimum spectrum charge of `3,500 per MHz ■ Authorisation period: Trai has proposed the new authorisation be valid for 20 years, with provision for renewal for another 20 years seek to bring satellite connectivity closer to the existing telecom ecosystem, rather than treating it as a standalone service. Under the proposed framework, a new category of authorisation,called Satellite Communication Network Provider (SCN Provider), will allow companies to build, operate and maintain satellite networks and offer their capacity as a service to licensed telecom and satellite service providers. These network providers, however, will not be permitted to sell telecommunication services directly to consumers. For instance, a satellite SHARES SLIDE Adani Ports & SEZ RAGHAVENDRA KAMATH Mumbai, November 5 ADANI PORTS AND Special Economic Zone (APSEZ) on Thursday said it would acquire Evos—Europe’ssecond-largest independent liquid storage operator — from Igneo InfrastructurePartnersinanall-cash deal at an enterprise value of €2.56 billion,or $2.88 billion. MUFGwill finance the deal forup to €2.8 billion,theAdani Group company said. The acquisition will give Adani Ports “a sizeable European foothold”, help scale up anddiversifyitsliquidsportfolio,andprovideexposuretothe long-term transition towards new-age fuels,the firm said. The Dutch liquid storage operator has eight port-based terminals in the Netherlands, Germany, Spain, Belgium and Malta,withastoragecapacityof 6.3 million cubic metres.With the acquisition,APSEZ’s global footprint expands to 28 ports and terminals in 10 countries. ThedealgivesEvosanequity value of €1.18 billion,implying anacquisitionmultipleof11.7x the enterprise value-to-Ebitda ratio in 2025.Adani Ports said Evos would add high-margin, 1.33 % 1,910.00 Pr Previous close 1,884.60 KARAN ADANI, Close MD, APSEZ Evos marks an important milestone inAPSEZ’s trajectory towards handling 1 billion tonne of cargo predictable hard-currency cash flows backed by high take-orpay revenues and CPI-linked contractbase,strengtheningthe quality, resilience and geographicdiversificationofAPSEZ earnings. It said Evos’ 56% Ebitda margin is above APSEZ’s international ports margin of 44.8% in the first half of FY27, underscoringthemargin-accretive nature of the business. Continued on Page 6 EXPERTS FLAGTARIFF,EXECUTION RISKS 0 -400 ● Dealgivescontrol of8terminalsin5 Europeannations 94 »INSIDE« US SHIFT BRINGS MIXED SIGNALS IMPACT ON US-INDIATRADE FOR IT COMPANIES PAGE 6 DEAL UNLIKELY PAGE 2 BHARTI AIRTEL’S CONSOLIDATED revenue rose 4% sequentiallyto`60,878crorein the July-September quarter, beating estimates, as higher averagerevenueperuser(Arpu) and rising data consumption offsetasharpslowdownincustomer additions, reports fe Bureau. The performance 97.56 94.62 Adani to acquire storageoperator Evos for$2.9 bn « IN THE NEWS company such as Starlink could provide network capacity to a telecom operator such as Bharti Airtel, which could then use it to offer connectivity to its subscribers. This would mean that telecom operators need not necessarily invest in building their own satellite infrastructure to extend coverage to remote locations. Similarly, satellite network operators could serve multiple telecom companies, allowing more efficient utilisation of their infrastructure. Trai has proposed that the new authorisation be valid for 20 years,with provision for renewal for another 20 years. Amoresignificantaspectof the recommendations is the proposed introduction of direct-to-device(D2D)satellite connectivity. Trai has suggested two routes for this.The first involves using spectrum allocated for Mobile Satellite Services (MSS), particularly Lband and S-band, to connect compatible mobile devices directly to satellites.It has also suggested that the governmentencouragehandsetmanufacturers to incorporate the necessarytechnologyinfuture smartphones. The second route involves using spectrum already held by telecom operators for terrestrial mobile services.Under this arrangement, a satellite could connect directly with a mobile phone using an operator’s existing spectrum. Continued on Page 17 CHENNAI/KOCHI `14,500-crenergy storagepushfaces viabilitychallenge SAURAVANAND New Delhi, November 5 INDIA’S`14,500-CROREPUSH forenergystorage could unlock nearly `1 lakh crore in investmentsandacceleratelarge-scale deployment, but government support alone may not be enoughtoensurecommercially sustainable projects or affordable electricity for distribution companies,experts said. AdayaftertheUnionCabinet approvedtheviabilitygapfunding (VGF) scheme on Wednesday,theysaidthatfinancinghurdles could still remain and the subsidymightenduprewarding just capacity creation, rather than actual performance. Energyspecialistswarn that aggressive bidding, execution risksandinadequateutilisation couldunderminethebenefitsof the subsidy, raising questions overwhetherpublicfundingwill translate into reliable power supply.“Financeorcapitalisnot the real bottleneck in accelerating energy storage deployment in India,” said Charith Konda, lead energy specialist at the Institute for Energy Economics and Financial Analysis (IEEFA), pointing to unsustainable bidding practices, import dependence and price uncertainty as biggerchallenges. AlekhyaDatta,director,electricity and renewables division at TERI, described the VGF POWER POINT ■ VGF support ranged between 20% and 30% of capital expenditure in earlier schemes ■ In latest edition, funding support could decline to 15-20% ■ Experts say affordable tariffs and financing will be key determinants of project success scheme as an important intervention in addressing capital costs but cautioned that funding alone would not guarantee sustainable projects.“However, subsidy alone cannot ensure commercial viability or affordable tariffs for discoms,” Datta said,adding project economics woulddependonlow-costcharging power,utilisation,discharge duration,financing costs & batterylifecycle performance. Continued on Page 10 Govt considers mandatory energy storage for discoms THE CENTRE IS planning to make energy storage purchases mandatory for electricity distribution companies (discoms) as part of their renewable power procurement, as it seeks to reduce clean electricity wastage and improve grid reliability, reports SauravAnand.The central government aims to finalise the regulations on energy storage for discoms by March 2027. Addressing the Bharat Renewable Energy Summit in New Delhi on Thursday, Power Secretary Pankaj Agarwal said the proposed requirement would apply to licensed utilities, while renewable energy developers would also face mandatory storage integration norms. ■ PAGE 2