NEWS POINT | PAGE 20 MARKETS | PAGE 6 PB Balaji to navigate JLR’s reboot journey COMPANIES | PAGE 4 RajivAnand: New IndusInd CEO is the man for the crisis NEW DELHI, WEDNESDAY, AUGUST 6, 2025 Waaree CEO:Would like to be a global energy transition firm FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. L1 NO. 134, 42 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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 READ TO LEAD SENSEX: 80,710.25 ▼ 308.47 NIFTY: 24,649.55 ▼ 73.20 NIKKEI 225: 40,549.54 ▲ 258.84 HANG SENG: 24,902.53 ▲ 169.08 `/$: 87.81 ▼ 0.15 `/€: 101.34 ▲ 0.04 BRENT: $67.86 ▼ $0.90 GOLD: `99,760 ▲ `245 IN THE NEWS Bharti Airtel profit at `5,948 cr, Arpu rises 2% to `250 BHARTI AIRTEL ON Tuesday reported a net profit before exceptional items of `5,948 crore in the first quarter of FY26, up 13.9% over the `5,223 crore reported in the previous quarter, reports Urvi Malvania. Its average revenue per user (Arpu) increased 2% to `250. ■ PAGE 4 Services growth at 11-month high in July, PMI shows THE UPTICK IN India's services sector was the strongest in 11 months in July, aided by growth of total new orders, international sales and output, according to the HSBC India Services PMI Business Activity Index, reports fe Bureau. ■ PAGE 2 India, Philippines start talks for trade agreement INDIAAND THE Philippines on Tuesday exchanged the terms of reference of a preferential trade agreement (PTA) that will build on the liberal terms already offered by the Asean-India Trade in Goods Agreement (AITIGA) for bilateral trade, reports Mukesh Jagota. ■ PAGE 2 ED grillsAnilAmbani for ‘In24hours’:Trumpdoubles 10 hrs in loan fraud case US PRESIDENTDIALS UPTHREATAFTERNEWDELHI CALLS HIM OUT downontariffhikeforIndia FE BUREAU New Delhi, August 5 US PRESIDENT DONALD Trump once again threatened to“verysubstantially”increase tariffs on India from 25% announced earlier in the next 24 hours for its continuous buying of oil from Russia. “We settled on 25% and I think I am going to raise that very substantially over the next 24 hours. Because they are buying Russian oil, they are fuelling the war machine. If they are going to do that I am not going to be happy,” Trump said in an interview with CNBC on Tuesday. He also said that India has not been a very good trading partner because it charges the “highest tariffs”, more than any other country.“India has not been a good trading partner because they do a lot of business with us but we do not do business with them,” he added. Trump first announced his intention to raise tariffs on India last night through a social media post. India has reacted strongly to Trump’s remarks on Monday night, saying that the DONALD TRUMP, DMITRY PESKOV, They (India) are buying Russian oil, they are fuelling the war machine. If they are going to do that I am not going to be happy (Such) statements... are in fact threats, attempts to force countries to cut trade relations with Russia. We do not consider (these) to be legal US PRESIDENT »INSIDE« country started buying Russian oil after active encouragement by the US after the traditional supplies were diverted to Europe following the outbreak of RussiaUkraine conflict. US Prez rails against‘woke’JLR Tariff threats not legal, says Russia Russia accused the United States on Tuesday of exerting illegal trade pressure on India afterTrump threatened again to raise tariffs on India over its purchases of Russian oil, Reuters reported. Continued on Page 7 IPO price (`) One 97 Communications (Paytm) Ola Electric Mobility 76 What 51 safety lapses say about Air India Seven of these violations are critical lapses ■ EXPLAINER, P9 91.18 40.87 279 Delhivery 487 Swiggy 678.25 362.10 324 One Mobikwik Systems HALF OFTHE 14 listed unicorns — startupswithvaluationof $1 billion — are trading belowtheirinitial publicoffer prices,latestdata show.While Paytm’s (One97 Communications) share price is down over50%,Ola Electricand Firstcry(Brainbees Solutions) are down 46% and 22%,respectively. Mamaearth (HonasaConsumer) and Mobikwik (One Mobikwik Systems) are trading 19% and 14% lowerfrom their respective IPO prices. Among the gainers,Eternal (formerlyZomato) has done spectacularly well,returning almost 300%whereas Policybazaar(PB Fintech),Blackbuck (Zinka Logistics) have returned 78% and 77%,respectively.Easemytrip (EasyTrip Planners) and Go Digit General Insurance gained 63.2% and 31.9% respectivelyovertheirIPO price. Out of the seven companies,which listed in FY25,fourare in the red. —Compiled by KishorKadam 1,564.15 1,052.65 465 Honasa Consumer (Mamaearth) Stirring up new opportunities Listing day close Current price (as August 5) 2,150 Brainbees Solutions (Firstcry) ■BRANDWAGON, P9 graceful.” He questioned whether anyone would want tobuyaJaguarafterwatching the campaign,which he said epitomised the company’s “turmoil.” The criticism came just hours after Tata Motors announced the appointment of group CFO P B Balaji as JLR chief executive officer from November2025,makinghim the first Indian to head the British luxury carmaker. —AGENCIES HalfofunicornstradingbelowIPOprice FE S P EC I A L S Why Dabur’s Real brand is eyeing the cocktail mixer market US TARIFFS ON SEMICONDUCTOR, PHARMA COMING SOON PAGE 7 US PRESIDENT DONALD Trump has launched a scathing attack on the Tata Group-owned Jaguar Land Rover (JLR), criticising its recent marketing direction and branding strategy as “seriously woke,” just as the companynamed a newCEO. Posting on his Truth Social platform, Trump mocked a recent Jaguar advertisement that featured boldcoloursandstylisedvisuals,callingit“stupid”and“dis- 390 76 Zomato (Eternal) PB Fintech (Policybazaar) 530.30 239.30 537.25 458.50 455.95 385.75 125.85 302.05 273 Easy Trip Planners (Easemytrip)# 5.84 Go Digit General Insurance 260.20 187.5 Unicommerce Esolutions 108 THE ENFORCEMENT DIRECTORATE (ED) questioned Reliance Group chairmanAnil Ambani for around 10 hours on Tuesday in connection with a money laundering probe linked to multi-crore bank loan fraud involving his group companies. Ambanireachedtheagency headquarters in central Delhi around 10.50 am and made an exit shortly before 9 pm. According to sources,hisstatement was recorded under the PreventionofMoneyLaundering Act (PMLA). He was asked about a dozen questions, they said. It is understood that Ambani denied any wrongdoing and said his companies have made timely disclosures about their financial health to regulators. The ED investigators are, however, not convinced and he is expected to be summoned again. TheEDisinvestigatingallegations of illegal diversion of loans worth `3,000 crore disbursed by Yes Bank to group companies between 2017 and 2019.The probe agency is also examining whether there was a quid pro quo involved in the loan — specifically, if bribes Reliance Group chairman Anil Ambani arrives at the Enforcement Directorate office in New Delhi for questioning in a money laundering case linked to alleged loan frauds on Tuesday PTI were paid to bank officials, includingYes Bank promoters. Before summoning Ambani,the agencycarried out searches at over35 locations in Mumbai linked to him, and arrested Partha Sarathi Biswal, managing director of Biswal Tradelink Private Limited (BTPL),onAugust1forallegedly arrangingfakebankguarantees for Reliance Power for a Solar Energy Corporation of India (SECI) tender. The ED is planning to confront Biswal with Ambani to get more informa- ● FLASH FLOODS KILL4 -51.0 -46.2 -22.1 -19.2 -14.2 -5.9 -1.1 297.4 484.45 77.5 63.2 305.75 358.9 31.9 367.78 211.15 12.6 210.05 119.30 10.5 *adjusted for bonus (5:1); #adjusted bonus and stock split A massive cloudburst triggered flash floods that barrelled through homes, trees and cars in Uttarkashi district of Uttarakhand on Tuesday, trapping 60-70 people and leaving at least four dead ■ PAGE 10 PTI Near-month-long freeze on visa appointments and concerns over future ofwork experience programme main contributors Fallseason:USschoolsmaysee25%lessIndianstudents MANU KAUSHIK New Delhi, August 5 THE NUMBER OF Indian studentsheadingtotheUStopursue higher education is likely to drop by 20-25% for the fall 2025semester,ascomparedto the year-ago period. According to “studyabroad” platforms in India, a near-month-long freeze on US visa appointments that included consulates in India, and increasing concerns over the impending future of optional practical training (OPT) have contributed to a fewer number of Indian students opting for“fall admissions”. Experts said that the pause on student visa appointments during a critical period — May 27 to June 18 — ended up leav- ing many Indian students in the dark as they would not know whether their applications were going to be cleared in time for their intended academic programme. “The disruption’s greatest impact was felt in areas where student density is high such as Delhi, MumbaiandHyderabad.These consulates are significantly busier in processing applications between early June and mid-July,” said Mamta Jani, founderof Ontrack Education. The forecast is consistent with the 2025 USvisa data.For instance,theF-1visaissuances fell by 12% between January and April 2025, and in May alone they plunged 22% compared to the same month last year.“Thevisa pause disrupted tens of thousands of Indian AMERICAN DREAM India 331,602 China South Korea 277,398 43,149 Canada Taiwan Student enrolments in US (FY24) 28,998 23,157 Source: Open Doors candidates, and despite services resuming, slot availability remains limited,” said Karunn Kandoi, founder and CEO of Vidysea Education. The May-July period is usu- ally the peak season for F1 visa appointments as international students apply for fall admissions in major universities in the US.Nearly 70% of international student visas are issued during this period.At the same time, a cloud of uncertainty loomsoverOPT,ahugelypopular programme for international students to work in the US in a field related to their tion and to verify some allegations,officials have said earlier. Shares of group companies tank Shares of Anil Ambani’s group companies were hammeredforthethirdconsecutive sessiononTuesdayamidthe ED action. The share of Reliance Infrastructure fell 5% to `281.25, hitting the lower circuitforthethirdsessioninarow. Continued on Page 7 Rupee closes in on 88/$ as tarifftensions escalate CHRISTINATITUS Mumbai, August 5 78.4 6.51 9.53 272 FSN E-Commerce Ventures (Nykaa)* % change (Current/IPO price) 1,202.9 1,748.40 980 Zinka Logistics Solutions (Blackbuck) 337.15 261.75 chief likely to be summoned again ENS/PTI New Delhi, August 5 KREMLIN SPOKESMAN INDIATOP MARKET FOR TRUMP’S REALTY BIZ OUTSIDE THE US PAGE 4 ● Reliance Group majorforatemporaryduration. In April, a new Bill was introduced in the US House of Representatives, named HR 2315, that aims to eliminate the OPT programme for international students on F-1 visas. Just last month,theDignityActof2025 was introduced by US lawmakers that could make the earningsmadebyOPTforeignworkers subject to an additional tax. “This is particularly alarmingforIndianstudentswhorely on loans with a hope that OPT would be used as critical industryexperienceandtypicallythe only way to recoup their international tuition,which is egregiouslyhigh,”said Jani. “The continued uncertainty over OPT has made students and families more cautious — leading many to defer or cancel their US plans and causing a steep decline in expected enrolments this fall,” said the founder of a study abroad platform with tie-ups with US universities. Last month, Moody’s RatingssaidthattheTrumpadministration’srestrictivepoliciesfor international students pose a financial risk to several US highereducationinstitutionsby potentially deterring students from enrolling. India is the biggest source market for the US universities, followed by China and South Korea. In 2024, India sent 331,602internationalstudents totheUS,recordinga23%jump fromthepreviousyearandovertaking China as the largest source market forthe US,as per Open Doors Report. New Delhi THE RUPEE EXTENDED its decline on Tuesday owing to escalating trade tensions with theUS,althoughlikelyintervention from the Reserve Bank of Indiapreventeditfrombreaching record low levels.The rupee fell to a low of 87.89 intra-day, before settling at 87.81, down 15 paise from the previous close,according to Bloomberg. “The RBI intervened both in NDF (non-deliverable forward) and OTC (over-the-counter) markets to prevent the rupee fromtouchingthe88level,”said a dealer at a state-owned bank. “I think the RBI is not comfortable at that level.”The rupee has depreciated 2.74%, or 234 paise,so farin FY26. “(US President Donald) Trump’s statement hinting at higher tariffs on Indian goods created a negative sentiment in themarket,whichledtherupee to touch another fresh low on Tuesday. The RBI likely instructed state-owned banks to provide supplies to support the domestic currency,” said Dilip Parmer, research analyst, HDFC Securities.“I expect the rupee to trade in the range of 87.50-88.25 in the near-term.” Trump’sstatementonTuesday that he will “very substantially”raise tariffs on India over the next 24 hours may put the rupee under additional pressure. Market participants will keenly watch the RBI’s policy decision on Wednesday, with most of them expecting the rates to remain unchanged. RUPEE vs DOLLAR Intra-day, August 5 0.17 87.60 (Inverted scale) % ale) 87.65 87.70 87.65 Previous close 87.75 87.80 87.85 87.90 87.95 87.87 Open 87.81 Close