BACK PAGE | PAGE 24 COMPANIES | PAGE 4 Swraj Paul:The man who lost to ‘Bombay Club’ INTERNATIONAL | PAGE 10 OpenAI expands into India with first office in Delhi KOLKATA, SATURDAY, AUGUST 23, 2025 Musk asks Zuckerberg to back his OpenAI bid FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 34 NO. 249, 24 PAGES, `12, (NORTH EAST STATES `12 & ANDAMAN `20) 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: 81,306.88 ▼ 693.83 NIFTY: 24,870.10 ▼ 213.65 NIKKEI 225: 42,633.29 ▲ 23.12 HANG SENG: 25,339.14 ▲ 234.53 `/$: 87.53 ▼ 0.27 `/€: 101.50 ▲ 0.21 BRENT: $67.83 ▲ $0.16 GOLD: `98,965 ▲ `61 IN THE NEWS Vi stock rallies on hope of relief in AGR dues VODAFONE IDEA SHARES surged 7.7% Friday amid reports of potential AGR relief, touching an intraday high of `7.29 before closing at `7.07 on the BSE, reports Urvi Malvania. ■ PAGE 6 Shareholders nod to Ola’s IPO fund reallocation OLAELECTRIC SHAREHOLDERS approved a special resolution on Friday to revise & extend use of IPO proceeds, with 99.09% backing the move at its first AGM since theAugust 2024 listing, reports NarayananV. ■ PAGE 6 India to weigh domestic interests in China FDI: Goyal UNION MINISTER PIYUSH Goyal on Friday clarified that India’s recent warmth with China is not shaped by global trade shifts, stressing Chinese investments will be approved only if aligned with India’s tech aspirations & supply chain strategy. ■ PAGE 2 A TOP PANEL of the Securities and Exchange Board of India (Sebi) has recommended capping an entity's intraday equity index derivatives net position at `1,500 crore (about $172 million), two sources familiar with the matter said. The markets regulator is re-looking at rules for equity derivatives after it temporarily banned US high-frequency trading firm Jane Street from the Indian markets, saying some of its trading strategies were manipulative and left retail investors with losses. The limit was discussed at a meeting of the regulator's secondary market advisory committee, which suggests rules for the equity market and has been sent to the regulator's board for a final decision, the sources said. The sources declined to be identified as the matter is not public. An email query sent to Sebi on Wednesday was not answered. Reuters reported on Tuesday that the regulatory panel was contemplating intraday limits on derivative positions. Continued on Page 10 ■ The move comes after Sebi temporarily banned US highfrequency trading firm Jane Street from the markets ■ For firms found ■ In February, Sebi proposed an intraday limit of breaching limits, exchanges will levy penalties and report the cases to the regulator `1,000 cr for net index derivative positions ■ An entity gross end-of-day position is capped at `1,000 cr Changes to block deals proposed Sebi chief for morewomen investors THESECURITIES&Exchange Board of India (Sebi) has proposedtoincreasetheexisting framework of block deals with their size and a higher price range being the key changes, reports Ananya Grover. Theminimumorder size forexecution of trades in the block deal windows shall be `25 crore as per a consultation paper. ■ PAGE 7 SECURITIES AND EXCHANGE Board of India chairman Tuhin Kanta Pandey has asked mutual funds (MFs) to incentivise women investors, reports Nesil Staney. He has also cautioned MFs on micro-cap investments at an industry conference on Friday. ■ PAGE 7 TikTok partially back in India after 5 years ● Buzz grows over return of app THAW IN RELATIONS? ■ TikTok’s website has become accessible to users in India FE BUREAU Bengaluru, August 22 TIKTOK’S MAIN WEBSITE has become accessible to users in Indiaforthefirsttimesincethe Chinese-owned app was banned over five years ago, sparking widespread speculation about the platform’s potentialreturntothecountry. However, the accessibility appears to be partial.While the mainTikTok website loads and displays the company’s homepage with its mission statement and navigation menu, several key sections remain blocked. The TikTok app also remainsunavailableonGoogle PlayStore andAppleApp Store. The popular short-video app owned by Bytedance,had been ■ The website displays the company’s homepage but several key sections remain blocked completelyinaccessibletoIndian users since the government imposed a ban on the platform alongwith58otherChineseapps in June 2020,following deadly border clashes between Indian and Chinese troops in Galwan Valley.Thegovernmenthadcited national security concerns and dataprivacyissuesasreasonsfor prohibiting the app,which had ■ The app has been inaccessible to Indian users since June 2020 ■ The app had over 200 million users in India at the time of the ban over200millionusersinIndiaat thetimeoftheban. The partial website restoration has led to widespread discussion on social media, with many users sharing screenshots and speculatingwhether this signalsTikTok’s imminent return to India. Continued on Page 10 SENSEX 82,000.71 (Previous close) 81,951.48 FEDERAL RESERVE CHAIR Jerome Powell carefullyopened the door to an interest-rate cut inSeptember,pointingtorising risksforthelabourmarketeven asworriesoverinflationremain. “The stability of the unemployment rate and otherlabour market measures allows us to proceedcarefullyasweconsider changes to our policy stance,” Powellsaidinremarksprepared for the Fed’s annual conference in Jackson Hole, Wyoming on Friday.“Nonetheless,withpolicy in restrictive territory,the baseline outlook and the shifting balance of risks may warrant adjusting ourpolicystance.” Following Powell’s remarks investors boosted bets that the Federal Open Market Commit- ■ Following Powell’s remarks, investors boosted bets that the Federal Open Market Committee would cut rates at their September 16-17 meeting ■ Treasury yields tumbled, the S&P 500 extended gains and the dollar fell ■ Powell was greeted in the room with a standing ovation from the audience ■ The cautious signal comes at a time when Fed officials are divided over how and when to adjust policy teewould cut rates at theirSeptember16-17 meeting. Thecautioussignalcomesat a time when Fed officials are divided over how and when to adjust policy in the coming months. Some have pointed to the labour market’s resilience. Others warn that nascent signs of weakness in employment could metastasize into a more significantdownturn. Powell said the labour market is in a “curious kind of balance”resulting from a marked slowdown in both the supplyof and demand for workers. He cited employment data forJuly, which showed jobs growth in recent months was substan- 1 Aug 8 Aug 14 Aug 22 Aug 0.93 0.88 Top Sensex gainers (Weekly) 11.07 % gain 5.88 4.20 3.81 3.75 81,306.85 (Close) Bajaj’sfestiveplangetsrareearthboost FE BUREAU Mumbai, August 22 RAJIV BAJAJ, MD, BAJAJ AUTO BAJAJ AUTO MANAGING director Rajiv Bajaj on Friday saidthatwiththesupplyofrare earth magnets improving, the deliveries of electric vehicles willgetaboostaheadofthefestive season. Thecompanyis expected to manufacture15,000plusunits of the electric Chetak in September,slightlymorethanhalf the normal levels, and ramp this up to 40,000 in October.It estimates the production of electric three-wheelers at around 3,000 units next month. Automobile manufacturers sell anywhere between 30-35% of their annual sales during the festive season. Speaking to CNBC TV18, Bajaj said the situation on rare earth magnets has changed for the better. Last month, Bajaj had indicated that August might turn outbea"zero"production month for its electric two- and ONDC moots insurance mechanism Redemptionof India-focussed fundssurges INSURANCE PRODUCTS MAY be available on the government-backed Open Network for Digital Commerce in the next 9-12 months, a top ONDC official told FE, reports Ojasvi Gupta. The idea is to mitigate risks arising from returns and cancellations and the partners will be finalised soon, he added without giving details. ■ PAGE 2 REDEMPTIONS IN INDIAFOCUSSED global funds have seen their steepest rise since January in the past four weeks while flows into China and Hong Kong have increased, reports Ananya Grover. Elara Capital data show that in the four weeks ending August 20, foreign allocators have taken out $1.8 billion from India. JEROME POWELL, CHAIR, FEDERAL RESERVE Thestabilityofthe unemployment rateallowsusto proceedcarefully asweconsider changestoour policystance tially weaker than previously reported. “Thisunusualsituationsuggests that downside risks to employmentarerising,”hesaid. “If those risks materialise,they can do so quickly in the form of sharplyhigherlayoffsandrising unemployment.” But he continued to argue 0.85% (Open) ...we were looking at a ...but the situation zero month in Aug has changed very for Chetak & GoGo much for the better ■ PAGE 7 Shiftingrisksmaywarrantadjustingrates:Powell JACKSON HOLE CONFERENCE Return in % -1.06 -0.92 (Intra-day, August 22) Fed chair’s speech amid unprecedented pressure fromTrump’s push for lower borrowing costs AMARA OMEOKWE & JONNELLE MARTE August 22 Sensex week ended Titan Company WORK-IN-PROGRESS UP AND DOWN WEEK Bajaj Finance JAYSHREE P UPADHYAY Mumbai, August 22 BENCHMARK INDICES FELL up to 0.85% on Friday due to profit booking, ending a 6-day winning streak which had been driven by the S&P rating upgrade and GST reform proposals. After gaining as much as 2.44% in the previous six sessions, the Sensex lost 693.86 points, or 0.85%, to close at 81,306.85, while the Nifty declined 213.65 points, or 0.85%, to settle at 24,870.10. In the six-day rally to Thursday, the BSE benchmark has climbed 1,765 points, and the Nifty rallied 596 points. On a weekly basis, however, both indices recorded gains of up to 0.97%, marking their second consecutive week of advances. Investors’ wealth rose by `8.87 lakh crore during the week, despite an erosion of `2.62 lakh crore on Friday. The market is now awaiting clarity on whether the additional 25% US tariffs on Indian goods, linked to imports of Russian oil, will be implemented next week. COMPILED BY KISHOR KADAM M&M THE GOODS AND ServicesTax (GST) Council will hold its 56th meeting on September 3-4 in Delhi.Themeetingwillbeginat 11 am on both days, according to a communication issued to members. Ahead of the Council meeting, an officers’ meeting is scheduledforSeptember2,also in Delhi. The agenda for both meetings, along with details of the venue,will be shared later, the communication said. On Thursday, the group of ministersonraterationalisation approved the Centre’s proposal for a reduction in tax slabs and rates,even as some oppositionruled states’ ministers sought compensation for revenue losses.This paves thewayforan overhaul of the eight-year-old GSTregime. Apartfromstreamliningthe multiple slabs underGSTinto a two-pillar structure of 5% and 18%, the proposal intends to levyaspecialrateof40%onsin and luxurygoods. F&O positions set for `1.5K-cr limit Indicessnap6-daywinningrun;all eyesonTrumppenaltynextweek HUL FE BUREAU New Delhi, August 22 SEBI RELOOKING ATEQUITYDERIVATIVE RULES Maruti Suzuki GSTCouncil’s 56thmeeting onSept3-4 Whenourgoals areintension likethis,our framework callsforusto balanceboth sides that policymakers must guard against the prospect that President Donald Trump’s tariffs lead to persistent inflation. He saidtheeffectsoftariffsonconsumer prices are “now clearly visible,” but it’s reasonable to expect the effects will be relativelyshort lived. “It is also possible,however, that the upward pressure on prices from tariffs could spur a morelastinginflationdynamic, and that is a risk to be assessed and managed,” Powell said. “When ourgoals are in tension like this, our framework calls for us to balance both sides of our dual mandate,” he added. Treasuryyieldstumbled,the S&P500extendedgainsandthe dollarfell.Powellwas greeted in the room with a standing ovation from the audience. Powell’s speech comes amid unprecedented pressure from Trump and his allies aimed at gettingthecentralbanktolower borrowing costs, threatening the Fed’s independence in determining monetary policy. Trump took his campaign to a newlevel on Friday. Continued on Page 10 three-wheelers. The Bajaj Auto MD said the company had started receiving clearances for light rare earth magnets about 3-4 weeks back though it was somewhat slow in the beginning with delays and documentation. However, the slow process is nowaccel- erating, he said. Ontheheavyrareearthfront, however,the company is yet to see any movement.“Maybe it is work-in-progress,” Bajaj said. Nevertheless, the company believesithasasufficientsupply of magnets to ensure deliveries duringthefestiveseason. China’sbanonexportsofrare earthmagnetshadhitmakersof electric vehicles but there are indications China will resume exports of this critical item.On the proposed cuts in the GST rates,theBajajchiefnotedthata reductionto18%was“fabulous” especially since the 2-wheeler industryhasnotyetrecoveredto itspre-Covidlevelsduetofactors suchashighinflation. Continued on Page 10 Shares worth `1.75Lcr set to unlock by Nov ANANYA GROVER Mumbai, August 22 SHARES WORTH `1.75 lakh crore are set to be unlocked in the next three months (August 28-November 27) as the prelisting lock-in period of promoters, anchor investors and other shareholders in 57 companies is set to expire, according to a report by Nuvama Institutional Equities. While this unlocking will increase the supply of shares that can be sold,not all of these shareholders may sell their stake as the majority are held by promoters and other longterm investors. Of these, the lock-in of seven companies will end on Thursday(August 28).Some of theseareownerofSchlossBangalore, owner of hotel chain The Leela, Brigade Hotels, and Aegis Vopak Terminals. Premier Energies, whose 12-month lock-in period expires on September 1 will infuse supply of 125 million more shares worth `19,325 crore, the maximum among those expiring in the next 30 days, according to the report. This is followed by PN Gadgil Jewellers,Syrma SGSTech,and Gopal Snacks. The share price of Premier Energies has risen 131% from its issue price,Syrma SGSTech 227%,while Gopal Snacks has fallen 8%. Experts believe that while there would be selling pres- SELL CALL ■ Pre-listing lock-in of 57 firms is set to expire by Nov end ■ Of these, the lock-in of 7 will end on August 28 ■ Some of these are owner of Schloss Bangalore, owner of hotel chain The Leela, Brigade Hotels ■ Experts believe selling pressure will only be temporary sure as pre-IPO investors wait for this period to end,this will only be temporary. Ruchit Jain, head of technical research at Motilal Oswal said, “There could be some profit-booking in but the stocks with good fundamentals will not be affected.” On Thursday, shares of heavilysubscribedIPOsVibhor SteelTubesandBoranaWeaves were unlocked after expiry of the lock-in period.VibhorSteel has fallen nearly 2% in two sessions and Borana Weaves 1.2%. Kolkata