OPINION, P10 WELL BEING FAIRWAY FILES, RAHIL GANGJEE Eggs are a powerhouse of nutrients — substituting carbs with even 5% of these protein sources can retard the rising incidence of diabetes in India. Yet, their consumption remains low Page 8 Eagles,green jackets & locker room lessons FE LINES THE UNDERRATED SUPERFOOD AI & adult content As AI includes emotional & intimate interactions, the question is how safely can it be delivered Page 6 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XX NO. 20 THE POISONOUS BYTE AHMEDABAD 28 Pages, `12 FINANCIAL EXPRESS ON SUNDAY SUNDAY, OCTOBER 26, 2025 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 , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , 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 15502/13/0042/2526 P U B L I S H E D When digital empires collide, consumers have to pay the price Page 4 For pvt & govt,urban mobility is the ride to book WHAT'S INSIDE ● With new players, GAINING GROUND biz models, ride ■ Mahindra latest ■ Delhi govt to launch entrant in premium first cooperative ridehailing in high gear mobility; launches hailing platform VAISHALI DAR New Delhi, October 25 FROM PREMIUM SERVICES like Alyte and Uber Black to inclusive models like Rapido and government-backed cooperatives, the business of ride hailing apps is seeing high momentum.Notonlyisthesegment attracting new players, it hasdiversifiedintosubscription ■ SPOTLIGHT, P5 Charging in progress Alyte (formerly Meru Cabs) with two service tiers across 6 cities inspired by Maharashtra's Sahkar Taxi ■ Total GMV of ride hailing market rides completed in 2024 alone reaches $7 bn, growing at 6% CAGR since 2022 models, parcel delivery and long-distance travel as well, including motorhomes. MahindraLogisticsisthelat- 2.4 bn est entrant into the premium mobility space with Alyte (formerly Meru Cabs), a techenabled cab service focused on high-end customerexperience. Launched in Delhi-NCR this August,Alyte operates two service tiers—Alyte Privé,a fleet of electric Mahindra XUV400s offering airport transfers with professional chauffeurs, and Alyte Select, with sedans and SUVs fortravel across six cities —Mumbai,Delhi,Pune,Hyderabad, Bangalore, and Ahmedabad. Both categories boast a 98% fulfillment rate, and the company aims to double its mobilitybusinessinthreeyears. “In the mobility business, consistency defines credibility. WithAlyte,we’rebuildingafullservice, premium platform where every touchpoint, from booking to chauffeur service, reinforcestrust,”HemantSikka, MD&CEO,MahindraLogistics, told FE, adding that expansion will be acceleratedwithin Delhi and other metro cities, supported by a significant increase in fleet capacity. “The premium cab-hailing segment in India represents a market of `2,000 crore across the top six cities and continues to expand at a strong paceyearon-year. Demand within this category has shown consistent double-digit growth, driven by rising expectations for trust, comfort,andpremiummobility experiencesintheurbanmobilitylandscape,” added Sikka. Continued on Page 2 Aim to be self-reliant in chipsets in 2 years: Govt Reliance-MetaAI deal formalised At-home services and salons are competing hard for an increasing clientele as the grooming market booms ● Effort to secure electronics supply chain: Vaishnaw FPIs slash stake in 60% of Nifty 50 stocks in Q2 OJASVI GUPTA New Delhi, October 25 RELIANCE INDUSTRIES HAS formalised its artificial intelligence (AI) partnership with Meta Platforms through a newly incorporated joint venture company,Reliance Enterprise Intelligence (REIL). The joint venture, created under RIL’s wholly-owned AI arm, Reliance Intelligence, was incorporated on October 24 and will develop, market and distribute enterprise AI services in India. According to RIL’s stock exchange filing, Reliance Intelligence has invested `2 crore as initial capital for REIL’s incorporation. Under the amended and restated joint venture agreement, Reliance Intelligence will hold a 70% stake in REIL, while Facebook Overseas—a wholly-owned subsidiary of From dhabas to driveways, India’s battle to build a reliable electric vehicle charging network rages on ■ LEISURE, P7 Grooming grounds FOREIGN PORTFOLIO INVESTORS (FPIs) reduced their holdings by up to 3.01% q-o-q in 30 out of 50 Nifty companies (accounting for 60% of the index) during the September quarter, according to data sourced from Capitaline.Their average holding in Nifty 50 stocks declined from 21.71% in the June quarter to 21.29% in the September quarter. Compiled by Kishor Kadam FPIs stake (%) Q1FY26 Q2FY26 DIIs stake (%) Chg Shriram Finance 52.62 49.61 3.01 2.96 2.68 35.37 38.01 3.54 2.64 17.42 20.03 2.61 Tech Tec Mahindra 1.92 Axis Bank Ax 42.36 40.51 Chg Max Healthcare HCL Tech HC 18.56 16.64 26.59 30.13 Infosys Tech Mahindra Tec 23.28 20.60 Q2FY26 Eternal Max Healthcare 54.76 51.80 Q1FY26 32.13 34.64 2.51 Kotak Mahindra Bank 1.85 29.61 32.01 2.40 Source: Capitaline INDIA IS DEVELOPING indigenous chipsets for close-circuit (CCTV) cameras amongst other integral applications as part of its broader push towards trusted, self-reliant electronics manufacturing, said Union Minister for Electronics and Information Technology AshwiniVaishnawon Saturday. “Under the Design-Linked Incentive (DLI) programme,we ASHWINI VAISHNAW, MINISTER FOR ELECTRONICS AND INFORMATION TECHNOLOGY All mobile phone components also to be made in India soon have already developed completechipsetsforCCTVcameras. Over a period of time,we shall aim that the requirement for thesechipsetsarefulfilledfrom LIC: Investments in Adani independent PRESS TRUST OF INDIA New Delhi, October 25 LIFE INSURANCE CORPORATION of India (LIC) on Saturday said its investments in Adani group companies have been made independently and in accordance with its board-approved policies, following detailed due diligence. “Department of Financial Services (in the Union Finance Ministry) or any other body does not have any role in such (investment) decisions,”LIC said in a statement posted on X. India’s largest insurer has, over the years, made investment decisions across companies based on fundamentals and detailed due diligence. Its investment value in India’s top 500 companies has grown ten-fold since 2014— from `1.56 lakh crore to `15.6 lakh crore— reflecting strong fund management. Continued on Page 2 within the country,”Vaishnaw told mediapersons. Settingatimelineofoneand ahalfyearsforthissteptowards self-reliance, the minister said the initiative is part of the government’s effort to secure India’selectronicssupplychain. Continued on Page 2 ● AUSTRALIAN SWANSONG URVI MALVANIA Mumbai, October 25 KSHIPRA PETKAR Mumbai, October 25 Former India captain Rohit Sharma (left) embraces Virat Kohli after scoring 121 off 105 balls, marking his 33rd ODI century in what could be their final appearances in Australia. Kohli scored 74 to defeat the host nation by nine wickets on Saturday at the Sydney Cricket Ground, securing a 1-2 finish in the three-match ODI series PTI Hyundai Creta come from the fleet segment. Snapping at its heels is Hyundai’s Creta,with 152,243 units sold in the same period. Maruti Mahindra Maruti Suzuki Scorpio Suzuki Brezza Fronx The midsize SUV continues to be Hyundai’s strongest performer and is on track to achieveitshighest-everannual 121,959 127,127 Maruti Suzuki Swift 127,607 Tata Nexon 131,587 139,155 146,074 Maruti Maruti Suzuki Suzuki Wagon R Ertiga 135,220 Maruti Suzuki Dzire 152,243 Top-10 cars (Jan-Sep 2025) 136,669 IN A MARKET obsessed with sports utility vehicles (SUV), a humble sedan has raced ahead to the top. Between January and September 2025, Maruti Suzuki’s Dzire emerged as the country’sbestsellingcar,clocking153,543units—anaverage of over 17,000 units a month. Analysts FE spokewith said ZOOMING AHEAD 153,543 VIKRAM CHAUDHARY New Delhi, October 25 the fourth-generation Dzire, launched in November 2024, has struck a rare balance between mass appeal and modern sensibilities. Its dual five-star crash safety ratings, from Global NCAP late last year and Bharat NCAP this June, have repositioned the sedan as a credible choice for personal buyers, many of whom now place safety high on their priority list. Analysts also said that the car’s CNG variants remain a favourite among fleet operators. Although Maruti Suzuki doesn’t share detailed sales splits,a source told FE that roughly one-third of Dzire’s total sales ■ Reliance Enterprise Intelligence (REIL), created under RIL’s Reliance Intelligence, incorporated on Oct 24 ■ Reliance Intelligence to hold 70% stake in REIL, Facebook Overseas to own remaining 30% ■ Both partners have committed total initial investment of around `855 cr Meta Platforms—will own the remaining 30%, RIL said in its filing. Continued on Page 2 Kotak Bank’s PAT down 3% in Q2 KOTAK MAHINDRA BANK’S netprofitfellnearly3%onyear to`3,253.33croreforthequarterendedSeptember,whichisa tadlowerthananalystestimate of `3,345 crore.The fall in the bottomlineisduetohigherprovisions on ayear-on-yearbasis. The provisions and contingencies of the bank were up How a humble sedan drove past SUVs to top sales charts ● A fleet favourite, Dzire emerges as country’s bestseller NEW ENTITY Tata Punch sales in 2025, surpassing last year’s record of 186,919 units. The third spot went to another Maruti bestseller, the Wagon R, which found 146,074 buyers in the ninemonth period. Together with the Dzire and Swift (135,220 units), the Wagon R reinforces Maruti Suzuki’s stronghold over the entry-level market. TheErtiga,with139,155units, demonstrates that MPVs still have room to thrive alongside SUVs, while the Brezza (131,587 units) and Fronx (127,127 units) ensure Maruti’s dominance in the compact SUV space. Tata Motors, however, has mounted a fierce challenge.Its compact SUV duo – the Nexon (136,669 units) and Punch (121,959 units) – has matched Maruti’s Brezza-Fronx combination almost unit for unit. Collectively, the Tata pair sold 258,628 units, just 86 units fewer than Maruti’s compact SUV twins at 258,714 units. Mahindra,meanwhile,continuestocommandtherugged SUV territory.Its Scorpio,both the Scorpio-N and Classic versions, ranked eighth with 127,607 units sold, reaffirming Mahindra’s dominance in the full-size SUV space. Analysts said that at a time when SUVs dictate market trends,theDzire’sreturntothe top proves that there still is room for a well-rounded, value-driven sedan. 43.5% on year to `947 crore. However,on a sequential basis, theprovisionsdeclinedby22%. The provision coverage ratio stood at 77%. Net interest income was up 4% on year to `7,311 crore for the quarter,which is lower than market expectation of `7,357 crore, according to Bloomberg estimates. Continued on Page 2 US-China trade talks ‘constructive’ TOP ECONOMIC officials from the US and China ended their first day of talks in Kuala Lumpur on Saturday, with a Treasury spokesperson describing them as "very constructive". ■ PAGE 14 Actor Satish Shah passes away at 74 VETERAN ACTOR Satish Shah, whose presence in films and sitcoms elicited smiles and many a laugh, died in Mumbai on Saturday. He was 74. ■ PAGE 14 Ahmedabad