Wholesale inflation rises to record 11.39% in sEPTember India’s Wholesale Price Index (WPI)based inflation rose to 11.39% in September, compared to 9.92% in August, official data showed THIRUVANANTHAPURAM l thursday l october 15, 2026 l `10.00 l PAGES 18 l LATE city EDITION The WPI has been on an upward trajectory since the start of this fiscal year as the blockade of the Strait of Hormuz pushed up crude and fertiliser costs with a spillover effect on food and commodities The rise in the prices of food, manufactured items, fuel and power contributed to September’s higher figure. Inflation in the food index rose to 8.66% in September from 7.05% in August. In manufactured items, WPI was at 9.76%, higher than 8.37% in the previous month. CHENNAI ■ MADURAI ■ VIJAYAWADA ■ BENGALURU ■ KOCHI ■ HYDERABAD ■ VISAKHAPATNAM ■ COIMBATORE ■ KOZHIKODE ■ THIRUVANANTHAPURAM ■ BELAGAVI ■ BHUBANESWAR ■ SHIVAMOgGA ■ MANGALURU ■ TIRUPATI ■ TIRUCHY ■ TIRUNELVELI ■ SAMBALPUR ■ HUBBALLI ■ DHARMAPURI ■ KOTTAYAM ■ KANNUR ■ VILLUPURAM ■ KOLLAM ■ TADEPALLIGUDEM ■ NAGAPATTINAM ■ THRISSUR ■ KALABURAGI Fairfax to buy 61% stake in IDBI Bank Canada-based firm to invest H52,878 cr at H81 per share P U S H P I TA D E Y @ New Delhi THE Centre has approved the sale of a controlling stake in IDBI Bank to M/s 10955230 Canada Inc, a subsidiary of Canada-based Fairfax Financial Holdings. The proposed transaction is valued at `52,878 crore—the largest foreign investment in an Indian bank -- with the government and Life Insurance Corporation of India selling a combined 60.72% stake at `81 per share, against the reserve price of `75.99. “This is a strategic restructuring, as the government would remain invested,” Finance Minister Nirmala Sitharaman said. Founded by Indian-origin billionaire Prem Watsa, Fairfax currently holds a 40% stake in CSB Bank through its subsidiary FIH Mauritius Investments Ltd. Fairfax will have to either sell its stake in CSB or merge the Kerala-based bank with IDBI within two years as RBI regulations don’t allow an entity to own two banks. The share purchase agreement of the IDBI restructuring will be signed and ex- ecuted by the end of 2026. The government and LIC currently hold 94.71% stake in the bank. After the transaction, the government and LIC’s shareholding will be 15% and 19%, respectively, with the LIC’s stake set to be reduced further to 15% within two years. The bank will be rebranded within three years under its new promoter. The strategic disinvestment process began in 2022, but the initial bidding process in 2025-26 failed to attract a successful bid. The reserve price for the initial round was `94.42 per share. The government arrived at the latest reserve price of `75.99 per share by taking the average valuation of two methods—the Market Multiple Method and the Asset Valuation Method. “The stock market price of IDBI Bank was not used directly to determine its intrinsic value, citing volatility in the relatively thinly traded stock. Its share price fluctuated between `61.01 and `118.38 during the valuation period, moving both above and below the bid offer price,” the finance ministry said. `2,000 crore bonus for 11 lakh rly staff R A J E S H K U M A R T H A K U R @ New Delhi THE Union Cabinet, chaired by Prime Minister Narendra Modi, on Wednesday approved a productivity-linked bonus (PLB) equivalent to 78 days’ wages worth `2,009.61 crore to around 11 lakh railway employees ahead of the festive season. Payment of PLB to eligible railway employees is made each year before the Dussehra and Diwali holidays. The Cabinet also extended the National Social Assistance Programme for five years till 2030-31, with an outlay of `53,428 crore. The scheme will be renamed Pradhan Mantri Samajik Sahayata Yojana. Under the revised norms, monthly assistance under the disability pension scheme will be `375 for beneficiaries aged up to 79 years and `625 for those above 80. The minimum benchmark disability requirement will be reduced from 80% to 40%. int’l terror link suspected in arson near synagogue A b hirami A n i l @Kochi The arson incident near the Kadavumbhagam synagogue in Kochi — initially thought to be an isolated case — is now being probed for possible international terror links, with investigators reportedly finding communications with an unidentified handler, references to other potential targets, and indications of cryptocurrency payments on the phone of the 32-year-old man arrested in the case. The accused, Ebin B Paul, a native of Puthencruz, allegedly arrived at Blossom Nursery near the synagogue on Market Rubio to visit India amid trade talks J aya n th J a c o b @ New Delhi US Secretary of State Marco Rubio will begin a five-day visit to India and Uzbekistan on Saturday with energy coop, eration, trade negotiations and bilateral ties likely to feature prominently in discussions amid persistent differences over tariffs and India’s purchases of Russian oil. Rubio will visit Mumbai and Jamnagar in India before travelling to Samarkand in Uzbekistan. In Mumbai, he will meet External Affairs Minister S Jaishankar for talks on bilateral ties and areas of cooperation. The visit comes as India and US seek to advance trade talks despite strains over tariff policies, and amid President Trump’s claims of having brokered an India-Pakistan ceasefire and a US military attack on a ship off Oman, killing three Indian seafarers.  ● More on P10 18 pages, including 4 pages of THIRUVANANTHAPURAM Express Road in a car around 2.30am on Monday , poured petrol on the premises and set banners and flex boards on fire. He allegedly recorded the incident on his phone before fleeing, the police said. “The main accused was nabbed within hours. A detailed investigation will be conducted on the suspicion of international terror links,” a police statement said. Kochi City Deputy Commissioner of Police (DCP) Arun K Pavithran, who is supervising the probe, said the preliminary investigation has revealed several suspicious elements, and that central agencies, including the NIA, are ● More on P7 involved in the probe.  ‘Global support vital for Tamils hit by SL conflict’ them. More than anything, they (affected Tamils) want to know Speaking about the role of the what happened to their loved international community in en- ones in the war,” she said. suring justice for the Tamils afIn a telephonic interaction fected by the civil war in Sri with TNIE, the ad hoc judge of Lanka, this year’s Nobel Peace the International Court of JusPrize winner Navanethem tice (ICJ), who has been “Navi” Pillay strongly ada champion of internavocated for the global comtional legal order her munity to sustain a supentire life, also spoke portive environment for about her roots in Tamil the affected community . Nadu’s Vathalagundu “When I was the UN and the persistence of Navanethem High Commissioner for caste discrimination. Pillay Human Rights, I visited Praising India’s ConstiJaffna. The issue must be tution and affirmative kept alive and the solution is to action in education, she urged ensure a supportive environ- those still practising caste disment for the demands of the af- crimination to reflect on their fected people, whether they seek actions. “Treating everyone a separate state or justice for the equally is part of our culture, crimes that were committed. and we must bring that quality The world wants to support out,” she said. S u b ashi n i V ijayakumar @ Chennai EXPRESS READ Cheruvayal Raman passes away at 74 Kalpetta: Cheruvayal Raman, 74, the ‘guardian of native paddy’ who single-handedly protected more than 55 indigenous rice varieties that were at the risk of extinction, passed away in Kozhikode on Wednesday. P6