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L1 NO. 265, 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: 85,063.34 ▼ 376.28 NIFTY: 26,178.70 ▼ 71.60 NIKKEI 225: 52,518.08 ▲ 685.28 HANG SENG: 26,710.45 ▲ 363.21 `/$: 90.18 ▼ 0.11 `/€: 105.63 ▲ 0.16 BRENT: $62.07 ▲ $0.31 GOLD: `1,36,210 ▲ `431 BACK PAGE PAGE 24 SIR2.0DRAFT ROLLS:ABOUT13% VOTERSDELETED ATOTALOF 65.6 million electors, or 13% ofthe registered voters, in nine states and three UTs have been deleted from the draft rolls in the second round of the Election Commission’s Special Intensive Revision (SIR) ofelectoral rolls, reports Damini Nath. » INSIDE « GOYALTOVISITBRUSSELSTO EXPEDITEEUFTATALKSPAGE 2 PILOTS' BODYFLAGS ROSTER ISSUES ATAI EXPRESS PAGE 6 INTERNATIONAL PAGE 10 NVIDIA’S $4-TRN STOCK RALLY FACES MORE THREATS THAN EVER THE RUPEE SNAPPED its four-day losing streak and appreciated by 12 paise to settle at 90.18 against the dollar, driven by foreign banks' dollar supply and a tentative return of foreign inflows, reports PTI. ■ PAGE 7 Adani raises `1K cr, bond issue sold out in 45 mins ADANI ENTERPRISES’ `1,000-CRORE public issue of non-convertible debentures was lapped up within 45 minutes of opening, according to stock exchange data, reports PTI. ● Demand uptick lower at `1,507.70; they fell over 5% in intraday trade ■ CLSA has dropped RIL from its model portfolio, along with Nestle Investor concerns were amplified by signs of stress across the organised retail sector. Tata Group-owned Trent reported a 15% year-on-year decline in average revenue per square foot for the December quarter, pointing to a tougher operating environment.Separately,Citigroup said on Monday that intense competition is eroding market share for incumbents—comments investors read as a sector-wide warning rather than company-specific guidance. -5.0 -5.4 ● Probe also holds M-cap loss Mar 7, 2022 (` crore) Oct 3, 2024 -58,181 -78,286 May 9, 2022 -69,240 Jan 24,2022 -67,619 -95,332 -4.4 -4.4 -4.1 -4.0 -3.9 -3.7 % price fall RIL share price - biggest drops in past 5 years RIL’s retail arm, though unlisted,iswidelyregardedasa key pillar of the group’s longterm growth story.ICICI Securities had valued the retail businessatover$103billionin October—roughly half of RIL’s market capitalisation at the time. Against that backdrop, negative commentary around peers was sufficient to trigger areassessmentofexpectations embedded in the stock. Tuesday’s decline also reflected profit-taking after a strong run-up.RIL shares rose about 29% in 2025, significantly outperforming the Nifty50,which gained around 11% over the same period. Much of that outperformance was driven by improving prospects in the energy business, supported by stronger refining margins and expectations of supply-side discipline following China’s so-called anti-involution policy. Brokerages remain divided on the outlook. Continued on Page 6 RBImay capbank dividendsat 75%ofPAT ANNUAL SHOPPING TRIPS PRESS TRUST OF INDIA Mumbai, January 6 same, saying that the sector will revert to the growth path as macro fundamentals remain favourable. On Tuesday, Godrej Consumer (GCPL) said that it sawdemand conditions progressivelyimproving, led by falling inflation and improved affordability in its December quarter update. THE RESERVE BANK of India (RBI) on Tuesday proposed norms for dividends by banks by capping the payout to shareholders at 75% of their net profit. The Reserve Bank of India defines‘dividend’asanamount payable on equity shares and includes interim dividend, but excludes dividend on PerpetualNon-CumulativePreference Shares (PNCPS). The RBI has issued draft Reserve Bank of India (Commercial Banks – Prudential Norms on Declaration of Dividend and Remittance of Profits) Directions, 2026, proposing a new methodology for computing the maximum eligible dividend payout. The board of directors should consider long-term growth plans and capital position while considering a proposalforthedeclarationofdividends or remittance of profit. Continued on Page 10 Continued on Page 10 VIVEAT SUSAN PINTO Mumbai, January 6 THE `5-LAKH-CRORE fastmoving consumer goods (FMCG) market is likelyto see a strong pick-up in demand in calendar year 2026, led by robust macro-economic factors,a report byWorldpanel by Numerator said. The rebound, the research agencysaid,comesafternearly twoyearsofsluggishgrowthas inflationary pressures and urban slowdown woes hurt demand. Numerator was formerlyknownasKantar.Worldpanel by Numerator provides household consumption data across FMCG categories. FMCG volume growth, according to the agency, will likelytouch 5% in the first few months of the year, at a time when food inflation remains low and GST cuts have made everyday items cheaper. "RBI’sconsumerconfidence Jan 6, 2026 Nov 22, 2021 Feb 24, 2022 -71,802 -80,033 -69,993 -1,26,482 ■ RIL shares ended 4.5% FMCG volumes may rise 5% in early 2026 likely on macro boost: Worldpanel Rupee ends 4-day losing run, up 12 p to close at 90.18 Jan 25, 2021 SHARES OF RELIANCE Industries (RIL) fell sharplyon Tuesday after analyst commentary flagged intensifying competition in organised retail—an area investors view as central to the company’s valuation. The stock closed 4.5% lowerat `1,507.70 after sliding as much as 5.1% intraday, marking its steepest single-day decline since June 2024.At its lowest point,RIL’s market capitalisation eroded by about `1.09 lakh crore. The sell-off followed a move by global brokerage CLSA, which dropped RIL and Nestle from its model portfolio and added Eternal and DMart. Given RIL’s heavy index weight—it is the secondlargest constituent on benchmark indices—the decline weighed on broader markets. Losses in the stock contributed materially to underperformance in both the Sensex and the Nifty 50, even as otherregional markets held up better. TUESDAY TUMBLE -1,52,981 RAGHAVENDRA KAMATH & KISHOR KADAM Mumbai, January 6 July 1, 2022 THE FINANCE MINISTRY on Tuesday launched a publicprivate partnership (PPP) project pipeline for FY26-28, covering 852 projects across central ministries and states, with a combined infrastructure investment exceeding `17 lakh crore, reports Prasanta Sahu. CCI finds JSW,Tata Steel, SAILguiltyof collusion RIL slides most since 2024 on retail jitters -7.1 FINMIN LINES UP `17 LAKH-CR PPP PROJECT PIPELINE Jun 4, 2024 PAGE 2 ECONOMY ANALYSTDOWNGRADESTRIGGERSHARPDROPIN STOCK -7.5 IN THE NEWS No. of times shopped (figures for India market) 139 130 136 146 156 157 157 CY19 CY20 CY21 CY22 CY23 CY24 CY25 Source: Worldpanel by Numerator index also indicates that confidence is coming back.With the macro-economic indicators being strong and FMCG also seeing an uptick correspondingly, we expect the coming quarterstostronglybuildonthe momentum,"KRamakrishnan, MD,South Asia,Worldpanel by Numerator,said. Most FMCG companies have been alluding to the top execs liable; steel giants may face steep fines ADITYA KALRA & NEHAARORA New Delhi, January 6 THE COMPETITION COMMISSION of India (CCI) has found that steel majors Tata Steel,JSWSteel,state-run SAIL and 25 other firms breached antitrust law by colluding on steel selling prices,a confidential document shows, putting the companies and their executives at risk of hefty fines. Thewatchdog has also held 56 top executives, including JSW Managing Director Sajjan Jindal, Tata Steel CEO TV Narendran and four former SAIL chairpersons, liable for price collusion over varying periods of time between 2015 and 2023, according to a CCI order dated October 6, which has not been made public. JSW declined to comment, while Tata Steel, SAIL and the executives did not respond to Reuters queries. The CCI also did not respond to requests for comment. The CCI investigation—the mosthigh-profilecaseinvolving the steel industry—started in 2021 after a group of builders alleged in a criminal case brought to a state court that UNDER SCANNER ■ CCI also flagged price collusion by ■ It also held 56, 25 other firms, shows a confidential document top execs, including JSW MD Sajjan Jindal, Tata Steel CEO TV Narendran and 4 former SAIL chairpersons, liable ■ Alleged price collusion over varying periods of time between 2015 and 2023 nine companies were collectively restricting the supply of steel and increasing prices. Reuters reported in 2022 that thewatchdograidedsomesmall steel companies as part of an investigation into the industry. The probe was later expandedtoasmanyas31companies and industry groups, as wellasdozensofexecutives,the CCI’sOctoberorder,reviewedby Reuters,shows.UnderCCIrules, detailsofcasesrelatedtocartellikeactivityarenotmadepublic before theyhave concluded. The CCI investigation has “found the conduct of the parties to be in contravention” of antitrust law and“certain individuals have also been held liable”,the orderstated. ■ Shyam Steel and state-run RINL among those found guilty The findings are a critical stage of anyantitrustcase. Theywill be reviewed bytop CCIofficialsandcompaniesand executives will also have the opportunity to submit any objections or comments in a processthatislikelytotakeseveral months given the scale of the investigation. The CCI will then issue its final order, which will be released publicly. Risk of significant fines India is the world’s secondlargest producer of crude steel, and demand for the alloy has been rising as infrastructure spending has increased in the fast-growing majoreconomy. Continued on Page 10 Services sectorgrowth drops to 11-month low ● New biz activity eases,hiring stalls, show PMI data SLOWDOWN FE BUREAU New Delhi, January 6 INDIA’S SERVICES SECTOR activity slowed to its weakest pace in 11 months in December, as new business growth eased and hiring stalled, according to the latest HSBC survey. The slowdown comes on theheelsofthemanufacturing sector, which saw its weakest growth in twoyears in December, reflecting softer demand conditions and cautious production strategies by firms. The seasonally adjusted HSBC India Services PMI Business Activity Index, which gauges month-on-month businessactivity,fellfrom59.8 in November to 58.0 in December, marking the slowest rate of expansion since Jan- 63.0 61.0 61.8 Services PMI 58 59.0 57.0 55.0 55 56.5 Manufacturing PMI Dec ‘25 Jan ‘24 Note: Reading below 50 suggests contraction and above it indicates expansion Source: PMI by S&P Global uary. Despite the decline, the reading still indicated a substantial rise in output. “While India’s service sector continued to perform well in December, the retreat in several survey indicators as 2025 ended may suggest a moderationingrowthheading into the new year,” said Pollyanna De Lima,economics associate director at S&P Global Market Intelligence. A positive for the sector is the benign inflation environment. Firms facing only mild increases in expenses are better positioned to compete, limit price hikes, boost sales, and potentially create more jobs,Lima added. Companies, however, expressed concerns over market uncertainty and exchange rate fluctuations. Thesurveynotedthatwhile the rupee's weakness likely raised import costs, it may have enhanced export competitiveness. Services exports grew at a stronger pace in December, supported by competitive pricing, buoyant demand and positive client interest. Continued on Page 6 QUICK PICKS SBI MF STILLHOLDSTHE CROWN, BUTICICI PRU JUST`1.7 LAKH CRORE BEHIND Racefortopspotinmutualfundsgoingdowntothewire CLOSE COMPETITION SBI Mutual Fund ICICI Prudential Mutual Fund Mar Jun Sep 2024 Dec Mar Jun Sep 2025 12.49 10.76 10.15 12 11.4 9.44 10.73 8.79 11.14 8.74 10.99 8.41 7.47 9.88 Average AUM (` lakh cr) 9.14 THE BATTLE FOR the top spot in India’s mutual fund industry is entering its most competitive phaseyet—and it is no longer a one-horse race. Over the past two years, ICICI Prudential Mutual Fund has closed the gap sharply with industry leader SBI Mutual Fund, turning what once looked like a settled hierarchy into a genuine contest. Based on average assets under management (AAUM), ICICI Prudential is now just `1.7 lakh crore behind SBI MF. As of December 2025, SBI MF managed `12.48 lakh crore, while ICICI Prudential MF stood at `10.76 lakh crore, according to data from Association of Mutual Funds in India (Amfi). What makes this shift more striking is what is happening behind them: the gap between ICICI Prudential and third-placed HDFC Mutual Fund has widened dramatically. From about `70,000 crore in March 2024, it has more than doubled to `1.5 lakh crore. A large part of SBI MF’s lead, however, comes from a structural advantage. Nearly 27% of its AUM is concentrated in just two exchangetraded funds—the Nifty 50 and Sensex ETFs—driven by long-term allocations from the Employees’ Provident Fund Organisation. Excluding these flows, ICICI Prudential and HDFC MF would effectively rank first and second on a purely competitive basis. This advantage dates back to 2015, when EPFO selected 6.83 ANANYA GROVER Mumbai, January 6 Dec Source: Amfi SBI MF to manage benchmark ETFs under its investment framework, with smaller allocations to other fund houses. While perfectly legitimate, these flows are not the result of ongoing market competition. That distinction matters. “ICICI Prudential is already the market leader in any meaningful competitive sense,” said Dhirendra Kumar, CEO,Value Research. “If you set aside the SBI’s “privileged” AUM of roughly `3.43 lakh crore in Nifty and Sensex ETFs, much of which comes from EPFO rather than regular market competition, ICICI’s leadership has been built the hard way – through performance, product discipline, and steady execution across categories,” he said. The numbers back that up. In 2025,ICICI Prudential featured among the top five performers in 13 out of 15 equity categories tracked by Value Research, spanning largeand-midcap, focused, value and aggressive hybrid funds. SBI MF, by comparison, had five schemes in the top five— and one in the bottom five. Over three- and five-year periods, ICICI’s large-cap funds delivered average returns of about 27.5% and 30%, far ahead of SBI’s roughly 15%. The momentum has clearly shifted since late 2024.In September that year, the AAUM gap between SBI MF and ICICI Prudential was at its widest—`2.57 lakh crore. Since then, ICICI Prudential’s assets have grown 44%, HDFC MF’s 37.7%, while SBI MF’s growth has been a more modest 28%. Importantly, ICICI Prudential’s rise has been b road-based rather than dependent on a few blockbuster schemes. Mohit Mangal,vice-president, research at Centrum believes that this rapid growth was diversified across all equity schemes and noted that five largest equity-oriented schemes accounted for 53% of the ICICI’s AUM as of September end compared to 58.6% of the top 10 AMCs and no single scheme constitutes more than 7% of AUM. Continued on Page 6 New Delhi JLR sales skid on cyber hit JAGUAR LAND ROVER (JLR) has reported a sharp decline in wholesale and retail sales in Q3FY26, hit by production disruptions following a cyber incident and the planned phase-out of legacy Jaguar models, reports fe Bureau. Wholesalevolumes fell 43.3% y-o-y, while retail sales declined 25.1%. ■ PAGE 4 ‘EVwinter’ likely in 2026 GROWTH IN GLOBAL sales of electric vehicles (EVs) is expected to slow this year as China winds down some subsidies, Europe wavers on its phase-out of combustion engines, and US producers and policymakers make a U-turn from the segment, reports Bloomberg. ■ PAGE 10