NATION | PAGE 21 BRANDWAGON | PAGE 9 Women'srelayteam,shooter NeeruDhandawinAsiadgold INTERNATIONAL | PAGE 10 Protein adding muscle to FMCG nutrition pitch BENGALURU, WEDNESDAY, SEPTEMBER 30, 2026 Anthropic IPO filingwarns of ‘existential risks to humanity’ FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 140, 48 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: 72,529.07 ▼ 242.65 NIFTY: 22,716.20 ▼ 64.05 NIKKEI 225: 65,481.27 ▼ 396.35 HANG SENG: 24,523.57 ▼ 118.94 `/$: 95.99 < > 0.00 `/€: 108.79 ▲ 0.40 BRENT: $104 ▼ $1.28 GOLD: `146,933 ▼ `461 — IN THE NEWS ECONOMY PAGE 2 INDIAN PHARMA FIRMS GET RELIEF FROM US TARIFFS DOMESTIC PHARMA COMPANIES are set to get some relief from the Trump administration’s tariffs on imported pharma products after the US included India among 19 jurisdictions eligible for zero tariffs on certain specialty medicines and their ingredients, reports Manu Kaushik. MARKETS PAGE 7 BSE’S ENTRYINTO NIFTY50 FIRES UP NSE CASVOLUMES BSE’S ENTRY INTO the Nifty 50 triggered a burst of activity in the closing auction on Tuesday, pushing NSE’s closing auction session turnover to `24,504 crore – the second-highest recorded by the exchange in a single session, reports Kushan Shah. India, others must de-risk for own good: Jaishankar IN FIRST REMARKS on the meeting between US President Donald Trump & Chinese President Xi Jinping, External Affairs Minister S Jaishankar said the two countries are in “a competitive mode” and all other countries are looking to “de-risk” and “diversify” to secure their own interests. ■ PAGE 13 Economy strong amid global headwinds: Das THE INDIAN ECONOMY continues to demonstrate strength amidst the geo-political challenges, supported by robust domestic demand, sustained industrial and services sector activity, Shaktikanta Das, principal secretary-2 to the prime minister and former RBI governor, said on Tuesday, reports Shubham Rana. ■ PAGE 2 EntryofAdani,RILwelcomein TataSonscan’tchase aluminium,saysVedantachief IPOPITSPHILANTHROPYAGAINSTRETURNS:TATA quarterlyprofit:Noel URVI MALVANIA Mumbai, September 29 TATA TRUSTS CHAIRMAN NoelTatasaidonTuesdaythata public listing would expose Tata Sons to greater market scrutiny, disclosure requirementsandoversightbyminority shareholders, potentially reducing the Trusts’ influence over the group’s strategy. The pressure to meet investors’ quarterly expectations could also affect the group’s philanthropic work,he said. His remarks come a day after Tata Trusts, which owns 66% of Tata Sons, proposed merging two Tata group companies with the holding company, as the charity seeks to sidestepaReserveBankofIndia requirement thatTata Sons list its shares. Speaking at at a RepublicTV event, Tata said, “When you have investors, and they could beinvestorsfromabroad,(they) seek profit and make sure that theirinvestment goes up quarterbyquarter.Howdowe manage these two contradictions?” he said,referring to the tension he sees between investor returnsandthegroup’sphilanthropic mission. “Why do we want to avoid listing? We believe that it will fundamentallychange theway thecompanyandthegrouphas been run over the last 100 NOEL TATA, CHAIRMAN, TATA TRUSTS THE ENTRY OF the Adani Group and Reliance Industries into the aluminium sector will intensify competition and improve efficiency in the industry, Vedanta Chairman AnilAgarwal said,adding that the emergence of more players could eventually create room for mergers and acquisitions. Agarwal said the domestic aluminium industry currently has three major primary producers, Vedanta, It’s not rocket science. It’s a solution that takes us back to our roots… Tata Sons should engage with the RBI »INSIDE« LEGALEXPERTS: REJIGVIABLE BUTFACES RBITEST P4 EDITORIAL: RECLASSIFYING TATA SONS P8 years,”he added. Tatasaidthegroup’soperating companies already balance their obligations to investors with the need to generate returns.But he argued that the dividend income they pay to TataSonsshouldnotbesubject tothesamequarter-by-quarter expectations. in the sector, addsAgarwal RISHI RAJ New Delhi, September 29 Listing will fundamentally change the way the company and the group has been run over the last 100 years LISTING UNLIKELYTO ALTER GROUP RATINGS: S&P P7 ● Will aid M&As He also pointed to Tata Sons’ role as a backstop for group companies in financial difficulty. That support, he said, gives comfort to banks, other lenders, shareholders and suppliers. If Tata Sons were listed, public shareholders could question whether it should continue using its resources to support a struggling group company. TheTrustsbelievestheaddition of operating businesses would change Tata Sons’ regulatoryclassificationandprovide a route to remaining private. Continued on Page 13 UP FOR A CHALLENGE ■ The three primary producers of Wewelcome competition.Whoeveris efficientwillsurvive ■ Around 90% Fornowwearenot pursuingany semiconductor ambition aluminium are Vedanta, Hindalco Industries and National Aluminium Company (Nalco) production capacity is currently dominated by Vedanta & Hindalco ■ Vedanta is targeting aluminium capacity of around 6 MT in next three years Hindalco Industries and National Aluminium Company (Nalco). “We have Hindalco,we have Nalco,” he said, referring to the established players in the sector, before pointing to the entry of newer competitors. “Wewelcome competition. PREETI SONI September 29 HIGH GOLD PRICES and steep taxes are driving more Indian buyers into underthe-counter cash sales, where bullion and jewellery change hands without invoices that can be traced by authorities. Buying off the books with cash can shave as much as 6% from prevailing market prices for bulk buyers, according to five people familiar with the trade, ask- ing not to be named homemaker after »INSIDE« discussing a sensigold surged to a CLOUD tive matter. record earlier this OVER Dealers accepting HALLMARKED year. cash can sidestep Prices have since GOLD PURITY taxes and pass part of eased but remain the savings on to cusalmost 28% higher PAGE 7 tomers. than a year ago. One shopper, who gave “It was an offer I couldn’t her name only as Anuradha, refuse. Gold prices are way said she had bought orna- too high and we trust the ments for her daughter’s jeweller,” she said, asking wedding at a discount of that only her first name be `5,000 for every 10 grams — used because of the sensitivbut took no receipt. ity of the transaction. The savings were hard to ignore for the 55-year-old Continued on Page 10 VIVEAT SUSAN PINTO Mumbai, September 29 (From left) Mesabi Metallics Chairman Rewant Ruia, Essar co-founder Ravi Ruia, US Energy Secretary Chris Wright with President Donald Trump at the White House on Monday AP » NEWS POINT « REWANT RUIA: FORGING A COMEBACK PAGE 4 is included.Trump announced the investment at the White House, in the presence of Essar Group vice-chairman and founder Ravi Ruia and Mesabi Metallics chairman Rewant Ruia. "Today, we're thrilled to announcethatMesabiMetallics will be building the largest steel plantinAmericanhistoryinthe great state of Iowa,"Trump said at the announcement. Continued on Page 13 Companies rebuilding the funnel around a generation that refuses to sit still The battle for the screen time COURTING GENZ-III ENTERTAINERS SWIPE, STAY, SPEND URVI MALVANIA & VIVEAT SUSAN PINTO Mumbai, September 29 IT STARTS WITH a 45-second revenge drama. Then come crickethighlights,thenanInstagram Reel that tips off a new series, and finally a YouTube videoaboutagadgetworthbuying.ForayoungIndian,that'san ordinaryeveningofscrolling.For the companies behind those screens,it's a single commercial journey,andeverystoponitisup forgrabs. Theprizeisenormous.India's Gen Z cohort accounts for more than 40% of the country's total consumption spend. So entertainment and technology companiesareredesigningproducts and content with one goal: to ■ Brands are working to walk the scrolling Gen Z audience from discovery to fandom to purchase, without losing them to a rival ■ The larger OTT players are using short-form as bait and long-form as the hook for retention and monetisation ■ Gen Z viewers hop between languages, genres and geographies, and find shows through social chatter and word of mouth ■ Google says 79% of Gen Z consumers in India use Google and/or YouTube daily walkthisaudiencefromdiscoverytofandomtopurchase,without losing them to a rival along theway. JioStar is building for this movement across screens."We don't create for a screen, we're creatingforaconsumer,"acompanyspokespersontoldFE. The numbers suggest it's working. The company says TADKA,thevertical-videoproductitlaunchedwithinJioHotstar earlierthisyear,crossed100mil- lionuserswithintwomonths. Morethan42%ofitsviewers were under 24,and dailywatch time perviewer rose fivefold.Its MaxViewverticalcricketexperiencereachedcloseto70million IPLviewers.YetJioStarrejectsthe popular idea that Gen Z can't focus."Ifastoryearnstheirinterest, they will stay with it," the spokespersonsaid. TADKAismeanttobeadoorway into long-form programming,notareplacementforit. Competition makes you more efficient,” Agarwal said in an interview with FE. He said the entry of large business groups would bring greater competition into the sector,while over the longer term could lead to consolidation. The statement assumes significance because the primary aluminium sector has so far largely operated as a duopoly with around 90% production capacity dominated by Vedanta and Hindalco Industries. Continued on Page 10 Cashgoldsalesboomasprices,taxesbite Nearlyadecadelater,Essar backinsteel,thistimeinUS NEARLYADECADE afteritlost control of Essar Steel,the Ruia family's Essar Group is back in the steel business, this time in the US. Thegroupwillinvest$15billion to build an integrated steel complex in Iowa, a project US President Donald Trump has described as the largest steel plantinAmericanhistory.Essar Steel,which the Ruias built into one of India's biggest privatesector steelmakers, went into insolvencyin2017andchanged hands in 2019. The Iowa project, being developed through Essarbacked Mesabi Metallics, will takethegroup'stotalUSinvestmenttoaround$18billiononce its existing iron ore mine and pelletisingfacilityinMinnesota ANIL AGARWAL, CHAIRMAN, VEDANTA SonyPicturesNetworksIndia (SPNI) agrees,warning against treating Gen Z as one uniform audience. Young viewers will happily spend hours with a series, film or match if it holds them."The length must come from the idea,not the otherway around,"itsspokespersonsaid,a principlethatmattersmorenow thatmicrodramasareemerging asasignificantcategory. Continued on Page 10 BENGALURU SHADOW TRADE ■ There was little incentive to bypass official channels earlier as import duty was 6% ■ The shadow trade has flourished since the govt raised import levies on gold & silver to 15%