AHMEDABAD, TUESDAY, MARCH 11, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE VOL NO. XIX 237, 26 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 WWW.FINANCIALEXPRESS.COM READ TO LEAD SENSEX: 74,115.19 ▼ 217.39 NIFTY: 22,460.30 ▼ 92.20 NIKKEI 225: 37,028.27 ▲ 141.10 HANG SENG: 23,783.49 ▼ 447.81 `/$: 87.33 ▼ 0.45 `/€: 94.76 ▼ 0.39 BRENT: $70.27 ▼ $0.09 GOLD: `85,721 ▼ `9 IMPACTMAYBE OVER `1,500 CR,MORETHAN ITS Q3 PROFIT Account discrepancy to hit networth: IndusInd Bank ● Appointsexternal auditortoreview internalfindings TAKING STOCK 936.8 Mar 7 (close) SACHIN KUMAR Mumbai, March 10 BARELY THREE DAYS after its CEO got a shorter extension from the regulator, IndusInd Bank,thecountry’sfifth-largest private lender,said on Monday that an internal review of its derivativeportfoliorevealeddiscrepancies,which could hit its net worth by around 2.35% as of December2024.With its net worth at `65,102 crore as of December 31, the impact is likelytobearound`1,530crore — more than `1,401.3-crore netprofitinthethirdquarterof the current financialyear. The bank informed the exchangesthatithasappointed 900.6 Mar 10 (close) SUMANT KATHPALIA MD & CEO, INDUSIND BANK RBIwasawareofthis issue,whichmayhave influenceditsdecisionto grantmeanextension foronlyoneyear IndusInd Bank 3.86% an external agency to independently review its internal findings and is now awaiting the final report, which will determinetheaccountingtreatment of any resulting impact on its financial statements. “During internal review of processesrelatingtootherasset IthinkRBIwas uncomfortablewith myleadershipskills, andwehaveto respectthat IndusInd Bank Q3FY25 financials Loans (` cr) 3,66,889 Deposits (` cr) 4,09,438 Net worth (` cr) 65,102 Net interest income (` cr) 5,228 Net profit (` cr) 1,402 NIM (%) 3.93 Net NPA (%) 0.68 and other liability accounts of the derivative portfolio, post implementation of RBI Master Direction—classification,valuation and operation of investment portfolio of commercial banks(Directions),2023,issued in September 2023, including accounting of derivatives,app- licable from April 1, 2024, the bank noted some discrepancies in these account balances,” said thefiling.Thelenderalsoadded that its profitability and capital adequacy remained healthy to absorb this one-time impact. Continued on Page 9 No tariff cut pledge to USyet: Govt RECIPROCAL LEVIES FROM APRIL 2 ■ Commerce minister Piyush Goyal to meet exporters on Thursday to discuss US tariff ■ Exporters have been asked to give data and inputs on their US sales IN THE NEWS Rupee falls 45p, biggest drop in two weeks THE RUPEE ON Monday fell by 45 paise to 87.33 on the back of strong dollar bids due to maturing NDF positions and a weak yuan, reports Anupreksha Jain. ■ Goldman Sachs cuts 12-month Nifty target to 25,500 PAGE 8 Fitch cuts outlook on Adani Energy to negative FITCH HAS ASSIGNED a negative outlook to Adani Energy Solutions on concerns that US probes could reveal weaker corporate governance practices, reports Raghavendra Kamath. ■ PAGE 6 ■ They have also been asked to provide data about domestic market and cost dynamics ■ Trump had said last week that India has agreed to deep cuts in tariffs MUKESH JAGOTA New Delhi, March 10 THE GOVERNMENTON Monday made it clear that it hasn't made any tariff reduction commitments to the US yet. This refutes the statement made by US President Donald Trump last week that New Delhi agreed to cut its tariffs “way down” after being “exposed” as a high-tariff nation. However, commerce secretarySunil Barthwal told a parliamentarypanelthatwhile no such pledges have been made,the government contin- `6,091crfor2015auctionshortfall Vi fails to submit bank guarantee JATIN GROVER New Delhi, March 10 WEAK SIGNAL VODAFONE IDEA HAS missed the deadline for submitting a bank guarantee worth `6,091 croretowardstheshortfallinits 2015 spectrum auction dues, sourcessaid.Thedepartmentof telecommunications (DoT) had directed the company to either furnish the bank guarantee or makeacashpaymentof`5,493 crore byMarch 10. This development comes after DoT provided Vodafone Idea with a waiver of `24,800 crore in bank guarantees for spectrum auctions held in 2012, 2014, 2016 and 2021. However, there was a shortfall towards2015spectrumauction dues.The issue is significant as Vodafone Idea had requested DoTtowaive this amount too. Sources say the company is stillindiscussionswithDoTfora shortfall towards 2015 spectrum auction dues ■ Bank guarantee was for ues to engage with the US for a bilateral trade agreement. OnFriday,UScommercesecretaryHoward Lutnick had said thatWashingtonislookingfora “macro and grand” deal with India, rather than product-byproduct talks.It isn’t clear if the agreement,forwhichadeadline of the fall of 2025 was set by Prime Minister Narendra Modi andTrump during the former’s visittotheUSlastmonth,willbe concludedbeforeApril2,theday reciprocal tariffs come into effect formost trade partners. Continued on Page 9 Sun Pharma to acquire Checkpoint for $355 mn REUTERS Bengaluru, March 10 possible resolution, as it lacks the necessary funds to meet eitherrequirement. SUN PHARMACEUTICAL INDUSTRIES said on Mondayitwill acquire Checkpoint Therapeutics, a US-based immunotherapy and targeted oncology company,for$355 million.The dealisinlinewithSunPharma’s push in recent years to expand its oncology and immunotherapyportfolioviaseveralacquisitions and tie-ups. Last year, it signedalicensingpactwithItalian-Swiss firm Philogen for its anti-cancerdrug Fibromun. The transaction, which is expectedtobecompletedinthe second quarter of this year,will add UNLOXCYT, a US FDAapproved treatment for advanced skin cancer, to Sun Pharma’s global franchise. Continued on Page 9 Continued on Page 9 ■ Telco was also given till March 10 to either submit BG or pay `5,493 cr in cash ■ Vi had requested DoT to waive the bank guarantee requirement `24,800 cr was waived by DoT for auctions held in 2012, 2014, 2016 and 2021 Staffing firms peg growth at 10-15%, highest since pandemic Rural,q-commboommaypush FY26retailhiringtorecordlevel VIVEAT SUSAN PINTO & URVI MALVANIA Mumbai, March 10 HIRING AT RETAIL and fastmoving consumer goods (FMCG) companies is likely to see a record 10-15% growth in FY26, led by a recovery in rural markets,a boom in quick commerce in urban markets and cuts in personal income tax rates. The jump in FY26 retail hiring will be the highest since the pandemic period of FY21,executivesattopstaffing firms told FE. In the last four years, following the pandemic (FY22FY25),retailandconsumerhiringwas largelyrange-bound at 4-6%. But now a positive outlook on interest rate cuts, which began in February, is ROBUST OUTLOOK 4-6% retail and consumer hiring in the last four years, following the pandemic (FY22-FY25) ■ Hiring demand is in areas like sales, technology support, delivery and logistics at the mid and lower levels ■ Q-commerce players to be the most aggressive, as they expand their operations into tier 2 markets also likelyto bolstersentiment apart from the above-mentioned factors,executives said. “FY26 could see as much as 15% year-on-year jump in retail and consumerhiring.We are already seeing demand fromourretailcustomersfrom mid-February,”said Lohit Bha- ■ Apart from metro markets, locations like Coimbatore and Jaipur are also becoming hiring hotspots tia,president,workforce management at Quess Corp, a staffing and recruitment services company. Sonal Arora, country manager,IndiaatGIGroupHolding, a staffing solutions company, said, “We are seeing at least a 10% increase in hiring levels ■ FMCG firms are ramping up direct distribution, sales and marketing in rural areas forFY26versusFY25inourdiscussionswith clients,”she said. The demand for personnel, Arora says, is in areas such as sales, technology support, delivery and logistics at the mid and lower levels. Continued on Page 9 Ahmedabad