COMPANIES | PAGE 4 COMPANIES | PAGE 4 Quick-servicerestaurants mayseeFY26turnaround INTERNATIONAL | PAGE 7 Ola Electric confirms govt notices over sales data LUCKNOW, SATURDAY, MARCH 22, 2025 Musk holds Pentagon meet, wants leakers prosecuted FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 18 NO. 93, 24 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: 76,905.51 ▲ 557.45 NIFTY: 23,350.40 ▲ 159.75 NIKKEI 225: 37,677.06 ▼ 74.82 HANG SENG: 23,689.72 ▼ 530.23 `/$: 85.97 ▲ 0.40 `/€: 93.09 ▲ 0.65 BRENT: $71.52 ▼ $0.48 GOLD: `87,821 ▼ `332 THE COMMERCE MINISTRY will seek additional funds for the newly announced Export Promotion Mission, once the umbrella scheme to absorb various export promotion initiatives gets nod from the Cabinet, reports Mukesh Jagota. ■ PAGE 2 aligned with unit holders of their schemes. The rules mandated that they must invest 20% of their annual salary and perks in the schemes they managed.In fact,the designated employees received units of the respective schemes as a part of their salary. However, there was a pushback ● GLOBALTRAVELCHAOSAS HEATHROWSHUTS DOWN NEW RULES AND new captains will be in focus when the 18th edition of IPL begins on Saturday with defending champions Kolkata Knight Riders taking on Royal Challengers Bengaluru amid threat of rain. ■ PAGE 24 Flights were cancelled and diverted around the world after Britain's Heathrow Airport was closed down on Friday following a huge fire at a nearby substation that knocked out its power. The airport hopes to resume full service on Saturday ■ PAGE 24 AP OPD rider enhances your health cover Premium starts from as low as `700 per year ■ EXPLAINER, P9 REALTY MAJOR DLF plans to invest around`20,000croreinthemedium term to develop commercial properties,includingofficeandretailspaces, reportsPTI. Inacorporatepresentation uploaded on stock exchanges, DLFsharedthegrowthstrategyofits rental business. ■ PAGE 4 Niftylogs bestweeklyreturns in 4years `22L cr in 5-day rally KISHOR KADAM Mumbai, March 21 THE INDIAN BENCHMARK indices outperformed their global peers on Friday,recording gains even as most equity markets worldwide traded lower.TheSensexrose557.45points or0.73%tocloseat76,905.51,while the Nifty rose 159.75 points or 0.69%,endingthedayat23,350.40. Both indices recorded gains for the fifth consecutive session. As a result, the Nifty logged its bestweeklyreturns (4.26%) in four years, while the Sensex posted its best weekly return (4.17%) since July 22, 2022. The broader indices, BULL RUN Mcap gain (in ` lakh crore) Week % change (Mar 13 - 21, 2025) 4.17 4.26 7.09 7.87 Sensex Nifty BSE Midcap BSE Smallcap Best weekly gain since 22 July 2022 Best weekly gain since 5 Feb 2021 BSE Midcap and BSE Smallcap, gained 1.14% and 2.05%, respectively,on Friday.While the BSE Midcap posted its best weekly returns (7.09%) in four years, the BSE 3.61 ● Investors richer by 7.04 ■ MOTOBAHN, P9 Bank unions defer 2-day stir after assurance DLF to invest `20,000 cr in commercial biz FE S P E C I A L S Driving the Audi Q8 e-tron EV to India’s finest golf course south of Delhi Continued on Page 7 BANK UNIONS ON Friday deferred their two-day nationwide strike beginning Monday after they received positive assurance from boththefinanceministryandtheIBA on their demands, including a fivedayworkweekandadequaterecruitment in all cadres,reports PTI. 18th edition of IPL begins today; eye on new rules, leaders Electric car meets the perfect swing from the industry,as asset management companies (AMCs) found it difficult to retain talent.A CEO of a fund house said that the industry was finding it challenging to retain talent,especiallyat mid-level due to strict guidelines. Best weekly gain since 5 June 2020 Smallcap posted its best weekly returns (7.87%) in five years. “Investors shrugged off negative global market sentiment as foreign institutionalinvestorsmadeasteady 17 18 19 20 21 March 2025 comeback to local equities this week," said Prashanth Tapse, senior V-P(research),Mehta Equities. Continued on Page 7 0.03 sound—make fund managers eat their own cooking—but the recipe was getting too complicated. The new framework keeps the spirit alive while making it practical. A sensible fix.” In 2021, Sebi had introduced these guidelines to ensure that designated employees’ interests were Tech Mahindra AMC shall have the option to adopt Option A or Option B for its designated employees 22.5%** with Esops Major IT stocks (% chg) 0.44 *Option A ; ** Option B Above `1 crore: 18%* or TAKING STOCK HCLTech asset management firms found it difficult to retain talent DOMESTIC INFORMATION TECHNOLOGY (IT) firms are expected to remainlargelyunaffectedbyUSgovernmentspendingcuts,analystssaid, even as Accenture flagged concerns over delays and cancellations of federal contracts due to cost-cutting measures initiated by the Donald Trump administration. On Friday, shares of IT firms, including Infosys,Tata Consultancy Services(TCS),Wipro,TechMahindra, andHCLTechnologies,declinedbyas much as 3% during intra-day trade on the NSE. However, they later reboundedafteranalystsandbrokerage firms reassured investors that they have no direct exposure to US federal government contracts and are, therefore, insulated from the potential negative impact of federal budget reductions. Nomura said that unlike Accenture, domestic IT companies do not depend on US federal contracts,and while macroeconomic uncertainty might make clients cautious,Accenture’s management noted no major project pauses. Accenture said that the US administration under Trump had directed the department of government efficiency (DOGE) to implement stringent cost-cutting measures, leading to reduced procurement decisions. CEO Julie Sweetsaidinanearningscallthatthe -1.34 ■ There was a pushback as Between `50 lakh but below `1 crore: 14%* or 17.5%** with Esops PADMINI DHRUVARAJ Bengaluru, March 21 -1.34 Above `25 lakh but below `50 lakh: 10%* or 12.5%** with Esops designated employees had to invest 20% of annual salary and perks in schemes they managed Infosys ■ As per norms brought in 2021, after initial dip 0.47 Below `25 lakh: No investment ● Stocks recover Wipro Commerce ministry to seek extra funds for export mission IN A SIGNIFICANT relief to mutual fund houses, the Securities and Exchange Board of India (Sebi) has eased the guidelines fordesignated employees such as CEOs, CIOs and fund managers. According to the latest guidelines, four slabs have been created in which employees drawing below `25 lakh cost to company (CTC) do not have to take anyportion of theirpayin the units. Those drawing more will need to take either10-18% or12.5-22.5 % of their CTC in units,depending on what their asset management company chooses. The new guidelines will take effect from April 1,2025. Dhirendra Kumar, CEO, Value Research, said: “This is a muchneeded loosening of the screws.The idea behind the earlier rule was ■ Sebi’s new guidelines will take effect from April 1, 2025 Accenturewoes:US spendingcutsnot tohitlocalITfirms TCS THE GOVERNMENT HAS approved an infusion of `11,440 crore in state-run Rashtriya Ispat Nigam (RINL) as equity to keep it a going concern, Parliament was informed on Friday, reports fe Bureau. ■ PAGE 2 RULES RELAXED 4.69 RINL revival afoot with `11,440-cr fresh capital infusion JOYDEEP GHOSH Mumbai, March 21 5.15 THE RUPEE POSTED its best day against the dollar in more than a month on the back of dollar inflows and an unwinding of speculative long-dollar positions, which also helped it log its best week in more than two years, reports Reuters. ■ PAGE 6 Skin in the game guidelines eased for mutual fund staff 1.64 Rupee logs largest weekly rise in over two years SEBIALLOWS SLAB-WISE CONTRIBUTION BASED ON SALARY Salary IN THE NEWS federal government contributed approximately 8% of Accenture’s globalrevenueand16%ofitsAmericas’ revenue in FY24. She further saidtheUSGeneralServicesAdministration had instructed federal agencies to review contracts with consulting firms and terminate those deemed unnecessary.“It’s still early, and a lot can happen. Clients may shift focus, accelerating costcuttingratherthaninvestinginnew projects,” Sweet said, underscoring the uncertainty surrounding the current business climate. Continued on Page 7 Separatee-commerce inflationindexlikely PRIYANSH VERMA New Delhi, March 21 THEMINISTRYOFstatisticsandprogramme implementation (MoSPI) is considering launching a new inflation index,which would track retail prices of items being sold on e-commerce platforms.The new index will not be part of the consumer price index(CPI),butwillbereleasedalong with the CPI data,once unveiled. According to official sources,the ministryisintalkswithmorethan15 e-commerce platforms in the country,includingthemajoroneslikeFlipkart, Amazon and Meesho to get access to the prices of items being listed on theirplatforms. Thenewindexisbeingplannedin view of the rising share of e-commerce in the overall transaction volume and values registered in the country.The prices of items sold on these platforms are increasingly becoming a key determinant of how pricepressuresarebeingexperienced byvast sections of consumers. Thenewindexislikelytotrackthe pricesofthoseitemsthatwillbelisted by the sellers on the e-commerce platforms, and not those that are shown on the website to consumers. This would ensure that fair assessmentofpricemovementsisdoneon ON THE CARDS ■ Statistics ministry in talks with over 15 e-commerce platforms ■ Index planned due to rising ecomm share in overall transaction volume & value ■ It is likely to track prices of items listed by sellers on e-comm platforms ■ New index to not be part of CPI, but will be released along with it amonthlybasis,anddiscountsbeing offered are not accounted for, explained the sources. “Theframeworkforthenewindex isstillbeingworkedout,asweneedto have all the e-commerce platforms on board,” an official told FE.“If the talks succeed,the new index may be released along with the new CPI series,” the person added. Continued on Page 10 Says sticking to 2047 goal beneficial not just for India but the whole world India’s approach toAI right,focuswill be on its application: Gates EXPRESS NEWS SERVICE Mumbai, March 21 Co-presentedby AssociatePartners “IF INDIA CAN stay on the path of the2047plan,that’snotjustbeneficial to India, it’s beneficial to the wholeworld,”saidBillGatesinMumbaionThursday,addingthatthebest example of India’s role in helping other countries is its digital public infrastructure.“It’s a phenomenal thing,whether in banking, governmentbenefitdistribution,insurance or stock trading; every time I am here,Iseeadozenmorecompanies.” The tech tycoon-turned-philanthropist,who made his third visit to India in threeyears,was the guest at the ExpressAdda andwas in conversationwithAnantGoenka,executive director of The Indian Express Bill Gates was the guest at Express Adda, on Thursday Group. After stepping down from Microsoft’sboardin2020,Gateshas dedicated himself to philanthropy through the Gates Foundation, AMIT CHAKRAVARTY which has been working in India in sectorssuchaspublichealth,immunisation,sanitation,andagriculture. Gates acknowledged India’s growing focus in the research and development sector and added that theGatesFoundationwillshiftfrom fundingdeliverytofundinginnovations. Talking about how India is going to be a significant source of innovation that helps solve problems domestically, Gates said, “A largenumberofpeopleinIndiahave done remarkable work,with strong support from the government, beginningwiththePrimeMinister.” Citing the example of India’s contribution to manufacturing affordable vaccines,which is one of his favourite innovations from India with the potential to solve worldproblems,hesaid,“Affordable vaccinesandDeepAI–thatisahard choice for me.” Acknowledging India’s work in AI,Gates spoke about howhis interactionswithIndiansshowthatsome are interested in contributing to foundational AI development, but the majority are focused on applyingAI to specific domains. “IbelieveIndiaisapproachingAI the rightway.Much of India’s use of AI will focus on applying it effectively.The state-of-the-art foundational models are largely open source and widely available, with techniques extensively published. While much of the great work in AI is coming from the US and China, India is not lagging.The latest models, even if a few months behind on benchmarks, are accessible to everyone.Indiacantakethesemodelsandadaptthemtoitsownneeds, such as ensuring support forIndian native languages. For example, when Indian farmers discuss their crops, the data quality and understanding of local dialects can be optimised,”he said. Talking about India as a brand, Gates spoke about how one can meet great Indians, like Microsoft CEO Satya Nadella, all over the world.Encouraging more people to come to the country, he said, “A lot of people don't know much about India.” Gates spoke about howthere are enough voters in India who select who will run the country.“And that has created a very positive dynamic that you're competing in good governance,”he said. Continued on Page 7 Lucknow