OPINION, P10 WELL BEING FE LINES HOW TO EXERCISE SAFELY IN THE SWELTERING HEAT All the world’s a stage… Fact check fail X's Community Notes fact-checking was pointless during India’s elections Page 6 What are the tips you can follow to work out when it’s really hot outside? Find out from the experts Page 9 ACROSS THE AISLE, P CHIDAMBARAM VOL.NO.XIII SL.NO.77 LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM WHYARIJIT SINGH RULES SPOTIFY FINANCIAL EXPRESS ON SUNDAY CHENNAI/KOCHI SUNDAY, JUNE 9, 2024, 12 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 , Hindi, regional music taking pride of place on streaming services Page 7 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , M U M B A I , N E W D E L H I , P U N E Sponsorship for Indian Olympians up 2000% in decade WHAT'S INSIDE ● At `50 crore, Paris team gets double of Tokyo’s KUNAL DOLEY New Delhi, June 8 TEAM INDIA HEADED to the Paris Olympics is off to a flying start—at least on the sponsorship front.The Indian Olympic Association (IOA) has managed to secure about `50 crore in sponsorship revenue already from reputed brands and establishments. This is about double the figure achieved (`24 crore `28 crore) for the Tokyo Games in ■ SPOTLIGHT, P5 SPORTSMAN SPIRIT ■ Major sponsors this year: Reliance Foundation, JSW, Yes Bank, Ebco, Puma, Adani Sportsline, Aditya Birla Capital Before Rio 2016 `2 cr-`2.5 cr Rio 2016 `12 cr 40-50brands to do campaigns involving Tokyo 2020 `24 cr-`28 cr athletes & digital platforms in the coming days Paris 2024 `50 cr 2020, and a whopping 2,000% from pre-Rio 2016. The growth in sponsorships and brand deals on the talent side has been significant especially for OlympicmedalistsSaikhomMirabai PM TO SEND COUNCIL LIST BEFORE CEREMONY Beyond fairies & superheroes All set for swearing-in The kid-lit space is undergoing a churn. Writers are exploring themes like loss & grief, disease, sexuality, even war & violence, which were earlier considered ‘heavy-duty’ and hence swept under the rug Chanu (weightlifting), Lovlina Borgohain (boxing), Manpreet Singh (hockey), Harmanpreet Singh The eternity of hope A timely & powerful documentation of how, amid all the struggles, people of India have fought to defend democracy (hockey)andexceptionalperformers such as Manika Batra (table tennis) and Manu Bhaker (shooting). Some of the major sponsors and brands that have come on board forthe IOA include Reliance Foundation, JSW, Yes Bank, Ebco, Puma,Adani SportslineandAdityaBirlaCapital.“Fortalent endorsements, we have partneredwithbrandssuchasDomino’s, AdidasGlobal,Nike,Asics,RBLBank, Amrutanjan,OnePlus,Red Bull,Bisleri, Britannia, Royal Enfield, Nothing Tech, Herbalife, Puma and Evocus, to name a few,” said Neerav Tomar, MD of IOS Sports & Entertainment, the official marketing agencyforthe IOA. Continued on Page 2 FPIs dump financials, FMCG, IT; buy capital goods, telecom stocks IN THE FIRST five months of 2024, foreign portfolio investors (FPIs) have offloaded shares worth $12.7 billion (`1.06 trillion) from financial services, FMCG, IT, oil and gas, and seven other sectors. Data sourced from NSDL showed that FPIs were buyers of capital goods, consumer, telecom, services, and eight other ■ WORDS WORTH, P4 ODD & EVEN L U C K N O W , sectors amounting to $9.9 billion (`82,386 crore) during this period. Overall, they were net sellers to the tune of $2.8 billion (`23,364 crore) between January and May 2024. In the same period of 2023, FPIs were net buyers of Indian equities worth $3.5 billion (`29,258 crore). Compiled by Kishor Kadam ROHNIT PHORE A car convoy takes part in a route rehearsal on Kartavya Path in New Delhi on the eve of the swearing-in ceremony, on Saturday EXPRESS PHOTO BYTASHI TOBGYAL ● Talks on for ally portfolios; key berths may remain with BJP LIZ MATHEW & JATIN ANAND New Delhi, June 8 VIKRAM CHAUDHARY New Delhi, June 8 SLOWING DOWN ONCE A DARLING of the masses, (in %) 27.7 34.4 37.5 45.6 46.5 46 47.4 FY24 FY23 FY22 FY21 FY20 FY19 Continued on Page 2 FY18 hatchback cars are now falling out of favour. The market share of hatchback cars to overall passenger vehicles (PVs) has dropped from 47.4% in FY18 to just 27.7% in FY24, latest data collated from the industry shows. In FY18, as many as 1,558,787 hatchbackswere soldin a total market of 3,288,581 PVs. In FY24, this dropped to 1,168,593 hatchbacks in a total market of 4,218,746 PVs. This implies a sales drop of 25% for hatchbacks from FY18 to FY24, even as the PV market grew 28% during the same period. Automotive analysts said the fall can be attributed to the general rising interest in SUVs, but more specifically due to rising sales, and more model launches of sub-4 metre SUVS, which are marginally more expensive than hatchbacks, especially premium hatches. Although a lot of SUVs had been launched starting 2015-16— including Hyundai Creta—hatchbacks got hit starting 2019-21 when sub-4 metre SUVs started arriving one after another. The market share of hatchback cars to PVs was a high 47.4% in FY18,46%inFY19,46.5%inFY20, and 45.6% in FY21, around the timewhen thereweren’t manysub- Share of hatchbacks in PVs Jan 3,521 5,317 1,419 4,238 Feb Mar Apr -2,776 In a statement issued by the President’s office, Muizzu said he looked forward to working with BANGLADESH PRIME MINISTER Prime Minister Modi to further Sheikh Hasina arrived in Delhi on strengthen the tieswith India,notSaturday,beingthefirstoftheseven ing that Maldives-India relations foreign leaders to are “heading in the reach India to attend Maldives President positive direction”. the swearing-in cereThis is an important Mohamed Muizzu mony of Prime Minissignal to New Delhi confirms visit, ter Narendra Modi for that Male is keen to signals better ties his third term. repair bilateral ties, Maldives President which suffered a setMohamedMuizzualso back since Muizzu confirmed his visit as he accepted rode to power last year over an theinvitation,whichwaspersonally anti-India plank. delivered by the Indian High Commissioner in Male. Continued on Page 2 -3,064 SHUBHAJIT ROY New Delhi, June 8 -1,038 Foreign leaders arrive 960 186 PTI -639 Bangladesh PM Sheikh Hasina arrives in New Delhi on Saturday 2024 May FPI TOP BUYERS FPI TOP SELLERS Capital goods Consumer services -6,541 Total ($ mn) Telecom Services Realty 2,168 ($ mn) 2,068 1,928 1,145 922 (Between January and May 2024) Financial services -1,551 FMCG -1,236 IT -1,233 Oil & gas and consumable fuels -767 Construction Source: NSDL Not just politicians, counting day upset MF investors too ● Could not cash in on market crash due to payment glitches 4 metre SUVs in the market. In FY22, this ratio dropped sharply to 37.5%, and further to 34.4% in FY23, and just 27.7% in FY24, largely because sub-4 metre SUVs such as Hyundai Venue, Kia Sonet,Toyota Urban Cruiser,Nissan Magnite, and Renault Kiger were launched in quick succession. These vehicles were just 1020% more expensive than premium hatchbacks such as Maruti Suzuki Baleno. FPI NET EQUITY INVESTMENTS ($ million) 2023 -3,098 Hatchbacks lose market share to compact SUVs MINISTER-DESIGNATE Narendra Modi, set to take oath for a third consecutive term on Sunday as the head of an NDAgovernment, is expected to hand over the list of ministers in his council a few hours aheadofthe swearing-inceremony, scheduled for7.15 pm at Rashtrapati Bhavan. The BJP, 32 seats below the majority mark, will need the support of its allies, INSIDE especially TelDesam CWC urges ugu Party (TDP) and Rahul to Janata Dal be LoP (United).Indeed, top BJP leaders, Wait and including Amit watch: Shah and RajMamata nath Singh, alongwith party ■ PAGE 2 national president JP Nadda, have been in consultations with TDP’s Chandrababu Naidu, JD-U’s Nitish Kumar, and Shiv Sena's Eknath Shinde, to work out how best to accommodate them in the Council of Ministers. -3,536 PRIME VIVEK KUMAR M Mumbai, June 8 HOPINGTO PROFIT duringthemar- ket crash on Tuesday as election results were announced, many mutualfundinvestorswereshocked toseethattheirallotmentsreflected not that day’s net asset value (NAV), but the next day’s,when the market recovered half its losses. The issue was largely faced by a TRADING TROUBLE ■ Issue largely faced by investors using Zerodha, Groww ■ 2-3% of transactions on its platforms impacted, as per Zerodha ■ Investors say purchases reflected Wednesday's NAV, when market recovered half of Tuesday's losses ■ BSE and its subsidiary ICCL, however, say no delay in processing of orders at their end section of investors using discount broking platforms like Zerodha and Groww. A spokesperson from Zerodha told FE that 2-3% of trans- actions on its platforms were impacted.“We work with multiple payment aggregators, and one of them faced issues on Tuesday. We do not have control over payment reporting since the broker-level funds pooling mechanism was discontinued in 2022,” said Neelesh Verma, product head andAVP,Coin by Zerodha,in a statement. Benchmark Nifty50 and Sensex had tumbled over 8% during the trading onTuesday,recording their biggest intraday decline in four years, as counting of votes for Lok Sabha elections sprung a surprise verdict with the Bharatiya Janata Party(BJP) failing to secure a majority.However,the BJP-led NDAcoalition comfortably crossed the majority mark. Many investors saw the sharp decline as an opportunity to enter themarket.AspertheSecuritiesand Exchange Board of India’s regulations, for any purchase transaction received up to cut-off time of 3 pm on a business day, the same day’s NAV shall be applicable. However, mutual fund investors alleged that this did not happen on Tuesday. Scores of investors complained on social media platforms that their purchases reflected Wednesday’s NAV, when the market had recovered half of Tuesday’s losses. BSE and its wholly-owned subsidiary Indian Clearing Corp (ICCL) clarified that there was no delay in processingoftheordersattheirend. 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