BACK PAGE, P18 COMPANIES, P4 INTERNATIONAL, P10 The rise of Wayanad as women cricket’s nursery Zomato to expand beyond its core biz: Bikhchandani SoftBank chief sees AI running homes soon MUMBAI, FRIDAY, OCTOBER 4, 2024 VOL LXIV NO. 236, 18 PAGES, `12.00 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: 82,497.13 ▼ 1769.16 NIFTY: 25,250.10 ▼ 546.80 NIKKEI 225: 38,552.06 ▲ 743.30 HANG SENG: 22,113.51 ▼ 330.22 `/$: 83.97 ▼ 0.15 `/€: 92.69 ▲ 0.34 BRENT: $75.83 ▲ $1.93 GOLD: `75,320 ▲ `107 DABUR FORECASTS FIRST REVENUE DROP IN 4 YEARS SHARES OF DABUR India fell as much as 7.8% on Thursday, after the consumer goods maker forecast its first quarterly revenue decline in four years, citing weak demand in its food and beverages segment, reports Reuters. ■ PAGE 4 CNG TWO-WHEELER: LML FILES LAWSUIT AGAINST BAJAJ AUTO INDIA’S FIRST-EVER CNG-powered two-wheeler Freedom from Bajaj Auto has run into a lawsuit, with SG Corporate Mobility, the parent of yesteryear brand LML, challenging the Punebased automaker, reports Swaraj Baggonkar. ■ PAGE 4 FE S P E C I A L In tune with the times How millennials and Gen Z forced Marriott to rethink strategy ■ BRANDWAGON, P9 INDIAN EQUITY MARKETS felt the heat of the escalating Iran-Israel clash on Thursday, with foreign portfolio investors (FPIs) pulling out almost $2 billion in a single trading session. The worry that China may take fund flows away from India and the markets regulator’s tighter norms for index derivatives trading further dampened the mood. The Sensex crashed 1,769 points, or 2.1% to 82,497.10 on Thursday,and the broaderNiftyslid 547 points, or 2.1% to 25,250.10. Boththebenchmarksclosedattheir lowest levels in three weeks. This was the fourth consecutive session of losses forthe benchmark indices. IN A SETBACK to taxpayers, the SupremeCourtonThursdayupheld the validity of around 90,000 past income tax reassessment notices slapped on individuals and businesses, including those issued up to 11 years ago. The revenue department sent these notices to the assessees, between April 1,2021 and June 30, 2021;theypertainedtoassessment years (AYs) 2013-14 to 2017-18 (FY13-FY17). The court ruling, favouring the department, means that an old regime, where the taxman had an extended facility to open up past cases for reassessment,would apply forthe cases involved in the petition. These notices,sent during the Covid period,could now be pursued by the department. A new regime, introduced in FY22, had restricted the time limit for starting reassessment in regular cases to 3 years,and had it applied to these cases, the notices would have become infructuous. The apex court clarified that the Sep 6 -5.5 Feb 28 -6.0 May 9 -7.3 Feb 12 -7.5 Jul 19 -7.9 Rupee at two-month low 83.80 13.17 13 India VIX 12 83.85 11.99 83.90 9.86% 11 Oct 1, 2024 (close) Dollar/rupee 83.82 0.18% 83.97 83.95 Oct 3 (close) 84.00 (Inverted scale) Oct 1, 2024 (close) Oct 3 (close) The notices pertained to assessment years 2013-14 to 2017-18 ■ Apex court has allowed Provisions) Act (TOLA). During the pandemic period, under TOLA,various time limits for compliance under the I-T Act were extended, in order to provide relief to taxpayers in view of the pandemic’s disruptions. In May 2022, taxpayers had faced a setback when the SC upheld all reassessment notices issued post-March 31,2021 (AshishAgarwal case). HYUNDAI MOTOR INDIA'S muchawaited `25,000-crore initial publicoffering (IPO)is expectedto open around mid-October, according to sources in the know.The price band for the IPO,set to be India’s largest, is expected to be between `1,750 and `1,760,market sources said. Hyundai Motor India’s South Korean parent will be selling 142 million equity shares,representing a 17.5% stake in the carmaker. No less than 35% of the offer will be availableforallocationtoretailindividual investors. “The investor interest is pretty strong in the Hyundai IPO, given thatitsmanagementiskeentokeep the price band attractive. Hyundai also generates better margins and has a better average selling price than market leader Maruti Suzuki. This also plays well for investor interest,”a source told FE. Continued on Page 7 Continued on Page 7 introduced in FY22 had restricted time limit for starting reassessment in regular cases to 3 years sent these reassessment notices during April 1June 30, 2021 HUGE RELIEF TO REALTY FIRMS AS SC WIDENS SCOPE OF GST CREDIT ■ PAGE 2 amended provisions of the Income Tax Act — effective from April 1, 2021 — must be read alongside Taxation and Other Laws (Relaxation & Amendment of Certain Support regulation with open dialogue: Google India MD progressforthefuturebyskillingand training theworkforce. For instance, through its AI Skills Houseprogramme,thetechmajorwill train 10 million Indians on AI with courses in English and Hindi initially, overthenextfewyears.“Therewillbea variety of courses including AI essentials like introduction to large language models and different AI formats,etc,” Datta said. Google’s GenAI platform Gemini now also supports Hindi,andwillsoonbeaccessiblein8moreIndianlanguages. ThecompanyonThursdayalso announced its AI Overviews feature, which currently supports EnglishandHindi,and will soon be givingAIgeneratedanswersfor searchqueriesinBengali,Marathi,Telugu and Tamil in the comingweeks. Contd on Page 7 RAGHAVENDRA KAMATH Mumbai, October 3 ernment, according to David Kafulila, executive director of Tanzania’s Public-Private Partnership Centre. Tanzaniaisalsointalkswith the UK’s Gridworks Development Partners for a $300-million powerlines project. The original party exits the formally rolled out the scheme on Thursday on a pilot basis ■ Over 100 firms have made a total of 1,077 offers on designated govt portal ■ Portal to go live on Oct 12 for candidates to apply for training and skill development ■ RIL, TCS, HDFC Bank, ONGC, Infosys and NTPC among those on board access to potential employers and making them more employable. According to the sources, the scheme aims to provide internship opportunities to 125,000 youth in FY25,andentailsafinancialoutgoof `800crore.Theschemehasatalltarget of providing opportunities to 10 millionyouthoverafive-yearperiod. The participation of companies underthe scheme isvoluntary. The actual training of selected internswillcommencefromDecember2,andthedurationofthetraining will be 12 months. Continued on Page 7 like in, taking over the rights and responsibilities. Buyer, company & property Nadir Godrej & Family (Godrej Industries, Ruparel House) Karan Bhagat (360 ONE, Three Sixty West) Rekha Jhunjhunwala (Investor, Rockside Apartments) Apco Infratech (Apco Infratech, The Legend) Utpal Sheth (Rare Enterprises, Oberoi 360) Ashley Nagpal (Ebco Pvt Ltd, Oberoi 360) Price (` cr) 180 170 156 155 123 115 Source : Zapkey.com that in 2023,experts said. The biggest of the luxury propertydeals came lastyearwhen stock market icon and DMart founder Radhakishan Damani’s friends and familybought28apartmentsworth `1,238 crore in Oberoi 360West. Continued on Page 7 Exactly! As long as the trading So, it is deal and a new party steps in the contract lasts, the race passing continues without a hitch. the baton in How does Novation in commodity derivatives trading in ■ Govt ULTRA LUXE DEALS INDUSTRIALISTNADIR GODREJ & family, Rekha Jhunjhunwala and Utpal Sheth of Rakesh Jhunjhunwala’s Rare Enterprises, and Karan Bhagat of 360 ONE were among 12 industrialists and chief experience officers (CXOs) to buy ultra luxury properties in Mumbai in the first nine months of 2024. Their combined purchases were worth `1,377 crore. While Godrej topped the table with the purchase of a property at Ruparel House in Malabar Hill for `180 crore, Karan Bhagat of 360 ONE came second with an apartment in Oberoi Realty’s Three Sixty West in Worli for `170 crore. Rekha Jhunjhunwala,wife of the late legendary investor,was placed thirdwitha`156-croredealinRockside Apartments in Malabar Hills. Shethboughtaseaviewluxuryapartment in Oberoi 360 for`123 crore. However, the pace of buying by industrialists appears to have come down compared to 2023 when 31 individuals purchased properties worth `4,988.51 crore,according to data culled by Zapkey.com, a real estatedataanalyticsfirm.Thoughthe final numbers for 2024 could increase, they are unlikely to match Adani in talks to invest $900 mn in Tanzania power line project TANZANIA IS IN talks with Adani Group for a $900-million publicprivate partnership project to construct high-voltage power lines,an official of the eastAfrican nation said,reports Bloomberg. Adani Group has expressed its interesttotheeastAfricangov- LENDING A HELPING HAND India Inc’s top guns snap up mega realty SWARAJ BAGGONKAR Mumbai, October 3 ■ New regime ■ Tax dept had INSIDE Hyundai’s `25K-cr IPO may open mid-Oct ■ DEVELOPERS EARN `4K CR/YR VIA GOOGLE PLAY to democratise information as well as opportunityforindividuals. Second, investing in infrastructure and scaling the AI engine in a sustainable manner, and third, driving Jan 23 82,497 14 taxman to persist with Covid period notices under old regime HAVING A FRAMEWORK THAT TAKES CARE OF NUANCES ENSURES MAXIMUM BENEFIT TO USERS, AND INNOVATION ALSO THRIVES" -8.4 -9.8 Oct 3 Mar 13 -31.1 Oct 3, 2024 (close) Volatility index nudges 14-mark BLOWTO TAXPAYERS SUPPORTING ANY MOVE towards creating a regulatory framework for bigtechfirmsingeneral,andartificial intelligence (AI) technologies in particular,Google India managing director Roma Datta Chobey on Thursday said the process should involve open dialogues with multiple stakeholders so that innovation can thrive. In an interaction with FE, Datta said technological innovations thrive in an open regulatory environment, andthecompanyisalwaysindialogue with the government and industry partners to ensure all stakeholders benefit. “At the end we believe that what's good for India, is good for Google,” she said. Dattacitedtheexampleofthegovernment’sAImission,whereGoogleis actively participating at all levels — fromcreatingplatformstoexpanding invernacularandregionallanguages. She said that Google is working on three main pillars.First,leveragingAI THE GOVERNMENT-ASSISTED schemetoprovideinternshipopportunitiestoIndia'syouthintopIndian companies, announced in Budget FY25, has got a head start with over 100firms—111atlastcount—having alreadyevinced interest in it.The companies on board include the who’s who of Corporate India — RelianceIndustries,TataConsultancy Services,HDFCBank,ONGC,Infosys, NTPC,TataSteel,ITC,IndianOil,ICICI Bank,Wipro, Mahindra and Mahindra,HUL,and JSWSteel. The scheme will have a 50% reservation for SC/STs and OBCs,as in government jobs, according to official sources. These firms have made a total of 1,077 offers on the designated ministryofcorporateaffairs’portal,which willgoliveonOctober12forthecandidates to applyfortraining and skill development,the sources added. The government formallyrolled out the scheme on Thursday on a pilot basis. Virtual training of the company executives (trainers) has also commenced. The scheme envisages top 500 companies in terms of their average corporate social responsibility (CSR) spend in the past three years to offer internship options to the youth.The intent behind it is to increase their Continued on Page 7 PRIYANSH VERMA New Delhi, October 3 ROMA DATTA CHOBEY MD, GOOGLE INDIA PRIYANSH VERMA New Delhi, October 3 (in points) 90,000 I-T notices made valid as SC backs taxman JATIN GROVER New Delhi, October 3 50% slots reserved for SC/ST and OBCs -13.5 -15.3 Nifty top 5 single-day falls in 2024 The declineinthe broader markets was largely in line with the benchmarks despitetheirrichervaluation.TheBSE Midcapindexfell2.2%,whiletheBSE Smallcapindexended1.8%lower. According to provisional data, FPIs sold shares of `15,200 crore, while domestic institutional investors (DIIs) bought `12,900crore shares. The sharp fall in the market despite aggressive buying by the DIIs indicated likely panic selling by retail investors. The broad-based selling, which ledtoallsectorindicesclosinginthe red, wiped out `9.8 lakh crore of investorwealth. Aug 5 Jun 4 Sep 30 -368 Oct 3 Jan 17 -460 -662 -1,379 -547 Aug 5 (` lakh crore) Jun 4 Sep 30 Sensex top 5 single-day falls in 2024 (in points) VIVEK KUMAR M Mumbai, October 3 Major investor wealth losses in 2024 -1,272 Jan 17 84,266 -1,628 Oct 1, 2024 (close) -1,769 Sensex Oct 3 ON A CRASH COURSE Aug 5 TO CUT IMPORT dependence and achieve self-sufficiency on edible oil, the Cabinet on Thursday approved the National Mission on Edible Oils with an outlay of `10,103 crore, reports Sandip Das. The scheme is aimed at boosting oilseed production from 12.7 MT to 20.2 MT by 2031. The mission will focus on enhancing the production of key oilseeds— rapeseed-mustard, groundnut, soyabean, sunflower, and sesame. It also aims at increasing collection and extraction efficiency from secondary oilseeds like cottonseed, rice bran and borne oils. ■ PAGE 3 INVESTOR WEALTH WIPED OUT West Asia wounds markets -2,223 CABINET NOD TO `10,103-CR EDIBLE OIL MISSION Govt’s internship scheme gets 111 firms on board ● NEARLY `10 LAKH CRORE OF IRAN-ISRAEL CLASH, FALL 2% Jun 4 NEWS ● SENSEX, NIFTY SINGED BY -4,390 IN THE a relay it work? race? exchanges refers to the clearing house validating the transaction between two counterparties to the trade. What is Novation in commodities? Can I novate my purrformance reviews? DID YOU KNOW? Clearing corporations novate between the original buyer and seller, thereby eliminating principal risk. They act as counter party between buyers and sellers to mitigate risk. Issued in public interest by Multi Commodity Exchange Investor Protection Fund Scan to stay an Informed Investor Unlock the wealth of knowledge at the SEBI investor website. Scan the QR code