ECONOMY | PAGE 12 INTERNATIONAL | PAGE 7 India-China air travel set to restart by late Oct NEWS POINT | PAGE 18 Musk makes historywith $500-bn in networth Zoho’sArattai: More than just a swadeshi message CHENNAI/KOCHI, FRIDAY, OCTOBER 3, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 126, 50 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E CBC 15502/13/0030/2526 SENSEX: 80,983.31* ▲ 715.69 NIFTY: 24,836.30* ▲ 225.20 NIKKEI 225: 44,936.73 ▲ 385.88 HANG SENG: 28,7287.12 ▲ 431.56 `/$: 88.69* ▲ 0.10 `/€: 104.09* ▲ 0.22 BRENT: $64.81 ▼ $0.83 GOLD: `116,933* ▲ `2,172 *Prv close There is a buoyancy in the market and the mood is upbeat reduction pushes up sales.The above-mentioned categories have seen GST rationalised to 18% from 28% earlier,bringing it at par with white goods such as refrigerators and washing machines. Continued on Page 13 THE FESTIVE SPIRIT and GST reform pushed the credit card spending to nearly 30% yearon-year during the nine days (September 22-30) in the run-up to Dussehra. According to the Reserve Bank of India (RBI), the provisional average daily spends soared to `7,505 crore, up from `5,759 crore during last year’s Dussehra season (October 3–12,2024),marking one of the sharpest seasonal spike since 2021. The rise in transaction volumes was equally striking. The average per day volumes rose 18% to nearly 10 million, compared to 8.45 million in the same period last Dussehra. The surge reflects a mix of consumer enthusiasm, coinciding with the rollout of GST 2.0 on September22,aimed at streamlining merchant compliance and enhancing digital payment incentives. The impact was immediate due to pent-up demand as consumer average dailyspend during the SWIPE-N-SHOP Dussehra average daily credit card spend Ch Chg (%) Value (in ` crore) 70 8 2022 2023 39 30 MarutitopsH1returnslist;ITdrags MARUTIWASTHE topwealth creator among all listed companies during April–September, adding `1.42 lakh crore in market capitalisation, according to Capitaline. Its share price surged 39.1% during the period. IT giantsTCS, Infosyswere the biggest laggards in H1. - KISHOR KADAM Top wealth creators in first-half p creators fi ator irst-half of fi fiscal 2026 iscal 26 Mc Mcap gain in ` cr 2024 2025* *Data till September 30 Source: RBI; last nine days at 36% higher than the `5,523 crore average forthe entire month.The average daily volumes also rose by 20% in the last nine days compared to the entire month. Continued on Page 7 39.1 7.0 % p ce chng* price chng* hng hng* 61.5 13.1 THIS IS A love affair with a swadeshi twist.At a timewhen international dating apps such as Tinder, Bumble and Hinge are scaling down in India, homegrownplatformsseemto be cashing in on love at first swipe. According to Tracxn, there are 174 active Indian dating apps today, with players such as TrulyMadly, Fluttr, Elevn and Aisle leading the pack. Investors include We Founder Circle, Venture Catalysts and Inflection Point Ventures. Quite a few of these desi online dating services are offering niche online dating services and catering to the vernacular-speaking Indians. ■ Pricing ■ According to Tracxn, there are 174 active Indian dating apps today with players such as TrulyMadly, Fluttr, Elevn and Aisle leading the pack ■ Knot Dating needs income verification through offer letters or salary slips ■ Luxury platforms such as Luxy and Glambu use similar mechanisms, restricting access to male members earning over `50 lakh annually Venture capitalists tracking the sector told FE that the opportunity is significant.The youth, particularly in small towns,wantautonomyinfinding partners but do not neces- sarilyidentifywith the hookup culture of Western apps. “In India, where marriage is the primary goal and family considerations matter significantly, the value propositions has also been a sticking point for global players like Tinder and Bumble with premium rates at above `900 per month offered byglobal apps miss the mark,”ArjunMalhotra,general partner at Good Capital, said. The VC firm is evaluating investments in the space. In contrast, foreign play- ers have cut staff and marketing spends owing to poor monetisation, low willingness to pay by users, cultural stigma around dating and skewed gender ratios. The poor performance in their home countries have also played a critical role. Local dating firms are addressing these cultural nuances with innovation. Their features go beyond language localisation, extending into privacy settings, verification protocols and discovery formats that reflect Indian sensibilities. Knot Dating, for instance,requires income verification through offer letters orsalaryslips,catering to users who want economic compatibility assured. Luxury platforms such as Luxy and Mcap loss in ` cr -19.8 Source: Capitaline rce: Capita taline Love blooms for swadeshi dating apps CUPID GOES DESI Top wealth laggards in first-half of fiscal 2026 28.5 Heartbreak for global peers as costs & ‘Indian culture’ seen as stumbling blocks S SHANTHI Bengaluru, October 2 *as of March 25 Glambu use similar mechanisms, restricting access to male members earning over `50 lakh annually. Aisle,acquired byInfo Edge India in 2022, is among the most prominent players. The company is reporting steady growth even as fatigue with swipe-based dating sets in. “Today’s users seek meaningful connections and genuinecompanionship,notfleeting encounters,” Chandni Gaglani,headofAisleNetwork, said. The firm posted 123% growth in FY23, followed by 10% in FY24 and 7% in FY25. Currently, it is expanding at 35% year-on-year, with some vernacular-first verticals scaling at 60–70%. Continued on Page 7 -12.9 % price chng* -8.2 Sun Pharma CEO & ED, LIFESTYLE INDIA MAHESH NAYAK Mumbai, October 2 % Share price rise in six months -8.2 -8.1 -33,711 3,711 3 THERE HAS BEEN a surge in spending triggered bythe GST rate cutswith durable,fashion and footwear seeing a sales growth of 20-40% in the last ten days including Dussehra, companies and retailers have told FE. The momentum, they say, is likely to last till Diwali, which will be celebrated midOctober.DussehraandGandhi Jayanti were celebrated on Thursday. While many consumers in cities have taken an additional day’s off on Friday to make it a long weekend and organise travel plans, it did not take away from the festive fervour whichwasvisible onThursday, retailers and firms said. Consumer durable companies such as LG, Samsung, Haier and Godrej Appliances areseeingsalesgrowthratesof 35-40% (versus last year) in categories such as large-panel TVs, dishwashers and air conditioners, top executives said, as a combination of pent-up demand along with GST rate DEVARAJAN IYER, Continued on Page 7 50.75 Kotak Mahindra Bank VIVEAT SUSAN PINTO Mumbai, October 2 Continued on Page 7 Market cap (on Wednesday) -35,138 -35,138 5,13 Durables,fashion Creditcardusage &footwearseeup spikes30%in to40%riseinsales Dussehraseason allotment of equity shares and warrants at a price of `139 per share, which will consequently trigger an open offer for the purchase of the additional 26% stake in the non-bank lender. `13,850 cr Infosys Continued on Page 7 URVI MALVANIA Mumbai, October 2 -53,144 -5 4 cle volumes in September surged to 400,000 units, up from 275,681 last year. Number of branches* HCL Tech 2,040,760 Number of customers* -55 -55,888 -55,888 the first half of the year to little over 6% compared to the same period last year. As per Maruti Suzuki estimates, retail passenger vehi- 6.4 1.6 mn 220 TCS istrations,dwarfing the 2.6% growth recorded in the previous five months ending August. This single month leap has pushed growth in FY26 1,870,991 -258,856 *Final volumes does change due to lag in Vahan reporting Source: Industry and FADA 1.1 Balance sheet size * 94,546 2.64 FY26 FY25 1,808,311 `70,000 cr M&M 7.67 FY25 6.2 Sammaan Capital in numbers 116,794 1,640,760 4.27 FY24 FY24 % chg US senators question TCS, others over H-1B TATA CONSULTANCY SERVICES (TCS) and Cognizant are among the many tech firms whohavebeenaskedtoexplain their hiring practices by senior US lawmakers owing to concerns overthe companies’continued use of H-1B visas while laying off American staff. In a letter dated September 24,which FE has seen a copyof, United States Senate Committee on the Judiciary chairman Charles Grassley and ranking member Richard Durbin flagged “troubling employment trends”in the tech sector and questionedTCS chief executive K Krithivasan on why the companywas filing thousands of H-1B petitions even as US techunemploymentremained above the national average. TCS, which has announced morethan12,000layoffsgloballythisyear,received approval for 5, 505 H-1B workers in FY25, making it the secondlargest sponsor of new visa beneficiaries. SBI 1,598,524 Apr-Sept* INDIA FORAY INTHE BIGGEST capital infusion by an investor in a nonbanking financial companyin India,Abu-Dhabi based International Holding Company (IHC), through its affiliate Avenir Investment RSC, has entered into a definitive agreement to acquire 41.2% stake in Sammaan Capital (formerly Indiabulls Housing Finance) for `8,850 crore, according to an exchange notification on Thursday. The transaction marks the entry of IHC, one of the world’s largest investment firms with a market capitalisation $239.9 billion, into the financial services sector in India. Post-deal, IHC will be classified as promoter of the company and will have the right to appoint majority of the board of directors.The transaction is subject to regulatory and statutory approvals and customary closing conditions. The investment will be done through a preferential Reliance Inds Taking serious a note, the finance ministry has ordered a probe into bribery allegations against customs officials after a Tamil Nadu trading firm, WINTRACK INC, complained on social media that harassment by Chennai customs forced it to halt operations. ■ PAGE 2 45 FY26 FE BUREAU Mumbai, October 2 Maruti Suzuki Finmin probes trading company shutdown threat 5.8 FY25 7,505 THE YEAR-ONyear growth in bank credit to individuals against shares and bonds was at a 19-month low in August, according to the sectoral deployment data released by the Reserve Bank of India. ■ PAGE 6 19 FY24 SWARAJ BAGGONKAR Mumbai, October 2 GROWTH IN NEW car sales, which was languishing till August, went into top gear in the following month following GST rate reduction and a deluge of tempting offers on older stock offered by desperate dealers. September alone saw an estimated 45% spike in reg- 400,000 339,543 275,681 4 3 Apr-Aug* % chg 5,759 Growth in loans against shares at 19-month low IN THE FAST LANE % chg 4,146 POST US TARIFFS, the Centre urged exporters to maintain their US market share. Finance and commerce ministries met key sector exporters, recommending relief measures akin to those used during Covid, aiming to help businesses navigate the current crisis. ■ PAGE 3 in registrations buoys six-month growth to 6% Sept* 3,844 US tariff impact grows as Centre’s relief plan lingers ● Sept’s 45% rise 1,484,630 CZECH BILLIONAIRE DANIEL Kretinsky has agreed to sell his 20% stake in Thyssenkrupp's steel unit and scrap plans for a JV for the business, both parties said in a joint statement, paving the way for a possible deal with Jindal Steel. The stake sale ends lengthy talks over what could have become a German-Czech steel and energy giant, talks that have not made any measurable progress since Kretinsky bought a fifth of Thyssenkrupp Steel Europe ■ PAGE 4 last year. 119,664 Carsalesshiftintotopgear onGSTcut,festivedeals Eternal Thyssenkrupp 20% stake on sale;Jindal deal gets a boost IHCtobuy41%in SammaanCapital for`8,850crore 120,181 SHOPTILLYOUDROP:THEGREATCONSUMERRUSH 141,704 IN THE NEWS *between March 28 and *b September 30 Electronics scheme gets`1.15L-croffers OJASVI GUPTA New Delhi, October 2 component manufacturing scheme closed on September 30. We have received investTHE ELECTRONICS COMPO- ment proposals of `115,351 NENTmanufacturcrore,” Vaishnaw ing scheme has told reporters, received a major ASHWINI VAISHNAW, adding that the ELECTRONICS & boost,withthegovtarget had been IT MINISTER ernment receiving `59,350 crore. investment pro- We had targeted “Against a proposalsworth `1.15 employment of duction target of lakh crore, elec`456,500 crore, around 91K, tronics and ITminwe have received isterAshwiniVaish...it is expected production estinaw said on mates of more to be 1.5x more than `10,34,000 Thursday.The submissions have surcrore. That is passed the governmore than doument’s ble what we had expectationsacross set,” he said. investment, production Employment generaand employment, tion, too, has overshot Vaishnawsaid. projections. “The applicationwindowfor Continued on the electronics Page 7 CHENNAI/KOCHI