EXPLAINER | PAGE 9 COMPANIES | PAGE 4 HowWorld Bank has counted India’s poor AI@WORK | PAGE 9 Gap between rural, urban narrowed: Dabur India CEO BENGALURU, TUESDAY, NOVEMBER 10, 2026 Tech is transforming industrial operations FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 174, 24 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: 81,106.65 ▲ 107.25 NIFTY: 250,44.65 ▲ 58.25 NIKKEI 225: 58,775.50 ▲ 1340.73 HANG SENG: 24,448.95 ▼ 32.91 `/$: 93.94 ▼ 0.02 `/€: 105.14 ▼ 0.22 BRENT: $94.49 ▼ $3.83 GOLD: `141,838 ▲ `806 Govt plans more sops to stemapprenticeattrition Monetisation: Eight fundsvie for single highway bundle THE COMPETITION FOR incomegenerating highway stretches is intensifying with as many as eight funds vying for a 90.6-km road stretch in Bihar andWest Bengal offered to investors, reports Mukesh Jagota. HOLIDAY Our offices are closed today. Therefore, there will be no edition of the paper tomorrow New Delhi Pune 1,747 Chennai Mumbai Ahmedabad Kolkata Hyderabad Bengaluru 202 383 556 636 608 83 times the national 24-hour safelimitof60µg/m andmore than 330 times the WHO's 24hourguideline of 15 µg/m . Other key stations such as AnandViharsawPM10 (particulate matter) peak at 3,450 µg/m duringmidnight,andRK 776 684 Puram saw a similarly high at 1,698 µg by 5 am Monday. PM2.5 peaked at Patparganj at 2,597 µg/m by 1 am, whereas at Nehru Nagar it was 2,808 µg/m at3am,on Monday. Continued on Page 10 2026tobe amongthe fourwarmest years:WMO THE YEAR 2026 will be one of the four warmest years on record, with the global average temperature for January-September 2026 touching 1.47 degrees Celsius higher than pre-industrial times (the average of the 18501900 period), according to a new World Meteorological Organization (WMO) report.This global average temperature figure was higher than the full-year averages in 2025 and 2023. ■ PAGE 16 MARKETVOLATILITYISweighing on unit-linked insurance plans(ULIPs),promptingseveral leadinglifeinsurerstoscaleback their reliance on these marketlinked products amid growing investorcaution.The slowdown comes against the backdrop of proposed regulatory measures to curb commissions and check mis-selling,which could exert furtherpressureonthesegment. Life Insurance Corporation of India (LIC) reported flat individual annualised premium equivalent (APE) at `17,224 crore in the first half of FY27 (H1FY27),as a sharp 40%yearon-year (y-o-y) decline in ULIP APE to `1,880 crore offset growth in othersegments. “When the market situation is not very conducive, sale of ULIPs take a beating,” MARKET CAUTION ULIP 57 51 share (%)** H1FY26 H1FY27 18 10 tensions and inflationary pressures have weighed on investor sentiment. The slowdown is particularlysignificant for private life insurers,where ULIPs account for nearly 65% of the product mix on average. Continued on Page 10 Continued on Page 10 ■ LIC’s individual APE was flat at 42 45 48 `17,224 crore 45 in H1FY27 ■ SBI Life’s ULIP share fell to 17,224 11,750 7,080 4,935 Annualised premium equivalent (in ₹ cr)* LIC SBI Life HDFC Life 62% ICICI Life in H1FY27 *as of H1FY27 **as % of APE; Source: Investor Presentation R Doraiswamy, MD and CEO, LIC, said during the secondquarter earnings call on Thursday. Although market corrections should ideally encourage investors to enter, customer sentiment tends to move in the opposite direction, he added. “So, ULIPs have shown a de-growth.” Ulips combine life insurance coverage with investments in equity, debt or balanced funds. Their waning appeal comes amid a difficult year for equities,with the Nifty 50 and Sensex declining nearly 6% and 6.3%,respectively,so far in 2026.Persistent foreign fund outflows, geopolitical NITIN KUMAR New Delhi, November 9 THE PREMIUM MOTORCYCLE market is showing signs of a shift,with the post-Covid buying boom losing steam, higher taxation and changing consumerpreferencesweighingon demandforhigh-capacitybikes. Retailregistrationsofmotorcycles above 500 cc fell 18.2% year-on-year (y-o-y) to 24,614 units during April-September, from30,094unitsayearearlier, extending the contraction that began in FY26 after four consecutiveyears of growth. Theslowdownhasbeenparticularly pronounced at Royal Enfield,whichaccountsforover 90% of the segment. The company recorded registrationsof22,312unitsinthe first half of FY27, down 20.1% from27,930unitsayearearlier. Itsdeclineof5,618unitswas actuallygreaterthan the overall market contraction of 5,480 units, indicating that other manufacturers collectively gainedvolumesevenasthesegment shrank. Triumph Motorcycles India morethandoubledregistrations to 785 units, while Kawasaki recorded a 36.4% increase to 1,056 units.The downturn followsaperiodofrapidexpansion. Marketvolatilityhits ULIPdemand NARAYANAN V Chennai, November 9 Premium motorcycle market hits a speedbump ‘IWAS UNFAITHFULTO MYWIFE ...THERE IS NO EXCUSE FORWHATI DID’ TheHuangaffair:WhyNvidia’sprobeputsAIinthedock IAN KING November 9 NVIDIA’S INVESTIGATION INTO Chief Executive Officer Jensen Huang’s affair with an alleged Chinese spy raises a series of the once-unthinkable questions, including whether the man at the center of the AI boom is at risk of losing his job. Nvidia shares slid about 5.6%(9.35pmIST)afterHuang disclosedtheromanticrelationship in a memo to employees,a decline that would mean a roughly $225 billion loss in marketcapitalisation.Thecompany’s board is assembling a committee of independent directors who will work with outside counsel to investigate the matter. With the stunning revelation,investorsneedtoconsidera range of possibilities that could affect not just Huang and Nvidia, but the entire artificial intelligenceindustry.Nvidia,the leading maker of AI chips, has used its financial strength to back dozens of major players, fromfrontierlabslikeOpenAIto cloud computing players like CoreWeave.Huanghasalsobeen among the most forceful advocatesforthebenefitsofAI,from Washington toWall Street. “Itbringsthestewardshipof one of America’s most important companies, and the architect of the US AI trajectory, under debate, as well as calling judgment into account,” Bernstein analyst Stacy Rasgon said in a note. BLOOMERG Huang had previously said there was nothing inappropriate about his relationship with the woman, who worked for a Singapore-based customer. “I was unfaithful to my wife,” Huang, 63, said in the memo. “My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.” It was a humbling moment foroneofSiliconValley’sbiggest through the broader industry. celebrities. Huang has crissNvidia has emerged as a key crossed the globe promoting sourceoffinancingforAIinfraartificial intelligence comput- structure. Huang has worked ing drawing throngs of fans with some of Wall Street’s swept up in “Jensanity.” His biggest firms on a $500 billion relentless appearances, featur- efforttohelpcompaniesrapidly ing science lectures, build out their equip»INSIDE« dadjokesandhissignament, and he’s funture leather jackets, neled money into bolHUANG IS BIGGER have turned him into stering the AI supply THAN AI’s main cheerleader. chainandfledglingcusTheincidentthreat- NVIDIA, AND tomers. IT’S A ens to further roil anAI “Jensen is a very PROBLEM market shaken by conunique CEO,” said PAGE 8 cerns about a slowDaniel Newman, CEO down in data center of the Futurum Group. spending. Nvidia makes chips “There is no known succession thatarecrucialtoAIcomputing plan.Therearenoleadersinhis equipment and is one of the company that would be the world’s most valuable busi- clear next to step up.” nesses. Turmoil within the company risks reverberating Continued on Page 10 BENGALURU Continued on Page 10 FPIS MAKE RECORD IT STOCK BUYS IN OCT FOREIGN PORTFOLIO INVESTORS (FPIs) bought a record $1.42 billion (`13,514 crore) of Indian information technology (IT) shares in October, NSDLdata showed.The previous monthly high was $1.40 billion (`11,763 crore) in July 2024. FPIs shifted towards Indian ITstocks amid a pullback from South Korean and Taiwanese markets, as AI bets faced pressure following a rout in US technology stocks. —Kishor Kadam FPIs inflows in IT sector (in $ million) 1,418 THE AGGREGATE CAPITAL expenditure by states likely grew fast in the first half of the current financial year, even as they restrained revenue spending, reports Prasanta Sahu. Capex by seven major states reviewed by FE rose 23.4% year-on-year to `1.51 lakh crore in the AprilSeptember period. ■ PAGE 2 Diwali-day air since 2021,with the average Air Quality Index (AQI) touching 376 on Sunday, accordingtodatamaintainedby the Central Pollution Control Board (CPCB).This was higher thanthecorrespondingDiwaliday readings in the past four years:345in2025,328in2024, 218 in 2023 and 312 in 2022. The pollution build-up continued into Monday, with the city’s averageAQI showing 370 at9.05am,witheightmonitoring stations recording readings above 400, in the‘Severe’category. Real-time station data from the Delhi Pollution Control Committee (DPCC) showed that the highest hourly PM 2.5 (fineparticulatematter)reading on Sunday was recorded at Jahangirpuri: 4,985 µg/m between 7 pm and 8 pm — over AQI in major Indian cities after Diwali celebrations under NAPS rose from 16.35% inFY22to31.73%inFY23and 36.27% in FY24. It eased marginallyto 35.46% in FY25. According to the official, dropouts are higher in optional trades,which are introduced to meet the specific needs of industries. Designated trades, on the otherhand,are taught in ITIsandhaveamoreestablished training path. Jan Feb Mar Apr May Jun Jul Aug Sept -104 States’ aggregate capex maintains momentum in H1 DELHI RECORDED ITS worst NO RESPITE FROM TOXIC AIR lated rates, with better-performing companies offering higherstipends. Despitethesharpincreasein minimum stipends in 2025, concernsoverapprenticeretentionremain.Theproposedadditional incentives aim to make apprenticeship more attractive and encourage apprentices to complete theirtraining. According to a 2026 NITI Aayog report, the dropout rate among apprentices engaged 430 BARELY 22% OF India’s identified battery storage manufacturing capacity is operational, while battery cell manufacturing accounts for just 8% of capacity, highlighting a major gap in domestic production, reports Saurav Anand. SOPHIYA MATHEW New Delhi, November 9 ■ Proposed NAPS revamp may raise govt’s stipend support from 25% to 50% 352 BATTERY OUTPUT PUSH FACES A REALITY CHECK ■ Apprentice dropout rate climbed from 16.35% in FY22 to 36.27% in FY24 ■ FY27 apprentices target cut to 1 mn from 1.3 mn in FY26; 636,000 trainees so far engaged Oct -788 PAGE 2 Capital crisis: Diwali-day pollution worst in 5 years ■ Dropout rate eased to 35.46% in FY25, signalling persistent retention challenges -199 ECONOMY PTI ■ Minimum monthly stipends raised 36% in September 2025 to `6,800-12,300 -445 IN THE NEWS A child covers her face amid a thick layer of smog as air quality deteriorates, in New Delhi, on Monday THE GOVERNMENT IS working on a fresh proposal to increase the monthly stipends paid to trainees under the National Apprenticeship Promotion Scheme (NAPS) as it looks to curb dropouts,an official told FE.It is also looking at other measures to improve retention,includingincentives for third-party aggregators (TPAs) linked to apprentice completion and assessment. The government had increased the minimum monthlystipendby36%inSeptember 2025, taking the monthly rates to `6,80012,300, depending on the apprentice’s educational qualification. Under the current NAPS 2.0, the central government provides 25% of the prescribedminimumstipend,subject to a maximum of `1,500 perapprentice permonth. Employers pay the remaining amount. But the actual stipend can be higher than the government-prescribed minimum, depending on the employer.Theofficialsaidmany employers pay above the stipu- SKILL PUSH -202 PAGES 14 & 15 MANU KAUSHIK New Delhi, November 9 -1,866 THE FE LEADERSHIP AWARDS HONOURED OUTSTANDING ACHIEVERS SHAPING THE FUTURE OF INDIAN BUSINESS, WITH FINANCE MINISTER NIRMALA SITHARAMAN AS CHIEF GUEST PRESENTING THE AWARDS. SEE OUR TWO-PAGE PHOTO SPREAD FOR HIGHLIGHTS OF THE EVENING -204 CELEBRATING CHANGEMAKERS Source: NSDL Startupsbeton advancedtesting amid cost hurdle S SHANTHI Bengaluru, November 9 A NEW BREED of diagnostic startups is seeking to turn the growing interest in preventive healthcare into a premium business,offering tests that go beyond detecting existing diseases to identify potential healthrisksyearsbeforesymptoms appear. From genetic screening for hereditarycancers and cardiovascular conditions to assessments of bone density,metabolism, lung capacity and cognitive abilities, these companies are pitching a more comprehensive understanding of an individual’s health. With packages costing anywhere between `10,000 and over `1 lakh, players such as Cent Diagnostics,Ultrahuman, SugarStrings,Aignosis and Biopeak are targeting affluent, health-conscious consumers willing to pay for personalised health insights.Venture capital is flowing into the segment, while established diagnostic chains are also beginning to enterthe space. WELLNESS WATCH ■ Genetic screening, and advanced imaging are being combined to assess hereditary cancers ■ As many as 93 startups have entered the segment since 2021, collectively raising ■ Companies such as Ultrahuman and SugarStrings are translating complex test results into tailored recommendations $394 mn Unlike conventional diagnosticlaboratories,which focus ondetectingexistingphysiological or biochemical abnormalities, these startups combine advanced imaging, genomics and biomarkeranalysis. Continued on Page 10