WORDS WORTH WELL BEING FE LINES An examination of Israel, nationalism, conflict & the burdens of modern statehood Page 4 New innovations are giving sun protection a science upgrade. But awareness isn't reflecting in action Page 9 GTA 6 without a disc marks end of an era for game collectors Page 8 SOME BURNING FACTS ABOUT SUNSCREEN The catastrophe of resurrection No real fun in virtual games LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL XXV NO. 36 SHEKHAR SUMAN INTERVIEW FINANCIAL EXPRESS ON SUNDAY NEW DELHI SUNDAY, JULY 5, 2026 22 Pages, `12 (Patna `12, 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 , Fashion’s ugly face WHAT BEGAN AS a niche format inspired by China’s booming short-drama (duanju) industry has rapidly transformed into one of the hottest investment themes in Indian media. Micro dramas — short, highly addictive episodic stories designed Find out the hidden psychology behind meeting clients over a meal Realty stocks emerge top gainers over past month REAL ESTATE STOCKS delivered returns of up to 24.12% over the past month, with the sector benefiting from a strong project pipeline, healthy balance sheets, and lower unsold inventory. The BSE Realty Index emerged as the top-performing sectoral index, surging 17.03% during the period, significantly outperforming the benchmark Sensex, which gained 4.60%. All 10 constituents of the BSE Realty Index posted gains over the past month. — Compiled by Kishor Kadam Relative performance Top gainers BSERealty Index 17.06 17.85 19.76 20.19 117.03 24.12 1-month return (%) 115.0 Oberoi Realty Phoenix Mills Godrej Properties July 3, 2026 Lodha Developers Sensex Prestige Estates 104.6 June 3, 2026 L U C K N O W , Market size of micro drama category in India in 2025 M U M B A I , N E W Median time spent per week by viewers watching micro dramas, with over $4.5 bn 90% Projected market size of micro drama category in India by 2030 of viewing happening individually for smartphone viewing — are attracting significant capital, celebrity backing, and aggressive expansion plans from startups, streaming giants, and traditional broadcasters alike. Recently, Yash Raj Films $5.2 mn Investment in India's micro drama segment in 2024 $30.9 mn Investment in India's micro drama segment in 2025 (YRF) announced a strategic investment in Rusk Media, a digital entertainment companyfocused on creating orig- D E L H I , P U N E inalvertical storytelling intellectual properties (IPs) forGen Z and Gen Alpha audiences. The investment follows Rusk Media’s recent `100 crore pre-Series C funding round led by Nazara Technologies, underlining growing investor confidence in the format. “The instinct to evolve has always been central to YRF’s DNA. Platforms are infrastructure, content and IP are culture. Rusk Media has built a deep understanding of how the next generation discovers and inhabits stories, and that is exactly the kind ofvision we want to invest in,” said Akshaye Widhani, CEO, Yash Raj Films. Continued on Page 2 Telegram in fresh trouble,hauled up forfilm piracy ● Critical minerals, INFRA PUSH ■ Sanand advanced tech plant to generate next, says Modi UNDER SCRUTINY ● Given 15 days ■ Telegram to submit action told it taken report to govt can attract Semicon initiative gets fillip with 3rd chip unit What a business lunch can reveal 105.0 K O L K A T A , `7,600-CR SANAND UNIT STARTS PRODUCTION ■ LIVING, P7 Base: June 3, 2026 = 100 120.0 K O C H I , $300 mn 3.5 hrs VAISHALI DAR New Delhi, July 4 How textile waste is adding to the environmental cost of the clothes we buy in a country that generates up to 7.8 mn tonne of such trash each year — the third-largest producer globally 95.0 H Y D E R A B A D , ● Category CAGR NOW STREAMING over 30%; funding up 6x yoy in 2025 ■ SPOTLIGHT, P5 100.0 C H E N N A I , READ TO LEAD Micro dramas becoming major money pullers WHAT'S INSIDE 110.0 C H A N D I G A R H , ‘I’m not chasing virality, I am only chasing value’ Page 6 5,000 direct and indirect jobs over five years FE BUREAU Sanand, July 4 INDIA'S SEMICONDUCTOR MANUFACTURING programme took another step forward on Saturdaywith the start ofcommercialproductionatCG Semi’s`7,600-croreoutsourced semiconductor assembly and test (OSAT) facility in Sanand, Gujarat,the third project under the India Semiconductor Missiontobecomeoperational. PM Narendra Modi said the country’s next strategic goal was to manufacture chips that power electronics worldwide, while positioning Sanand as a technologyclusteron the lines of those in the US, Japan and Taiwan.He said the next phase of India’s industrial strategy OJASVI GUPTA New Delhi, July 4 ■ Initial ■ Sanand production target of 200 mn, to scale to to be tech cluster on lines of those in US, Japan, Taiwan 5 bn chips a year would also focus on selfreliance in critical minerals and advanced technologies. Continued on Page 2 »INSIDE« PM LAUNCHES REVAMPED UDAN SCHEME PAGE 3 PM Narendra Modi inspecting the facility on Saturday Bullettrain1stsectionnextyr UNION RAILWAYS MINISTER Ashwini Vaishnaw on Saturdaysaidthefirstsection of the Mumbai-Ahmedabad Bullet Train project will be inaugurated in 2027,adding thatnearly80%oftheproject Gascurbs HDFC Bank’s Q1 withdrawn advancesup15.4% SAURAVANAND New Delhi, July 4 THE CENTRE ON Saturday lifted emergency restrictions on the allocation, use and diversionofnaturalgas,ending controls imposed nearly four months ago aftertheWestAsia conflict disrupted liquefied naturalgasshipmentsthrough theStraitofHormuzandforced suppliers to declare force majeure.Thewithdrawal,effectiveSaturday,removesthesubstantive provisions of the Natural Gas (Supply Regulation) Order issued on March 9. Continued on Page 2 PTI has been completed.Thereafter,theWapi-Surat section, followed by Wapi-Ahmedabad,Ahmedabad-Thaneand finallyAhmedabad-Mumbai will be completed in phases. ■ REPORTON P3 HAVING BARELY SURFACED after a temporary block last month over leaked NEET exam papers,messaging platform Telegram is in fresh trouble,this time for film and OTT content piracy.The Ministry of Information and Broadcasting (I&B) on Saturday issued a notice directing Telegram to take immediate steps against unchecked circulation of pirated movies and streaming content on its platform. The platform has been given 15 days to file a detailed action taken report (ATR) outlining the corrective measures taken by it. Telegram has also been told that it can attract crimi- VIKRAM CHAUDHARY New Delhi, July 4 ON JUNE 30, when Tata Motors launched Sierra EV priced at `18.79-25.99 lakh, it was yet another attempt by an automaker to breach the midsize SUV fortress ruled by Hyundai Creta. In fact, Sierra EV is the seventh rival Creta has faced since September last year, and yet it remains unshakeable. For long, Creta faced occa- sional rivals such as Kia Seltos, Maruti Suzuki Grand Vitara, Tata Curvv, and Toyota Hyryder, but the real competition began when Maruti Suzuki drove in Victoris in September last year, Tata launched Sierra ICE in December, and Kia the all-new Seltos in January this year.And yet,not even in a single month, has any of these rivals been able to match Creta’s monthly sales. Even when the all-new Renault Duster arrived in March,followed byfacelifts of Skoda Kushaq and Volkswagen Taigun, sales of Creta weren’t impacted. To put it in perspective, from September 2025 to May this year, Creta has sold an STILL GOING STRONG Period-end deposits rose 14.7% yoy to `31.71 lakh crore June 30. Sequentially, it grew 2.1% from `31.05 lakh crore at the end of March. The deposit growthwas led bytime deposits, which rose 17.4% on-year to `21.5 lakh crore. 15,235 10,853 15,000 10,787 10,000 0 Creta 151,963 Victoris 100,144 Thar and Thar Roxx 100,031 Seltos 10,597 76,771 5,000 Sept 2025 Dec 2025 average of 16,885 units per month,far more thanVictoris’ 11,127, the all-new Seltos’s 10,630,and Sierra ICE’s 6,220 units.Even the lifestyle heavy- May 2026 6,606 Sierra 37,319 weight SUV duo of Mahindra Thar and Thar Roxx has averaged a combined 11,115 units a month.The famed Duster,on the other hand, has fizzled at Continued on Page 2 AP Continued on Page 2 Total sales (in units) 20,000 nal liability under the Copyright Act, 1957, and the Cinematograph Act, 1952. Officials said the notice seeks taking down of individual pirate channels and holds platforms themselves accountable for such systemic failures. Vaibhav Sooryavanshi plays a shot during the second T20 match against England in Manchester on Saturday. At 15 years and 99 days, he became the youngest player to represent India in international men’s cricket, surpassing Sachin Tendulkar's long-standing record (16 years and 205 days). Sooryavanshi fell for 14 runs off 10 balls but displayed a powerful glimpse of potential by hitting two sixes Why Creta remains undisputed king of midsize SUVs ● Seven solid rivals in nine months,yet sales remain high ■ Officials say notice seeks taking down of individual pirate ■ Move in channels, sync with govt's current holds platforms scrutiny of themselves messaging accountable platforms ● SMASHINGANEWRECORD FE BUREAU Mumbai, July 4 LARGEST PRIVATE-SECTOR LENDER HDFC Bank has posted robust credit and deposit growth in the June quarter, showed provisional data released on Saturday.The bank’s gross advances grew 15.4% on-year to `30.61 lakh crore as of June 30. On a sequentially basis, it grew 3.4% from `29.6 lakh crore. The bank’s deposit growth lagged credit growth in the June quarter. Period-end deposits rose 14.7% year-onyear to `31.71 lakh crore as of criminal liability under Copyright Act, 1957; Cinematograph Act, 1952 merely 1,676 units per month since launch. Automotive analysts and brand experts said that Creta hasn’tfacedbrandfatiguesince the January2024 facelift of the ICE model and the January 2025 launch of Creta Electric. “The Creta brand, it appears, is relatively immune tofatigue,andtheSUVhasperfectly cracked the buyer’s pulse,” said Harish Bijoor, brand-strategy expert and founder of Harish Bijoor Consults.“India is a price-quality equation market. The Creta brand is strong because it has traditionally been the first to offer segment-first features early on. Whether it was the panoramic sunroof,ventilated seats, or advanced ADAS tech, each iteration has stayed well ahead of the curve.Consumers feel inherently rewarded because they are blessed with new tech before anyone else.” Gaurav Vangaal, associate director, LVP Forecasting, Mobility Global, added that Creta is not just a single SUV model, but an ecosystem in itself.“The sheervariantchoice in Creta means that there is one for every buyer’s need. There are a whopping 34 variantsofCreta—20inpetroland 14indiesel—andfourgearbox choices, making it a natural upgrade for people from the compact SUV segment. Then there are four variants in the sporty-edition Creta N Line,as well as 25 variants of Creta Electric in two battery pack options,”he added. Continued on Page 2 New Delhi CanadaFTAtalks nextweek:Goyal A team of Indian officials will be visiting Canada for the third round of negotiations next week, Commerce and Industry Minister Piyush Goyal said on Saturday. The two sides had concluded their second round of talks in New Delhi on May 8. ■ PAGE 3 Monsoonsession fromJuly20 THE Monsoon session of Parliament will be held from July 20 to August 13 amid dramatically altered political equations after the recent assembly elections. ■ PAGE 2