MARKETS | PAGE 7 INTERNATIONAL | PAGE 9 COMPANIES | PAGE 6 RIL's O2C segment seen picking up in FY26 Aditya Birla's Indriya eyes 100 stores in 3 years NEW DELHI, SATURDAY, JANUARY 18, 2025 Israeli security cabinet nod to Gaza ceasefire FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. L NO. 275, 24 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 READ TO LEAD SENSEX: 76,619.33 ▼ 423.49 NIFTY: 23,203.20 ▼ 108.60 NIKKEI 225: 38,451.46 ▼ 121.14 HANG SENG: 19,584.06 ▲ 61.17 `/$: 86.61 ▼ 0.06 `/€: 89.18 ▼ 0.15 BRENT: $80.94 ▼ $0.35 GOLD: `78,872 ▲ `164 THE UNION CABINET has approved a `11,440-crore revival plan for debt-laden Rashtriya Ispat Nigam (RINL), according to a statement released on Friday. ■ PAGE 2 Forex reserves fall to 10-month low of $625.87 bn FOREIGN EXCHANGE RESERVES extended their losing streak for a sixth straight week and stood at a 10-month low of $625.87 billion as of January 10, RBI data showed, reports Reuters. ■ PAGE 19 FE S P E C I A L Harvest tax-free capital gains before Mar 31 It will reduce your future tax liability from equity holdings ■ PERSONAL FINANCE, P9 Continued on Page 6 Realty 5.9 10.2 Zomato Sensex (YTD2025, %) 98.06 102 98 BSE Smallcap 94.80 94 90 -13,27,170 2024 Nifty 98.13 106 Base: Dec 31, 2024 = 100 Top sectoral losers HDFC Bank -7.7 UltraTech Cement -7.3 Axis Bank -7.0 -6.7 HCL Tech Relative performance -3.0 2023 2022 2021 2020 2019 -52,171 -0.2 6,07,087 1.7 4,73,785 14,02,226 5,03,329 -73,864 -0.5 2018 3,03,778 -8.9 5.3 3.2 2.5 2.0 2017 4.2 Consumer durables Healthcare 5.8 Services 5.5 Bank 4.9 ` lakh crore % change BSE Midcap Dec 31, 2024 Jan 17, 2025 94.22 -10.5 Centre provides `11,440-crore lifeline to RINL Market cap change in the first fortnight 2016 COMMUNICATIONS MINISTER JYOTIRADITYA Scindia on Friday said the Cabinet has approved the refarming of 687 MHz of spectrum from various ministries for deployment of 5G & future 6G services. ■ PAGE 2 INVESTORS LOST A record `13.3lakhcroreinthefirstfortnight of the current calendar year — the highest-ever in absolute terms. In percentage terms, the 3% decline was the second-highest in a decade. Foreign portfolio investors (FPIs) were the primary drivers of the downturn,selling shares worth $4.9 billion (`42,363 crore). On the other hand, domesticinstitutionalinvestors (DIIs) provided much-needed support to the markets, purchasing `49,367-crore shares. Benchmark indices Sensex and Nifty fell nearly 2% each, while the broader BSE Midcap and BSE Smallcap indices fell 5.8% and 5.2%,respectively,in the first fortnight of 2025. On Friday, the Sensex fell 423.49 points or 0.55% to close at 76,619.33,while the NSE Nifty declined108.6pointsor0.47% to settle at 23,203.20. WEALTH EROSION -8,95,399 4,41,526 Cabinet gives nod to refarming of 687 MHz spectrum KISHOR KADAM Mumbai, January 17 2015 THE BUDGET SESSION of Parliament will be held from January 31 to April 4, with finance minister Nirmala Sitharaman set to table her 8th straight Budget on February 1. The session will start with President Droupadi Murmu's address to a joint sitting of Lok Sabha and Rajya Sabha on January 31, followed by the tabling of the Economic Survey. Unhappy new year for investors so far Top Sensex losers (YTD2025, %) Q3amixedbagforITmajors ● Growth for Infy, Wipro; challenges forTCS,HCLTech PADMINI DHRUVARAJ Bengaluru, January 17 THE OCTOBER-DECEMBER quarterbroadlymarkedaturningpointfordomesticITfirms, with signs of revival in discretionaryspendingandahealthy order book. This led to some optimism among analysts as the quarter is usually a weak one due to furloughs. While Infosys and Wipro exceeded Street expectations, TCS and HCLTech could not. Despite robust dealwins,challenges in total contract value (TCV) conversion and sustained growth in emerging markets remain concerns for the industry. Infosys posted sequential revenue andprofit growth,dri- PERFORMANCE UPDATE TCS Revenue (` cr) Budget session of Parliament from Jan 31 to Apr 4 RECORD `13.3LCRWIPED OUTIN FIRST14 DAYS FY25 q-o-q Guidance growth (%) IN THE NEWS Infosys HCLTech Wipro 41,764 29,890 1.9 3.6 4.5%5.0% 4.5%5.0% ECONOMIC GROWTH IS poised to rebound as domestic demand regains strength, though the stickiness in food inflationwarrantscarefulmonitoring,thelatestbulletinbythe Reserve Bank of India (RBI) releasedon Fridaysaid. “In India, there is a conducive quickening of high-frequency indicators of economic activity in the second half of 2024-25, bearing out the implicit pick-up in real GDP growth for this period in the NSO’sfirstannualadvanceestimates,”itsaid.Thearticleonthe ‘State of the Economy’ publishedintheJanuarybulletinhas been authored by a team led by Michael Patra, who demitted the office of RBI deputy governorearlierthis month. “India’s economic growth is poised to rebound as domestic demandregainsstrength.Rural demand continues to gain momentum,”the article said, addingthatarevivalinpubliccapex on infrastructure is likely to stimulategrowthinkeysectors. Italsonotedthatrisinginput cost pressures in the manufacturing sector, along with weather-related exigencies and global headwinds could, however,pose risks to this outlook. IMF retains India growth forecast, Page 3 ● Hydrogen, hybrid & flex-fuel tech on display VIKRAM CHAUDHARY & SWARAJ BAGGONKAR New Delhi, January 17 WHILE ELECTRIC VEHICLES (EVs)dominatethegreenmobility narrative at Bharat Mobility Global Expo,which opened on Friday,automakersarebroadening their strategies with hydrogen, hybrid, and flex-fuel technologies.This would help them achieve a common goal — reducing emissions. For instance, Toyota Kirloskar Motor unveiled a multifaceted strategy on Day 1 by showcasing diverse low-emission technologies. Its lineup includesbatteryelectricvehicles (BEVs) such as the bZ4X and Urban Cruiser BEV concept, alongwiththeHiluxFCEV,Prius PHEV, Hycross HEV, and the Prius FFV-PHEV. Tadashi Asazuma, deputy MD, highlighted the Prius FFV-PHEVas a groundbreaking innovation that pairs electrification with fossil fuel substitution, achieving the lowest carbon footprint on awell-to-wheel basis. Similarly, Maruti Suzuki took a significant step by unveiling the eVitara, its first all-electric SUV. DOMESTIC ELECTRIC VEHICLE (EV) manufacturers are well-prepared to compete with global players such as Tesla, Sajjan Jindal, chairman and managing director of JSW Group, said on Friday. Speaking to FE on the sidelines of Bharat Mobility Global Expo, which began on Friday, Jindal said that Indian companies pos- Continued on Page 6 ■ Related reports on Pages 2 & 4 Sajjan Jindal, JSW Group CMD Prime Minister Narendra Modi after inaugurating the Bharat Mobility Global Expo, in New Delhi on Friday NITIN KUMAR New Delhi, January 17 (-) 1% to 1% for Q4 63,973 ven by improved demand in financialservicesacrosstheUS and Europe. MD & CEO Salil Parekh noted,“Inthelastquarter, we saw discretionary spending recover in US financial services. This quarter, we are witnessing similar trends in Europe, along with improving demand in US retail and consumer products." ■ Wipro reported a minor revenue uptick,beating expectations due to strong demand in the Americas and the BFSI sector. CEO Srini Pallia said: “Clients are cautiously optimistic,andwe’reseeingagradual return of discretionary spending.” Continued on Page 6 Prices of spices fall Blinkit gets `500 cr All a/cs must have on robust output more from Zomato nominations: RBI PRICES OF A host of spices such as cumin, coriander, turmeric, black pepper and dry chilli, have declined from their peak last year, reports Sandip Das. ■ PAGE 2 ZOMATO HAS INFUSED `500 crore into Blinkit, its RoC filings showed, reports Raghav Aggarwal. With this, it has invested `2,800 crore in its quick commerce arm. ■ PAGE 6 THE RESERVE BANK of India on Friday asked banks to ensure nominations in new and all existing customers' deposit accounts and safety lockers, reports PTI. KaleidEO, EtherealX among startups shortlisted for joint project 7IndianspacefirmssetforUSlift-off NIVEDITA BHATTACHARJEE Bengaluru, January 17 SEVEN PRIVATELY-HELD startups from India have been chosen for a first-of-its-kind India-US space and defence collaboration programme, potentially unlocking a lucrative and strategic market for thedomesticfirms,aninvestor who co-launched the project told Reuters on Friday. The companies include space imaging companyKaleidEO, rocket makers EtherealX andAI-drivencompanyShyam VNL. They will participate in a programme for defence and dual-use technology and explore opportunities to work with the US Defense Innovation Unit, the Department of Defense and other government agencies on satellite observation and emerging space and defence technologies. IndianinvestorIndusbridge Ventures and US-based TECH COLLAB ■ Shortlisted firms to participate in a programme for defence and dual-use tech ■ Indian investor Indusbridge Ventures and US-based FedTech, which established the programme in September 2024, selected the domestic startups ■ Explore opportunities to work with US Defense Innovation Unit, other govt agencies on satellite observation, emerging space & defence tech FedTech,whichestablishedthe programme in September 2024, selected seven Indian companiesandtalksareunderway about specific projects. “This programme offers valuable resources, mentorship,andessentialconnections with industryleaders in the US and we look forward to partnering with FedTech on this initiative to accelerate privatesector partnership between the two countries in strategic ■ Startups may potentially work with US defence industry leaders like Northrop Grumman, Lockheed Martin and RTX sectors — defence and dualuse technology,” said Rahul Devjani,the managingpartner at Indusbridge Ventures. The startups will get access to the world's biggest defence and space market and potentially work with US defence industry leaders like Northrop Grumman, Lockheed Martin and RTX,two sources from the startups said.They declined to be identified owing to the sensitivity of the matter. PTI Indian companies ready to take onTesla: Jindal 0.1 -- PRESS TRUST OF INDIA Mumbai, January 17 Carmakers look beyond electric in green drive 22,319 -0.4 Economic growth set to pick up: RBI bulletin That could give them an edge against the competition as they compete for US business in their niches worth about $1.5 billion annually, one of the sources said. The US government bodies did not immediately respond to emails seeking comment. The development and details of the programme have not been made public before. Continued on Page 6 New Delhi sess the technological and manufacturing capabilities to challenge Tesla and other international giants, just like Chinese firms have done.“We are ready to compete with Tesla oranyotherEVcompany. China’s BYD has already done it, so if China can, why can’t we?”he said. Tesla has been considering setting up a manufacturing base in India. The government has come outwith a policy for EV makers like Tesla offering some incentives. Continued on Page 6
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