MARKETS | PAGE 8 COMPANIES | PAGE 4 Sebi bans no-revenue firm LS Industries INTERNATIONAL | PAGE 9 Premium focusweighs on Samsungvolumes Altman rejects Muskled bid to buy OpenAI KOLKATA, WEDNESDAY, FEBRUARY 12, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 34 NO. 87, 40 PAGES, `12.00 (NORTH EAST STATES `12.00 & ANDAMAN `20.00) 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: 76,293.60 ▼ 1018.20 NIFTY: 23,071.80 ▼ 309.80 NIKKEI 225: 38,801.17 ▲ 14.15 HANG SENG: 21,294.86 ▼ 227.12 `/$: 86.83 ▲ 0.65 `/€: 89.59 ▲ 0.72 BRENT: $77.21 ▲ $1.34 GOLD: `85,081 ▼ `298 Lam Research set to invest `10k cr in India US-BASED LAM RESEARCH, which provides machinery to make semiconductors, on Tuesday announced an investment of `10,000 crore to expand its footprint in India. A RED initiative appears in today’s edition of Financial Express. This magazine is an initiative of the marketing solutions team of The Indian Express Group and contains content paid for by advertisers. The magazine should be read as advertisement. PANIC ON STREET Investor wealth gain/loss (` lakh crore) 1.7 Sensex Feb 10 (close) -2.2 Feb 05 77,311 Continued on Page 9 »INSIDE« 10 07 executive order allowing 180 days to review1977Act 11 L&T -2.7 -2.7 -2.7 Power Grid -2.9 Top Sensex losers (% loss) 1,018 points (1.32%) Feb 11 (close) 76,293 RBI move powers Re rebound SACHIN KUMAR Mumbai, February 11 THE RUPEE MADE a strong comeback, gaining 65 paise or 0.74%, to close at 86.83 against the dollar on Tuesday. This is rupee’s biggest gain in over two years against the dollar, helped by Reserve Bank of India’s (RBI) intervention.The RBI is estimated to have sold $11-12billionintheFXmarket in the last two days to defend the local currency. The rupee touched a high of 86.63 during intradaytrade on Tuesdaybeforeclosingat86.83 RESCUE ACT Rupee vs dollar 86.60 86.80 87.00 0.74 % 87.20 87.40 87.60 86.83 Close 87.48 Previous close Open Inverted scale Close against previous day’s close of 87.48,postingitsbiggestsingle day gain since November 11, MID-CAPS, SMALL-CAPS GET 40% NEWAGE TECH STOCKS FALL BATTERED PAGE 8 BELOW IPO PRICE PAGE 8 UShaltsenforcementof lawprobingAdaniGroup ● Trump signs -9.3 Bajaj Finserv THE STOCK MARKET indices fell sharply on Tuesday,losing 1-3.5%, as fears of US President Donald Trump’s imposition of 25% on steel and aluminum saw investors exiting stocks in hordes. Market experts said that besides foreign portfolio investors (FPIs), even retail and high networth individuals have started selling as margin calls have been triggered due to steady decline in the stock prices. The Sensex closed at 76,293,down 1.32% or 1,018 points. The Nifty closed at 23,701, down 309 point or 1.32%.Thebroadermarketfell much more,with the BSE midcap and small-cap indices falling 2.88% and 3.40%, respectively. The recent fall, continuing for the past five trading sessions, has seen the Sensex and Nifty lose 2.91% and 2.81%, respectively. Investors have lost `18.66 lakh crore in total in the last four trading sessions. -6.1 -1.0 06 JOYDEEP GHOSH Mumbai, February 11 « HEADSTART EDUCATION After FPIs,retail & HNIs also start selling as margin calls begin to hurt ● -5.2 RASHMI SALUJA,THE ousted executive chairperson of Religare Enterprises onTuesday filed a fresh writ petition in a Delhi court to quash the open offer by the Burman familyled entities.Within hours, the RELboard asked the company secretary to ensure that Saluja’s ‘office stands vacated with effect from the AGM date’. ■ PAGE 8 Trump heat melts indices Tata Steel Saluja in court again, Religare board fights back OVER `18LCR INVESTORWEALTH LOSTIN LASTFOUR SESSIONS Zomato IN THE NEWS 2022. “Today’s appreciation in the rupee was mainly because of ReserveBank’sstrongintervention. The RBI was seen selling dollars at around 87.30 level and continued to 86.63,” said a forex dealer with public sector bank.“RBI’spresencewasfeltin both the spot and forward markets,” he added. Therecoveryinthedomestic currencywasseendespitesharp sellingbyforeigninvestors.FPIs have sold nearly $1.4 billion in the past five trading sessions. Continued on Page 9 EDITORIAL: MARKET MAYHEM PAGE 10 PRESS TRUST OF INDIA Washington, February 11 US PRESIDENT DONALD Trump signed an executive orderdirectingtheDepartment of Justice (DoJ) to pause enforcing a nearly half-century-old law that was used to launch a bribery investigation against theAdani Group. Trump signed an order to pauseenforcingofthe1977ForeignCorruptPracticesAct(FCPA) thatprohibitsAmericancompanies&foreignfirmsfrombribing officials of foreign governments RELIEF MOVE ■ Last year, Gautam Adani was charged with allegedly bribing Indian officials ■ This was concealed from whom the group raised billions ■ FCPA allows pursuing foreign corruption allegations ■ The pause and the review is being seen as a relief to the Adani Group toobtainorretainbusiness. The President directed US Attorney General Pam Bondi to pause enforcement of FCPA, whichwasattheheartofsomeof the US Department of Justice's most high-profile cases,includinganindictmentagainstAdani Group head Gautam Adani and his nephew Sagar.Last year DoJ, under President Joe Biden, chargedAdaniforallegedlybeing partofaschemetopayoverabout `2,100crorebribetoIndianofficials in exchange of favourable termsforsolarpowercontracts. Continued on Page 9 PM:WorldatdawnofAIage SHUBHAJIT ROY New Delhi, February 11 SAYING THAT THE world is at the ‘dawn of the AI (Artificial Intelligence) age’,Prime Minister Narendra Modi on Tuesday called for collective efforts to establishaglobalframeworkfor AI that upholds shared values, addressesrisks,buildstrustand ensures access to all, especially the Global South. Co-chairing the AI Action Summit with French President Emmanuel Macron in Paris, Modi underlined the need for open-source systems that NARENDRA MODI, PRIME MINISTER AI is writing the code for humanity in this century. But, it is very different from other technology milestones in human history enhancetrustandtransparency, andbuildingdatasets‘freefrom biases’. He also offered to host the next summit in India. “AI is alreadyre-shaping our polity,oureconomy,oursecurity and even our society.AI is writ- ingthecodeforhumanityinthis century.But,it is very different from other technology milestones in human history,” he said in his opening statement. Continued on Page 9 Kolkata