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By Arasu Kannagi Basil (Reuters) -Shares of Fermi were indicated to open 31% above the offer price in their Nasdaq debut on Wednesday, giving the data center real estate investment trust a potential valuation of nearly $16.3 billion. The Amarillo, Texas-based company's stock was likely to open at $27.55, compared with the offer price of $21. While development-stage firms have gone public before, its unusual for a company under a year old with no revenue to pursue an IPO at a $10 billion-plus valuation. "It (Fermi's IPO) speaks to the gold rush happening in AI infrastructure right now. It's a cash geyser," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. Fermi sold 32.5 million shares at $21 each in an upsized IPO, after marketing them between $18 and $22. Founded in January 2025, Fermi secured a $12.5 billion valuation in the IPO, just months after issuing convertible bonds at a valuation of $3 billion. "Demand for AI-driven infrastructure — and Fermi's plan to pair it with its own modern power sources — has investors intrigued," said Troy Hooper, co-head of equity capital markets, Americas, at Mergermarket. "The company's political ties are seen as another tailwind." Co-founded by former Texas Governor and U.S. Energy Secretary Rick Perry, Fermi has bold ambitions. The company is aiming to build the world's largest energy and data complex, powered by nuclear, natural gas and solar. BUILD IT, THEY WILL COME Project Matador, Fermi's flagship project, is expected to deliver 1.1 gigawatt of power by 2026 end and up to 11 GW at scale. A gigawatt of power is roughly half the Hoover Dam's full generating capacity, according to the U.S. Department of Energy. Last month, Fermi entered a non-binding letter of intent with its first tenant for a 20-year agreement. Still, it does not expect tenant revenue to commence until 2027. "Any investor buying Fermi will need to have a mindset of "if you build it, they will come," Kennedy said. Analysts said execution will be key to sustain market enthusiasm, with investors expected to closely scrutinize signed contracts and progress on its ambitious buildout. A successful listing could pave the way for other long-duration, capital-intensive AI infrastructure bets, according to Hooper. Still, some caution persists. "History offers a cautionary note: many pre-revenue IPOs during the Dot-com era and the recent SPAC boom failed to live up to the hype and ended poorly," Hooper said. (Reporting by Arasu Kannagi Basil in Bengaluru; Editing by Arun Koyyur)

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By Gabriel Araujo and Luciana Magalhaes SAO PAULO (Reuters) -Brazilian cryptocurrency firm OranjeBTC is scheduled to begin trading on the local stock exchange B3 next week as it tries to challenge the dominance of fintech Meliuz, the first listed firm to have a bitcoin treasury strategy in the country. OranjeBTC's goal is to attract more local investors, thus expanding its treasury reserve, and teach stockholders about the bitcoin market using their own learning platform, founder and CEO Guilherme Gomes said. Certain types of investors who may be prohibited by regulation from buying bitcoins directly can invest in the asset through publicly traded companies, Gomes said. "Bitcoin will change financial systems as we know it, and will reshape markets," he said. "Our main focus is bitcoin at the highest level."  Before arriving at the Sao Paulo stock exchange, OranjeBTC attracted the backing of some well-known international investors, including Mexican entrepreneur Ricardo Salinas, the owner of Banco Azteca, Gomes said. Other backers include Gemini co-founders Cameron and Tyler Winklevoss, crypto brokerage FalconX, and Adam Back, a leading name in bitcoin mining.  OranjeBTC currently owns a treasury reserve of 3,650 bitcoins, Gomes said. At current prices, that would be valued at more than $420 million.  Instead of a traditional IPO, the company will go public in a “reverse initial public offering” by listing shares through a recently acquired education-focused subsidiary, Intergraus, that already trades on B3, Gomes said.   (Reporting by Luciana Magalhaes and Gabriel Araujo; Editing by Sergio Non)

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By Jody Godoy (Reuters) -The U.S. Federal Trade Commission will not take consumers' fraud complaints or help them block spam calls, and it will not grant early clearance to mergers during the government shutdown, the agency said on Wednesday. The shuttering of the agency that enforces laws against anticompetitive and deceptive business behavior is one small part of the national gridlock that began on Wednesday and could result in the furlough of 750,000 federal workers and delay air travel. The FTC's shutdown plan under President Donald Trump is similar to the one the agency put in place under Joe Biden's presidency. The FTC's fraud reporting website and national registry that lets individuals opt out of telemarketing will not be available during the shutdown, the agency said.  Wall Street dealmakers can still file for clearance for mergers and acquisitions. But the agency will stop granting early clearance to deals that do not pose a threat to competition during the shutdown. Under Biden, the agency had stopped granting early clearance entirely. The agency has 1,180 full-time employees, and said around 400 of those could be required to work without pay during the shutdown in certain circumstances, such as when a court deadline means the FTC could lose if it does not act. The lack of resources could cause transaction reviews to take longer, said Aleksandr Livshits, an antitrust partner at law firm Fried Frank. "It's more helpful to have a fully functioning government, there's more predictability," he said. (Reporting by Jody Godoy; Editing by Chizu Nomiyama )

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By Jonathan Stempel (Reuters) -A federal judge said Coinbase shareholders may pursue a narrowed lawsuit accusing the largest U.S. cryptocurrency exchange operator of concealing business risks, including whether it would be sued by the Securities and Exchange Commission. In a Tuesday night decision, U.S. District Judge Brian Martinotti in Newark, New Jersey rejected requests by Coinbase, top executives and directors for a full dismissal of claims based on dozens of statements made over two years in regulatory filings, earnings calls, blog posts and tweets. Shareholders said Coinbase defrauded them into believing it was improbable the SEC would accuse it in court of operating an unregistered securities exchange, and misrepresented the risk they could lose assets if Coinbase filed for bankruptcy. Martinotti said shareholders cannot pursue claims based solely on "group pleading," where statements in group-published documents such as press releases do not suggest any particular defendant intended to commit fraud. "Where plaintiffs have appropriately provided defendant-by-defendant particularity, the claims must remain," he added. Martinotti's 59-page decision does not say which statements were dismissed, because the parties did not identify which may constitute group pleading. "Judges are not like pigs, hunting for truffles buried in briefs," the judge said in a footnote.      A spokeswoman for Coinbase had no immediate comment. Lawyers for the shareholders did not immediately respond to requests for comment. Coinbase's share price fell 12% on June 6, 2023 after the SEC sued the company for allowing trading in tokens that the regulator said should have been registered as securities. Shares also fell more than 26% on May 11, 2022 after Coinbase added disclosures and reported a larger-than-expected revenue decline. The proposed class action led by Swedish pension fund Sjunde AP-Fonden covers Coinbase shareholders from April 14, 2021 to June 5, 2023. In February, the SEC ended its lawsuit against Coinbase, as the Trump administration eases regulatory oversight of the cryptocurrency industry. The case is In re Coinbase Global Inc Securities Litigation, U.S. District Court, District of New Jersey, No. 22-04915. (Reporting by Jonathan Stempel in New York, Editing by Franklin Paul)

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By David Jeans NEW YORK (Reuters) -"I'm a warlord now, bitch!" Steven Simoni, wearing a $4,000 Celine track suit unzipped to reveal a bare chest and a silver chain, was holding court at a recent film premiere in the East Village of Manhattan, joking with a reporter about his latest venture. The tech entrepreneur was in town to see "Match in a Haystack," a documentary he funded about a dance troupe that defeats the odds to put on a show in war-torn Ukraine. A little more than a year ago the 39-year-old was a typical Silicon Valley success story having sold a payments company to DoorDash for $125 million in 2022. But now he is the co-founder of a different kind of startup, Allen Control Systems, which makes a product far removed from menu QR-codes: an AI-powered autonomous machine gun called the "Bullfrog" designed to shoot drones out of the sky. "The future is Skynet, basically," Simoni said, referring to the fictional AI system from the "Terminator" films that becomes self-aware and turns on humanity. "I want to supply those products to the government so they can use them." Just a few years ago, the idea that this "Star Wars" nerd and one-time national champion of "A Game of Thrones: The Card Game," would become a brash defense contractor might have seemed absurd. But Simoni is well on his way, with $40 million in funding – most recently raised in a round led by Craft Ventures, the firm cofounded by President Donald Trump's AI czar David Sacks – and prototype contracts with the U.S. Army and Special Operations Forces. Simoni is part of a new generation of entrepreneurs riding Silicon Valley's pivot to military technologies, as wars in Ukraine and the Middle East, and surging tensions with China, have underscored the U.S. need to prepare for the future of warfare. Using a playbook championed by Anduril founder Palmer Luckey and Palantir CEO Alex Karp, tech entrepreneurs who once sold consumer apps are now developing drone swarms, spy satellites, autonomous boats, and other lethal technologies while raising hype from venture capitalists and the Pentagon alike.  Simoni, a Navy veteran, said his "warlord" character, inspired by Bradley Cooper's slick arms dealer from the film "War Dogs," is one ironic way he's getting attention for his company.  “I hate war, but war is always going to happen anyway,” he said. “So, it's like, someone's going to make this product at some point.” 'THE GENERALS LOVE ME' During a recent dinner in Washington, D.C., with a Reuters reporter, Simoni received a text from a staffer at Executive Branch, the private club founded by Donald Trump Jr. that charges as much as $500,000 to join. The club is happy hunting grounds for an aspiring defense contractor looking to meet people connected to the Trump administration, and Simoni was hoping to negotiate a cut-price entry.  “I should have spent more time on the Executive Branch,” he said, referring to the Trump administration. “The major thing in defense tech is selling to the White House and Congress. Even before the DoD.” He later opted against joining after learning he wouldn't get a discount. But his hustle continues to generate outsized attention for his company. He's appeared on Fox News as a drone expert, launched a podcast featuring interviews with top military officials, and, most recently, joined venture firm Forum Ventures as a partner to invest in other defense tech companies. Being backed by Sacks' venture firm has also opened doors, including an invite to a recent AI summit co-hosted by Sacks' "All-In" podcast where Trump delivered a speech. He throws late-night parties at the company's Austin penthouse, attended by startups and government officials alike. Earlier this year, he hosted a fundraiser for Republican congressman John Carter attended by Mike Rogers, the Republican chairman of the House Armed Services Committee. On another occasion, he said he went out for karaoke with military officials he declined to name after a conference. “The generals love me,” he said. In June, General James Rainey, the commander at Army Futures, the command responsible for modernizing the Army and acquiring cutting-edge technology, joined Simoni on his weekly podcast "The Drone Ultimatum" to discuss the Pentagon's efforts to work with Silicon Valley. “It's really about getting the fiscal agility to go out to the great U.S. tech companies that exist and start buying stuff and get it in the hands of our war fighters,” Rainey said. In a statement, the U.S. Army said it's "in the process of awarding a contract to Allen Control Systems," before the end of the fiscal year to "evaluate the potential for The Bullfrog to integrate into existing Army platforms." Carter, Rogers and Sacks did not respond to requests for comment. Craft Ventures declined to comment. SHOOTING DRONES Allen Control Systems is trying to solve a persistent battlefield danger that has emerged in Ukraine: shooting small, cheap, unjammable drones from the sky before they can attack. While soldiers currently shoot them with guns, a host of startups have emerged to provide solutions spanning laser beams to microwave blasts. In August, Secretary of Defense Pete Hegseth announced he was launching an anti-drone taskforce to address the issue. “There's no doubt that the threats we face today from hostile drones grow by the day," he said.  The company is selling its AI-powered Bullfrog for around $350,000 apiece, making it a potential add-on to autonomous vehicles and unmanned drone boats, or as a stationary sentry to secure perimeters, like the U.S.-Mexico border, or military bases abroad. The contraption, fit for a scene from the Terminator, can swivel 400 degrees in less than a second. One prototype turret undergoing field testing is called Eminem; another is named Bob, after the late television painter Bob Ross. Under the hood, custom circuit boards feature a printed image of Simoni and co-founder Luke Allen. “If Russia or China recovers one of these eventually, they have to see our faces,” Simoni said. “We're laughing at them.” During a demo for the U.S. Army, intelligence community and investors last month at a ranch in Austin, the Bullfrog’s M240 machine gun was mounted on the back of a pickup truck and pelted bullets at drones in the sky. After shooting a burst of about a half dozen rounds, one drone fell from the sky in flames.  Later, the gun jammed, and the drones flew toward the gun before flying away again unscathed.  Simoni shrugged off any concerns, and said the product would be ready for primetime by the end of the year. “It's in its post-adolescent stage,” Simoni said. “Almost an adult.” RACK UP THE HYPE Simoni grew up in a military family in Pennsylvania, and joined the Navy as an engineer in 2008 to work on nuclear reactors. There, he met fellow engineer and future co-founder, Luke Allen. After leaving the military, both men moved to Silicon Valley, and – following multiple failed ventures – started the QR code business Bbot in 2019.  The company initially struggled to sell its first product – a robotic system that delivered drinks to tables in restaurants – but found success after pivoting to software. Soon after, it was acquired by DoorDash, minting the founders a small fortune.  “Putin's second invasion of Ukraine happened within a few days of us selling Bbot,” Allen told Reuters. “So as an engineer, you can basically help the good guys, help the bad guys, or do nothing, which is still a choice.” Allen left DoorDash and, seeing the growing threat of drones in Ukraine, he started to work on the Bullfrog with seed investment from Simoni. After some convincing, Simoni joined as CEO of Allen Control Systems at the start of 2024. “Every company needs a front man," Simoni said. Since then, Simoni has leaned into the Silicon Valley buzz machine. He said Allen sometimes compares him to Elizabeth Holmes, the disgraced founder of health startup Theranos w…

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By Gianluca Lo Nostro (Reuters) -U.S. startup Spacecoin said on Wednesday it had successfully sent secured information through space in what it said was a first for the industry as the firm tries to show it can offer an alternative to Starlink's satellite internet service. WHY IT'S IMPORTANT Spacecoin aims to target customers in places where internet access is unreliable, censored or too expensive, its founder Tae Oh told Reuters. But unlike SpaceX-owned Starlink, where one entity controls the network, Spacecoin plans to build a decentralised system that anyone can join, conducting payments and storing data without the need to go through other service providers. The test was designed to prove that data on a blockchain – the encrypted record behind cryptocurrencies and other digital services – could leave Earth, pass through a satellite in orbit, and return intact, Oh said. Spacecoin's data travelled more than 7,000 km via satellite from Chile to the Azores in the test, conducted with Bulgarian microsatellite maker EnduroSat. KEY QUOTES "Beyond end users, we are also targeting builders – such as developers, telecom companies, NGOs, and infrastructure partners," Oh said in an emailed statement to Reuters. When a transaction is sent on its network, it will be checked against previous records on the blockchain which will automatically reject anything that doesn't match, Oh said. "For people using the internet, this means the information or payments they send through the network can't be faked, changed, or intercepted by bad actors," he said. CONTEXT The satellite internet market is expanding thanks to growing consumer demand for broadband. While U.S. bank J.P. Morgan previously tested blockchain payments between satellites, Spacecoin's is the first transaction to bypass terrestrial internet entirely. But Spacecoin remains a tiny player compared to Starlink's 8,000 satellites. The firm operates one satellite, which was launched in December 2024 on a SpaceX rocket, and plans to send three more by the end of this year. Its nanosatellite travels at Low Earth Orbit (LEO) altitude, up to 2,000 km above Earth. (Reporting by Gianluca Lo Nostro; Editing by Helen Reid)

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By Mariam Sunny (Reuters) -GoodRx said on Wednesday it has partnered with Kroger's healthcare unit to expand its prescription savings services for branded drugs, including Novo Nordisk's popular weight-loss drug Wegovy. The retail tie-up, RxSmartSaver, could help customers access GoodRx savings services for branded treatments at nearly 2,200 Kroger pharmacies across the U.S. as well as help drug manufacturers expand the reach of their direct-to-consumer programs, the telehealth firm said. Patients can use GoodRx services to check what discounts are available for a drug at a particular pharmacy. "It is a new channel for us getting close to the point of pick up, where most discussions around how much a prescription costs happen is right at the pharmacy counter," David Graziano, head of retail network at GoodRx said, adding that it is also a "flexible branding opportunity". The company said it has also launched the program with a smaller retailer Hy-Vee and plans to roll it out with additional retailers in the coming months. The initiative also strengthens GoodRx's relationship with its retail partners, Graziano said, adding that it ensures the "distribution mechanism for a large majority of prescriptions stays intact". The savings program also includes Dexcom's continuous glucose monitor Dexcom G7, Sanofi's long-acting insulin Lantus among others, the company said. GoodRx collaborates with Novo to sell Wegovy and similar diabetes drug Ozempic for $499 a month to eligible self-paying patients regardless of their insurance status. It had signed a contracting agreement with Kroger in 2024 for cheaper generic drugs. (Reporting by Mariam Sunny in Bengaluru; Editing by Shailesh Kuber)

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By Manya Saini and Niket Nishant (Reuters) -A U.S. government shutdown threatens to stall the IPO market's long-awaited comeback, just as strong investor demand and successful debuts had breathed life back into new listings.   The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal. With the Securities and Exchange Commission running only essential functions on a skeleton staff, the agency will stop processing IPO paperwork, leaving companies primed for Wall Street debuts such as actress Jennifer Garner's baby food company Once Upon a Farm and electric-aircraft maker Beta Technologies in limbo. The fall window has been gathering momentum, with a wave of successful debuts, raising hopes that 2025 could be a breakout year for IPOs after high interest rates and volatility stalled the market for nearly three years. "A shutdown grinds the SEC to a halt, which means no prospectus reviews, no comments cleared and no green lights for going public," said Michael Ashley Schulman, partner and CIO at Running Point Capital Advisors. "It's bureaucratic purgatory at the worst possible time, just as the IPO market was beginning to thaw from a deep freeze," Schulman added.   U.S. IPOs have raised $52.94 billion from 263 listings as of September 29, the highest since 2021, according to Dealogic. The largest listings of the year included LNG giant Venture Global, buy-now-pay-later lender Klarna, and AI cloud firm CoreWeave. In addition to Once Upon a Farm and Beta Technologies, life insurer Ethos Technologies was also among the biggest companies to file for an IPO recently. Representatives for the three companies did not immediately respond to requests for comment on Tuesday. The pipeline for the rest of 2025 and going into 2026 features several other high-profile would-be issuers, including medical supplies giant Medline, SoftBank-backed PayPay, and corporate travel management platform Navan.  "Already this is shifting timelines back for deals that were on the fence," said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs. "If it lasts more than a week, the IPO market will grind down to a halt, cutting short the rebound we were expecting." TEMPORARY SETBACK While government shutdowns are typically short-lived, the longest in history — 35 days spanning December 2018 to January 2019 — occurred under President Donald Trump's previous administration. At the time, the IPO market came to a virtual standstill. But a few companies sidestepped the SEC by locking in their IPO prices weeks in advance, allowing them to proceed with listings despite the shutdown. While the shutdown lasts, the IPO freeze could ripple across Wall Street, delaying deals for banks and limiting listing fees for exchanges. Still, as with 2019, listings are likely to bounce back, said some market-watchers. Strong investor demand, hefty inflows into IPO-themed funds and the best after-market performance in years will continue to lure companies to the market, said Lukas Muehlbauer, research analyst at IPO research firm IPOX. A weeks-long shutdown could potentially dampen market sentiment and spur volatility, but the fall window was generally the strongest for IPOs and would likely shrug off a shutdown blip, according to Anthony Saglimbene, chief market strategist at Ameriprise Financial. "IPO activity should be pretty solid and dominate any near-term hiccups around a shutdown," Saglimbene added.  (Reporting by Manya Saini and Niket Nishant in Bengaluru; editing by Michelle Price and Krishna Chandra Eluri)

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By Juveria Tabassum and Nicholas P. Brown (Reuters) -Nike CEO Elliott Hill vowed to return the company to its sportswear roots when he took the helm last year in a much-touted change and his efforts are bearing fruit, but a sluggish recovery in China and uncertainty over tariffs remain a drag. The company, which reported a surprise rise in quarterly revenue and topped Street's low profit expectations, has aggressively cleared out aged inventory, as well as some lifestyle product lines, to focus on more innovative shoes focused on sports. "Nike is in the early innings of its turnaround and momentum is building," said Jefferies analyst Randal Konik in a note. The company said on Tuesday its order book for spring was up year-over-year, driven by its sports category as launches such as Vomero and Pegasus and P-6000 running bring back customers. Running, training, and basketball categories each reported double-digit growth in the quarter in North America, enabling a return to sales growth in the region after about a year. "We think retailers—like the combined Foot Locker and Dick's Sporting Goods—are reacting positively to Nike's new running shoe lineup," said Morningstar analyst David Swartz. Nike's shares were up about 4.5% in early trading on Wednesday as investors welcomed a 2% reduction in inventory. "I am very pleased with inventory levels. Units are down more than dollars as inflation starts to come through. They have largely cleared through older franchises," said Mari Shor, senior equities analyst at Columbia Threadneedle. THE PRESSURE POINTS Progress will not be linear, Hill warned on a post-earnings call, with tariffs now expected to cost about $1.5 billion, versus the $1 billion Nike estimated previously, and weigh on margins already strained by heavy discounting to clear stock. China, which makes up about 15% of Nike's total revenue, remains a challenging market with intense competition from cheaper local brands such as Anta and Li-Ning adding to a weaker economic recovery and a struggling wholesale business. "We can invest to keep the marketplace clean and healthy, but it's an expensive operating model if sell-throughs don't improve to the levels that we need to see on a season-in, season-out basis," said Chief Financial Officer Matthew Friend on a post-earnings call. Customer engagement also remains weak in the company's digital business, with revenue falling 12% in the quarter. Hill said the global digital business was still working to find solid ground with the company paring back promotions on the channel. Nike's direct-to-consumer business is not expected to return to growth in fiscal 2026, executives said, as the unit recovers from steep discounts to clear out inventory of some of its classic labels such as Air Force One and Air Jordans. Tariffs and still-high inflation are also dampening consumer sentiment ahead of the all-important holiday shopping season. Meanwhile, Nike is gearing up for the key soccer World Cup in North America next year with intensive marketing efforts and product innovation. "I originally thought that Nike would be further along. I was looking at this fall as the real breakout point but it's clearly not going to happen until calendar '26," said Swartz. (Reporting by Juveria Tabassum in Bengaluru; Editing by Sriraj Kalluvila)

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By Seher Dareen LONDON (Reuters) -Oil prices fell on Wednesday, extending losses from the previous two sessions, as investors weighed OPEC+ plans for a larger output hike next month, while data from the U.S. and Asia showed signs of demand waning. Brent crude futures for December delivery were down 56 cents, or 0.9%, to $65.47 a barrel at 1316 GMT. U.S. West Texas Intermediate crude for November delivery was down 53 cents, also 0.9% lower, to $61.84 a barrel. Both were trading at their lowest since early September, after settling more than 3% lower on Monday and losing another 1.5% on Tuesday. Oil has dropped on market anticipation of a similar sized OPEC+ production increase in November to the 500,000 barrels per day hike in September, and on U.S. and Asian demand starting to fall, Rystad analyst Janiv Shah said. "U.S. drawdowns have slowed, so some bullish movement could start to flip," he added. The Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, could agree to raise oil production by up to 500,000 bpd in November, triple the increase made for October, as Saudi Arabia seeks to reclaim market share, three sources familiar with the talks said. However, OPEC wrote on X that media reports of plans to raise output by 500,000 bpd were misleading. Meanwhile, in the United States, an industry report showed crude stockpiles fell while gasoline and distillate inventories rose in the week ended September 26, according to market sources citing American Petroleum Institute estimates on Tuesday. Data on factory activity in Asia, the world's biggest oil-consuming region, also added to concerns about fuel demand, as manufacturing activity contracted across most major economies in September. In addition, record U.S. oil production, some caution ahead of the OPEC+ meeting this weekend, and a risk-off environment due to the U.S. government shutdown also played a part, Giovanni Staunovo, an analyst at UBS said. The U.S. government shut down much of its operations on Wednesday as deep partisan divisions prevented Congress and the White House from reaching a funding deal – which government agencies have warned would halt the release of the closely watched September employment report, among other things. Weekly petroleum data from the U.S. Energy Information Administration will run as scheduled on Wednesday despite the federal government shutdown, the agency said. Focus was also shifting to the supply and export disruption in Russia due to Ukrainian assaults, PVM Oil Associates' analyst Tamas Varga said. The next round of talks between the U.S. and Russia aimed at improving relations could take place before the end of autumn, the state TASS news agency reported Russian Deputy Foreign Minister Sergei Ryabkov as saying. (Reporting by Seher Dareen in London, Mohi Narayan in New Delhi. Additional reporting by Ahmad Ghaddar in London. Editing by Alexandra Hudson, Aidan Lewis and Mark Potter)

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