OPINION, P10 WELL BEING FE LINES ACROSS THE AISLE, P CHIDAMBARAM Not getting enough ZZZs or going to bed late into the night can have an adverse impact on your health Page 9 How girls and boys differ in their access to internet, devices Page 6 NIGHT OWLS, WAKE UP TO THE REALITY! Voice in the wilderness VOL XIX NO. 35 The gender digital divide WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM INTERVIEWWITH JENNYERPENBECK FINANCIAL EXPRESS ON SUNDAY SUNDAY, FEBRUARY 9, 2025 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 , Govt, RBIwill worktogether forgrowth:FM WHAT'S INSIDE D E L H I , P U N E LOTUS BLOOMS AFTER 27 YEARS BJP claims the capital;AAP and its bigwigs swept away ● Kejriwal loses by 4,089 votes; PM vows modern city MG zooms ahead ofTata in EVrace 915 9,26 Jan Total Tata Punch EV 1,025 (Sept 2024 Jan 2025) 1,593 1,899 3,116 3,144 3,785 1,603 1,653 Dec Nov Oct Sept ● Windsor emerges SURGING SALES Top EV models in India champion, sells 2x MG Windsor EV 502 Tata Nexon EV more than Nexon EV 663 3,450 1,289 1,189 13,997 7,047 5,708 Source: Carmakers unique pricing model. At its launch, JSW MG Motorintroducedthebatteryasaservice(BaaS)pricingstructure, which allowed customers to purchase the vehicle at an initial price of just `9.99 lakh. Continued on Page 2 THE INDIAN STOCK market is the most expensive and no amount of “hand-waving” can justify the storyof paying 31 times earnings,3 times revenue and 20 times EBITDA, in the aggregate, for Indian companies, believes valuation guru Aswath Damodaran. The New York University finance professor,in a recent blog post, noted that US and China also fall into the expensive category, trading at much higher levels than the rest of the world,on all three pricing metrics. Both Nifty and Sensex are trading around 10% lower than the all-time highs they touched last year. “The best performing index in 2024, at least for the subset of indices that I looked at, was the Merval (Argentina’s benchmark), up more than 170% in 2024, and FINANCE MINISTER NIRMALA Sitharaman exuded confidence that the BJP government will transform the national capital in line with India's ‘Viksit Bharat’ aspirations. Sitharaman said, "Under PM Modi's leadership, we are very keen that Delhi gets a government which serves its people.” ■ PAGE 24 thatEuropeanindiceslaggedtheUS in 2024,” the post noted. “The Indian and Chinese markets cooled off in 2024, posting single digit gains in price appreciation.” However, it noted that the 172.52%returninMervalbecomes less impressive when inflation in Argentina is taken into account. “Investors who tried to globally diversify in 2024 underperformed investors who stayed invested only in the US,”it pointed out. Continued on Page 2 Co-working spaces boom in small towns INCREASING FOOTPRINT $3.5 bn $9 bn 4x Size of flexible office spaces industry in 2023 43% Projected size of flexible office spaces industry by 2028 Footprint increased by Awfis in tier-2 cities since Sept 2023 Growth recorded by flexible workspaces in nonmetro cities, as per a 2024 report government, private players are on similartrajectories. Umesh U, co-founder and managing directorof DevX,whose company is an office base providerwith aesthetic spaces, and has a strong presence in tier-2 cities, told FE, “The next growth spurt in this industry will be driven by demand in tier-2 and tier-3 cities.” Amit Ramani, chairman and managing director of Awfis Space GOING PUBLIC ■ In 2024, IndiQube Spaces filed DRHP, eyeing IPO of `850 cr ■ In May 2024, Awfis got listed with IPO of `598.93 cr ■ Later, Smartworks Coworking Spaces filed DRHPwith IPO of `550 cr ■ DevX also filed DRHP in 2024 with IPO of `125 cr Solutions, agreed. Since September 2023,he said,Awfis has increased its footprint in tier-2 cities by 43%— going from 14 to 20 centres, most recentlyopeningupaspaceinGuwahati.Hewent on to explain that mul- Seats: 70 Majority: 36 cuited the politics of shortcuts... Even after getting 100% success in threeLokSabhaelections,ourworkers had the pain of not being able to serve Delhi fully. This desire, too, Delhi has fulfilled this time.” Listingwhathecalledthefailures tiple factors at play—hybrid work models, a growing emphasis on health and wellness, integration of technology and innovation, and increased focus on collaboration— have helped build this industry up, and these factors are here to stay. Said Umesh,“2025-26 will be a standout year for the industry as 810largecompaniesinthisspacewill be getting listed on the stock exchange. With companies going public,wecanexpectcapitalinfusion of `12,000-15,000crore.”Headded, “We might also see consolidation across the spectrum—acquisitions and mergers will happen more frequentlyascompanieswouldwantto establish a strong presence in tier1,tier-2,and tier-3 cities.” FROM CORRUPTION CHARGES to Arvind Kejriwal's 'Sheesh Mahal' fiasco, and senior leaders being lodged in jail so close to the elections , senior leaders analyse what went wrong for the AAP. ■ PAGE 24 REUTERS 22 48 FINAL TALLY FM: BJP govt will What went wrong transform Delhi in for AAP? Leaders in line with Viksit Bharat jail, tussle with LG India most expensive market: Valuation guru Damodaran ANANYA GROVER Mumbai, February 8 PM Narendra Modi at the BJP headquarters in New Delhi after announcement of the election results, on Saturday oftheAAPgovernmentinimproving the delivery of basic services, Modi said, “Wherever NDA has got the mandate, we have brought new heightsofdevelopmenttothatstate.” Continued on Page 2 Who will be CM? High stakes, many factors THERE ARE MANY factors that are likely to guide the BJP's decision while picking its Delhi CM. So far, the discussions are learnt to have revolved around possibilities ranging from picking one of its seven LS MPs from the national capital to choosing one of its new legislators, especially a woman leader, for the post. ■ PAGE 24 India worst performer in top 10 by market value INDIAHAS EMERGED as the worst performer among the top 10 countries by market value in CY2025 so far.The total market capitalisation of all listed stocks on the BSE declined by 6%, falling from $5.16 trillion at the end of December to $4.85 trillion as of February 7.While the benchmark indices fell marginally by 0.36%, the broader indices saw steeper declines, with the BSE Midcap dropping 7.31% and the BSE Smallcap falling 9.09% in CY2025 so far.Apart from India, China and Hong Kong also recorded a decline in market capitalisation, whereas France, Germany, and Canada were the top performers. Compiled by Kishor Kadam Total market cap on the BSE ($ trillion) 5.30 -0.1 -0.8 Source: Bloomberg, BSE 4.85 5.10 4.90 4.70 Top 10 countries by market cap 6.6 3.4 2.4 Market cap in $ trillion 5.16 Dec 31, 2024 Feb 7, 2025 -6.0 7.1 8.3 4.5 1.1 Continued on Page 2 Ahmedabad Germany alignment,” she said. The minister alsostressedthegovernmentwould continue to work in a well-coordinated fashion with the RBI to prop up growth and contain inflation. RBI governor Sanjay Malhotra said market forces decide the value FE BUREAU of rupee with respect to the US dolNew Delhi, February 8 lar and the central bank is not worried about day-to-daymovement of THE COMBINED EFFECT of the thecurrencyvalue.Thecentralbank government’s fiscal policy and the focuses on the value of the rupee in Reserve Bank of the medium to long India’s monetary term, he said. On the measures would help impact of the depreSANJAY MALHOTRA boost consumption ciation of the rupee RBI GOVERNOR and private investagainst the US dollar ments and thereby Market forces to on price rise,the govaccelerate economic ernorsaida5%fallin guide day-to-day rupee’s relativevalue growth, finance ministerNirmala Sitharaimpacts domestic movement of mansaidonSaturday. inflation to the rupee; RBI Addressingthemedia extent of 30-35 bps. after a post-Budget The governor to be agile to meetingwiththecenadded that the RBI liquidity needs tral bank’s board in will be agile in Delhi, Sitharaman responding to the said the triggers of liquidity needs of consumption-driven growth cycle the banking system, both tranare clearly being felt by a number of sient and durable. firms that have to make investment decisions.“Iseethisasapositivesign Continued on Page 2 and with (Friday’s rate cut by the ■ 'Hope to introduce new RBI), things can move together in I-T Bill in LS next week’: P3 ● Industry to get tariff protection from govt as needed Saudi Arabia How a National Award-winning filmmaker is trying to change the perception of Bhojpuri cinema, and promote local languages & culture of the native people, one film at a time X/@RBI France FM Nirmala Sitharaman with RBI governor Sanjay Malhotra after a post-Budget meeting in New Delhi on Saturday ENDING ITS 27-YEAR exile from power in the national capital and handing the ruling AAP a stunning defeat, the BJP swept the Delhi Assembly elections Saturday, bagging 48 of the 70 seats in the House. The remaining 22 seats went to AAP, while the Congress drew a blank for the third time in a row. AAP leader and former chief minister Arvind Kejriwal, former deputychief ministerManish Sisodia were among the prominent leaders who lost.Of theAAPtallyof 22—down from 67 and 62 seats in 2015 and 2020—most came from the reserved constituencies (8 out of 12) and Muslim-majority seats (6 out of 7). Thanking the people of Delhi for reposing faith in the BJP, Prime Minister Narendra Modi, while addressing a gathering at the party headquarters hours after the verdict,said,“Delhi has liberated itself from a decade ofAAPda (calamity)... Delhi’svoters have shown the truth to those who, in their arrogance, believed that theyowned Delhi.The verdict proves that there is no place in politics for shortcuts, lies and deceit. The people have short-cir- UK Bihar talkies IN DECEMBER LAST year, Andhra Pradesh chief minister N Chandrababu Naidu, in a bid to boost employment opportunities for women, ordered state officials to facilitatedevelopmentofco-working spacesand“neighbourhoodworking spaces”. By the end of 2025,Andhra Pradeshaimstosetup1,50,000seats in co-working space centres in government and private buildings. While this push comes from the N E W Canada ■ LEISURE, P7 GARIMA SADHWANI New Delhi, February 8 M U M B A I , India From the food we eat, to the places we travel, to the products we buy, how wellness has become integral to our lives in recent years, and will continue to do so in the times to come ● IPO-high sector spreads to tier-2, -3 cities for growth L U C K N O W , Hong Kong All will be well(ness) THERE’S A NEW electric champion in town. JSW MG Motor’s Windsor EV, launched on September 11 last year,has emerged as the top-selling electric vehicle (EV), outpacing the competitionbyasignificantmargin. As of January31,theWindsorEV has sold 13,997 units,almost double the numberof the second-bestselling Tata Nexon EV,which managed 7,047 units in the same period. Industry experts attribute this success to a combination of an aggressive pricing strategy,a compelling product, and strategic marketing initiatives that generated substantial buzz. Windsor EV’s launch was accompanied by innovative features and financial incentives that made it an attractive choice for consumers.A key factor driving the Windsor EV’s popularity is its K O L K A T A , MALLICA JOSHI, JATIN ANAND, GAYATHRI MANI & SAMAN HUSAIN New Delhi, February 8 ■ SPOTLIGHT, P5 VIKRAM CHAUDHARY New Delhi, February 8 K O C H I , Japan P U B L I S H E D READ TO LEAD China 24 Pages, `12 US AHMEDABAD ‘Democracy, dictatorship coming in waves now’ Page 4