BACK PAGE | PAGE 24 MARKETS | PAGE 6 NASA’s 'Butch & Suni' finally back on Earth Uphold high standards: RBI guv to urban co-op banks KOLKATA, THURSDAY, MARCH 20, 2025 INTERNATIONAL | PAGE 7 Microsoft-BlackRockfund onboardsMusk’sxAI FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 34 NO. 117, 24 PAGES, `12 (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: 75,449.05 ▲ 147.79 NIFTY: 22,907.60 ▲ 73.30 NIKKEI 225: 37,751.88 ▼ 93.54 HANG SENG: 24,771.14 ▲ 30.57 `/$: 86.44 ▲ 0.13 `/€: 94.22 ▲ 0.57 BRENT: $70.52 ▼ $0.04 GOLD: `88,288 ▲ `263 IN THE NEWS Strong foundation for growth: RBI’s March Bulletin SOUND FISCAL POLICIES, a wellcalibrated monetary framework, and digital transformation initiatives are expected to provide a strong foundation for long-term sustainable economic growth, RBI said in its March bulletin, reports PTI. ■ P3 Nod to incentive for small-value UPI payments THE CENTRE ON Wednesday approved a `1,500crore incentive for promotion of small-value BHIM-UPI (P2M) transactions, a move aimed at benefiting common people and small merchants, reports PTI. ■ P2 Nawaz Modi Singhania quits Raymond board RAYMOND CMD Gautam Singhania's estranged wife Nawaz Modi Singhania has resigned as a director on the board, according to a statement by the company, reports Raghavendra Kamath. ■ P5 Five senior execs resign at Hero MotoCorp HERO MOTOCORP HAS seen a significant leadership shake-up, with five senior executives, including HR head for talent management Sameer Pande, quitting the firm, reports fe Bureau. ■ P4 FE SPECIAL Global race for academic leadership The QS rankings do not spell relief for Indian higher education just yet ■ EXPLAINER, P9 STOCKSRALLYAFTERCOMMERCEMINISTRYPROPOSAL ● HONOURINGTHE BESTIN JOURNALISM Steelimportstoface 12%safeguardduty ● Movetoprotect localindustryfrom tradediversions PROVISIONAL MEASURE BSE Metal Index 1.40% MUKESH JAGOTA New Delhi, March 19 THE DIRECTORATE GENERAL of Trade Remedies (DGTR), under the commerce ministry, has recommended a 12% provisional safeguard dutyon some steel products to protect the local industryfrom below-cost imports. A final decision will be taken by the finance ministry. In a notification,the DGTR said critical circumstances exist wherein any delay in application for provisional safeguard measures would cause damagewhichwould be difficult to repair. “The authority recommends imposition of provisional safeguard duty at the rate of 12% ad valorem for 200 days pending final determination on imports of the product underconsideration,” the notification said. The tax will help Indian steel producers counter any potential trade diversions from countries such as Japan and South Korea following US President Donald Trump’s imposition of 25% import tariffs on steel imports from certain countries. 31,019 30,591 JSW Steel 1.35% 1,018.5 ■ The commerce ministry body said any delay in application for provisional safeguard steps could cause irreparable damage 1,032.3 Tata Steel 158.5 2.52% 154.6 SAIL 3.99% 113.2 108.9 NMDC Steel 35.9 6.88% 33.6 Mar 18 (close) Mar 19 (close) Steel stocks rose on Wednesdayasanalystsforecast aboosttothecompanies’earnings. They believe the imposition of the duty could result in price hikes in the next few months after rising to `1,500`2,000 in the near term.AnalystsatJPMorganbelievethere is room to raise earnings esti- ■ Recommends safeguard duty at 12% ad valorem for 200 days on some products ■ Final decision on imposing the safeguard duty will be taken by the finance ministry mates of steel companies. Share prices of JSW Steel and Tata Steel rose about 3% intra-day to be among top gainers in the benchmark Nifty50 index. The stock of state-run Steel Authority of India (SAIL) rose over 3.5%. Continued on Page 7 Winners of Ramnath Goenka Excellence in Journalism Awards with President Droupadi Murmu, The Indian Express Group chairman and MD Viveck Goenka, executive director Anant Goenka, and CEO George Varghese, in New Delhi on Wednesday RENUKA PURI Democratic processes lose meaning if citizens aren’twell-informed: Prez Associate Partners DIVYAA New Delhi, March 19 EMPHASISING THAT THE importance of free and fair journalism for democracy cannotbeoverestimated,President Droupadi Murmu on Wednesdaysaid“ifcitizensarenotwellinformed,democraticprocesses lose theirverymeaning”. Delivering the keynote address while presenting the RamnathGoenkaExcellenceinJournalismAwardsasthechiefguest, thePresidentsaid,“Theseawards recogniseandcelebratethebest of our journalism.With this,we also honour the legacy of RamnathGoenka,thefounderofthe Indian Express group, and a great icon of Indian media. He stoodupforthefreedomofpress before Independence as well as after Independence.His newspaper refused to buckle during theEmergency.Theblankeditorialitpublishedbecameatelling symbolofafreepressaswellasa sign of hope for the restoration ofdemocraticrights.” Murmu also said the news media “plays a vital role in a modernstate”.“Assuch,allofus havestakesinthehealthofthis sector,”she said. Continued on Page 2 Tech majors forgeAI tie-ups with Nvidia FE BUREAU Bengaluru, March 19 FUTURE-READY IT COMPANIES WIPRO, Tech Mahindra and L&TTechnology Services on Wednesday announced strategic partnerships with chipmaker Nvidia to develop cutting-edge AI solutions for various industries. These collaborations, unveiled atNvidia’songoingannualGPU TechnologyConference(GTC)in California,promisetotransform sectorsrangingfromhealthcare andpublicservicestorailsafety. TechMhasintroducedanAIpowered pharmacovigilance (PV) solution designed to enhance drug safety management. By leveraging Nvidia AI software, the solution automates key PV processes,reducing human intervention and ■ TechM has brought an AI-powered pharmacovigilance solution designed to enhance drug safety management, leveraging Nvidia software ■ Wipro has unveiled AgenticAI services to help nations harness infra, workforce, & data for tailored AI capabilities using Nvidia software ■ L&TTechnology Services has introduced TrackEi, an AI-based railway track inspection system, which is built on Nvidia’s Jetson platform improving efficiency.The integration of Nvidia AI enterprise tools, including NeMo, NIM microservices, and AI Blueprints,allows for real-time case intake, data transformation, qualitycontrol,andcompliance. The AI-driven PV system speeds up decision-making by prioritisingandprocessingrequests instantly, cutting turnaroundtimeby40%,improving dataaccuracyby30%,andloweringoperationalcostsby25%. Continued on Page 7 Plans to increase aircraft fleet from current 437 to over 600 by 2030 IndiGolookstospreadwings,eyes 40%internationalcapacity NITIN KUMAR New Delhi, March 19 INDIGO PLANS TO significantlyexpanditsinternational footprint, with an aim to increase the share of seats allocated for overseas flights to 40% by FY30, up from the current 28%. The move is part of a broader strategy to secure a larger share of India’s international aviation market,where it currently holds a 19% share. The carrier,which outlined its growth plans in an investor presentation filed with the stock exchanges on Wednesday, said that international expansion will be its key focus area.Theno-frillsairline,which has already doubled its internationalcapacityshareoverthe pastsevenyears,expectstofurtherboostitspresencethrough fleet expansion, route addi- FLIGHT PLAN ■ It plans to add around ■ IndiGo expects to carry 118 mn 14 passengers in FY25 new destinations in FY26 tions, and the introduction of premium seating options. The carrier’s ambitious road map includes increasing its aircraft fleet to over 600 by 2030 from the current 437.It anticipates receiving more than one new aircraft per week in FY26, supporting its goal of meeting growing demand in both domestic and international markets. IndiGo expects to carry 118 ■ Airline expects early double-digit growth in FY26 ■ Also plans to add over 3,000 employees to workforce million passengers in FY25, with early double-digit growth projected for FY26. Pieter Elbers, CEO of IndiGo, said the international air travel from India has long been dominated by nonIndianairlines.“Thereisagreat opportunity to address that market with our planes,” he said, signalling the company’s intent to become a major player in the long-haul space. PIETER ELBERS CEO, INDIGO There is a great opportunity to address the global market with our planes The airline plans to introduce new routes across Asia and Europe, leveraging its upcoming Airbus A321XLR aircraft, which is expected to join the fleet this year. IndiGo recently took a major step towards long-haul expansion by leasing a Boeing 787-9 Dreamliner from Norse Atlantic Airways. Continued on Page 7 Kolkata
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