COMPANIES | PAGE 5 BRANDWAGON | PAGE 9 WillWWE help Netflix widen base in India? INTERNATIONAL | PAGE 16 Tesla job posts hint at local manufacturing NEW DELHI, WEDNESDAY, MARCH 12, 2025 Pakistan train ‘hijack’: 20 killed, 182 held hostage FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL. L1 NO. 9, 30 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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 , H Y D E R A B A D , K O C H I , K O L K ATA , 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 READ TO LEAD SENSEX: 74,102.32 ▼ 12.85 NIFTY: 22,497.90 ▲ 37.60 NIKKEI 225: 36,793.11 ▼ 235.16 HANG SENG: 23,782.14 ▼ 1.35 `/$: 87.21 ▲ 0.12 `/€: 95.15 ▼ 0.39 BRENT: $70.21 ▲ $0.93 GOLD: `85,663 ▼ `58 SPACEXAGREEMENTACOUPFOR BHARTI,INTENSIFYING FIGHTWITH JIO Airtel to bring Starlink to India JATIN GROVER New Delhi, March 11 BHARTI AIRTEL ON Tuesday announced anagreementwith Elon Musk-owned SpaceX to bring Starlink's satellite internet services to its users in the country.Theagreement,which is the first by Starlink to retail its services in India, is subject to the US satcom getting a licencetooperate,whichiscurrently under evaluation by the government. As part of the agreement, Starlink will explore offering its services via Airtel to businesscustomers,schools,health centresandunconnectedareas in the country. Airtel will also offer Starlink equipment in its retail stores. The pact is in the IN THE NEWS IN ORBIT ■ Starlink and Eutelsat Feb-Mar exports seen subdued on slow new orders THE UNCERTAINTY CAUSED by the global tariff war has slowed India's export pace further, reports fe Bureau. With the new orders slowing, exports in February and March might see contraction on an annual basis. ■ PAGE 2 Indian markets look attractive: Morgan Stanley AMID AN ONGOING sell-off on Dalal Street, Morgan Stanley has stated that India is now looking attractive, with a stock pickers' market unfolding, reports fe Bureau. ■ PAGE 6 Modi first Indian to get Mauritius' highest honour PRIME MINISTER NARENDRA Modi will be the first Indian to receive Mauritius’ highest honour, The Grand Commander of the Order of the Star and Key of the Indian Ocean, reports PTI. ■ PAGE 3 ■ OneWeb has the secondlargest low Earth orbit satellite constellation in the world after Starlink It is not an exclusive arrangement, SpaceX could also team up with other telcos ■ nature of a downstream distribution agreement. Thepartnershipisacoupfor Bharti Airtel, and recasts the competitive landscape in India, intensifyingthefightformarket share with Reliance Jio.However, this arrangement is not exclusive,sourcessaid,addingitis possibleSpaceXcouldalsoteam upwith othertelcos. Both telecom operators in India have been at loggerheads with Starlink over spectrum allocation method and licensing rules for satcom operators in the country. The telecom operators fear that companies Continued on Page 7 Investors bleed in IndusInd crash Adani bags `36k-cr TERRIBLE TUESDAY redevelopment project in Mumbai 900.60 AFTER THE DHARAVI slum project, the Adani Group has emerged as the highest bidder for the `36,000crore redevelopment of Motilal Nagar in Mumbai, reports PTI. ■ PAGE 5 OneWeb tie-ups to bolster Airtel's network, particularly in underserved areas The collaboration with Elon Musk-led SpaceX is subject to the US satcom getting a licence to operate in India ■ likeStarlinkwouldeatintotheir market share by targeting the elite retail customers in urban areasandthereforetheyshould begiventhespectrumthesame way as telecom operators, that is through auction route. Interestingly,Bharti Enterprises, the parent company of Bharti Airtel, is the largest shareholder with a 21.2% share in Starlink competitor Eutelsat OneWeb,which manages a constellation of over 630 satellites low Earth orbit (LEO) satellites for providing satellite internet to enterprise customers. OneWeb has the second-largest LEO constellation in theworld afterStarlink, whichhasover7,000satellites. Mar 10 (close) ASHOK HINDUJA, CHAIRMAN, INDUSIND INTERNATIONAL HOLDINGS Therehasbeenno margincall,noneedto pledgeanyfurthershares Thepromoter pocketsarestrongto increasethestakein IndusIndBank IndusInd Bank 27.17% 655.95 Mar 11 (close) SACHIN KUMAR Mumbai, March 11 A DAY AFTER IndusInd Bank disclosed a `1,580-crore discrepancyinitsderivatives portfolio, the lender’s shares plunged 27%, marking its biggest single-day fall on Tuesday.This crashledto a market capitalisation erosion of over `19,000 crore and a `5,500-crore notionalloss formutual funds. With an m-cap of `51,102 crore at Tuesday's close, IndusInd Bank has nowslipped to the sixth-largest lender position with its valuation falling TCStobuy100%in commercialrealty firmfor`2,250cr Continued on Page 7 ● Signals deal on levies beforeApr 2 MUKESH JAGOTA New Delhi, March 11 COMMERCE AND INDUSTRY minister Piyush Goyal, who returned from aweek-long US visit on March 8,may travel to Washington again thisweek to take forwa»INSIDE« rd negotiations with TARIFFS DOUBLEDTO top US trade 50% ON officials, CANADIAN according METALMPORTS to official PAGE 16 sources.The minister’s hurried schedule indicates that two sides are making their best efforts to strike a deal before theApril 2 date set by US President Donald THREAT AREAS ■ If US imposes a uniform tariff, India could face an additional levies of 4.9% versus 2.8% currently Trump to implement reciprocal tariffs on most nations, including India. Hectic activity at the highest levels shows “some kind of an agreement” might be reached between the two sides to avoid any disruption of TATA CONSULTANCY SERVICES (TCS) will acquire Bengaluru-based Darshita Southern India Happy Homes, a commercial real estate firm,for `2,250 crore, the IT major said in a filingonTuesday. The building and the land owned by Darshita Southern India Happy »INSIDE« Homes will serve as a ZYDUS TO delivery ceBUY 86% IN FRENCH FIRM ntre, it addAMPLITUDE ed. The deal will be exePAGE 4 cuted via a calloptiontoacquire100%stake in the entityaftertwoyears. In January, CFO Samir Seksaria told FE that TCS is looking to expand its seating capacity viaacombinationofownedand leased properties. “We have bought land (in Bengaluru) to expand our (seating) capacity over 3-4 years. We have been ■ Darshita Southern India Happy Homes' building and the land will serve as a delivery centre for TCS ■ Deal will be executed via a call option to acquire 100% after two years ■ TCS is expanding its capacity via a combination of owned and leased properties ■ In January, TCS acquired two Tata Realty & Infra subsidiaries for `1,625 crore expandingpan-India.Weadded over10,000seatsinthequarter and 30,000 seats in the last one year.We started operations in Coimbatore aswell,” he said. Continued on Page 7 NITIN KUMAR New Delhi, March 11 WITH THE US reciprocal tariffs kicking off on April 2,the domestic automotive industry is opening up to zero duty but is insisting on a staggered approachtoeasetheimpactof heightened competition. The industry has urged the Society of Indian Automobile Manufacturers (SIAM)andAutomotiveCom- ponent ManufacturersAssociation (ACMA) to draft a phased duty reduction proposal,which safeguards local interest while aligning with global trade norms. “It is clear that tariffs will goaway,butitwillbehelpfulif theyare phased out gradually rather than in one sudden strike.Wehaveaskedindustry bodies to push for this approach,”saidanautomotive component manufacturer, MARKETS REGULATOR SEBI has issued a warning to IIFL Capital Services regarding due diligenceindebtissueshandled by its merchant banking division. In a disclosure to exchanges, IIFL Capital said it received an administrative warning letterdated March 7. Inaninspectionwithregard to debt issues handled by the merchant banking division for the periodApril 1,2022 toApril 30,2024,Sebiflaggedconcerns relatingtodisclosureofindividual break-up of issue-related expensesandtimelinesforpayment of fees to each intermediaryin the offerdocuments. After the submission of the company’sresponse tothefindings of the inspection, an administrative warning letter wasissuedundertheICDRRegulations,2021.IIFLCapital said thereisnomonetaryimpactdue to Sebi’s action. To transform interface of iPhone, iPad and Mac for new generation of users ApplereadiesmajorOSoverhaul MARK GURMAN March 11 APPLE IS PREPARING one of the most dramatic software overhauls in the company’s history, aiming to transform the interface of the iPhone, iPad and Mac for a new generation of users. The revamp — due later this year — will fundamentally changethelookoftheoperating systems and makeApple’s various software platforms more consistent,according to people familiar with the effort. That includes updating the style of icons, menus, apps, windows and system buttons. Aspartofthepush,thecompany is working to simplify the way users navigate and control their devices, said the people, who asked not to be identified DRAMATIC SHIFT ■ To reignite sales growth as it slowly rebounds from post-pandemic slump ■ The revamp, due later this year, to see OS changes like style of icons, menus, apps, windows and system buttons ■ Right now, apps, icons and window styles vary across macOS, iOS and visionOS ■ Plans are part of iOS 19 and iPadOS 19 — codenamed 'Luck' — and macOS 16, which is dubbed 'Cheer' because the project hasn’t been announced. The design is looselybasedontheVisionPro’s software,theysaid. Appleisbettingthatabreakthrough newinterface can help spur demand after a sluggish stretch. Its revenue slowed following a pandemic-era surge in ■ For the iPhone, it will be the biggest revamp since iOS 7 in 2013 technology spending, and growthisonlyreturninggradually.Apple’siPhone—itsbiggest moneymaker — suffered a surprise dip in sales during the most recent holidayseason. The changes are coming as part of iOS 19 and iPadOS 19 — code-named “Luck” — and ■ Farm exports to be hit hardest ■ Shrimp, dairy processed foods staring at up to 38.2% tariff Industrial goods Pharma 10.9% Diamonds & jewellery 13.3% Source: GTRI bilateral trade, the sources said,requesting anonymity. Goyal is not the only trade minister who is currently engaged in discussions with the US at present. Continued on Page 7 Auto sectorwants phased duty cuts PRESS TRUST OF INDIA New Delhi, March 11 DEAL BOOK Agriculture Electronics 7.2% Sebiwarns IIFLCap over handling of debt issues URVI MALVANIA Mumbai, March 11 belowYesBank's`51,357crore. Ashok Hinduja, the promoterofIndusIndBank,triedto calm the nerves of investors, saying that the financials remain healthy.“If additional capital is needed, promoters and long-termglobalinvestors,who havebeenwiththecompanyfor 30 years are committed to supporting it,” he toldTVchannels. Mutualfundsowna30.31% stake in IndusInd Bank at the endoftheDecemberquartercompared to 15.63% stake a year ago,according to the BSE data. Trump tariff: Goyal may visit US again this week macOS 16, which is dubbed “Cheer”.They go well beyond a new design language and aesthetic tweaks.The software will mark the most significant upgradetotheMacsincetheBig Suroperating system in 2020. Continued on Page 7 New Delhi requesting anonymity. An FE query sent to SIAM and ACMA remained unansweredatthetimeofgoingto the press. However, a source working with one of the industry bodies said that a proposal is being drafted. “Multiple proposals will be sent to the government, including this one,” the source added. Continued on Page 7
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