OPINION, P10 WELL BEING With emerging pathogens like SARS-CoV-1 and monkeypox, do we need to re-evaluate the vaccines we get, particularly for adults? Page 7 Kovind Committee report: Dead on arrival MIND & GAMES Exposing the larger costs of what we eat Page 11 The hidden toll of food to environment THE STINGING TRUTH ACROSS THE AISLE, P CHIDAMBARAM VOL. XXI, NO. 5 WORDS WORTH Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM SAURABH KIRPAL KOLKATA SUNDAY, SEPTEMBER 22, 2024, 16 Pages, `12 (NE States `13, Andaman `17) 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 , ● Say our medals not valued as much as the Olympics ■ SPOTLIGHT, P8-9 Coliseum of champions With a legacy of producing Olympic medallists and a rigorous training regimen that blends tradition with modernity, Chhatrasal Stadium in Delhi is a sought-after name in the wrestling world. Here’s how the sporting facility is acing the akhada game ■ LEISURE, P5 When streetwear meets storytelling Smallcap indices delivered returns ofup to 34% during the same period. All 13 constituents ofthe BSE Power Index posted positive returns, ranging from 25.5% to 118.5%. Compiled by Kishor Kadam Top sectoral gainers (YTD return in %) 45.9 41.3 39.9 39.3 39.3 haul of 29 medals, including seven gold,the Indian paralympic contingent is all praise for the support it received from the government, but notsomuchforthecorporatesector. When FE spoke with athletes from the 84-member contingent, theywere unanimous that there is a need to improve corporate back- Realty Telecom Power stocks performance 25.5 Adani Green Energy Adani Power 26.7 33.8 Tata Power 36.3 NTPC BHEL NHPC Power Grid Corp CG Power ABB India Siemens JSW Energy 37.6 43.8 46.8 64.3 64.9 70.0 91.3 103.9 (YTD return in %) 118.5 M U M B A I , NISHAD KUMAR High jump Adidas, Bisleri Rio 2016: 4 Tokyo 2020: 19 AVANI LEKHARA Shooting Puma, brand ambassador of'Beti Bachao, Beti Padhao' campaign by Rajasthan govt SUMITANTIL Javelin throw Adidas, Country Delight Paris 2024: 29* *India secured a spot in top 20 at rank 18 ing, as sponsorships are far and few, and not every athlete is the recipient of such support. Twotime silver medallist in discus throw Yogesh Kathuniya was cat- egorical in stating: “The government has supported us and has been inclusive. Corporates are not that inclusive as yet because our medal does not hold as much value to them as that of the Olympics.This is the truth.” Even after the 2024 Paris Paralympics which yielded seven gold as compared to none in the MODI ARRIVES IN US ON 3-DAY VISIT Quad is key for stability, peace in Indo-Pacific: PM platform of like-minded countries focusing on peace and prosperityin the Indo-Pacific region,Prime Minister Narendra Modi said on Saturday before embarking on a threeday visit to the US to attend a summitofthegroupingandaddress akeyconclaveattheUnitedNations. Modi arrived in the US on Saturday evening Indian time, and will holdseparatebilateralmeetingswith US President Joe Biden and other leaders on the margins of the Quad summit in Wilmington, Delaware, andthe‘SummitoftheFuture’atthe UN GeneralAssemblyin NewYork. Continued on Page 2 THE ITINERARY Sept 21 (Delaware) ■ Participation in fourth Quad Leaders’ Summit ■ Bilateral meetings with leaders from US, Japan and Australia; signing of two pacts with US—IPEF & MoU on India-US drug framework Sept 22 (New York) ■ Interaction with CEOs of leading US-based companies ■ Address Indian community Sept 23 (New York) Prime Minister Narendra Modi greeted by the Indian diaspora upon his arrival in Philadelphia, US, on Saturday Byju’s‘borrows’funds to pay salaries in part FE BUREAU Bengaluru, September 21 BYJU RAVEENDRAN, COFOUNDER of troubled edtech firm Healthcare L U C K N O W , Existing brand deals THE QUAD HAS emerged as a key Power sector stocks emerge top performers Suzlon Energy Torrent Power K O L K A T A , AGENCIES New Delhi/Washington, September 21 How brands are redefining casual fashion by focusing on self-expression, limited-edition releases and community building, and combining them with immersive tech experiences Source: Bloomberg K O C H I , India's medal tally at the Paralympics BACK FROM PARIS with a best-ever Auto H Y D E R A B A D , HIGHER ON THE PODIUM REWATI KARAN New Delhi, September 21 Power READ TO LEAD N E W D E L H I , P U N E Paralympians rue lack of corporate support WHAT'S INSIDE WITHA45.9% year-to-date return in 2024, the BSE Power Index emerged as the top performer among 20 sectoral indices. In comparison, the benchmark indices Sensex and Nifty gained up to 19%,while the broader BSE Midcap and ‘It’ going to be a long time before quotas can be done away with’ Page 4 Byju’s, assured staff in a letter on Saturday that he had“managed to borrow some funds” and they would receive a small payment as part of their pending salaries by this weekend. In an email sent to teachers, reviewed by FE, Raveendran acknowledged the long-standing delays in salary payments and BYJU RAVEENDRAN CO-FOUNDER, BYJU'S THIS IS NOT NEARLY WHATYOU DESERVE, BUT IT IS WHAT I CAN OFFER RIGHT NOW ■ Participation, address at Summit of the Future, UNGA X ● GURU’S GUIDANCE issued an apology for the financial strain placed on the staff. While part-payments were reportedly made for April and May, the company is yet to disburse full payments for previous months, including February and March. “I owe you an apology.You have given your best, yet we have not been able to compensate you for yourwork.This is not right,and for that, I am truly sorry,” he wrote in the email. Raveendran described the past three months as “a perfect storm of legal battles, financial uncertainties, and challenges none of us ever expected”. He revealed that Byju’s is currently navigating an insolvency process, which the company has challenged in court. Atishi taking blessings from Aam Aadmi Party national convenor Arvind Kejriwal after taking oath as the 8th chief minister of Delhi ANI on Saturday, as LG VK Saxena looks on ■ REPORT ON PAGE 2 Continued on Page 2 Brands backing paralympians IOC, Hero Honda, LIC,Axis Bank, SBI, Shrachi Group, Forza Medi India, Krafton India YOGESH KATHUNIYA Discus throw Performax Olympics, reportedly there have been no fresh brand deals foranyof the paralympians. Continued on Page 2 OYO to buy US hotel brand in $525-mn all-cash deal FE BUREAU Bengaluru, September 21 TRAVELTECH UNICORN OYO is set to acquire G6 Hospitality, the parent companyof iconic budget hotel brands Motel 6 and Studio 6, from Blackstone Real Estate for $525 million in an all-cash deal. The acquisition is expected to bolsterOYO’s international expansion plans. The IPO-bound company entered the US market in 2019 and currently operates over 320 hotels across 35 states.It aims to add 250 hotels to its US portfolio in 2024. Blackstone acquired Motel 6, which was founded in 1962, from French lodging giant Accor SA in 2012 in a $1.9-billion deal.Today, Motel 6’s franchise network produces gross room revenues of $1.7 billion, which generates a strong fee base and cash flow for G6.OYO will leverage its comprehensive technology suite as well as its global distribution network and marketing expertise to further strengthen the Motel 6 and Studio 6 brands and drive continued financial growth,the companysaid in a statement. The transaction is expected to close in the fourth quarter of 2024, subject to customary regulatory approvals. “This acquisition is a significant milestone for a startup company like us to strengthen our international presence. Motel 6’s strong brand recognition, financial profile, and extensive US network, combined with OYO’s entrepreneurial spirit,will be instrumental in charting a sustainable path forward,”Gautam Swaroop,CEO,OYO International,said. Last month, OYO announced it turned profitable in FY24,posting a netprofitof`229.5croreinFY24as against a net loss of `1,286.5 crore in FY23. The travel tech company offers over 40 integrated products and solutions to patrons who operate over 1,75,000 hotel and home storefronts in more than 35 countries, including India, Europe and Southeast Asia. Punch zooming ahead to emerge as highest-selling car this year Nexon 106,517 111,350 113,870 Scorpio Swift 116,315 Dzire Baleno Ertiga 116,085 January-August 2024 sales (in units) 122,659 124,019 125,460 Brezza 142,072 132,309 Creta THE PUNCH IS expected to emerge as the highest-selling Indian car in 2024—a first time forTata,as well as for a non-Maruti Suzuki vehicle. During January-August, the Punch—a micro-SUV priced from `6.12 lakh-`9.99 lakh—has sold 142,072 units, at a monthly average of 17,759 units, and leads the second-placed Maruti Suzuki Wagon Rbya substantial margin of HOWTHEY STACK UP Wagon R VIKRAM CHAUDHARY New Delhi, September 21 9,763 units (the Wagon R sold 132,309 units during the period). In the remaining four months of this calendar year, the Wagon R—selling at a monthly average of 16,539 units—is unlikely to catch up with the Punch, despite marginally falling sales of the latter. The Punch sold 17,978 units in January,18,438 (February),17,547 (March), 19,158 (April), 18,949 (May), 18,238 (June), and 16,121 (July). In August, however, sales dropped 3% month-on-month, to 15,643 units,but these are likelyto pick up after Tata launched the updated Punch onTuesday—when the carmaker revised the petrol engine line-up,increased the number of CNG variants, and added Punch ● First for Tata as well as non-Maruti Suzuki vehicle Source: SIAM, Companies new features to mid-range and top-end models. Tata also reduced the price of the top variant by `20,000 (from `10.19 lakh to `9.99 lakh), and announced additional benefits up to `18,000 for a limited period on the Punch. Sales of the Wagon R have marginally increased in July and August over May and June, but there isn’t any novelty factor to boost sales in the remaining part of the year—as its facelift isn’t expected anytime soon. This hatchback sold 17,756 units in January,19,412 (February),16,368 (March), 17,850 (April), 14,492 (May),13,790 (June),16,191 (July), and 16,450 (August). At the third and fourth positions this year till now are Hyundai Creta (125,460 units sold) and Maruti Suzuki Brezza (124,019 units sold), respectively, but they are too far behind to catch up with the Punch in the remaining four months of the year. The rest of the top-10 is rounded off by Maruti Suzuki’s Ertiga (122,659 units), Baleno (116,315), Dzire (116,085) and Swift (113,870), followed by Mahindra Scorpio (111,350) and Tata Nexon (106,517). A brief scare to the podium position of the Punch happened in May, when the all-new Swift— launched on May 9—sold a whopping 19,393 units in just 23 days and became India’s largest-selling car briefly, but sales have since then been reducing, from 16,422 units in June, to 16,854 units in July,to just 12,844 units inAugust. Maruti Suzuki is expected to launch the all-new Dzire later this year, which will boost the sales of this sub-4 metre sedan, but its overall sales are far too less than the Punch to play catch-up. Automotive analysts told FE that 2024 will be the first year in decades when a non-Maruti Suzuki carwill top the sales charts. Continued on Page 2 Kolkata