OPINION, P10 WELL BEING FE LINES BITTER TRUTH ABOUT A NEW HEALTH THREAT University education in peril The biz of data Big Tech’s entire business model depends on info. Amid antitrust violations, should you care? Page 9 Malnutrition-related diabetes mellitus or type 5 diabetes has been recognised as a form of the disease. But is it treatable? Page 7 ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XX, NO. 103 CAN’T GET ENOUGH OF KNAFEH? FINANCIAL EXPRESS ON SUNDAY SUNDAY, APRIL 20, 2025 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 , ● Unexplored places NOW TRENDING INDIA on tourists’ bucket list; ■ Gokarna ■ Mawlynnong, Meghalaya hotels back demand (secluded (immersive beach getaways) GARIMA SADHWANI New Delhi, April 19 A level playing field Economic enemies A corporate biography becomes a narrative of the global tech war AIFs, pension funds race ahead in equity assets grew at a CAGR of63.4% over 10 years,while local pension funds’ investments rose at 41% over nine years. —Compiled by Kishor Kadam Equity assets in ` crore FY2025 10-yr CAGR (%) 2,077,886 12.4 6,680,481 326,050 450,191 4 3,383,620 29.2 22.3 Insurance companies 187,342 18 18 2,337,386 28.7 Banks 17,695 17 456,386 4 38.4 Portfolio Manager 19,834 19 319,576 3 32.0 2,035 Alternate Investment Funds 2, 276,376 2 63.4 Local Pension Funds* 12,489 12 275,812 2 41.0 Corporates 39,570 3 154,113 1 4,575 4 43,446 14.6 Financial Institutions *9 year CAGR as data available from FY2016 IN THE NEWS Russian prez Putin announces ‘Easter truce’ in Ukraine RUSSIAN President Vladimir Putin declared an ‘Easter ceasefire’ in Ukraine even as Ukrainian President Volodymyr Zelensky called it another attempt to play with human lives. ■ PAGE 14 Nirmala Sitharaman embarks on 11-day trip to the US, Peru FM Nirmala Sitharaman departed on Saturday night on an 11-day trip to the US and Peru, with the first leg of the visit in the US focused on the spring meetings of the IMF-World Bank, G20 finance ministers and central bank governors meetings, bilateral meetings with counterparts and interactions with top CEOs. ■ PAGE 2 M U M B A I , ABROAD ■ Santorini & Bora Bora (scenic ■ Coorg (bungalows amid coffee, tea estates) (disconnecting, rejuvenation) to crowded and expensive popular spots,people are preferring tovacation at newer destinations. While travel companies corrobo- ■ ITC Hotels tapping places like Solan, Sirmaur, Chail, Kufri with Storii, WelcomHotel brands beauty, relaxing atmosphere) ■ Amsterdam (mix of culture, summer charm) ratethistrend,hospitalitycompanies are also giving what customers demand—hotels in unexplored destinations.Domestichospitalitymajor 25.2 Source: NSDL MUKESH JAGOTA New Delhi, April 19 ELON MUSK (@ELONMUSK) TESLA CHIEF EXECUTIVE Elon Musk indicated he will visit India later this year after speaking on Fridaywith Prime Minister Narendra Modi, signaling potential progress in the electric-car maker’s long-pending push into the world’s most populous country. He flagged the travel plans in a post on his social media platform X on Saturday. The billionaire entrepreneur had been due to visit India a year ago, but postponed that trip at the last minute, citing pressing issues at Tesla at the time. Atrip this year would come at a It was an honour to speak with PM Modi. I am looking forward to visiting India later this year! pivotal moment for the billionaire entrepreneur, whose companies Tesla, Starlink and X face mounting challenges, globally and in India. “Itwasanhonourto speak with PM Modi.I am looking forward to visiting India later this year!” he posted on X. Continued on Page 2 ■ Reykjavik, Iceland (midnight sun and dramatic landscapes) ITC Hotels has tapped places like Solan,Sirmaur,Chail and Kufri with theirStoriiandWelcomHotelbrands. “Trendshaveshownagrowinginter- ON THE AGENDA THE TERMS OF reference (ToRs) finalised by India and the US for the proposed bilateral trade agreement (BTA) include around 19 chapters, covering goods, services, non-tariff barriers,rulesoforigin,customsfacilitation,disputesettlementandregulatoryissues,officialsourcessaid.The Indian team leaves for Washington on a three-dayvisit onApril 23. The negotiations will be led by additional secretary,department of commerce,RajeshAgarwal,whowill take charge as commerce secretary from October 1. The Indian team will iron out differences on certain issues before formally launching negotiations for the proposed BTA. Discussions on the modalities, pathway for BTA and scheduling negotiationswithinanautumndeadlineareontheagenda,theofficialsaid. He indicated that both sides are N E W D E L H I , P U N E est in offbeat or lesser known destinations.Tourists are nowlooking for authentic and immersive experiences that are inherent to such locations.Travellersalsolookatdiscovering their own itinerary rather than followthetypicaltravelnarrative.The emergence of‘second-tier’hill destinations is gaining momentum. To some extent this could be attributed to overcrowding, traffic jams, overbooked hotels and strained infrastructure during peak summer holidays and weekends,” said Anil Chadha,MD,ITC Hotels. Continued on Page 2 ■ Indian team ■ Discussions on modalities, pathway for BTA on the agenda leaves for Washington on 3-day visit on April 23 ■ Both sides to cover as much ground as possible in 90-day pause in reciprocal tariffs ■ Experts from both sides also involved in virtual discussions attempting to coveras much ground aspossibleinthe90-daypauseinreciprocal tariffs,and aim to reach some kindofaninterimtradeagreementor understanding.During the visit,the ToR,finalised in four days of talks in late March when a delegation led by US trade representative Brendan Lynchvisited India,would be further developed,theofficialadded. Continued on Page 2 FTA talks with UK on verge of conclusion The negotiations between India and the UK on a Free Trade Agreement are at “closing end” and once the understanding is reached on details of Bilateral Investment Treaty, both pacts will be ready for signing, a senior official said. ■ PAGE 2 RBIguvwarnsofwaning moneymarket liquidity ● WHEN HUMANOIDS LOSTTO HUMANS A humanoid robot participates in the Yizhuang half-marathon in Beijing, China, on Saturday. In a first, 21 robots joined thousands of runners over a course of 21 km. While some robots completed the race, others struggled, crashing and falling. Even though they were not pitted against each other, the robot winner took 2 hours 40 minutes —more than twice the men's race winner (1 hour 2 minutes) REUTERS AGENCIES Mumbai, April 19 THE CALL MONEY market faces risks of dwindling liquidity, posing challenges for monetary policy transmission, Reserve Bank of India (RBI) governor Sanjay Malhotra said in a speech published on Saturday. Malhotra expressed concern about“asymmetrieswhich arise on occasions between different money market rates—the rate atwhich RBI provides liquidity, the call money rate,the market repo rate and TREPS (tri-party repo dealing system) rate”. Banks—entitieswith sole access to the RBI’s liquidity facilities, the call money market and the repo markets—must be proactive to ensure that the central bank’s liquidity measures are “promptlyand seamlessly”transmitted to the broader market, Malhotra told a conference in India on Friday that was uploaded to the RBI website on Saturday. The call money rate is an overnight interest rate at which banks and other financial institutions lend and borrow from each other. When the RBI cuts interest rates or injects liquidity, it can push down the call money rate, transmitting the central bank’s policy move to the system. Continued on Page 2 HDFCBanknetprofitup6.7% ICICI Bank Q4 net profit over strong interest income rises 18% at `12,630 cr SACHIN KUMAR Mumbai, April 19 HDFC BANK,THE country’s largest private lender, on Saturday announced a 6.7% year-on-year rise in net profit to `17, 616 crore in the fourth quarter of the previous financial year, helped by a healthy growth in interest income. The lender’s bottomline beat expectations as the analysts polled by Bloomberg had estimated the bank to post `17,021 crore net profit in the quarter. Net interest income,the difference between interest earned and paid, rose 10.3% to `32,066 crore in the fourth quarter of FY2025 from `29,080 crore in the same quarter of the previous financial year.The bank’s board has declared a final dividend of `22 per share for FY2025. “As liquidity, economic activity improves,we arewell placed to grow REPORT CARD Q4FY24 Q4FY25 (₹ cr) % change Net interest margin (%) 3.4 3.5 Net profit 17,616 FDI Investments 4,221,531 L U C K N O W , Musk’sIndiavisit IndiateamsetforUSwith19 back on track chapters of reference terms 16,512 MFs cultural experience) ■ Mon, Nagaland BLOOMBERG/PTI April 19 ■ WORDS WORTH, P4 FPIs K O L K A T A , BILATERAL TRADE AGREEMENT How some grassroots women collectives in India are using sports as a tool for empowerment, ‘kicking’ and ‘striking’ their way against stereotypes and societal pressures— one goal at a time FY2015 K O C H I , ■ Jibhi,TirthanValley (tranquil retreats) ■ Spiti (high-altitude biking) DITCH MANALI, NAINITAL, New York, Thailand. Pack your bags for Bir, Jibhi, Sirmaur, Tirthan Valley, Kazakhstan and Osaka. This summer is all about exploring the unknown, a trend that has been on the rise for some years now. Owing ■ SPOTLIGHT, P5 Category H Y D E R A B A D , Asummer of new adventures beckons Indians WHAT'S INSIDE AIFs and local pension fundswere at the forefront ofacquiring equity assets over the last decade, as per NSDLdata.AIFs' equity investments From a Middle-East dessert to a global phenomenon Page 6 READ TO LEAD 6.7 CASA ratio (%) 38.2 Net interest income Gross NPA (%) 1.24 1.33 29,080 32,066 loans, deposits,” said Srinivasan Vaidyanathan,chieffinancialofficer, HDFC Bank,in a post earnings call. The net interest margin of the lender expanded to 3.5% in the fourth quarter from 3.4% in the third quarter. The bank’s gross advances rose 5.4% on the year to `26.43 lakh 35 10.3 crore. Retail loans of the bank grew 9% on the year, and commercial and rural rose by nearly 13%. Corporate and other wholesale loans fell by 4%. Overseas advances contributed nearly 2% to overall advances. Continued on Page 2 NARAYANAN V Chennai, April 19 REPORT CARD ICICIBANKONSaturdayreportedan 18% rise in net profit for the fourth quarter at `12,630 crore, led by strong growth in interest and other income.The standalone net profit of the country’s second-largest private banksurpassedBloombergestimates of `11,897 crore. Interestincomeofthelenderrose to`42,431croreduringtheJanuaryMarch quarter as compared to `37,948 crore reported in the same quarter of the previous year. Other income of the bank jumped 29% year-on-yearto`7,260.07croreduring the fourth quarter.The lender’s net interest income, the difference between interest earned and paid, roseby11%year-on-yearto`21,193 crore during Q4FY25. Net interest margin (NIM) of the lender was sta- »INSIDE« Q4FY24 Net profit 12,630 14 Pages, `12 10,708 HYDERABAD 18 Q4FY25 (₹ cr) Net interest income % change 11 Non5,930 interest income Fee income 19,093 21,193 7,021 18 5,436 6,306 16 Net interest margin (%) 4.40 4.41 Source: Company financials ble on a year-on-year basis to 4.41% during Q4FY25 compared to 4.40% inQ4FY24.However,onasequential basis,NIM improved from 4.25% in the third quarterof FY25. Addressing the post-earnings media call,Sandeep Batra,executive director, ICICI Bank, attributed the sequential growth in NIM to the impactofcashreserveratioreduction andsomeinterestontaxrefundduring the third quarter. Continued on Page 2 YES BANK NET PROFIT SURGES 63% IN JAN-MAR QUARTER AS PROVISIONS DECLINE PAGE 2 HYDERABAD