OPINION, P10 FE LINES WELL BEING Two markers: Caste and inequality SOUNDING THE ALARM ON A SILENT EPIDEMIC Apple’s headset may transform healthcare Non-alcoholic fatty liver disease affects 40% Indians and 30% globally, but it remains largely unaddressed Page 7 ACROSS THE AISLE, P CHIDAMBARAM Doctors trying their hands on the device for better outcomes Page 6 SPOTLIGHT Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XX, NO. 39 MARCH OFTHE POLL-FLUENCERS KOLKATA SUNDAY, MAY 26, 2024, 18 Pages, `12 (NE States & Andaman `13) P U B L I S H E D F R O M : A H M E D A B A D , FINANCIAL EXPRESS ON SUNDAY 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 , READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , THESE SEATS RECORDED 64.73% IN 2019 59% polling in Phase 6 WHAT'S INSIDE Political parties betting on social media influencers in election season Pages 8-9 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 Go First closer to liquidation as Pitti withdraws bid ● Sharjah-based Sky One is now the lone bidder ROHIT VAID New Delhi, May 25 ■ LEISURE, P5 Adventure tourism coming of age A renewed push by the govt and other stakeholders concerned to provide a safety net for tourists undertaking adventure activities is upping the game in a country with a rich natural heritage (Clockwise from above) President Droupadi Murmu after casting her vote during the sixth phase of Lok Sabha elections in New Delhi on Saturday; industrialist Naveen Jindal, the BJP's candidate from Kurukshetra, and his wife Shallu Jindal, Congress leaders Rahul Gandhi and Priyanka Gandhi also exercised their franchise ■ WORDS WORTH, P4 Fusion x 4 A valuable handbook to transition from a physical product-oriented company to a digital-services entity ● Anantnag-Rajouri turnout a historic high at over 52% Dividend-paying firms outpace Nifty returns The Nifty Dividend Nifty vs Nifty Dividend Opportunities 50 Index Opportunities 50 Index has recorded double the Relative performance return of the Nifty 50 in Base: May 24, 2023 = 100 the past year.While the 160 former posted a 50.7% Nifty gain, the latter recorded Dividend 150 a 25.55% rise over the Opportunities same period. Out of the 50 Index 140 50 members of the Nifty Dividend Opportunities 50 Index, 18 witnessed a 130 jump of over 100%. PSU 120 shares like IRFC, REC, Power Finance, Bharat 110 Electronics, NMDC, Oil India, and NHPC were 100 among the top performers in the index. 90 Compiled by May 24, 2023 May 24, 2024 Kishor Kadam 150.70 125.55 Top gainers from Nifty Dividend Opportunities Index IRFC 443.6 BSE 414.7 REC 323.3 269.1 Power Finance Bharat Electronics 1-year return (%) 173.2 NMDC 154.9 Oil India 145.5 NALCO 139.5 NHPC 138.3 Cummins India 132.8 EXPRESS NEWS SERVICE New Delhi, MAY 25 THETURNOUTIN the sixth phase of the Lok Sabha elections in 58 constituencies across eight states and Union territories on Saturday was 59%, according to early estimates at 7.45 pm. However, the final turnoutnumberislikelytoincrease. In 2019, these seats had recorded 64.73% polling. But this does not include the AnantnagRajouriconstituencyof Jammu and Kashmir,whichwasredrawnduring delimitation in 2022. The constituency saw 52.28% polling on Saturday, according to early estimatesreleasedbytheElectionCommission (EC). According to data available on the EC’s Voter Turnout App at 7.30 pm,BishnupurconstituencyinWest Bengalrecordedthehighestturnout of 81.47%, while Siwan in Bihar recorded the lowest at 48.05%. Of the 58 seats which went to polls on Saturday, 14 were in Uttar Pradesh, 10 in Haryana, 8 each in Bihar and West Bengal,7 in Delhi,6 in Odisha, 4 in Jharkhand, and one in Jammu and Kashmir.Pollingwas also held for 42 Assembly constituencies in Odisha. In 2019,BJPhadwon 40 of these 58 seats, the BSP and BJD had won foureach,TMCandJD(U)threeeach, and SP,LJP,NC andAJSU one each. The turnout was 54.03% in UP; 58.24% in Haryana; 53.02% in Bihar; 78.19% in West Bengal; 54.37% in Delhi; 59.92% in Odisha,and 62.66% in Jharkhand. Continued on Page 2 INSIDE See also PAGE 18 CAPTURING THE NUMBERS ALL-INDIA TURNOUT*: 59.05% States Phase 6 seats Bihar Haryana J&K Jharkhand NCT of Delhi Odisha Uttar Pradesh West Bengal Total Candidates 8 10 1 4 7 6 14 8 58 86 223 20 93 162 64 162 79 889 Turnout* (%) 53.00 58.33 52.28 62.74 54.48 60.07 54.03 78.19 * Till 7.45 pm EC releases seat-wise no. of voters in first 5 phases EXPRESS NEWS SERVICE New Delhi, May 25 FACING CRITICISM—AND a case in the Supreme Court—the Election Commission (EC) on Saturday released the absolute number of electors who cast their votes in each constituency in the first five phases of the ongoing Lok Sabha elections, even as it said there was “a pattern of false narratives and mischievous designs to vitiate the electoral process”. Unlike in 2019, when the EC released and later removed data on votes cast from its website due to alleged discrepancies between the provisional number of votes cast and those counted,the commission only released the total number of electors and turnout percentage aftereach phase ofvoting this time. Responding to a question on doubts being cast on the turnout of voters in the elections, Chief Election CommissionerRajivKumaron Saturdaysaid it is some people’s job to create doubts and asserted the systems in place at the Election Commissionarestrongtoensureno mistakes creep in. “Our system is strong, not from today, it has been there for the past 70-72 years,” he told PTI Videos. “All I can say is that there is no mistake in this, nor can there be any mistake,” Kumar said. “But why did these doubts arise, how were they created, and how much negative impact it has on our voting and the atmosphere, how ourentire energyis diverted,wewill definitely tell this to the country one day,”he added. The EC’s silence on the absolute number of voters this time had led to an interim application filed by NGO Association for Democratic Reforms (ADR) in the Supreme Court, seeking directions to the EC to compile and publish this data on its website after each phase and also upload Form 17C for each polling booth. Continued on Page 2 IN A DEVELOPMENT that might push bankrupt airline Go First closer to liquidation, EaseMyTrip's CEO Nishant Pitti on Saturday announced he has decided to withdraw his bid for the airline. “We have decided to withdraw from GoAir bid to concentrate on ourcoreareasofstrength.Ourfocus remains onleveragingourexpertise and resources to achieve sustainable growth and success,” Pitti said in a post on X. The move comes after Delhi High Court’s order last month, allowing lessors to deregister and take possession of 54 Go First planes. This made it tough for bidders to attempt a takeover,and also dashed hopes of lenders to the airline to get good value in the bids. Pitti’s bid was through Busy Bee Aviation (BBAPL), a joint venture with SpiceJet MD Ajay Singh. Pitti’s decision also coincides with his online travel firm posting a `15-crore net loss during the January-March quarter against a `31crore net profit in the same quarter of the previousyear.Pitti attributed theone-timelosstowrite-offs associated with Go First’s dues.In total, `74 crore has been written off that GoFirstowedtheventure,headded. With Pitti pulling out, it is unclear if Ajay Singh will continue with the bid in an individual capacity. The future of BBAPL is also uncertain with its majority stakeholder backing off. However, the second bid, filed by Sharjah-based Sky One,remains. Go First stopped flying on May 3, 2023, and its plea for voluntary insolvency resolution proceedings was admitted by the National Company Law Tribunal on May 10 last year. The airline, which was owned SHAKY GROUND ■ With Pitti pulling out, it is unclear ifAjay Singh will continue with bid in individual capacity ■ Pitti’s decision coincideswith EaseMyTrip posting `15-cr net loss during Jan-March quarter ■ Move comes after Delhi HC order allowing lessors to deregister and take possession of54 Go First aircraft NISHANT PITTI, CEO, EASEMYTRIP OUR FOCUS REMAINS ON LEVERAGING OUR EXPERTISE AND RESOURCES TO ACHIEVE SUSTAINABLE GROWTH AND SUCCESS” by the Wadia group, is also embroiled in a legal battle with Pratt &Whitney at the Singapore Court of Arbitration. In this case, the airline has claimed about `8,000-crore compensation, blaming its bankruptcy on the failure of P&W engines that forced it to ground many aircraft. The nowdefunct airline owes its creditors more than `6,200 crore. Central Bank of India, Bank of Baroda and IDBI Bank are the secured creditors, with admitted claims of `1,934 crore, `1,744 crore and `75 crore,respectively. New treaty to Paytm withdraws guard traditional application for knowledge insurance licence ABOUT 25 YEARS after the proposal was first mooted to put in place systems globally to prevent grant of patents on traditional knowledge, members of World Intellectual Property Organisation (WIPO) have adopted a treaty, reports Mukesh Jagota. The treaty prevents patents from being granted erroneously for inventions that are not novel or inventive with regard to genetic resources and traditional knowledge. ■ PAGE 3 ONE97 COMMUNICATIONS on Saturday said an associate company, Paytm General Insurance Limited (PGIL), has withdrawn its general insurance licence application with the Insurance Regulatory and Development Authority of India (IRDAI), reports FE Bureau. The company informed the stock exchanges the move will help it conserve cash to the tune of `950 crore, which had been set aside for an investment in PGIL. ■ PAGE 3 With premium offerings, dark rum finds its sweet spot ● Barrel-aged to craft, new offerings going beyond low-cost tag KUNAL DOLEY New Delhi, May 25 DARK RUM IS having its moment in India. Having been associated with aniconicbrandfordecadesandotherwise perceived to be a low-cost option, the alcoholic beverage is now going beyond being labelled a college cocktail favourite or a defence canteen staple to finding a sweet spot among connoisseurs as a niche,premium product. “Consumers today are willing to experiment and try something innovative and unique. They are drinking less but better. Further, with the increasing cocktail trend and the use of rum as a versatile ingredient to experiment with, the demand for premium rums is also increasing,”saidAbhishek Khaitan, managing director of Radico Khaitan, a leading manufacturer of Indian made foreign liquor (IMFL). The companyrecentlylaunched a new dark rum variant, Kohinoor Reserve, crafted through smallbatch distillation and using only fresh cane juice “during the north Indian winters”.“The rum is then matured in American oak barrels previously used for maturing our Indian single malt,followed by further maturation in Cognac XO and Vermouth casks,”Khaitan added. Amarket leader in the dark rum GROWING DEMAND ■ India's rum market ■ Camikara, an Indian dark rum brand, wins gold medal at prestigious IWSC Awards 2023 ■ Today's consumers willing to experiment, try innovative and unique drinks projected to grow 6.75% to reach $1.6 bn by 2028 ■ Rum's perception changing from winter-only to all-season drink due to its versatility segment in India with its legacy brand Contessa Rum,Radico Khaitan underwent a transformative shift in the premium segmentwith the introduction of 1965 Spirit of Victory Rum in 2017.“In FY202223,the brand reached a significant milestone of surpassing 1 million cases in annual sales, further establishing its market dominance,”said Khaitan. Similarly, Piccadily Distilleries, an independent manufacturer and seller of malt spirits in India, launched Camikara, a limited-edition sipping rum aged in ex-bourbon barrels for 12 years, in 2022. “This exceptional spirit,bottled at a strength of 50% ABV and containing no added sugar, flavour, or colour, made history by becoming the first and onlyIndian rum towin agoldmedalattheprestigiousIWSC Awards2023,”saidPraveenMalviya, CEO,IMFL,PiccadilyDistilleries. Camikara12YOispricedaround `6,000 for a 750ml bottle,which is a far cry from the traditional dark rum offerings that can be had for `500-800. Building on the success of the 12-year-oldvariantandin response to the burgeoning demand for premium rum offerings, the company expanded its rum portfolio in November last year with the introduction of Camikara 3YO, a 100% pure cane juice rum aged in American oak barrels for three years. Camikara 3YO is available for `1,500 a bottle (750 ml) in Delhi. Meanwhile,StilldistillingSpirits, the creators of Goa-based Maka Zai premium craft rum, launched Mesma, a limited-release barrelaged rare rum, in May last year.The launch of only600 bottles (priced at `3,600/ 750 ml bottle) in the Goan marketmarkedthebrand’stwo-year journeysince its inception in 2021. Similarly, Amrut Distilleries launched Two Indies—a premium and natural dark rum made from Indian jaggery—a year ago. Continued on Page 2 Kolkata