OPINION, P10 WELL BEING FE LINES PCOS TO PMOS: WHY THE NAME CHANGE MATTERS Govt lost sight of the ball Beyond an AI app Devices and software are now coming prepackaged with AI capabilities Page 8 What the terminology update means for the 170 million people living with the hormonal condition globally Page 9 ACROSS THE AISLE, P CHIDAMBARAM LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXV NO. 29 MANYWORLDS OF SATYAJIT RAY FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, MAY 17, 2026 30 Pages, `12 (Patna `12, Raipur `12, Srinagar `15) B E N G A L U R U , C H A N D I G A R H , The new resume When scale becomes strategy ● Move aims to control outflow of foreign exchange For India Inc, China’s 90% Model reads less like analysis and more like a strategic warning MUKESH JAGOTA New Delhi, May 16 MIDCAP, SMALLCAP OUTPERFORM SO FAR THE GOVERNMENT ON Saturday put silver imports for domestic consumption under the restricted category,requiring prior government approval. This follows steps taken recently to discourage precious metal imports,which strain the current account and increase forex outflow due to high global prices. Last Wednesday, the government raised the customs duty on imports of gold and silver to 15%from6%,andonplatinum to 15.4% from 6.4% to moderatethesenon-essentialimports amidst theWestAsia crisis. Continued on Page 2 Asiawar, the broader indices have outperformed.The BSE Midcap has gained 0.81%,while BSE Smallcap has risen 7.49%, comparedwith a 7.44% drop in Sensex. —Compiled by Kishor Kadam Sensex vs Midcap, Smallcap Relative performance Base: March 30, 2026 = 100 12 120.64 113.47 11 100 95 104.57 10 BSESmallcap March 30, 2026 BSEMidcap cross-generational discovery as India in 2025 hosted 55-60% 34,086 live events of audiences at major concerts and music festivals in India ■ More than 5.6 travelled for lakh people ■ Legacy bands and artistes are becoming ‘experience collections’ for Gen Z audiences the past two years, including Green Day, Linkin Park, Akon, Enrique Iglesias, Guns N’ Roses, Coldplay, Tom Morello concerts in 2025, an 18% rise from 2024 and MLTR. “Nostalgia is one of the most powerful currencies in live entertainment; it allows After gold, curbs on silver imports ■ WORDS WORTH, P4 105 industry grew to $149 mn in 2024 and is projected to grow at a 19% CAGR through 2029 METAL UNDER LICENSED REGIME Building a resume is no longer just a tabulation of degrees. Candidates today are actively pursuing initiatives and courses to build a document that projects a multifaceted & accomplished personality 110 Sensex May 15, 2026 EXERCISING CONTROL ■ No restrictions on imports by 100% growth; makers alter strategy ■ Motorcycle sales VIKRAM CHAUDHARY New Delhi, May 16 WHEN SIDDHARTHA LAL warned ahead of lastyear’s GST Council meeting that higher taxesonmid-capacitymotorcycles could shrink the premium bike market, the concern appeared speculative. Eight months after GST 2.0 came into effect, sales trends and product strategies suggest the industry may already be adjustingtothenewtaxregime. 18.3% D E L H I , P U N E silver imports follow increase in import duties on metal to ■ A similar hike export of gems & jewellery also exempt in duty was announced for gold Delhi govt slashesVATon ATFfrom 25% to 7% mated revenue loss of nearly `985 crore for the government,"CMRekhaGuptasaidin a statement. The decision will remain in force for six months for the time being,she added. PTI CHAIRMAN, TCS ARTIFICIAL INTELLIGENCE IS no longer just a technological layer but is rapidly becoming the operating foundation and 'infrastructure of intelligence'forenterprises globally, Tata Consultancy Services (TCS) Chairman N Chandrasekaran said. In his letter to shareholders inthecompany'sannualreport for 2025-26, Chandrasekaran notedthatTCShasscaledupthe execution of its 'Human+AI' operatingmodel,generatingan annualised revenue of $2.3 bil- India emerging as a strategic'+1' destination forAI infrastructure lion in AI services and $11.5 billion in newage services, including cloud, data, and cybersecurity. He noted that AI will fundamentally influence »INSIDE« TCS AIMS TO BE WORLD'S LARGESTAI TECH FIRM: CEO PAGE 3 how enterprises invest, organise supply chains, manage risk, and serve stakeholders, with generative and agentic AI now entering a phase of growth as customers decisively move from experimental pilots to scaled deployments and embed AI into core functions. Continued on Page 2 ■ Bajaj Auto reduced the Pulsar NS400Z’s engine size from 373 cc to 349 cc to stay below the new tax threshold ■ Bajaj also downsized KTM and Triumph models made in India, including the KTM 390 Duke and Triumph Speed 400, to 349 cc engines DatasourcedfromtheSocietyof Indian Automobile Manufacturers(SIAM)showsawidening divergence between smaller motorcyclesandpremiumbikes ■ Royal Enfield’s top-selling models already fall below the 350 cc limit, but larger bikes face performance challenges if downsized after the GST overhaul.Sales of motorcycles below 350 cc grew 18.3% to 7.83 million units during October 2025-April 2026, up from 6.62 million units a year earlier.In contrast, motorcycles above 350 cc grew just1.2%,from93,978unitsto 95,104 units during the same period. The pressure became sharper in April. Sales in the 350-cc-pluscategoryfell15.4% year-on-year to 11,963 units from14,148unitsayearearlier, even as the broader motorcycle market remained resilient. Under GST 2.0, implemented from September 22, 2025, the indirect tax structure was simplified into two slabs of 5% and 18%, alongside a 40% demerit levy for products categorised as luxury orsin goods.While the tax burdenonsmallermotorcyclesfell from 28% to 18%, motorcycles above 350 cc were moved into the higher-tax category. The shift is now beginning to influence product development decisions. Bajaj Auto has reduced the Gurugram, Mumbai, Bengaluru, Hyderabad, and Kolkata, concluding in Goa. Over 75,000 tickets were sold on the Zomato Live app, with high demand causing the Mumbaishowtoselloutinjust 24 hours. BookMyShow Live, the experiential division of BookMyShow, has been central to this expansion,producing and promoting tours by acts including U2, Ed Sheeran, Imagine Dragons, Backstreet Boys,Westlife and Sting in the past couple of years. Continued on Page 2 Prime Minister Narendra Modi with Netherlands King Willem Alexander and Queen Maxima at Huis ten Bosch Palace in The Hague, Netherlands on Saturday. The PM posted on X about boosting IndiaNetherlands friendship and invited Dutch companies to design & innovate in India. The Netherlands is one of India's largest trade destinations in Europe, and is also India's fourth-largest investor. The country also handed back 11thcentury Chola dynasty copper plates to India as part of the PM's visit from 6% on Wednesday ■ Imports under schemes for promotion of N CHANDRASEKARAN, to 7.83 mn units during Oct-Apr, while above 350 cc bikes grew 1.2% ■ Under GST 2.0, smaller bikes shifted to 18%, while bikes above 350 cc moved into a 40% tax bracket below 350 cc rose N E W ● BOOSTING INDIA-DUTCHTIES ■ Curbs on AInowbecomingoperating foundation:Chandrasekaran PRESS TRUST OF INDIA New Delhi, May 16 chief business officer, live events, BookMyShow. “Postpandemic,this longing for the familiar has only deepened and what is striking is the breadth of audiences, parents bringing their teenagers, millennials rediscovering their earlyplaylists and Gen Z meeting legends they’ve only streamed.”For instance,Bryan Adams' 2024 'So Happy It Hurts' tour in India featured a seven-city lineup, expanding from an initially planned fivecityschedule.Theconcerttour, held in December 2024, marked his return after five years and covered Shillong, 15% export-oriented units & units in SEZs provided imported goods aren't sold in the domestic market NEW DELHI: The Delhi government on Saturday reduced the value-added tax on aviation turbine fuel from 25% to 7%."The decision,taken in the interest of both the nation and Delhi, may result in an esti- audiences to collapse time, to stand in the present while relivingthesoundtrackoftheir past,” said Naman Pugalia, PTI US allows Russia oil saleswaiver to expire BLOOMBERG May 16 THE TRUMP ADMINISTRATION allowed a waiver that encouraged more Russian crude sales to lapse, even as the Iran war stokes concerns about global oil supplies and higher fuel costs. The expiration effectively ends for now a brief period where the administration eased sanctions on some Russian oil, enabling purchases that would otherwise be barred. The Trump administration issued an initial waiver in March and a second after the first expired in April — both applying only to a subset of Russian oil that had already been loaded onto tankers. Some countries, including India and Indonesia, had lobbied the Trump administration for extended sanctions waivers. GST 2.0 redraws premium bike market ● Higher tax slows TAX HURDLE M U M B A I , enginedisplacementofitsPulsarNS400Zfrom373ccto349 cc, allowing the motorcycle to qualifyforlowertaxationwhile retaining much of its performance. Bajaj has also downsized engines forKTM andTriumph models manufactured in India, including reducing KTM’s 390 Duke and 390 Adventure from 399 cc to 349 cc, and Triumph’s Speed 400 and Scrambler400Xfrom 398 cc to 349 cc.The changes suggest manufacturers increasingly see the 350-cc threshold not merely as a technical benchmark, but as a pricing and tax boundary that could determine competitiveness. Continued on Page 2 Voda-Ideatoraise `4,730crore fromABGentity ● Calls for EGM Q4 profit jumps on one-off gains URVI MALVANIA Mumbai, May 16 FOR THE quarter ended March 31, Vodafone Idea reported a sequential improvement in its financial performance, supported mainly by one-off gains on account reassessmentofadjustedgrossrevenue (AGR) dues. on June 11 to get shareholders’ nod VODAFONE IDEA’S BOARD has approved a preferential issue of warrants worth up to `4,730 crore to promoter group entity Suryaja Investments, Singapore, an Aditya Birla Group entity, in a fresh capitalraiseaimedatstrengthening the telecom operator’s balance sheet and funding requirements. The company said it will issue up to 4.3 billionwarrants,each convertible into one equity share, at an issue price of `11 perwarrant. The relevant date fordetermining the minimum issue price was fixed as May 12. Vodafone Idea has also called an extraordinary general meeting on June 11 to seek shareholder approval for the proposed preferential issue. Followingfullconversionof the warrants into equity shares, Suryaja Investments is expected to hold up to 3.82% stake in the company. “As much as 25% of the warrant exercise price shall be payable at the time of subscription of warrants and the balance 75% of the warrant exercise price shall be payable by the warrant holder at the time of exercise of the right attached to warrant to subscribe to equity shares,”Vodafone Idea said in a filing to the exchanges on Saturday. The company said each warrant can be converted into one equity share with a face value of `10 within 18 months from the date of allotment. The conversion rights may be exercised in one or more tranches New Delhi Continued on Page 2 REPORT CARD Telco KPIs for Q4FY26 ARPU (`) 257 ■ SPOTLIGHT, P7 115 L U C K N O W , ■ India’s live music ■ Rise of festivals has boosted makes up nearly INDIA’S LIVE MUSIC industry is witnessing a generational crossover unlike ever before, with Gen Z audiences increasingly driving demand for legacy bands and older global acts. The boom has unfolded through a flood of international acts entering India over 120 K O L K A T A , 214 ■ Gen Z now SUGANDHA MUKHERJEE New Delhi, May 16 125 K O C H I , GEN Z FUELS INDIA’S CONCERT BOOM ● Shows by legacy artistes often sold out 130 H Y D E R A B A D , For concert economy in India, old is gold WHAT'S INSIDE THE BSE MIDCAPand BSE Smallcap indices have surged 13.47% and 20.64%, respectively, in the current fiscal so far, outperforming Sensex, which has posted a modest gain of4.57%. Even since theWest C H E N N A I , 190 F R O M : A H M E D A B A D , READ TO LEAD Subs (mn) 192.8 373.2 Vi Airtel Jio P U B L I S H E D A new exhibition captures the legendary filmmaker in a new light Page 6 524.4 Per capita data usage (GB/user/month) 20.2 31.4 42.3 Source: Company updates during this period. “In case thewarrant holder fails to exercise the warrant within a period of 18 months from the date of allotment of warrant, the warrant shall lapse and 25% of the warrant exercise price paid at the time of issuance of warrant will be forfeited by the company,” the telecom company said in its exchange filing.