MARKETS | PAGE 6 COMPANIES | PAGE 5 Fintechsshouldfocusmore onofflinepayments:Nagaraju INTERNATIONAL | PAGE 7 TataSonsseesstrongfuture asconsumptionbooststravel MUMBAI, TUESDAY, JULY 8, 2025 Harvard’s China ties made it a target forWhite House FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXV NO. 160, 18 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: 83,442.50 ▲ 9.61 NIFTY: 25,461.30 ▲ 0.30 NIKKEI 225: 39,587.68 ▼ 223.20 HANG SENG: 23,887.83 ▼ 28.23 `/$: 85.86 ▼ 0.47 `/€: 100.75 ▼ 0.17 BRENT: $68.90 ▲ $0.60 GOLD: `96,317 ▼ `292 FE S P EC I A L S Jane Street order: Nuvama earnings may be hit Sebi’s ban on US firm may impact brokerage’s volumes ■ INVESTOR, P9 AVERAGE FORECAST 2.8 3.0 2024 Jun(E) durables, & IT services may see a single-digit rise Mar 5.4 -1.7 Dec 6.9 2025 Adjusted PAT growth (y-o-y, %) 2025 grossrefiningmarginsandmarketing margins. Business updates present a mixed picture.Narratives from Avenue Supermarts,Trent and also from Dabur were disappointing but those from Godrej Consumer and Marico were encouraging.Titan announced Dec Sep Mar 2025 Source: Kotak Institutional Equities estimates Above table doesn't include data for Adani Enterprises, Bajaj Finserv, Jio Financial Services & Kotak Mahindra Bank »INSIDE« Q-COMM LOSSES MAY REMAIN FLAT IN Q1 Jun 2024 Jun (E) 2024 Mar 7.9 6.4 6.6 10.3 3.7 4.1 Jun (E) INDIAINC IS expectedtoreport amodestearningsperformance for the June quarter despite fairlygoodresultsfromcompanies in the cement, healthcare services,renewable energy and telecommunications sectors. While the aggregate financialswillgetaboostfromasharp rebound in the profits of oil marketing companies (OMC), the relatively weak numbers from the automobiles, consumerstaples,banking,gasutilitiesandtransportationsectors, will leave the Q1 FY26 results just about satisfactory. The Street doesn’t rule out the possibility of a few players in the consumerdurables,utilitiesand ITservicesmanagingonlyasingle-digitrise in profits. According to analysts at ICICI Securities, the profits of OMCs will be driven by better 6.7 6.4 9.2 4.8 Sep ■ Consumer 7.8 (y-o-y, %) 5.4 2.8 Mar KISHOR KADAM, Mumbai, July 7 (y-o-y, %) Sales growth Jun OMCs will ride on better gross refining margins Mar ■ The profits of Dec RESULTS PREVIEW Ebitda growth Sep THE US HAS decided to allow trade negotiations to continue until an extended deadline of August1for12countries.While thenamesofthecountrieswere not announced,the decision is expected to give India a breathingspacetoresolvethepending issuesbeforesigninganinterim tradedeal,whichwasearliersupposedtorunoutonJuly9. Earlierin the day,theTrump administration issued tariffhike letters to Japan and South Korea, the fourth and sixth largesttradingpartnersoftheUS respectively. The USwould impose additional tariffs of 25% each on both the countries, effective August 1, reports said late Monday. The extended deadline will allow many countries time for talks to wrap up with countries with which talks for bilateral trade pacts are under way, includingIndia. New Delhi, which was engaged in intense negotiationswiththeUSforaninterim minibilateraltradeagreement, however, was firm on safeguarding the interests of its farming community, which apparently led to a deferment of the announcement of the deal.Yet, sources here indicate that over the next few days or weeks, an agreement could be reached byboth sides. IndiaIncmayreportmodestQ1 Jun FE BUREAU New Delhi, July 7 WEAK NUMBERS FROMAUTO,BANKINGTOWEIGH ON PERFORMANCE Mar USextends tradedeal deadline for12nations PAGE 5 thatitsconsumerbusinessgrew 20% in the June quarter.HDFC Bank reported an impressive deposit growth of 16.2% y-o-y butloangrowthwasweakat7% y-o-y. Kotak Mahindra Bank reported strong growth in advances of 14% and a rise in total deposits of 14.6%. Kotak Institutional Equities (KIE) estimates adjusted net profits for the Nifty-50 set of companiestogrowbyjust4.1% y-o-y. For the BSE-30 universe therisewouldbeslightlyhigher at 6.1%y-o-y. While urban demand remains subdued, the FMCG pack has benefited from an improvement in rural demand. Amid newTrump threat,BRICS skirts local currency trade in Rio MUKESH JAGOTA New Delhi, July 7 AS THE WORLD is still in the midstofthetariffwarsetoffby the US and President Donald Trump’s vocal stand against anyundermining of the dollar, BRICS leaders on Monday avoided any mention of trade inlocalcurrencies,letalonededollarisation,in the statement issued after the summit in Brazil. The BRICS summitinOctober last year in Kazan had said: “ We welcome the use of local currenciesinfinancialtransactions betweenBRICScountries and their trading partners.We encourage strengthening of correspondent banking networks within BRICS and enabling settlements in local Prime Minister Narendra Modi with other BRICS leaders at the 17th summit of the 10-nation grouping in Rio de Janeiro, Brazil, on Monday ANI currencies in line with BRICS Cross-BorderPayments Initiative (BCBPI).” Just as the declaration of the BRICS Summit was under preparation in Rio de Janeiro, Trump had warned of 10% additional tariffs on countries which align with what he called“anti-American”policies of BRICS.Trump,however,did not elaborate on what constituted the American policies. China said on Monday that BRICS was not seeking “confrontation.” “Regarding the impositionoftariffs,Chinahas repeatedly stated its position that trade and tariff wars have no winners and protectionism offers nowayforward,”China’s foreign ministry spokeswoman said. BRICS comprises Brazil, Russia, India, China, South Africa, Egypt, Ethiopia, Indonesia,Iran,and the United Arab Emirates as members. Continued on Page 12 Critical minerals trade should BRICS holds key to advancing not beweaponised: Modi inclusive multilateralism: FM How weather derivatives can shield cash flows Temperature, rainfall & snowfall are some of the traded weather variables ■ EXPLAINER, P9 ASTHEworldfeelsdisruptionin smooth supplies of critical minerals with China curbing its exports,Indiahassaiditneedsto ensured that anyone's dominance in critical minerals is not usedasaweaponagainstothers. “We need to work together to make supply chains for critical minerals and technology secure and reliable. It’s important to ensurethatnocountryusesthese resourcesforitsownselfishgain or as a weapon against others,” PM Narendra Modi said at the Brics Summit.Modi said global standards must be created that canverifytheauthenticityofdigitalcontent,sothatwe canidentifythesourceofthecontentand maintain transparencyand preventmisuse. ■ PAGE 2 THE BRICS bloc is a vital platform for advancing inclusive multilateralism, especially when global institutions are facing a crisis of legitimacy and representation, finance minister Nirmala Sitharaman said. While South-South cooperation remains vital in advancing climate and development goals, the Global South should not be expected to carry the main burden of climate action, she said participating in the BRICS Finance Minister and Central Bank Governors meeting in Rio de Janeiro. BRICS countries are well placed to deepen cooperation on sustainable development, she said. ■ PAGE 2 AnalystsatNomurabelievesales ofconsumerstaplesfirmscould have grown at about 6.7% y-oy--abovethe8-quarteraverage of 4.6% y-o-y -- with a slight improvement in volumes and stable prices. “We expect the summer portfolio across companies to be impacted on the back of an early monsoon,they wrote in a note. TheoutlookforIndia’sITservices firms is cautiouswith revenues expected to be weak and Ebit margins broadly stable for large companies. Analysts at HSBC Research noted they expect large companies to report flat to slightly positive growth in revenues of 0-1% quarter-on-quarter in constant currencyterms.“Weexpectdeal momentum to improve from Q2 as some of the slipped deals inQ4FY25andeveninQ1FY26 may come through going forward,” they wrote. Analysts at MorganStanleyhavecautioned that growth would continue to remain sluggish as discretionary spending has not improved. Continued on Page 12 NITIN KUMAR New Delhi, July 7 THE DELHI HIGH court on Monday dismissed Turkish company Celebi’s challenge to the revocation of its security clearancebytheBureauofCivil AviationSecurity(BCAS),citing overriding concerns of national security. In its ruling, Justice Sachin Datta,stated that the presence of "compelling national security considerations" justified theactiontakenagainstCelebi. The firm operatesgroundhandling and cargo terminal services at several domestic airports through its subsidiaries Celebi Airport Services and Celebi Delhi Cargo Terminal Management. The BCAS had revoked Celebi’s security clearance on May 15, shortly after Turkey expressedsupportforPakistan and criticised India's military strikes targeting terror infrastructure across the border. In the detailed judgment, the court highlighted the heightened importance of strict vetting processes for entities involved in airport operations, particularly those with foreign links. Continued on Page 7 BrandGillsettoscore30-40%moreinendorsement HE HAS DELIVERED under pressure for Team India -whetherit'sfillingintheNo 4battingslotonceheld by Sachin Tendulkar and Virat Kohli or leading a national side in transition. His historyshattering knock at Edgbaston during the second Test against England will likely give Shubhman Gill a 30-40% jump in endorsement fees overthe next 12-18 months,sayexperts. “He’s sexy. He’s stylish. Increasingly,he’sseentobefun. Addtothathisrecentexploits-whichwillenhancehisscoreson the ‘trust’ and ‘dependability' counts--andyou’vegotapotent combination. One that brands love,” says SandeepGoyal,managing director,Rediffusion. BRAND SCORECARD `5-7 crore Endorsement fee: Brand portfolio TATA Capital, MRF, My11Circle, Oakley etc Gillcurrently takes home `5-7 crore per endorsement. He represents brands such as My11Circle,Gillette, TATA Capital, BharatPe, and MRF (also CEAT Tyres earlier).“Shubhman hits that sweet spot -- young, relatable, aspirational,” says RamyaRamachandran,founder & CEO of influencer marketing Unlike the aggressive posturing of some peers, Gill’s calm demeanour paired with a stylish off-field persona allows brands to position him as aspirational yet approachable firm Whoppl. “He’s serious about cricket but doesn’t come off as stiff.It’s just a very likable energy.” What makes Gill’s England exploits so compelling is because there were many doubts about his captaincy capabilities. Now that anxiety hasbeenputtorest,‘hisbrandis set to explode on social media’, says Ajimon Francis,managing director,Brand Finance India. Unlike the aggressive posturing of some peers, Shubman’s calm demeanour paired Likely suitors Gill will be the ambassador of choice for big sportswear tie-ups, premium sneakers, fintech, investment apps, and luxury brands with a stylish off-field persona allowsbrandstopositionhimas aspirational yet approachable. Ramachandranexpectsthe25year-old to be tapped for big sportswear tie-ups, premium sneakers, fintech and investment apps looking to appear ‘youngandsmart’,andevenluxury brands that favour a clean, stylish imagery. “He’s clean, modern, and grounded,which is perfect for fashion,fintech,and consumer tech categories,” adds Yasin Hamidani,director,Media Care ● Spotlight on derivatives after Jane Street order FE BUREAU Mumbai, July 7 THE SECURITIES AND Exchange Board of India (Sebi) is set to tighten its surveillance measures for the derivatives market,chairmanTuhin Kanta Pandey said at an event on Monday.Healsoaddedthatthe marketsregulatorwasnotconsidering any curbs on weekly expiry days. Pandey explained that Sebi’s action against Jane Street was a surveillance matterandthatmonitoringefforts will continue at both the exchange and regulatory levels. “Wearewatchingitasasurveillance issue and surveillance both at exchange and Sebi level will continue and we will also upgrade those measures,” Pandey said while noting that it doesn’t see other risks like Jane Street. TUHIN KANTA PANDEY, CHAIRMAN, SEBI We are watching it (Jane Street) as a surveillance issue and surveillance both at exchange and Sebi level will continue I don’t think there are very many other risks No relief for Continued on Page 12 Celebi in HC against Open&shutcaseifJaneStreet BCAS order challengestheorder:Sebi England exploits position IndiaTest captain as a favourite for tie-ups in sportswear, fintech & investment apps GEETIKA SRIVASTAVA New Delhi, July 7 Sebi to tighten surveillance in F&O: Pandey Brand Solutions. But experts say new deals will nothappenin ajiffy.Cricketing celebrities alreadydominate the endorsement field. Athlete endorsements in India crossed the `1,000 crore mark to reach `1,224 crore in 2024, led by cricket. Plus endorsements for emerging sports have got a boost from the Olympic Games Paris 2024, points a report by GroupM India. Analysts say unlike the Kapil Dev and Ravi Shastri days, when being a brand ambassador was a mark of success, today’s athletes are becoming investors and wealth creators.RogerFederer, David Beckham, and Virat Kohli – they’ve all built their own lines or taken equity in emerging brands even while they were active on the field. They won't be surprised if Gill follows that trajectory. THE SECURITIES and Exchange Board of India (Sebi) is quite confident that its interim order on Jane Street (JS) and its affiliates will pass the muster of the Securities Appellate Tribunal (SAT) and higher authorities, said sources in the know, reports Nesil Staney. JS is expected to challenge Sebi’s interim order in the Securities Appellate Tribunal, and even Supreme Court. “This is an open and shut case even for the SEC (Securities and Exchange Commission),” a source said, adding that the interim order clearly indicates investigations will continue across exchanges. ■ PAGE 18 Capgemini to buy outsourcing firm WNS for`28.2K-cr URVI MALVANIA Mumbai, July 7 IN ONE OF the biggest IT-BPO dealinadecade,whichalsohighlightsthegrowinginfluenceofAI in business operations,French technologygiantCapgeminihas agreed to acquire Indian-origin business process management firm WNS for $3.3 billion (approximately `28,280 crore) inanall-cashtransaction. The acquisition, which is Capgemini’s largest in nearly a decade, is expected to significantlybolsteritspresenceinIndia & deepen its capabilities in AIpoweredintelligentoperations. FoundedinMumbaiin1996, WNS employs over64,000 peopleglobally,withabout20,000in India across 12 cities including Mumbai, Chennai, Vizag and Indore.Thedealislikelytohavea substantial impact on Capgemini’s already expansive Indian operations, where it currently employs around 150,000 professionals,nearly half its global headcount.The move will further strengthen Capgemini’s footprintinkeyverticalssuchas BFSI,travel,manufacturing,and retail and offer a platform for developingnext-genservices-assoftware offerings aimed at a projected$1.5trillionmarketby 2035. Capgeminiisoffering$76.50 per WNS share, representing a 17% premium overWNS’s last closing price on July 3 and 28% over its 90-day average.Despite this premium, Capgemini’s shares slid over 5% on Monday, reflecting investor concerns about the longer-term implications of AI on the BPO sector. Analysts at Morgan Stanley pointedoutthattheautomation potential of generativeAI could shrinktraditionalBPOrevenues, increase competition,and pose AI PUSH ■ Capgemini said it has agreed to take over the smaller USlisted firm for $76.50 per share, a premium of about ■ The French group expects the deal to boost its EPS by about 4% on a normalised basis in 2026 28% to WNS’ average price over the past 90 days AIMAN EZZAT, CEO, CAPGEMINI WithWNSthereisa complementarityof skills,industry expertise,platforms risks to the returns expected from the deal. However, Capgemini remains optimistic. The company said the acquisition would be accretive to earningspershareby4%in2026and 7%in2027,post-synergies.The transaction, approved by the boards of both companies, is expected to close by year-end, pendingshareholderandregulatoryapprovals. “Capgemini’s acquisition of WNSwillprovidethegroupwith the scale and vertical sector expertise to capture that rapidly emerging strategic opportunity created by the paradigm shift fromtraditionalbusinessprocess services to Agentic AI-powered intelligentoperations,”CapgeminiCEOAimanEzzat,said. Continued on Page 7