NEWSPOINT | PAGE 18 ECONOMY | PAGE 3 Jaishankar meetsAfghan FM, India to reopen its embassy COMPANIES | PAGE 4 Atoxic chemist: Inside the cough syrup trail TTJagannathan, 'the cooker pioneer' of Prestige, dies NEW DELHI, SATURDAY, OCTOBER 11, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 191, 24 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 SENSEX: 82,500.82 ▲ 328.72 NIFTY: 25,285.35 ▲ 103.55 NIKKEI 225: 48,088.80 ▼ 491.64 HANG SENG: 26,290.32 ▼ 462.27 `/$: 88.70 ▲ 0.09 `/€: 102.65 ▲ 0.57 BRENT: $63.69 ▼ $1.53 GOLD: `1,20,859 ▼ `1,310 AS GOLD PRICES soar to record highs this festive season, jewellery retailers are walking a fine line between optimism and caution, report Krishna Barot, Viveat Susan Pinto and Narayanan V. ■ PAGE 18 Adani: Silence is surrender; tell your story ADANI GROUP CHAIRMAN Gautam Adani called upon India to take charge of its global narrative through cinema and tech, reports PTI. ■ PAGE 5 TataTrusts meet steers clear of governance rift TATA TRUSTS’ BOARD on Friday discussed routine matters, steering clear of recent governance disputes that have divided the trustees, people in the know said. Sources said the daywhich has seen its debt piling up, is obviously in no mood to relent. The group promoters long hybrid meeting of the Trusts board covered regularpresentations on healthcare and rural development projects, with “no contentious issues discussed”. Continued on Page 10 have been battling debt issues and have been demanding an exit through public listing of Fresh bid to privatise power distribution ● Centre releases STREAMLINING SUPPLY Draft Electricity Amendment Bill ■ State-run discoms’ universal supply obligation may go under new law ARUNIMA BHARADWAJ New Delhi, October 10 ■ The proposed amendments provide open access policy legal teeth WITH LOSSES OF state-run electricitydistributioncompanies (discoms) rising unabated despite a series of financial supportschemeslinkedtoregulatory targets over the last two decades, the Centre has proposedlegalamendmentsto introduce competition and market discipline in the sector. Thepowerministryhasproposed to allow industries to directlyprocureelectricityfrom privateplayers,andremovethe obligation on the discoms to supplytoallconsumersintheir respective geographies. This means “open access” consumers — industries and businesseswithconsumptionabove 1 megawatt — may have to pay premium tariffs in the event of shortage, while supply will be uninterrupted. The move is expected to improve the revenue flows of ■ Proposed reforms will reduce tariff distortions and support industrial expansion ■ Aggregate technical & commercial losses of state-run discoms stood at discoms, as it will help unlock substantial electricity demand from industries that can access affordable power directly.The proposed reforms will also reduce tariff distortions and support industrial expansion, the ministry said,while releasingtheDraftElectricityAmendment Bill 2025. It has sought feedbackontheBillfromstakeholderswithin 30 days. Kishor Kadam Sensex Sensex Weekly returns (%) Oct 8, ‘25 81,773.66 Chg 1.59% Oct 10, ‘25 82,500.82 Net equity investments Top Sensex gainers (weekly, (we y, % gain between Oct 3 and 10) 7.28 HCL Tech 6.06 4.68 Eternal Inf osys 1.59 2.66 82,172.10 10 Oct 9, ‘25 0.97 0.88 (` crore) 4.35 Tech Mahindra DIIs Provisional 4.03 TCS FPI 459 1,708 81,926.75 Oct 7, ‘25 Oct 10 81,790.12 Oct 6, ‘25 PRASANTA SAHU New Delhi, October 10 Oct 3 81,207.17 Oct 3, ‘25 6 7 8 9 October 2025 10 Clinicaltrialsforgenericsproposed MANU KAUSHIK New Delhi, October 10 EVENAS INDIAN drug-makers have heaved a sigh of relief with the United States’ decision to shelve the plan to extend the tariff hikes to generic medicines, a key change is in the offing in domestic regulations that will spell trouble for them. The country’s drug regulator — Central Drugs Standard Control Organisation (CDSCO) — has proposed to close the easy route for pharmaceutical companies to quickly launch generic versions of “new drugs” by just proving that these are bio-equivalent to the innovators’drugs. Experts said that the move has come in the wake of growing pressure from the Donald Trump administration to reduce the non-tariff barriers for US companies in India. Continued on Page 5 LEVEL-PLAYING FIELD ■ The proposal may lead to delay in launches of generic versions of new drugs and even potentially increase their prices ■ CDSCO ■ The proposal seeks to remove the discrepancy and encourage the development of new drugs ■ Experts say the note says the cost of regulatory compliance is ‘much lesser’ for generic drugs move has come in the wake of growing pressure from the Trump administration galore professor R Narayanaswamy. The independent committee is underTHE HIGH-LEVEL COMMIT- stood to have done extensive TEE tasked with comprediscussions with various hensivelyreviewingthe stakeholders for its Securities and report as per its terms Exchange Board of of reference (ToR) that India’s conflict of included reviewof the interest norms for its existing policies and board members and frameworks governexecutivesandsuggest- ON PAGE 6 ing conflict of intering new guidelines will est, disclosures and “certainly”submititsreportthis related matters in respect of month, Sebi Chairman Tuhin members and officials of the Kanta Pandeytold FE. Sebi board. “Whatever I know, the committee will give its sup- Continued on Page 10 portverysoon.It could be next week or so, certainly within this month,”he said. The markets regulator approved the formation of the high-level committee in the first board meeting under Pandey, after his predecessor, Madhabi Puri Buch,had faced allegations of conflict of interest in the regulator’s investigation into Hindenburg’s accusations against the Adani Group. OnApril 9,Sebi formed the six-member committee chaired byformerCentralVigilance Commissioner Pratyush Sinha. Other members included Kotak Mahindra Bank founderUdayKotak,former Sebi member G Mahalingam, former deputy Comptroller and Auditor General Sarit Jafa and retired IIM Ban- & Venezuelan Opposition leader Maria Corina Machado wins coveted prize, dedicates it to US president WorldawaitsblowbackasNobelslipsfromTrump’shands JUSTIN SINK October 10 IN AWARDING THE Peace PrizetoMariaCorinaMachado of Venezuela, the Norwegian Nobel Committee recognised “awomanwho keeps the flame of democracy burning amid a growing darkness.” It’s hard to predicthowthat will go down with a US president who famously prefers to keep the spotlight on himself. To Donald Trump, the announcement that the Nobel Peace Prize has once again been awarded to someone else risks registering as the latest ignominyin a lifetime of rejec- tion by elites. The question is how he might register that indignation. An early indication came from White House Director of Communications Steven Cheung, who posted on X that the committee “proved they place politics over peace.” Trump has made no secret of his desire to win the Nobel. He’s frequently cited his interventionsthatheclaimedended seven wars. In a speech to the UnitedNationsGeneralAssembly last month, Trump told attendees that“everyone says” heshouldbeawardedtheprize. “Trump’s campaign to get the prize has been extraordi- MARIA CORINA MACHADO, NOBEL PEACE PRIZE WINNER I dedicate the prize to the suffering people of Venezuela and to President Trump for his decisive support of our cause! nary,” Committee secretary Kristian Berg Harpviken told Bloomberg News in Oslo on Friday after the announcement was made. The Nobel — globally recognised and synonymous with excellence — is iconic in a way that Trump, an obsessive arbiter of brand strength,keenly appreciates. The obsession took hold when Trump’s original politi- cal nemesis, former President Barack Obama,won the award in 2009,just months aftertaking office. Even Obama’s allies conceded it was more a political repudiation of the Bush administration than a deserved honour. But forTrump,the recognition revealed a rigged game, where prestige was reserved for those already accepted by a global order that had, despite his best efforts,dismissed him as an outsider. “He won the election and then they gave him the peace prize, right?” Trump told reporters on Thursday. “My election was a much more important election.” That frustrationhasonlydeepenedsince his elevation to the presidency. Speaking to seniormilitary leaders late last month,Trump framed the non-award of the Nobel for his efforts in sweepingterms.“Itwillbea biginsult toourcountry,I’lltellyouthat,” he said. Trump’s years in the wilderness — and the multiple criminal prosecutions he endured—seemedtointensify hishungerforoutside recognition. Since returning to office, he has relentlessly pursued peace agreements. Continued on Page 5 New Delhi proposed to allow industries to directly procure electricity from private players and accumulated losses rose to Conflictofinterest panelreportlikely Indices log bestweek in 3 months nextweek:Pandey BENCHMARK EQUITY INDICES recorded their best weekly gains in three months on the back of a rally in telecom, IT, and healthcare shares. During the week ended October 10, the Sensex jumped 1,293.65 points, or 1.59%, to close at 82,500.82, while the Nifty climbed 391.10 points, or 1.57%, to 25,285.35. Investors’ wealth rose by `4.26 lakh crore during the week. Compiled by ■ The power ministry has 16.1% `6.9 lakh cr Continued on Page 10 864 Jewellers bank on exchanges as gold prices soar A transparent and publicly accountable Tata Sons would pave the way for a robust and equitable dividend policy, thereby ensuring sustained inflows to the (Tata) Trusts Sep 26 TO FOSTER TRUST-BASED governance in India's direct tax system, top government think-tank NITI Aayog has suggested a shift away from over-reliance on criminalisation of offences for compliance in the Income Tax Act, reports fe Bureau. ■ PAGE 2 CHAIRMAN, SHAPOORJI PALLONJI GROUP 2,407 Shift burden of proof of tax frauds to taxman: Niti SHAPOORJI PALLONJI MISTRY, Sep 9 THE IPO PIPELINE is expected to stay strong in the near term with $20 billion worth of IPOs in the next 12 months, according to Citigroup's Head of Equity Capital Markets Execution and Solutions for Asia Pacific Harish Raman, reports Nesil Staney. ■ PAGE 6 IN A MOVE that could queer the pitch for a consensus with the Tatas on an exit route, SP Group Chairman Shapoorji Pallonji Mistryon Fridaysaid a public listing of Tata Sons is a “moral and social imperative”. Tata Sons is the holding company of the Tata Group’s 25 listed companies with a combinedmarketcapof`26.5lakh crore (around $300 billion). TheTatashavesofarstrongly resisted any move to list Tata Sons,withTataTrustsChairman NoelTatareportedlyaskingTata Sons Chairman N Chandrasekaran that while the holding company should remain private, he should work out a formulathatgivesanexittotheSP Group, which is the secondlargestshareholderwith18.6% stake. Chandrasekaran, in fact, met Shapoorji Mistry on the issue, ahead of the AGM on August 14 this year, leading to rising hopes that the two sides wouldworkoutapeaceformula in the form of a partial exit. However, the SP Group, Tata Sons for quite some time. Thepromoter-leveldebtheldby theMistryfamilyisestimatedat `25,000-30,000crore,roughly half of the group’s total debt of `55,000-60,000crore. Terming the recent rift in TataTrusts as an“internal matter”, Shapoorji Mistry said in a statementthatthegroup’slongstanding position on listing of Tata Sons “has always been rootedintransparency,fairness, public interest, and adherence to the principles of good corporategovernance”.Thelisting,he said,willunlockimmensevalue forover120 million shareholdersoflistedTatacompanieswho areindirectshareholdersofTata Sons.“Our stance is guided by a simple yet profound belief — transparency is the truest form of respect for both legacy and the future,” he said. The SP Group’s latest public pushforTataSons’listingcomes at a time when the Tata Group has seen a discord between the trustees of Tata Trusts over boardappointmentsandgovernance issues. 738 330 IPOs worth $20 bn to hit D-St in 12 months: Citigroup FE BUREAU Mumbai, October 10 1,664 453 US PRESIDENT DONALD Trump threatened a “massive increase” of tariffs on goods from China, citing recent “hostile” export controls on rare-earth minerals, and said he saw “no reason” to meet with Chinese President Xi Jinping, reports Bloomberg. “I was to meet President Xi in two weeks, at APEC, in South Korea, but now there seems to be no reason to do so,” he posted on social media. One countermeasure the US is considering “is a massive increase of tariffs” on Chinese products, he said, adding that “there are many other countermeasures... under serious consideration.” SP Group renews call for listing ofTata Sons 5,036 Trump threatens ‘massive’ tariffs on China RBI URGEDTOACTON SCALE-BASED NBFC GUIDELINES -1,472 IN THE NEWS in 2023-24 According to the proposals, a distribution network will be opened to multiple private companies in the same area. At present, multiple licensees in the same area are required to maintain separate networks, leading to duplication of infrastructure and excess costs. Continued on Page 10 TCS opens AI zone in UK, to add 5,000 jobs FE BUREAU Mumbai, October 10 TATA CONSULTANCY SERVICES (TCS) on Friday said it wouldcreate5,000 newjobs in the United Kingdom over the next threeyears as it expanded its operations there with the launch of an artificial intelligence (AI) experiencezone and design studio in London. The IT firm, India’s largest, said the move underscores its long-standing partnership with the UK and its intent to deepen investment in innovation and talent development. The new London studio — TCS’ second after New York — will serve as a hub for client collaboration and innovation, drawing on partnerships with academia, startups and enterprisesacrosstheUK,theITmajor said in a statement.“The UK is TCS’ second-largest market globally,makingitcentraltoour investment strategyaround the world,” Vinay Singhvi, head of TCS UK & Ireland, said.“The AI experiencezonewillfurtherhelp tofosterinnovationincollaborationwithbusinessesthroughout the UK,helping in maintaining an edge in artificial intelligence andnewtechnologies.” The announcement came a day after British Prime Minister Kier Starmer wrapped up his two-day visit to India, aimed at boosting bilateral trade and wooing Indian businesses to invest in the UK. Analysts split onTCS’data centre move BROKERAGES ARE DIVIDED on Tata Consultancy Services’ bold new betondatainfrastructure, announced along with its second-quarter results on Thursday, reports Urvi Malvania. Some analysts viewed the move as a strategic leap that could strengthen TCS’ presence in the fast-growing AI ecosystem, while others questioned the logic of entering a low-return, asset-heavy business when core IT growth remains weak. ■ PAGE 4 »INSIDE« EDIT: DATA-DRIVEN PAGE 8