MARKETS | PAGE 6 BACK PAGE | PAGE 20 NASA’s 'Butch & Suni' finally back on Earth Uphold high standards: RBI guv to urban co-op banks MUMBAI, THURSDAY, MARCH 20, 2025 VOL LXV NO. 66, 22 PAGES, `12 INTERNATIONAL | PAGE 7 Microsoft-BlackRockfund onboardsMusk’sxAI FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD 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. ■ PAGE 3 Nod to incentive for small-value UPI payments THE CENTRE ON Wednesday approved a `1,500-crore incentive for promotion of small-value BHIM-UPI (P2M) transactions, a move aimed at benefiting common people and small merchants, reports PTI. ■ PAGE 2 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. ■ PAGE 5 STOCKSRALLYAFTERCOMMERCEMINISTRYPROPOSAL ● HONOURINGTHE BESTIN JOURNALISM Steelimportstoface 12%safeguardduty ● Movetoprotect localindustryfrom tradediversions 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. PROVISIONAL MEASURE ■ The commerce BSE Metal Index 1.40% 31,019 30,591 JSW Steel 1.35% 1,018.5 1,032.3 Tata Steel 2.52% 158.5 154.6 SAIL 3.99% 113.2 108.9 NMDC Steel 6.88% 35.9 33.6 Mar 18 (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- Smart ministry body said any delay in application for provisional safeguard steps could cause irreparable damage Mar 19 (close) ■ 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
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