COMPANIES | PAGE 4 INTERNATIONAL | PAGE 10 Airlines resist shutdown of Mumbai airport'sT1 COMPANIES | PAGE 4 Binancesays$6.3bnstolen incrypto’sbiggestheist HYDERABAD, SATURDAY, OCTOBER 31, 2026 Maseratirevsupluxurypush inIndiawithnewmodels FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXIII 153, 34 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 74,459.53 ▲ 308.49 NIFTY: 23,053.10 ▲ 116.35 NIKKEI 225: 63,290.11 ▼ 1369.36 HANG SENG: 23,294.42 ▲ 335.77 `/$: 94.96 ▲ 0.30 `/€: 106.33 ▼ 0.26 BRENT: $117.47 ▲ $2.59 GOLD: `139,830 ▼ `1,798 ECONOMY PAGE 2 FM: POLICYMOVES BEHIND MASSIVE POVERTYDECLINE CENTRE’S SUSTAINED POLICY efforts helped India record one of the fastest poverty declines in the world, Finance Minister Nirmala Sitharaman said on Friday citing data from the World Bank. As per the World Bank, India lifted an estimated 496 million people out of poverty between 2011 and 2023, reports fe Bureau. Crude imports to hit all-time high of 5.63 mn bpd in Oct INDIA'S CRUDE OIL imports are set to hit an alltime high of 5.63 million barrels per day (bpd) in October, rising more than 5% from September as a surge in Atlantic Basin shipments and continued Russian supplies more than offset lower arrivals from West Asia, according to data from commodity analytics firm Kpler, reports Mukesh Jagota. ■ Page 2 Sensex posts best monthly gain in six months OCTOBER SAWA sharp divide on Dalal Street. While the Sensex posted its best monthly gain in six months, mid-cap and smallcap stocks took a beating, leaving the broader market in the red.The Sensex gained 2.73% in October, while the Nifty rose 1.91%. Both indices snapped a two-month losing streak, reports Kishor Kadam. ■ Page 7 TATA TRUSTS CHAIRMAN NoelTatahassoughttoputtwo contentious issues before the TataSonsboard:arestructuring that could help the holding company avoid a stock market listing, and a `25,000-crore proposal to facilitate the exit of minorityshareholderShapoorji Pallonji (SP) Group. In separate letters dated October29,NoelhasaskedTata Sons management to make detailed presentations on both proposals at the November 26 board meeting and place resolutionsbeforedirectorsforconsideration.Thelettersbringinto sharper focus the regulatory and shareholder challenges confronting the Tata Group's holding company. Thelatestmovecomesamid differenceswithintheTataSons board over its future structure and the reappointment of KEY DETAILS ■ RBI rejected Tata Sons’ application to surrender CIC registration on September 11 would give operating businesses 64.3% of total income ■ Funding `25,000-crore options exclude fresh borrowings and public funds payout to SP Group envisaged in multiple tranches over 18 months ■ Capital reduction requires shareholder, NCLT and regulatory approvals TATA ELECTRONICS RAISES `1,100 CRORE FROM TATA SONS PAGE 6 Chairman N Chandrasekaran. Earlier this week, Noel sought the minutes and audio and video recordings of the September 17 board meeting, while raising questions about the process followed in Chandrasekaran's reappointment. He was the sole director to oppose the proposal. The letters also follow a meeting between Noel and Chandrasekaranaimedatfindingcommonground.According to people familiarwith the discussions, the meeting ended without a breakthrough,with both sides unwilling to compromise on certain issues. The first proposal, submit- tedbytheSirDorabjiTataTrust (SDTT)andSirRatanTataTrust (SRTT)onSeptember28,envisages merging two wholly owned subsidiaries,Tata ElectronicSystemsSolutions(TESS) and Tata Consulting Engineers (TCE),intoTata Sons. Continued on Page 10 Viksit Bharat banking panel set up ● Ex-CVC Patel-led panel to review laws,FDI,mergers PRASANTA SAHU New Delhi, October 30 THE GOVERNMENT ON Friday constituted the High-Level Committee on Banking for Viksit Bharat, headed by former banker and Central Vigilance Commissioner Suresh N Patel,with broad terms of reference (ToR) aimed at undertakingcomprehensivereforms in the banking sector. The Committee will review India’s banking sectorand recommend structural, institutional, regulatory and legislativereformstomakeitglobally competitive,financially inclusive and resilient for Viksit Bharat 2047. The panel will include (from left) SN Patel, RBI Deputy Governor Shirish Chandra Murmu, former RBI Deputy Governor N S Vishwanathan and former Indian Bank MD & CEO Padmaja Chunduru »NEWS POINT« LENDER, WATCHDOG, NOW REFORMER PAGE 22 It will submit its report within six months, by March 2027. The exercise comes amid a broadercalltorevivebankconsolidation after a gap of nearly six years. The government’s longterm objective is understood to be the creation of four large banks, with at least two institutions aspiring to join the world’s top 20 lenders in terms of scale, strength and global competitiveness,while also deepening financial inclusion. The review is being undertaken at a time when public sector banks are reporting their strongest financial performance in years. Aggregate net profit of PSBs rose to a record `1.98 lakh crore in FY26,the highest-ever annual profit reported by the sector. Continued on Page 6 FISCAL DEFICITAT 42.1% OFTARGET THE CENTRE’S FISCAL deficit Net tax widened to 42.1% ofthe FY27 receipts target in the first half, from 36.5% a year earlier, as tax revenues fell well short ofbudgeted growth, Non-tax partly due to steep cuts in revenue personal income tax and GST rates, reports Shubham Rana. While capital expenditure Non-debt broadly kept pacewith Budget ital receipts estimates, revenue spending ran ahead ofprojections.The Capital government, however, remains expenditure confident ofcontaining the fiscal deficit at the targeted 4.3% of GDP, aided by factors including a Revenue potentially larger-thanexpenditure budgeted nominal GDP. TOPS FORECAST Consolidated financials (` cr) Q2FY26 RAGHAVENDRAKAMATH & KISHOR KADAM Mumbai, October 30 ■ Proposed merger »INSIDE« upto`15Kcr throughNCDs; retailprofitability remainsweak 3.8 (%, y-o-y growth) April-September FY27 BE over FY26 9.3 3.1 -1.9 Expenditure growth (%, y-o-y) 25 23.5 20 126.1 41.3 15 12 10 5 12.7 14.3 0 10 7.5 -5 April 2026 Sept DRIVENBYAsharpimprovement inearningsfromitsoil-to-chemicals (O2C) business, Reliance Industries on Friday reported a 40.6%year-on-yearjumpinconsolidated net profit to `25,548 croreintheJuly-Septemberquarter, the highest growth in five quarters. The company beat Bloomberg estimate of `21,368 crore,with its net profit coming in19.5%aboveexpectations. Thecompany'sconsolidated revenue increased 28.6% yearon-yearto`332,861crorefrom `258,898 crore in the corresponding quarter last year, markingitsstrongestgrowthin 16 quarters. Revenue was also higher than estimate of `313,727 crore by 6.1%.Earnings before interest,tax,depreciation and amortisation (Ebitda)rose23.4%to`56,616 crore, against the estimate of `51,942 crore. However, Ebitda growth Revenue 28.6 17.7 Q2FY27 Ebitda Net profit 23.4 % change (y-o-y) 17 Ebitda margin (%) 25,548 URVI MALVANIA Mumbai, October 30 ● Nodforraising 18,165 THE SECURITIES AND Exchange Board of India on Friday relaxed knowyour-customer (KYC) norms for Foreign Portfolio Investors, extending the periodic review cycle to as long as eight years from the existing one to three years. The revised framework will come into effect on December 1, reports fe Bureau. Noel pushes Tata Sons restructuring, SP exit 56,616 SEBI RELAXES PERIODIC KYC RULES FOR FPIS RILprofitjumps41%on strongO2Cperformance 45,885 PAGE 7 332,861 MARKETS TWO LETTERS SEEK BOARD REVIEWON NOVEMBER 26 258,898 IN THE NEWS 40.6 7 7.7 JIO Q2 PAT UP 8%; ARPU RISES TO `218.8 P4 RELIANCE RETAIL Q2 PROFIT DECLINES 24% P4 laggedrevenuegrowth,resulting in a contraction in operating margins.Ebitdamargindeclined to 17% from 17.7% a year ago, indicatingthatthesharpincrease in revenue did not translate into aproportionateimprovementin operatingprofitability. The O2C business was the principal driver of the earn- Board-approved AI framework for telcos proposed AI FIREWALL accountableforAI failures,including systemsoutsourced tothirdparties ■ Under the draft, telcos need mechanisms to monitor and report AI-related incidents ■ Trai has cautioned of risks if due diligence is not exercised beforeAI’s deployment OJASVI GUPTA New Delhi, October 30 AS CONCERNS OVER data securitymount amid a series of cyberattacks,databreachesand software vulnerabilities affectingdigitalsystems,theTelecom Regulatory Authority of India (Trai)hasproposedbringingthe use of artificial intelligence (AI) in telecom networks under a formal accountability framework,makingoperatorsresponsible for failures even when the technology is outsourced to third-partyvendors. Under draft guidelines releasedonFriday,operatorswill have to put in place boardapproved AI policies, establish dedicated governance committees and introduce mechanisms tomonitorandreportAI-related incidents.The proposals seek to bring greater accountability to theuseofAIinasectorthatforms acriticalpartofthecountry'sdigitalinfrastructure. Traihascautionedthatwhile integratingAI into telecom net- ■ Regulator flagged risks creeping intoAI systems during training & usage ■ They will also have to classify their AI systems into high-, medium- & low-risk categories works could significantly improve efficiency, it may also introduce new risks if due diligence is not exercised before deploymentofAIsystems. Continued on Page 6 ENTRY-LEVELSALARIESAT`18-22 LAKH PERANNUM NEARLY3-4X FOR STAFF INTRADITIONALROLES Pay forAI-skilled freshers in IT tops experienced ones POULOMI CHATTERJEE & URVI MALVANIA Bengaluru/Mumbai, October 30 FRESHERS HIRED FOR specialised artificial intelligence (AI) roles at IT services companies are increasingly commanding salaries well above those of employees with several years of experience, as demand for niche skills is disrupting the sector’s traditional payhierarchy. While entry-level salaries for conventional IT services roles remain around `4-5 lakh per annum (LPA), freshers recruited forspecialisedAI and engineeringpositionscanearn `18-22 LPA. This compares with `5-8 LPA for some employees with around four years of experience in conventional services roles, who joined the industry at lower salary levels. The widening gap reflects a shift in how companies value talent, with specialised skills and the ability to deploy AI solutions becoming more important than tenure. “For mostentry-levelITsectorroles, freshersalaries remain around `4-5 LPA,” Neeti Sharma, CEO of TeamLease Digital,said.The premium, according to her, is forspecialisedskillsintegrated SALARY DIFFERENTIAL ■ Entry-level salaries for conventional IT services roles remain around `4-5 lakh per annum (LPA) ■ Freshers recruited for specialised AI and engineering roles are earning up to `22 LPA ■ This compares with `5-8 LPA for some employees with around four years in conventional services ■ Companies are creating separate recruitment tracks for candidates with advanced coding and problem-solving abilities with AI, with large IT companies paying freshers with premium skills `18-22 LPA for readiness to work on AI-led client projects. The trend is also changing campus hiring practices, with companies creating separate recruitment tracks for candidates with advanced coding and problem-solving abilities. Tata Consultancy Services (TCS), for instance, hires freshers under three categories: Ninja, Digital and Prime, with the latter reserved for candidates with more advanced and niche skills. Prime salaries can reach `20 LPA, according to industryestimates.Nearlyhalf of TCS’s fresher intake falls under the Digital and Prime categories, company sources said.The company onboarded around 10,000 freshers in the July-September quarter. HCLTech is also building its specialist engineering workforce.ChiefPeopleOfficerRam Sundararajan said 15% of the 6,136 freshers added by the company in the September quarter were part of its elite Forward Deployed Engineer (FDE) force. These engineers work on implementing technologysolutionsclosertoclient requirements. Infosys, meanwhile, plans to gradually move up to a third of itsworkforce intoAI specialist roles, with a growing focus on building a team of 6,000 FDEs. The company also runs specialist fresher programmes to develop employees for higher-value roles. In contrast, mass hiring continues for service delivery, application support, testing and maintenance, where salaries have remained largely stagnant. Continued on Page 10 HYDERABAD CMD, RELIANCE INDUSTRIES OurO2Cbusiness delivereda particularlystrong performance,led bytightfuel markets, improved downstream petrochemicaldeltas& firmdomestic demand Net profit margin (%) »INSIDE« ● Operatorstobe MUKESH AMBANI, ings growth, with segment revenue rising 44.2%year-onyear to `2,31,601 crore and Ebitda increasing 67.9% to `25,203 crore. The improvement was led by higher crude and product prices, as geopolitical disruptions tightened global energy supplies.Transportation fuel prices rose 5078%year-on-year,while refining margins strengthened sharply amid disruptions to refinery operations in West Asia and Russia. Continued on Page 10 FMdefends IDBIsale, slamsCong FE BUREAU New Delhi, October 30 FINANCE MINISTER NIRMALA Sitharaman on Friday strongly defended the strategic sale of IDBIBank,sayingtheNarendra Modi government had revived the struggling lender through professionalmanagement,prudentdecision-makingandover `25,000 crore in recapitalisation, positioning it for its next phase of growth. In a post on ‘X’, Sitharaman alleged that loans extended to businessgroupswithcloselinks to Congress leaders, including Videocon,Winsome,ABG Shipyard and Kingfisher, turned intobadloansandcausedmassive losses forIDBI Bank. Sitharaman was responding to Leader of Opposition Rahul Gandhi’s remark that the bid price for IDBI Bank's strategic sale was “seen” before a benchmark fair price was determined by independent valuers. The discovered price under the initial bidding process of `75 per share was not approved by the designated government panel as the reserve price was higher at `94.42 per share. Continued on Page 10 NIRMALA SITHARAMAN, FINANCE MINISTER @INC India used banks as personal entities...Your lies with respect to Rafale had failed and were exposed. You had to apologise.The same will happen here RAHUL GANDHI, LEADER OF OPPOSITION First the bidding was seen,then the price was set… During Congress’ time,banks were being created. During Modi’s time,they are being sold