POLITICS | PAGE 13 COMPANIES | PAGE 4 INDIAbloc vows to reclaim Jantar Mantar BRANDWAGON | PAGE 9 Hyundai lines up $15.5-bn India investment by 2032 HYDERABAD, WEDNESDAY, OCTOBER 14, 2026 Quick commerce set for festive surge FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXIII 138, 18 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 73,033.78 ▲ 1,109.10 NIFTY: 22,721.95 ▲ 358.60 NIKKEI 225: 67,777.52 ▼ 1,253.40 HANG SENG: 24,345.22 ▲ 74.02 `/$: 95.28 ▲ 0.50 `/€: 106.52 ▲ 0.57 BRENT: $105.89 ▼ $0.76 GOLD: `147,136 ▼ `545 JIO PLATFORMS HAS drawn more than $20 billion in bids for what could be India’s biggest-ever IPO, sources said. Global investors including Fidelity, Allianz and Capital Group have indicated interest in the IPO, reports Bloomberg. ■ PAGE 6 COMPANIES PAGE 4 Shoppers are back, but margins feel the squeeze FESTIVE PULSE-IV RETAILERS NIRMALA SITHARAMAN, FM 1.54% (1,109 points) Oct 12 (close) 71,924 Oct 13 (close) 73,033 1 FPIsnetequity investmentsin `crore Source:NSDL,NSE 5 6 October2026 7 8 9 12 13 ...thepreparationforthe Budgethasstarted. Itmaynotbe thebesttime formetosay whatIwillor whatIwillnot consider -1,305 FLIGHT TO SAFETY 2,001 FINANCE MINISTER NIRMALA Sitharaman onTuesday signalled openness to reviewing long-term capital gains (LTCG)taxandsecuritiestransactiontax(STT),sayingshewas keen to hear investors’ views ahead of the Union Budget. “So, these are things on which there’s a lot of debate. It’s healthyto have this debate, and I will be keenly hearing them,”she said at a Bloomberg event here. Herremarks helped spark a sharp market rebound, with the Sensex surging 1,109 points and the Nifty closing above 22,720,led by IT,financial and FMCG stocks. “We are very close to the Budget, and the preparation for the Budget has started. It may not be the best time for me to say what I will or what I will not consider,”Sitharaman said when asked about demands for LTCG tax relief. “So I’ll tread cautiously on that, but of course, the long- BIGGEST RISE IN 4 MONTHS SENSEX -3,251 Jio said to attract over $20 billion in IPO bids FE BUREAU New Delhi, October 13 -12,884 THE RESILIENT CONSUMPTION demand in the economy seems to be facing a growing challenge from a weak rural sector. Analysts feel that a rising inflation is dampening consumer sentiments, reports Shubham Rana. FM-speakfiresupmarkets -6,156 WEAK RURAL DEMAND MAY HIT CONSUMPTION -2,450 PAGE 2 -4,163 ECONOMY SITHARAMAN SIGNALS OPENNESSTO DEBATE ON LTCGTAX,STT -9,282 IN THE NEWS »INSIDE« RUPEE EXTENDS GAIN ON RBI MEASURES PAGE 6 term capital gains tax is something on which a lot of people have been commenting, both investorswithin India and also those who meet me occasionally outside.” Foreign portfolio investors (FPIs) and othermarket participants have sought lowercapital gains tax rates and higher exemption limits to make Indian markets more competitive. They have also questionedtherationaleforlevying STTalongsidecapitalgainstax. SBI Research on Tuesday urged the government to consider measures to retain shortterm equity flows for longer, including extending the holding period to two to three years and abolishing LTCG tax on India does not grow at anyone’s cost: PM PRESS TRUST OF INDIA New Delhi, October 13 PRIME MINISTER NARENDRA Modi said India’s economic growth was anchored in strong fundamentals, financial resilience and a sustained reform drive, pitching the country as a globaleconomicandtechnology power that seeks to help other nations prosper rather than growat theirexpense. “Wedonotgrowatanyone’scost.Wegrow with the world,and for the world,"he said on Tuesday,arguing that India's expanding economicandtechnologicalcapabilitiescouldhelp address global challenges at a time of geopolitical tensions,supply-chain disruptions and growing competitionoverstrategicresources. Continued on Page 7 equities. The debate comes amidsustainedforeignselling. FPIswithdrew`1.64lakhcrore from the secondary market in H1FY27,with outflows intensifying in October. TheUnionBudget2024-25 revamped the capital gains tax regime,effectiveJuly23,2024. Continued on Page 7 RELATED REPORTS CHANDRA:TATAGROUP'S CHIPBETNOTTIEDTO NEAR-TERM RETURNS NILEKANI REJECTS AI JOBS APOCALYPSE INVESTMENT CALLS GETTING TOUGHER NOW: BIRLA PAGE 18 MDR rollout deferred ● NPCIdelaysOct15 deadlinetoavoid Diwali disruption FESTIVE RELIEF ■ P2P transfers and payments to small merchants remain exempt KSHIPRA PETKAR & ANEES HUSSAIN Mumbai/Bengaluru, October 13 THE NATIONAL PAYMENTS Corporation of India (NPCI) on Tuesday deferred the implementation of merchant discount rate (MDR) on select Unified Payments Interface (UPI) transactions until after Diwali,offering relief to retailers during the peak festive shopping season. The revised implementation date will be notified separately, NPCI said in a statement following a meeting of its UPI and Services Steering Committee. “Keeping in mind the fes- ■ Trade bodies welcome the delay, citing festive-season operational pressures ■ Associations seek higher exemption limits, graded rates and fixed fees ■ A survey finds 48% of enterprises may pass charges to customers tiveseason,MDRonselectPerson-to-Merchant (P2M) UPI transactions shall be implemented immediately post Diwali at a date to be notified separately,”it said. Thedecisioncomesaheadof the October 15 deadline originally set for the rollout of the revisedMDRframework,which had raised concerns among retailersaboutthetimingofthe transition.Earlier,NPCIhadsaid the implementation timeline would give acquiring banks, payment aggregators and fintechapplicationsadequatetime toupgradetheir billingsystems. Continued on Page 7 Noel,son move HC with caveats URVI MALVANIA Mumbai, October 13 TATATRUSTSCHAIRMANNoel Tata and his son Neville Tata have filed caveats in the Bombay High Court and the Mumbai City Civil Court in connection with the ongoing dispute involving trustees Venu Srinivasan and Vijay Singh, according to filings available on the eCourtswebsite. The caveats, filed on October 7, name Noel and Neville Tata as caveators, and fellow trusteesSrinivasan,Singh,Darius Khambata and Bhaskar Bhat as caveatees. A caveat is a legal filing seeking to ensure that no order is passed in a matter without first notifying the caveator and giving them an opportunity to be heard. Noel and Neville Tata had earlier filed similar caveats with the Charity Commissioner of Maharashtra after Srinivasan and Singh lodged complaints alleging governance lapses and irregularities in trustee appointments.Both complaints specifically name Noel and Neville Tata. Legal experts said that when trustees file caveats in a dispute involving other trustees,all trustees may need to be named as parties. Continued on Page 13 HYDERABAD LEGAL CHECKS ■ Caveats in Bombay HC & Mumbai City Civil Court to ensure they are heard before courts take up matters raised by trustees Venu Srinivasan and Vijay Singh Khambata & Bhat named as caveatees; sources say inclusion is procedural