COMPANIES | PAGE 10 NEWS POINT | PAGE 16 Zeptotumblesfromsoaring valuationstoviralcriticism INTERNATIONAL | PAGE 13 Dior's creative director is designing fashion’s future HYDERABAD, THURSDAY, JUNE 5, 2025 Xi is tough, 'hard to make a dealwith', saysTrump FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXII 29, 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 SENSEX: 80,998.25 ▲ 260.74 NIFTY: 24,620.20 ▲ 77.70 NIKKEI 225: 37,747.45 ▲ 300.64 HANG SENG: 23,654.03 ▲ 141.54 `/$: 85.91 ▼ 0.31 `/€: 97.79 ▼ 0.12 BRENT: $65.76 ▲ $0.13 GOLD: `96,722 ▲ `273 CBC 17101/13/0007/2526 Safety. Surety. Self-respect. 4+ crore pucca houses built under PM Awas Yojana FE S P E C I A L S Driving RFID beyond highways The new tech offers better outcomes when blended with AI and IoT technology ■ EFE, P15 What can Friday’s monetary policy hold? The RBI is likely to cut the repo rate by 25 basis points ■ EXPLAINER, P15 FE BUREAU New Delhi, June 4 STREET SIGNAL Approval received (` crore) 4,000 Awaiting approval (` crore) JSW Cement 5,000 5,000 12,500 AFTERAFEW slowmonths,the initial public offering (IPO) market received a booster dose from the market regulator in May, with six firms securing the approval to raise as much as `20,000 crore. These firms include HDB Financial (`12,500 crore),Dorf Ketal Chemicals India (`5,000 crore), and Vikram Solar (`1,500 crore). With these clearances, the IPO pipeline of 72 companies which have received permission from the Securities and Exchange Board of India (Sebi) stood at a whopping `1.4 lakh crore, according to data from PRIME Database.Another 68 firms are awaiting Sebi’s approval to raise as much as `95,000 crore. In all, 140 firms could raise as much as `2.35 lakh crore. According to market experts, afterthelullinMarchandApril,there has been some pick-up in the IPO activity in May that has given confidencetocompaniestocomeupwith more issues. Of course, there has been some tempering of the mood. Someofthebignameslistedrecently — Ather Energy,Aegis Vopak Terminals, Schloss Bangalore, and Scoda Tubes — reduced their issue sizes by 15-30% due to overall uncertainty. Infact,eventhelistinggainshave not been spectacular. For example, Credila Financial Services INDIA HAS PITCHED for the revival of the longdormant dispute settlement mechanism at the World Trade Organization (WTO) and addressing non-tariff barriers and trade distortions caused by some non-market economies, reports Mukesh Jagota. The proposal was made at a meeting of trade ministers in Paris, attended by commerce and industry minister Piyush Goyal. ■ PAGE 2 JOYDEEP GHOSH Mumbai, June 4 Dorf-ketal Chemicals India India seeks revival of dispute settlement mechanism at WTO issuesinthepipeline HDB Financial Services THE MONSOON SESSION of Parliament will be held from July 21 to August 12, Union minister Kiren Rijiju said on Wednesday. This will be the first session of Parliament since Operation Sindoor — India’s military strikes on terrorist infrastructure in Pakistan following the Pahalgam terrorist attack in which 26 people were killed in April. 28,050 Monsoon session of Parliament from July 21 to August 12 Legal challenge toTrump IPObuzzback,`1.4-Lcr tariffs hangs over BTAtalks LISTINGACTIVITYSETTOPICKUPAFTERDULLMARCH&APRIL LG Electronics India IN THE NEWS ■ `1.4-lakh crore IPOs of 72 firms have got Sebi nod Tata Capital 17,000 Billionbrains Garage Ventures 5,950 4,600 Physicswallah Prestige Hospitality Ventures 2,700 Wework India Management 2,500 ■ Another 68 firms awaiting approval for `95,000-cr IPOs AtherEnergylistedat2.18%higher, while Aegis Vopak and Schloss Bangalore listed at 6% discount and Scoda Tubes flat. Though all but AtherEnergyclosedinthegreen,the overall performance was a far cry fromthe30%-oddlistinggainsthat wereseeninFY25.Nilesh Shah,MD, Kotak Mutual Fund said,“Therewas appetite for IPO when Nifty was at 22,000 but promoters were happy to wait out.” Continued on Page 13 Census to be conducted in 2 phases,caste to be counted LIZ MATHEW New Delhi, June 4 MAMMOTH EXERCISE THE GOVERNMENT ON Wednesday said the process of data collection forthe Census,alongwith caste enumeration, would commence early next year and give the snapshot of the country’s population as on March 1,2027. The last Census provided population data as on March 1, 2011. The next Census was due in 20202021, but was delayed due to the Covid-19 pandemic. The exercise this yearwill officially begin with a notification announcing the government’s intent of conducting the Population Census to be published in an official gazette tentatively on June 16 this year. The Censuswould be conducted in two phases — house listing and populationcount.Houselisting,the ■ The last Census provided population data as on March 1, 2011 ■ The next Census was due in 2020-2021, but was delayed due to the Covid-19 pandemic ■ The Census would be conducted in two phases — house listing and population count firstphase,isexpectedtotakeabout 5-6 months and the population count, which is the second phase, sources said, is expected to start in February 2027 and will be completed in a month. The reference date for hilly areas, including the Union Territory of Ladakh, and snow-bound ■ Officials have said this Census must not be immediately linked with the delimitation exercise areas of Jammu and Kashmir, Himachal Pradesh and Uttarakhand, is October 1, 2026. For the rest of India, it is March 1, 2027. The reference date is the specific point of time forwhich the data on population is collected. Continued on Page 13 TARIFF TROUBLE AS NEGOTIATORS FROM India and the US start theirnext round of talks on the Bilateral Trade Agreement (BTA) on Thursday, India is closely watching legal challenge to Trump tariffs while proceeding withthenegotiations.ThoughIndia is looking fora balanced and mutuallybeneficialtradeagreementwith the US,“whatwe get as compared to othercountrieswilldeterminewhat we ultimately finalise in the deal,” an official said. Alongwith India,the US is negotiatingtradeagreementswithmore than75countriesafterannouncing reciprocal tariffs in April. Asked if some kind of interim trade deal can be agreed upon before July 9 — until when the tariffs have been paused — the official said a lot of uncertainties are there atpresentbecauseofdevelopments like the Trump administration’s plan to further increase tariffs on steel and the legal challenge to tar- ■ Last week, a US court struck down President Donald Trump’s sweeping use of emergency powers to impose tariffs ■ An appeals court has subsequently stayed the ruling and sought responses from plaintiffs and the US administration by June 9 ■ India has recently initiated action against the US at WTO regarding additional duties on steel, automobiles & auto components US negotiators in India today WITH US TRADE negotiators set to reach India on Thursday for a two-day visit, the trade deal negotiations are entering theirfinalstageandcouldsoon see Delhi opening its market and lowering tariffs on a range of American products — from select agricultural goods to defence equipment. This is in exchange for concessions on reciprocaltariffsandimproved access to the US market for India’s labour-intensive sectors such as textile and leather products. ■ PAGE 2 iffs. Last week, a US trade court struck down President Donald Trump’s sweeping use of emergency powers to impose tariffs on dozens of countries, but the ruling was subsequently stayed by an appeals court. The higher court ordered the plaintiffs in the matter torespondbyJune5andtheadministration by June 9. ParagParikhvaluation at`10,620crore; 1in5 staffersincrorepaticlub Moody’ssees annualcapex ofnon-financial firms at$50bn MAHESH NAYAK Mumbai, June 4 KSHIPRA PETKAR Mumbai, June 4 SOARING WEALTH THE STOCK PRICE of Parag Parikh FinancialAdvisoryServices (PPFAS) in the unlisted market has surged more than 40% in little over a month, valuing the firm at over `10,600 crore. As a result, around 20% of its employees have entered the crorepati club through sale of their employee stock options (ESOPs) after the lock-in period. Employees hold around 15% stake in the company. Its staff strength stood at 250. “Whoever was with us between 2018 and 2021 received employee stock ownership (ESOP) options,” Neil Parikh, CEO at PPFAS Mutual Fund,said.Whileallemployeeshave not completed the lock-in period and their rise in wealth is notional, some of them who can exercise the option have done so. The stake of 50-60 employees (20%) isvalued around `955 crore, making them crorepati with their average holding in PPFAS at `16 crore each. Parikh believes the rise in the stock price is primarily due to their flagship Parag Parikh Flexi Cap Fund crossing the assets under Continued on Page 13 management (AUM) mark of `1 lakh crore. On May 7, 2025, it became the first actively managed fund to reach this milestone. MOODY’S RATINGS EXPECTS Indian non-financial companies to spend around $50 billion annually in capital expenditure overthe next twoyears.Theratingagencyexpects that most companies would fund the majority of their capital spending from internal accruals. “I don’t see any plans of raising capitalviaequityatthemoment,but debt funding and the large part of the $50 billion will come from the internal cash generation,” Vikas Halan, managing director at Moody’sRatings,saidatapressconference on Wednesday.“They don’t reallyneedtoborrow.Thedebtfunding will be largely domestic given thattheinternationalfundingenvironment is not very conducive as it was fewyears ago,”Halan added. It expects Indian corporates to be shielded from US tariffs and geopolitical tensions due to their focus on domestic consumption and low dependenceonexports,itsaid.Icra— a Moody’s affiliate — said that even though the corporates arewell-positioned,thesectoralimpactsmayvary. Continued on Page 13 Continued on Page 13 ■ Share of PPFAS is at `11,800 apiece in the unlisted market, up from `8,200 on April 30, 2025 ■ Employees hold around 15% stake in the company, and the promoter family over ■ As of March 31, 2024, PPFAS has reported a net profit of `146 cr, with `298 cr in reserves 81% ● 11 DEADATRCBVICTORYPARADE While RCB will likely see a 15% jump in brand value, Punjab Kings could score 30-40% Offthefield,it’sawin-wingameforbothIPLfinalists GEETIKA SRIVASTAVA New Delhi, June 4 PUNJAB KINGS LOST the Indian Premier League final on Tuesday, but it’s set to win big time off the field. Brand experts say the franchise could see its brand value soar by at least 30-40%, albeit on a low base. It stood at No. 9 at the end of the 2024 season with a franchise brandvalue of $68 million,up from $45 million in 2023. “Everyone loves an underdog storyandthatfactorkickedinasthe finals drew near,”says Ajimon Francis, managing director of Brand FinanceIndia,whichannuallytracks IPL franchise valuations. Punjab Kings,which languished among the bottommembersoftheleaguetable BRAND SCORECARD How IPL teams stack up in brand value Rank (2023) Rank (2024) Team Value in ($mn) 2023 2 1 Chennai Super Kings 1 2 Mumbai Indians 4 3 Royal Challengers Bengaluru 3 4 Kolkata Knight Riders 8 5 Sunrisers Hyderabad 2024 81 87 70 79 48 122 119 117 109 85 Source: Brand Finance IPL Valuation Report, 2024 every year, was able to build up its fan following as the tournament progressed this year,courtesy some swashbuckling performances. Thewinnerofthefinal,ofcourse, is also set to gain handsomely. Experts said Royal Challengers Bengaluru(RCB),whichlifteditsmaiden IPLtrophyafter18years,could see a 15%riseoveritsbrandvalueof$117 million last year.“RCB had almost everything that matters: A long- standingpresenceintheleague,consistently packed stadiums,a fiercely loyal fan base, and strong commercial traction through sponsors and ticket sales.This year,they also have the trophy,”Francis said. Brand Finance’s 2024 IPLreport ranked RCB at No. 3 with its brand value rising 67% over 2023,driven in part by its women’s team which clinched the WPL title. After the 2024 league,it stood behind Chennai Super Kings (No. 1; $122 million) and Mumbai Indians (No. 2; $119 million), both five-time champions.“RCB reduced the gap with MI last season; this season they stand a good chance to overtake MI,”said Francis. Continued on Page 13 An ambulance arrives at the M Chinnaswamy Stadium following a stampede on Wednesday as thousands of fans gathered to get a glimpse of the Royal Challengers Bengaluru cricketers after their firstever IPLwin. At least 11 people were killed and over 30 injured in the tragedy, triggered by an apparent lack of planning & an underestimaAP tion of the number of fans who would gather ■ REPORT, P16 HYDERABAD