BACK PAGE | PAGE 16 EFE | PAGE 9 Rohit Sharma retires fromTest cricket MARKETS | PAGE 6 IBM sets up software labs inTier 2 cities BENGALURU, THURSDAY, MAY 8, 2025 Deutsche arm, Nippon Life in talks for India JV FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXVIII 18, 16 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 , 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 SENSEX: 80,746.78 ▲ 105.71 NIFTY: 24,414.40 ▲ 34.80 NIKKEI 225: 36779.66 ▼ 51.03 HANG SENG: 22,691.88 ▲ 29.17 `/$: 84.83 ▼ 0.40 `/€: 96.34 ▼ 0.82 BRENT: $61.88 ▲ $0.27 GOLD: `97,192 ▲ `484 India's climate finance needs pegged at $2.5 trillion by 2030 INDIA MAY REQUIRE financing to the tune of $2.5 trillion by 2030 for climate transition, given its pledge to achieve netzero emission by 2070, the government said on Wednesday, reports fe Bureau. A draft paper on “India’s Climate Finance Taxonomy” was released by the department of economic affairs. ■ PAGE 3 SAT refuses to stay Sebi interim order barring Gensol THE SECURITIES APPELLATE Tribunal (SAT) on Wednesday refused to stay an interim order of markets regulator Sebi that barred Gensol Engineering and its promoterdirectors Anmol Singh Jaggi and Puneet Singh Jaggi from accessing the securities market amid allegations of fund diversion, forgery and misleading disclosures. ■ PAGE 6 Bullish on FMCG revival in next 12-18 months: GCPL MD CONSUMER DEMAND WITHIN the domestic fast-moving consumer goods (FMCG) market is likely to improve in the next 1218 months, Sudhir Sitapati, MD & CEO, Godrej Consumer (GCPL), said on Wednesday, as benign food inflation, fiscal and welfare measures by the government may leave more money in the hands of people. ■ PAGE 4 Domestic PE-VC market rebounds in 2024 to $43 bn: Bain INDIA’S PRIVATE EQUITY and venture capital (PE-VC) sector rebounded in 2024 after two years of muted performance, clocking in $43 billion in investments across nearly 1,600 transactions, a nearly 9% uptick from the previous year, reports Anees Hussain. This recovery reinforces India’s standing as the second-largest PE-VC market in the Asia-Pacific region. ■ PAGE 4 Telcos see 5G fixed wireless access picking up pace FIXED WIRELESS ACCESS (FWA), which leverages 5G spectrum to deliver high-speed home internet without requiring fibre connectivity, is gaining steady traction, reports Urvi Malvania. According to Trai, the total number of FWA subscribers rose to 6.77 million in March, up from 6.27 million in February. ■ PAGE 4 RESULTS CORNER PNB PROFIT SURGES 52% AS PROVISIONS FALL PAGE 6 DABUR MISSES ESTIMATES, PROFIT DOWN 8% PAGE 4 COAL INDIA Q4 PROFIT RISES 12% TO `9,592 CR PAGE 5 FE S P E C I A L How genome-edited crops will boost yields Genome-editing work is under way on around 40 agri-horticultural crops ■ EXPLAINER, P9 MESSAGE DELIVERED ● OPERATION SINDOOR: 9 SITES DESTROYED; AT LEAST 26 KILLED ● PAK VOWS TO RETALIATE ‘AT A ● WORLD LEADERS CALL FOR TIME & PLACE OF ITS CHOOSING’ RESTRAINT, END OF HOSTILITIES SHUBHAJIT ROY & AMRITA NAYAK DUTTA New Delhi, May 7 IN THE MOST expansive attack on terror emanating from Pakistan, Indian armed forces targeted and destroyed nine terror sites in Pakistan and Pakistan-occupied Kashmir including the headquarters of the Lashkar-e-Taiba and Jaish-e-Mohammed in the early hours of Wednesday. Codenamed Operation Sindoor in retaliation for the Pahalgam terror attack in which 26 people were killed two weeks ago, the strikes were conducted between 1.05 am and 1.30 am, all of 25 minutes, using missiles – “niche technology weapons with careful selection of warheads”. Shortly after the strikes, the ministry of defence, while underlining that “no Pakistani military facilities have been targeted”, said “our actions have been focused, measured and non-escalatory” and“India has demonstrated considerable restraint in selection of targets and method of execution”. The Indian Army’s official handle on X, in a post with hashtag PahalgamTerrorAttack, said, “Justice is served. Jai Hind!” The Pakistan Army said at least 26 people were killed and 46 injured in the strikes. Pakistan Prime Minister Shehbaz Sharif said his country has every right to respond to “this act of war”. Of the nine sites targeted, five were in PoK (two sites each in Muzaffarabad and Kotli and one in Bhimber), and four in Pakistan (two in Sialkot, one each in Muridke and Bahawalpur) – a marked departure from 2019 when,following the Pulwama terror attack,the Indian Air Force targeted one terror site,at Balakot,in Pakistan. The nine sites targeted were Markaz Taiba at Muridke near Lahore, the headquarters of the Over300 flights cancelled,25 airports closed POJK 1 LOC 2 3 4 5 PAKISTAN 7 6 INDIA 8 9 New Delhi ★ IN PAKISTANOCCUPIED J&K (POJK) Continued on Page 11 IN PAKISTAN 6 Sarjal Camp, Sialkot 1 Sawai Nala Camp, Muzaffarabad 7 Mehmona Joya Camp, Sialkot 2 Syedna Bilal Camp, Muzaffarabad 8 Markaz Taiba, Muridke 3 Gulpur Camp, Kotli 4 Abbas Camp, Kotli 9 Markaz Subhanallah, 5 Barnala Camp, Bahawalpur Bhimber A mosque stands destroyed after being hit by Indian missiles near Bahawalpur in Pakistan's Punjab province on Wednesday AP Lashkar-e-Taiba where 26/11 terrorist Ajmal Kasab and Lashkar scout David Coleman Headley were trained; Markaz Subhanallah, the Jaish-e-Mohammed in Bahawalpur; Sarjal in Sialkot; Mehmona Joya in Sialkot; Sawai Nala in Muzaffarabad; Syedna Bilal in Muzaffarabad; Gulpur in Kotli; Abbas in Kotli; and Bhimber. Briefing the media,two women officers -- Colonel Sofiya Qureshi of the Army’s Corps of Signals and Wing CommanderVyomika Singh, a helicopter pilot of the IAF -along with foreign secretary Vikram Misri said Operation Sindoor was conducted from 1 am to 1.30 am. Map (Not to scale) IN THE NEWS D-St holds its own on volatile day KISHOR KADAM Mumbai, May 7 SHRUGGING OFF THE hostilities and warfare between India and Pakistan on Wednesday,the Dalal Street displayed fortitude with benchmark indices ending in the green.Both the Nifty 50 and Sensex closed 0.1% higher at 24,414.4 and 80,746.78, respectively,althoughtheywereinthe redinearlytrade.Investorsshowedlittlesignsofnervousnessasreflectedin thegainspostedbythebroadersmallcapandmid-capindiceswhichputon 1.4%and1.6%,respectively. TENSE SESSION 80,746.78 (close) 105.71 points 0.13% Top sectoral gainers % gain Auto Consumer discretionary Metal 80,641.07 (Previous close) 1.74 1.21 1.19 Realty Consumer durables 79,948.80 (Open) Continued on Page 11 1.12 1.05 MORE THAN 300 flights have been cancelled and at least 25 airports, including Srinagar, have been temporarily shut for operations amid restrictions in the wake of the armed forces launching missile attacks on terror targets in Pakistan on Wednesday morning, reports PTI. ■ PAGE 16 At press briefing, India’s‘Nari Shakti’ takes centrestage INDIA’S‘NARI SHAKTI’was on displayduring a briefing on Operation Sindoorwith foreign secretaryVikram Misri flanked byCol Sofiya Qureshi andWing CommanderVyomika Singh, presenting a striking image of a combination of India's prowess in military and diplomacy, reports PTI. ■ PAGE 16 In 25 minutes,new red line drawn,bar forPakistan raised IN JUST 25 minutes, Operation Sindoor marked a new red line significantly raising Pakistan’s cost of a terror strike against India, report Amrita Nayak Dutta & PVaidyanathan Iyer. The coordinated assault, using multiple long-range highprecision strike weapons, has “upped the ante and signalled that India can strike deep inside,” said a senior security official. ■ PAGE 16 Free trade deal to fuel UK Normsforcoalsupplytothermal luxurycardemand in India unitseasedaspowerdeficitlooms ARUNIMA BHARADWAJ New Delhi, May 7 NITIN KUMAR & SWARAJ BAGGONKAR New Delhi/Mumbai, May 7 THECONCLUSIONOFtheIndia-UK bilateral free trade agreement (FTA) issettobeagame-changerforIndia’s premium automobile segment. Under the deal, import duties on a fixedquotaoffullybuiltvehiclesfrom the UK will be slashed drastically from over100% to just 10%,paving the way for an aggressive expansion by British luxury car brands in India. Companies such as Tata-owned JaguarLandRover(JLR),Rolls-Royce, Bentley,Aston Martin,McLaren and Miniareexpectedtobethekeybeneficiaries of this tariff relief. WithBritish-madecarsbecoming moreprice-competitive,Indianconsumers could see premium models liketheRangeRoverexperienceprice reductions of up to 40%. For instance,JaguarLandRover’sflagship SUV — currently priced at around `2.4 crore due to high import duties and GST — could see its base price drop below `1.5 crore once the new tariff regime takes effect, analysts said.The savings pervehicle could be asmuchas`90lakhonlowervariants and even higher on bespoke models, significantly altering the value DRIVING IN STYLE ■ Companies such as Tataowned JLR, Rolls-Royce, Bentley, Aston Martin, Mini are expected to be the key beneficiaries of this tariff relief ■ Indian consumers could see premium models like the Range Rover experience price reductions of up to 40% JLR’s flagship SUV — currently priced at around `2.4 crore — could see its base price drop below `1.5 crore ■ proposition in India’s luxurycarsegment. However, it remains unclear whether an additional cess will be levied on top of the reduced import duty. Yet,asBritishmanufacturersgear upforexpansion,Indianautomakers are approaching the development withcaution.Thegovernmenthasyet to disclose the final quota for ■ The savings per vehicle could be as much as `90 lakh on lower variants and even higher on bespoke models imported vehicles under the FTA. Sources said that it's likelythat India wouldgiveUK aquotatosell22,000 high-value EVs in the country at the lower 10% duty. New Delhi would also get some quota to sell low and mid range EVs to Britain, but how exactlywill thiswork is not clear. Continued on Page 11 Apparel units Scotch set to be Exports ofgems upbeat, see cheaper; local & jewellery may extra $1-bn mkt firms protest rise up to 1.5x THE LANDMARK India-UK FTA will significantly enhance the export competitiveness of India’s labour-intensive textile and apparel sectors, unlocking additional export opportunities worth $1 billion to the UK, according to industry experts, report Raghav Aggarwal & Narayanan V. ■ PAGE 2 CONSUMERS OF scotch may find their favourite brands becoming cheaper thanks to the FTA, which will see import duty on the latter being halved to 75%, reports Viveat Susan Pinto. It will subsequently reduce to 40% in a decade, according to the contours of the deal. ■ PAGE 2 THE FTA is likely to give a significant impetus to gems and jewellery exports to the UK from India, report Viveat Susan Pinto & Krishna Barot. From $941 million in terms of exports currently, the jump is likely to be to the tune of $2.5 billion in the next two years. ■ PAGE 2 THE GOVERNMENT HAS taken a freshsetofmeasurestoeasethesupplyofcoaltothermalpowerplants,as part of its efforts to avert a looming electricitysupplydeficitamidrapidly risingdemandinthecurrentandthe coming summerseasons. TheUnionCabinetonWednesday approvedgrantoffreshcoallinkages to the country’s central and state thermal power units, as well as the independentpowerproducers(IPPs), to help them meet short- and longterm fuel requirements. As per the revised SHAKTI (Scheme for Harnessing and AllocatingKoyalaTransparentlyinIndia)policy,coalallocationtothepowersector will be eased under two windows linkage to central gencos/states at notifiedprice(Window–I);andtoall EASE OF BUSINESS ■ Coal allocation to power sector will be eased under two windows in the revised policy gencos at a premium above notified price(WindowII). Underthefirstwindow,theexistingmechanismforgrantofcoallinkage to central-sector thermal power units,includingjointventures(JVs)& theirsubsidiaries,will continue. ■ The latest move comes on top of a contingency plan that has been put in place to boost power supplies ■ The Central Electricity Authority has projected peak power demand to rise to 277 giga watts (GW) in the 2025-26 ■ In 2024-25 the country has added 33 GW of additional power generation capacity, taking installed capacity to 475 GW Additionally,coal linkages will be earmarkedtostatesandtoanagency authorisedbyagroupofstatesasper existing mechanism, on the recommendation of the powerministry. Continued on Page 3 US,Chinaice-breakertalksonSat ANDREA SHALAL, DAVID LAWDER & LAURIE CHEN Washington/Beijing, May 7 US TREASURY SECRETARY Scott Bessent and chief trade negotiator Jamieson Greer will meet China's economic tsar He Lifeng in Switzerlandthisweekendfortalksthatcould be the first step toward resolving a tradewardisruptingtheglobaleconomy. News of the »INSIDE« planned Geneva meeting, first CHINA ROLLS announced by OUT MORE Washington late STIMULUS Tuesday, sent US PAGE 7 equity index futures higher. Stock markets in China and Hong Kong followed suit duringAsiantradingonWednesday. The talks come after weeks of escalating tensions that have seen dutiesongoodsimportsbetweenthe world's two largest economies soar SCOTT BESSENT US TREASURY SECRETARY We’ve got to de-escalate before we can move forward LIN JIAN, FOREIGN MINISTRY SPOKESPERSON, CHINA ...position of firmly opposing US abuse of tariffs has not changed well beyond 100%, amounting to what Bessent on Tuesday described astheequivalentofatradeembargo. The impasse,alongside US President Donald Trump's decision last month to slap sweeping duties on dozens of other countries, has BENGALURU upendedsupplychains,roiledfinancial markets and stoked fears of a sharp downturn in global growth. The negotiating teams convening in Switzerland, known for its neutrality, are expected to discuss reductionstothebroadertariffs,two sources familiar with the planning said. The talks should also cover duties on specific products, export controlsandTrump'sdecisiontoend deminimisexemptionsonlow-value imports,one of the sources added. China's State Council did not immediatelyreplytoafaxedrequest forcomment."Mysenseisthiswillbe about de-escalation," Bessent told Fox News after the announcement. "We've got to de-escalate before we can move forward." A Chinese commerce ministry spokesperson later confirmed that China had agreed to meet the US envoys. Continued on Page 3