ECONOMY | PAGE 11 INTERNATIONAL | PAGE 7 COMPANIES | PAGE 4 PM unveilsVikram-I, India’s 1st pvt rocket in Hyderabad TCS bags 5-year SAP deal to enhanceAI ops CHENNAI/KOCHI, FRIDAY, NOVEMBER 28, 2025 After death term, Hasina gets 21-year jail sentence FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 173, 38 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: 85,720.38 ▲ 110.87 NIFTY: 26,215.55 ▲ 10.25 NIKKEI 225: 50,167.10 ▲ 608.03 HANG SENG: 25,945.93 ▲ 17.85 `/$: 89.31 ▼ 0.04 `/€: 103.39 ▼ 0.09 BRENT: $63.21 ▲ $0.08 GOLD: `1,25,471 ▼ `194 IN THE NEWS ECONOMY PAGE 2 H2 GROWTH OUTLOOK STAYS STABLE: FINMIN INDIA’S MACROECONOMIC outlook for the second half of FY26 is stable, according to the finance ministry’s October review, which cited easing inflation, robust consumption and consistent policy support, reports fe Bureau. » INSIDE « FOOD SERVICES MKTMAY SEE 60% GROWTH BY ‘30 PAGE 4 PORTALTO HELP RETRIEVE UNCLAIMEDASSETS PAGE 6 BRANDWAGON PAGE 9 WINTER CARE BRANDS LINE UP SCIENCE-BACKED SOLUTIONS Private telcos flag loopholes in new digital data rules THE COAI HAS said several provisions in the 2025 DPDP Rules need clearer articulation to enable smoother, industryaligned compliance for the country’s private telecom operators, reports Urvi Malvania. ■ PAGE 4 RBI,Sebi mull easing curbs Benchmarks touch on currency derivatives SENSEX HITS 86,000 INTRA-DAY fresh lifetime highs ● DIIs power rally, buy shares worth `3,941 crore MARKET WATCH Sensex Intra-day, Nov 27 86,046 ,046 ,0 KISHOR KADAM Mumbai, November 27 ITWASYETanotherdayofhigh dramaonthebourses,withboth theSensexandtheNiftysoaring to their lifetime highs during intra-day trade on Thursday. However, profit-booking at higher levels led to the benchmarks giving up a significant portion of theirgains. The Sensex rose 446.35 points (0.52%),to cross 86,000 —the first time ever. It finally closedat85,720,just116points short of its all-time high of 85,836.The Niftyalso hit a lifetime high of 26,310,but closed at 26,216.55, less than 1 point lowerthan its all-time high. The rally has been largely powered by domestic institutional investors (DIIs)who have putin`9lakhcroreoverthepast 14 months,while foreign portfolio investors (FPIs) have offloaded sharesworth $28 billion (`2.4 lakh crore).A similar trendwasseenonThursday.FPIs sold `1,255.20-crore shares while DIIs bought `3,940.87crore shares during the day, as AMELIA KERR 85,609.51 Previous close 0.1 0.13% .13% 110.87 points .87 A BALASUBRAMANIAN, MD & CEO, ADITYA BIRLA SUN LIFE AMC Hopes of a positive outcome on US tariff talks, rate cut have added to the momentum ICICI PRUDENTIAL AMC Onlysoftspotisdemand, butgovt,RBIhavetaken steps...weseeeconomy regainingmomentum perprovisional data bythe BSE. A Balasubramanian, MD & CEO,AdityaBirlaSunLifeAMC, said: “The markets surging to new all-time highs reflect the confluencepowerfultailwinds. The expectations of a positive 3.0 UP Warriorz 2.4 SOPHIE DEVINE Gujarat Giants 2.0 DEEPTI SHARMA MEG LANNING UP Warriorz UP Warriorz 277 players 194 Indians & 83 overseas 1.9 5 teams 73 slots (50 India & 23 foreign) Purse: `41.1 cr Squad: 15 – 18 players Retained: 17 (7 overseas) 60-80% discounts on offer, up from 50% seen last year Cut-price season: Black Friday,CyberMonday VIVEAT SUSAN PINTO Mumbai, November 27 SEVERALOFTHEcountry’stop retailers,malls and brands have kicked off a shopping extravaganza on the occasion of Black Friday,offering steep discounts across product categories. A Western import, the day whichsymbolisesthebeginning of the Christmas shopping season in the US, the UK and Europe, gained popularity in Indiaoverthepasttwoyearsasa crucialsalewindowafterDiwali. Domestic retailers, say experts,are using this period to exhaust existing inventory at steep discounts as they gear up forthewinterseason. This year, discounts are up to 60-80% across fashion, lifestyle, electronics and cosmetics, higher than the 50% seenlastyear. E-tailerssuchas Ajio have pushed the pedal even harder, offering as much as 85-90% on denims,jackets and select products during the sale this year. “RetailersinIndiaarebuilding Black Friday as an impor- SHOPPING BONANZA ■ Black Friday, a Western shopping event, now serves as a major postDiwali sales window ■ Local retailers are using the period to clear inventory before the winter season ■ The duration 26,310 Nifty New high 26,215.55 Close ANISH TAWAKLEY, CO-CIO EQUITY, SHIKHA PANDEY Mumbai Indians (in ` crore) 3.2 Close high New hi WPLbids: Deepti scores big INDIAALLROUNDER Deepti Sharma emerged as the costliest buy of the 2026 WPL mega auction held in New Delhi on Thursday. 85,720.38 0.04% 26,205.3 Previous close outcome from tariff talks with theUSandhopesofaratecutas the Reserve Bank of India continues to focus on growth have added momentum.” Continued on Page 6 Byju’sto file$2.5-bn suitagainst GlasTrust PRESS TRUST OF INDIA New Delhi, November 27 BYJU'S FOUNDER BYJU Raveendran is preparing to file a $2.5-billion damages claim,alongside newevidence in a US court that he says disproves GLAS Trust’s allegations that $533 million in ‘Alpha Funds’ was diverted by the company’s founders. A US bankruptcy court had, in a default ruling last week, ordered Raveendran to pay more than $1 billion, saying that the former corporate star, who set up the domestic edtech and tutoring company, had refused to cooperate with legal efforts to locate almost half the proceeds from a $1.2-billion US term loan made in 2021. Raveendran, however, contests the grounds, saying the court did not give him the 30 days he had sought to arrange a US attorneyto argue the case. Hevowed to appeal against the order and, in parallel, will bring a $2.5-billion damage suit against GLAS Trust and those assisting it in a separate US court. Continued on Page 7 JAYSHREE P UPADHYAY & GOPIKA GOPAKUMAR Mumbai, November 27 REGULATORS ARE IN discussionstoreassessstringentregulations governing exchangetraded currency derivatives, following appeals from exchanges and traders, three sourcessaid,inapotentialeffort to revive a market increasingly shifting offshore. The Reserve Bank of India (RBI) in 2024 reiterated a rule that currency derivative positions on exchanges should be backed by underlying exposures.Whiletherulehadexisted before then, it had not been strictly enforced, leading to a surge in speculative trading. Aftertheadvisory,tradingin UNDER REVIEW ■ Current rules state currency derivatives positions must be backed by real exposure ■ This was not enforced until RBI re-emphasised this in 2024 currency futures turnover fell from $3.2 bn $3.7 bn ■ Final in March 2024 to decision to be taken by the central bank $767 mn in October 2025 the contracts—used to hedge against foreign exchange risks and speculate on currency movements—nosedived in India androse overseas. Theaveragedailyturnoverin currency futures dropped to $766.84 million in October 2025from$3.7billioninMarch 2024 on the NSE. In contrast, turnover for dollar/rupee futures—the most actively traded—rose to $3.2 billion from$1.8billioninMarch2024 at Singapore’s SGX. While a formal review has not been initiated, top leadership of RBI and the Securities 25,000 high-risk foreign assetcasesunderI-Tradar FE BUREAU New Delhi, November 27 FRESH DRIVE INTENSIFYINGITSEFFORTSto curb tax evasion, the Central BoardofDirectTaxes(CBDT)has launchedthesecondphaseofits ‘NUDGE’ initiative to strengthen voluntary compliance by taxpayers on foreign assets and income.The exercise will begin with around 25,000 high-risk cases identified through AutomaticExchangeofInformation (AEOI) data for2024-25. From November 28, 2025, SMSandemailalertswillbesent to the flagged taxpayers,advising them to review and revise their income tax returns (ITRs) for the assessment year 202526byDecember31,2025.Noncompliance may invite severe penaltiesundertheIncome-tax ActandtheBlackMoneyAct,the tax departmentsaid. The first phase of the exercise will focus on the highestrisk cases,while a second phase starting mid-December will expand the NUDGE campaign to cover additional taxpayers. Large corporates are also being brought on board to sensitise ■ First phase to focus on the highest-risk cases ■ Drive to reach and Exchange Board of India (Sebi) are talking about tweaking rules to facilitate reopening the market to individual and proprietarytraderswith appropriate guardrails, two of the sources said. Continued on Page 7 QUICK PICKS Delhi pushes EV deadline DELHI MAY GRANT cab and delivery platforms relief by extending the full electric transition deadline for commercial fleets from April 1, 2030, to April 1, 2035, easing compliance pressures, reports Yaruqhullah Khan. ■ PAGE 2 Formal job creation falls more taxpayers starting mid-Dec ■ Big corporates being engaged to sensitise staff with undisclosed foreign assets ■ ICAI and industry ■ Strict penalties apply, with bodies have been asked to raise awareness on foreign asset reporting Black Money Act imposing fines and heavy tax/penalty for non-disclosure employees who may have foreign assets that remain undisclosed in theirreturns. The new initiative follows the first NUDGE campaign launched in November 2024, whichlednearly25,000taxpayers to revise their returns and disclose over `29,000 crore in foreign assets. Thistimearound,thedepartment has additionally sought support from industry bodies, the Institute of Chartered AccountantsofIndiaandprofessional associations, to raise awareness about mandatory reportinginScheduleFA(Foreign Assets)andScheduleFSI(Foreign Source Income), emphasising that non-disclosure attracts stringentconsequences. Continued on Page 7 FORMAL JOB CREATION in India continued to soften in October, with job postings downnearly20%year-on-year and 5.6% compared with September,accordingtoareportby Indeed released on Thursday, reports fe Bureau. ■ PAGE 20 Gold imports: India briefs UAE INDIABRIEFEDTHEUAEonthe recentchangesinthewayitallocated quota for imports of gold on concessional duties under the Comprehensive Economic PartnershipAgreementtomake the process more transparent, reports feBureau. ■ PAGE 2 M&MlookstoturbochargeEVsales ● EVs to make up 20-25% of SUV portfolio by’27-28 AKBAR MERCHANT Bengaluru, November 27 MAHINDRA & MAHINDRA (M&M) expects to sell around 7,000 electric vehicles (EVs) per month by the end of the current fiscal and is targeting EVs to contribute 20-25% of its overall SUV portfolio by 2027-28, Rajesh Jejurikar, executive directorand CEO for the auto and farm sectors,said on Thursday. The company currently sells 4,000-5,000 EVs a month and is scaling up production POWERING UP ■ Service net- ■ Production capacity 15-20% being raised to 8,000 EVs per month work expanding annually to keep up with EV demand ■ New seven- and retail infrastructure to support the next phase of growth.“We are moving to an operating production capacity of electric vehicles to 8,000 units per month by fiscal end, out of which we hope to sell ■ Over 30,000 EVs sold in 7 months, generating `8,000 cr in revenue ■ Chakan seater XEV 9S launched, expanding the EV lineup ramping up output of all born-electric models 7,000 units a month,”Jejurikar said.HeaddedthatEVpenetration in the SUV portfolio is set torisesharplyfromthepresent 8.7%.“We see 20-25% of our SUV portfolio being EVs by 2027-28.” has expanded from a short flash event to nearly a weeklong sale ■ Brand participation and promotional intensity have increased, say experts tant off-season peak.The participationofbrandsisgrowing, dealsaregettingbiggerandthe saledaysaremore,”Devangshu Dutta,founder and chief executive of Third Eyesight, a Gurugram-basedretailconsultancy,said.That is visible from the intense promotional activity this year. What began as a flash sale event a couple of years ago has now extended to a week-long sale period this year,experts said. ■ Singapore’s SGX saw dollar/rupee futures rise from $1.8 bn to ■ After RBI’s move, PushpaBector,seniorexecutive directorandbusinesshead, DLFRetail,saidthatbrandsthis yeararereadywithstrongoffers, driven in part byGSTcuts and a stable economic outlook.“Early trends show healthy interest acrosscategoriesbyconsumers. Weexpectastrongdouble-digit uplift over the Black Friday period,settingusupforastrong close to theyear,” she said. Continued on Page 7 CHENNAI/KOCHI The company on Thursday expanded its EV line-up with the launch of the seven-seater XEV9S.Jejurikarsaid the companyisgraduallyenhancingits retail and workshop footprint to match EV sales growth.“We are expanding service capacity by 15-20% annually, both through new centres and digital productivity improvements,”he said. Mahindra has sold over 30,000 EVs (BE 6 and XEV 9) over the past seven months, generating roughly `8,000 crore in revenue. All its bornelectric models are produced at its Chakan plant, which is now ramping up output to meet demand. Continued on Page 7