COMPANIES | PAGE 4 COMPANIES | PAGE 4 Retail boost:Apple’s India sales fetch record $9 bn Freshworks founder to step down as executive chairman LUCKNOW, SATURDAY, SEPTEMBER 6, 2025 VOL 18 NO. 235, 38 PAGES, `12 INTERNATIONAL | PAGE 7 Tesla offers unprecedented $1-trn pay package to Musk FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K A TA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 80,710.75 ▼ 7.26 NIFTY: 24,741 ▲ 6.70 NIKKEI 225: 43,018.75 ▲ 438.48 HANG SENG: 25,417.98 ▲ 359.47 `/$: 88.27 ▼ 0.11 `/€: 103.16 ▼ 0.52 BRENT: $65.68 ▼ $1.31 GOLD: `1,05,967 ▲ `397 THE TAX REFORMS unleashed by the government has missed an important segment of fastmoving consumer goods, namely, detergents, reports Viveat Susan Pinto. ■ PAGE 4 Surplus rain in north India dents crop prospects SURPLUS MONSOON RAINFALL has boosted kharif sowing and fertiliser demand, but excessive rain in the last fortnight has caused damage to standing crops in Punjab, Uttarakhand Himachal Pradesh and J&K, reports Sandip Das. ■ PAGE 2 Data inadequate, Sebi ramped up Jane Street probe SEBI LAUNCHED A formal probe into Jane Street's trading practices although its surveillance department had suggested otherwise, due to continued complaints from market participants, sources said, reports Reuters. ■ PAGE 6 Dassault becomes majority owner in jet JVwith RInfra DASSAULT AVIATION HAS become the majority owner of Dassault Reliance Aerospace, its JV with Reliance Aerostructure, with a 51% stake after it picked up 2% for `175.96 crore, reports Raghavendra Kamath. ■ PAGE 4 First of the four 25 bps cuts in CRR effective today THE FIRST OF the four (25-bps each) cuts in the cash reserve ratio will be carried out on Saturday, which is expected to release `60,000-70,000 crore in the banking system, report Kshipra Petkar & Christina Titus. ■ PAGE 6 `57,185 cr ■ NARCL is now the largest claimant ■ The bid by Vedanta translates into a net present value of `12,505 cr ■ It was finalised after a challenge process conducted by JAL’s CoC on Sept 5 ■ Adani Group was the only other contender to submit a binding offer vencycases.At least 25 entities hadinitiallysubmittedexpressions of interest, including Dalmia Bharat, Jindal Power and PNC Infratech. However, onlyVedanta andAdani placed binding bids. JAL’s debt troubles stretch back nearly a decade. It was among the first 12 large defaulters identified by the ReserveBankofIndiaunderthe Insolvency and Bankruptcy Codein2017.Butlitigationand lackofconsensusamongcreditors stalled resolution. Fresh momentum came in 2024 when ICICI Bank filed a new insolvency petition, leading to admission bythe NCLT. In April 2025, NARCL proposed a `12,000-crore settlement, a mix of cash and government-backed receipts. Thetribunalsetitaside,ruling that bids must be invited for JAL as a whole rather than in parts. That opened the way for the final contest between Vedanta and Adani. 1.86 % change from August 14 BSE fast moving consumer goods 3.0 4.8 BSE metal BSE consumer durables BSE consumer discretionary 5.7 5.9 BSE auto folio investors (FPIs) have continued with their selling spree, even in September. “Themarketisfollowingthe dictum of‘buy’on rumour and ‘sell’ on news. Since August 15 announcement,themarketwas pricing in GST rollout.With the tariff uncertainty,the market is likelytobevolatile,”NileshShah, MD,KotakMahindraAMC,said. Continued on Page 7 9.2 Rupee drops to record low THE RUPEE FELL to a fresh low of 88.26 on Friday,down 11 paise from the previous close,reportsChristinaTitus. During the day,itwent to a low of 88.36 before some recovery. The domestic currency has fallen 3.3% in the current financial year. ■ PAGE 6 Continued on Page 7 Trump:India,Russia‘lost’ to‘deepest,darkest’China AGENCIES Washington, September 5 US PRESIDENT DONALD Trump on Friday said India and Russia seem to have been “lost”to China aftertheirleaders met with Chinese President Xi Jinping this week, highlighting his split from NewDelhi and Moscowas Beijing pushes a newworld order. “Looks likewe’ve lost India and Russia to deepest, darkest, China. May they have a long and prosperous future together!" he wrote in a social media post accompanying a photo of the three otherworld leaders together at Xi's summit in China. Asked about Trump’s post, the foreign ministry spokesperson told reporters in New Delhi that he had no comment. Representatives for Beijing and Moscow could not be immediately reached for comment on Trump’s post on Truth Social. Xi hosted more than 20 leaders of non-Western countries for the Shanghai Cooperation Organisation (SCO) in the Chinese port HOWARD LUTNICK, COMMERCE SECRETARY, US In a month or two, I think India’s going to be at the table, and they’re going to say they’re sorry city of Tianjin, including Russian President Vladimir Putin and Prime Minister Narendra Modi. Meanwhile, terming India as the ‘vowel’ between Russia and China in the BRICS grouping, US commerce secretary Howard Lutnick on Friday said New Delhi will be at the negotiating table and will try to make a deal with Trump in a couple of months. “So, I think yes,in a month or two months,I think India is going to be at the table, and they’re going to say they’re sorry, and they’re going to try to make a deal with Donald Trump,” he said in an interview with Bloomberg.“And it will be on Donald Trump’s desk how he wants to deal with (Narendra) Modi,and we leave that to him. That’s why he’s the President,”he added. Criticising India for its purchases of Russian oil, Lutnick said that before the Russian conflict,India bought less than 2% of its oil from Russia and “now they’re buying 40% of their oil from Russia.“What they’re doing is, because the oil is sanctioned, it’s really,reallycheap because the Russians are trying to find people to buy it. And so the Indians have just decided,‘Ah, the heck with it. Let’s buy it cheap and make a ton of money’,” he added. US President Donald Trump and First Lady Melania Trump during a private dinner with technology and business leaders, including Bill Gates, Mark Zuckerberg, Tim Cook and Sundar Pichai, at the White House in Washington. Elon Musk, once a close ally of Trump, was a notable absentee. ■ REPORT ON PAGE 24 AP Need to engagewith China on market access,says FM FE BUREAU New Delhi, September 5 THE GOVERNMENT WILL be open to the idea of relaxing investment curbs on China but the northern neighbour should also be willing to bring down barriers to India’s exports, finance minister Nirmala Sitharaman said on Friday. In an interview with CNBCTV18, the FM said New Delhi and Beijing must hold meaningful discussions on market access and non-tariff barriers. She said a long-term trading partnership “will take time” to develop and needs “sincere engagement”from both sides. “Marketaccesshas not been realiseddespiteourdecade-long engagement with the Chinese. In between, everything had cometoahalt.Weneedtohavea meaningful conversation.The products we want to export to Chinagothroughdifferentdestinations. Why can’t it go directly?”Sitharaman,whohasearlierheldchargeofthecommerce and industryministry,said. On the impact of 50% US tariffs on the overall economy, she said reforms like the GST andothermeasureswilloffsetit. NIRMALA SITHARAMAN, FINANCE MINISTER Where we buy our oil from,we’ll have to take a call on what suits us best. We will undoubtedly be buying (from Russia) early access for members, and tie-ups with banks and brands to make the most of it. Flipkart has already announcedthatitsBigBillionDays sale will begin on September 23. Amazon is yet to fix dates foritsGreatIndianFestival,but if pastyears are anyindication, the two events will go live withinhoursofeachother.The parallel launch has become a seasonal tradition,turning the last week of September into a high-stakes battleground for consumer attention. Smartphonesareonceagain expectedtodominatewishlists. Amazon has teased up to 40% offonmodelsfromApple,Samsung,iQOO and OnePlus,while Flipkart is pushing big-ticket DISCOUNT DRIVE ■ Flipkart's Big Billion Days sale to begin on Sept 23 ■ Amazon yet to fix dates for its Great Indian Festival ■ Smartphones expected to dominate wish lists ■ Electronics & appliances likely to see sharp markdowns ■ Fashion, lifestyle & beauty products may also see heavy discounts launchessuchastheiPhone16, Samsung Galaxy S24 and Motorola Edge 60 Pro. Both platforms are also positioning Samsung’s newGalaxyTab S11 series and the Galaxy S25 FE as marquee products, betting on buyerswhoarekeentoupgrade. Electronics and appliances are likely to see equally sharp markdowns. Amazon has promised as much as 80% off ongadgetsandaccessoriesfrom brands like HP, Sony and boAt, and up to 65% off on home appliances from LG, Haier and Godrej. Flipkart is advertising what it calls“double discounts” incategoriessuchaslargeappliances,with washing machines, televisionsandlaptopsforming PRASANTA SAHU New Delhi, September 5 lections from its in-house Karigar,Saheli and Local Shops programmes.Flipkartiscountering with furniture, apparel and lifestyle deals under its Big Billion Days umbrella, aiming to draw in first-time online shoppers alongwith repeat buyers. Financialtie-upsarebecoming an increasingly important hook. Amazon customers can expect 10% instant discounts through SBI cards, while Flipkart is partnering with Axis Bank and ICICI Bank forsimilar offers.Bothcompaniesareleaning on EMI schemes,“paylater” options and UPI-based discountstomakehigh-valuepurchases easierto manage. Continued on Page 2 Continued on Page 7 Continued on Page 2 the core of its promotions. Thetimingofthesedealshas addedsignificancethisyear.The GST cut, which will come into effect from September 22, has lowered price points across a host of categories.That leaves platforms not only with more room to sweeten offers but also withanincentivetopassonpart of the benefit to consumers. People tracking the sector say inventoriesarebeingadjustedat a rapid pace so that updated invoicing lines up with the new rates once the sales go live. Fashion,lifestyleandbeauty products are also being readied forheavypromotion.Amazonis offering50-80%offonapparel andgroominglinesfromCrocs, L’OréalandTitan,alongsidecol- Taxbasedon retailpricefor tobaccomay kickinbefore 40%levy THE GOODS AND ServicesTax (GST) on pan masala,cigarettes and tobacco products based on their retail sale price (RSP) may be levied even before the compensationcessisphasedoutand the new 40% tax kicks in, sources told FE. The move is aimed at plugging the massive tax evasion in the sector and widening the tax base. The 56th GST Council on September 3 decided that tax will be levied on RSP instead of the transaction value on sin goods such as pan masala, gutkha, cigarettes, manufactured tobacco, and chewing tobacco like zarda.The current tax incidence (GSTplus cess) on thesinitemsvarieswidely,from 60-80%insomecasestoashigh as around 160-200% for items like gutkha. As part of the GST 2.0 reforms,thetaxrateonspecified “sin goods”will be hiked from the current 28% to 40% once the compensation cess is likely scrappedbyOctoberorso.These itemswillalsocometoattractan additional levy over and above the GST rate to maintain the high tax incidence, Central Board of Indirect Taxes & Customs chairman Sanjay Kumar Agarwal told FE onThursday. ThemovetoRSP-basedtaxation is seen as shifting the tax burden to the manufacturing stageintheevasion-pronesector. E-commerce majors eye festive jackpot afterGSTboost FOR FLIPKART AND Amazon, this festive season will not just be about flashy discounts and all-night shopping marathons. With the cut in goods and services tax (GST) on a wide range of consumerproducts and fastmoving consumer goods (FMCG), both the e-commerce giants are preparing for what couldbeoneoftheirbusiestand most competitive sale seasons in recentyears. Buoyed by improved sentiment,shoppers are expected to loosen their purse strings.The optimism is being matched by theplatforms,whicharegearing uptorolloutaggressivepricing, RBI likely intervened at 88.30-88.35 level, preventing rupee from further depreciation,”saidadealerat a private sectorbank.He further said that chances of rupee touching 89 are high if RBI is not protecting. ● TECHTITANS ONTRUMP’STABLE Big Billion Days, Great Indian Festival likely to see record sales URVI MALVANIA Mumbai, September 5 BSE Smallcap creditors have filed claims worth THE GOVERNMENT’S GOODS and services tax (GST) rationalisationtogivedomestic consumption a boost has received lukewarm response from the stock market. In the past few trading sessions after theannouncement,thebenchmark indices have gained just 0.18%. Even in the wider market, the mood has been subdued,withboththemidcapand smallcap indices down 0.7% and 0.5%,respectively. Marketexpertssaymultiple reasons are weighing on the market.Forone,whileGST2.0is likelyto give a fillip to the economyandcorporateearnings,the stiff tariffs of 50% by US PresidentDonaldTrumparekeeping investors worried. Many have also used this opportunity to book profits because they believe there isn’t much upside fromhere.Further,foreignport- 1.07 ■ Financial 0.45 MINING MAJORVEDANTAhas emerged as the successful bidder for debt-laden Jaiprakash Associates (JAL),edging out the Adani Group with an offer worth `17,000 crore. Sources said the bid, which translates into a net present value of `12,505 crore, was finalised after a challenge process conducted by JAL’s committee of creditors(CoC)onSeptember5. The Gautam Adani-led group was the only other contender to submit a binding offer. Email queries sent to Vedanta remained unanswered till the time of going to the press. JAL, with interests in real estate,cement,power,hospitality and infrastructure, was admitted to corporate insolvency proceedings by the Allahabad bench of the National Company Law Tribunal (NCLT) in June 2024.Its financial creditors have filed claims of `57,185 crore, with the National Asset Reconstruction Company (NARCL) now the largest claimant. NARCL acquired loans from a consortiumoflendersledbyStateBank ofIndiainMarch2025,making it central to the resolution. Thewinning bid bytheAnil Agrawal-led company concludes one of the longestinsol- LONG-DRAWN BATTLE STOCK UPDATE BSE Midcap Detergents out of rate cut in miss for FMCG firms URVI MALVANIA Mumbai, September 5 ANANYA GROVER & JOYDEEP GHOSH Mumbai, September 5 Nifty TATA MOTORS SAID on Friday that it would pass on the benefit of the goods and services tax (GST) reduction fully to buyers, by reducing car prices of vehicles by up to `1.55 lakh, reports fe Bureau. ■ PAGE 4 Vedanta outbids Adani in JALrace GST booster fails to charge up markets as tariff fears weigh 0.14 TaMo to cut prices by up to `1.55 lakh due to GST cut `17,000-CR OFFERTOACQUIRE REALTYPLAYER Sensex IN THE NEWS Lucknow