BACK PAGE | PAGE 18 COMPANIES | PAGE 4 IIM-C achieves 100% summer placements INTERNATIONAL | PAGE 7 Kabeer Biswas quits Flipkart Minutes China trade truce hopes rise asTrump arrives inJapan BENGALURU, TUESDAY, OCTOBER 28, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXVIII 163, 18 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 SENSEX: 84,778.84 ▲ 566.96 NIFTY: 25,966.05 ▲ 170.90 NIKKEI 225: 50,512.32 ▲ 1,212.67 HANG SENG: 26,433.70 ▲ 273.55 `/$: 88.24 ▼ 0.39 `/€: 102.69 ▼ 0.68 BRENT: $66.16 ▲ $0.22 GOLD: `120,909 ▼ `5,945 FESTIVAL OF SAVINGS, SEASON OF JOY Utsav IN THE NEWS Eighth pay panel likely to be set up next week THE CENTRE IS expected to form the 8th Pay Commission next week, just ahead of the Bihar assembly elections, and ten months after it was approved by the Cabinet, according to sources, reports Prasanta Sahu.The move comes at least a year behind schedule compared to historical precedents. ■ PAGE 2 Electronics gear scheme: Govt clears 7 projects THE ELECTRONICS COMPONENTS manufacturing scheme received another push on Monday as seven projects worth `5,532 crore were cleared, marking a strong industry-led response to the Centre’s drive to localise production of critical inputs, reports Ojasvi Gupta. ■ PAGE 4 SAVINGS Our family vacation is now cheaper Lenskartbackerssetforrichreturns SC breather for Vi over AGR dues IN A SIGNIFICANT reprieve for VodafoneIdea(Vi),theSupreme Court on Monday permitted thedepartmentoftelecommunications (DoT) to take a fresh look at the company’s adjusted grossrevenue(AGR)dues,citing the“peculiar facts and circumstances”of the case. The move opens a window forthedebt-laden,third-largest telecomserviceprovidertoseek a recalibration of its longstanding dues, which has weighedheavilyonitsfinancial health foryears. Abench,led by Chief Justice BRGavai,saidtherewasnoreasonwhytheUniongovernment shouldbebarredfromreassessing the amount claimed from Vodafone Idea, especially since the issue now lies within the policyframeworkoftheCentre. “In the peculiar facts of this case, we see no reason to pre- BALL IN GOVT’S COURT ■ The order ■ Vi's spectrum and AGR- sawVi’s shares surge to an intra-day high of `10.57 on the BSE related dues are nearly `1.91 lakh crore ANEES HUSSAIN Bengaluru, October 27 PROMOTERS AND EARLY investors in Lenskart Solutions are set to record substantial gains as the eyewear manufacturer and retailer approaches its public listing. The company has fixed a price band of `382–402 per share for its initial public offering, valuing Lenskart at around `69,676 crore at the upper end. At this valuation, cofounder and CEO Peyush Bansal’s 173.2 million shares, acquired at an average cost of `18.6 pershare,are nowworth `6,964 crore, representing a Vodafone Idea 3.85% 9.99 Oct 27 (close) ■ Nearly ■ The Centre holds a 49% stake in the company 200 million subscribers rely on Vi's services 9.62 EARLY BET TURNS MULTIBAGGER Founders, institutional investors and their returns Average Current Value Return (%) Cost (`) (in ` cr) Peyush Bansal 18.6 6,984 Neha Bansal 7.6 5,157 SVF II Lightbulb 74.3 (SoftBank) PI Opportunities Fund II (Premjiinvest) 24.1 »INSIDE« 10,188 2,061 5,190 441 3,474 1,565 LENSKARTTO LAY OPTIC FIBRE LIKE JIO FOR EYEWEAR, SAYS BANSAL PAGE 4 10.28% stake. His holding, valued at `323 crore before listing, has multiplied nearly twenty-fold. Co-founder and Executive Director Neha Bansal, who oversees global merchandising,holds 128.3 million shares purchased at an average price of `7.6.Her7.6% stake,earlier valued at `98 crore, is now worth `5,157 crore,delivering returns exceeding 5,100%. Continued on Page 7 Growth outlook for Sebi for higher retail India's US oil import FY26 robust: Finmin interest in debt mkt highest since 2022 Oct 24 (close) vent the government from reconsidering the issue,” Chief Justice Gavai said while pronouncing the order. The verdict saw Vodafone Idea’s shares surge 3.85% to close at ` 9.99 on the BSE,after touching an intra-day high of ₹1,500 ON A 3-DAY HOTEL STAY @ ₹7,000 PER DAY GOVTALLOWEDTO REVISITPENDINGAMOUNT URVI MALVANIA Mumbai, October 27 OF NEARLY CBC 15502/13/0044/2526 Bachat INDIA’S GROWTH outlook for the current fiscal remains strong, supported by domestic demand, favourable monsoon conditions, lower inflation, monetary easing, and the positive effects of goods and services tax (GST) reforms, the finance ministry said in a report on Monday. ■ PAGE 2 `10.57. The relief comes at a crucial time for the company, which has been struggling under the weight of spectrum andAGR-relatedduesamounting to nearly`1.91 lakh crore. Continued on Page 7 3 4 1 . 8 IN A move aimed at increasing retail participation in the debt market through public issues, Sebi has proposed incentives for certain categories of retail investors and reduced compliance burden. The incentives proposed includes incentives in the form of higher coupon rate or a discount to the issue price to senior citizens, women etc. ■ PAGE 6 3 BENGALURU INDIA'S CRUDE oil imports from the United States climbed to their highest level since 2022 in October, a move seen as part of New Delhi's effort to diversify supplies away from Russia, reports PTI. India's crude imports from the US reached 540,000 barrels per day as of October 27 - the highest since 2022, according to data from Kpler. ■ PAGE 3