BIG IDEA | PAGE 18 COMPANIES | PAGE 5 InMobi: Jackpot after four failures INTERNATIONAL | PAGE 7 Airtel,Jioeaseoncapex as5Grolloutnearlyover BYD topsTesla as tech focus drives sales MUMBAI, TUESDAY, MARCH 25, 2025 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXV NO. 70, 18 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: 77984.38 ▲ 1078.87 NIFTY: 23,658.35 ▲ 307.95 NIKKEI 225: 37,608.49 ▼ 68.57 HANG SENG: 23,905.56 ▲ 215.84 `/$: 85.64 ▲ 0.34 `/€: 92.82 ▲ 0.27 BRENT: $72.21 ▼ $0.05 GOLD: `87,447 ▼ `387 IN THE NEWS Kaku Nakhate to leave BofA post after 15-year stint KAKU NAKHATE, THE executive leading Bank ofAmerica’s India business, is leaving her role after 15 years with the firm, reports Bloomberg. The bank has tapped Vikram Sahu to succeed Nakhate. ■ PAGE 6 Aggressive bids by banks at $10-bn Fx swap auction THE RESERVE BANK of India's forex swap auction held on Monday received strong responses, with the apex bank receiving bids worth $22.28 billion from banks, against the notified amount of $10 billion, reports Sachin Kumar. ■ PAGE 6 Mahindra in talks to buy Sumitomo stake in SML Isuzu MAHINDRA & MAHINDRA is in talks to buy Japan's Sumitomo's entire 44% stake in heavy vehicle-maker SML Isuzu, CNBC Awaaz reported on Monday, reports Reuters. ■ PAGE 5 RBI issues revised priority sector lending norms THE RESERVE BANK on Monday issued revised guidelines on Priority Sector Lending (PSL) to facilitate better targeting of bank credit to the priority sectors of the economy, reports PTI. ■ PAGE 14 FE SPECIAL Paradox of happy nations Why India’s rank lags war-torn Ukraine and Palestine in a happiness report, and the subjectivity of measuring it ■ EXPLAINER, P9 NORMS EASED FOR FPIs,MERCHANTBANKS Sebi lays groundwork for ease ofdoing business ● Committee to EXPRESS PHOTO: AMIT CHAKRAVARTY ■ The markets look into conflict of interest formed TUHIN KANTA PANDEY ANANYA GROVER & JOYDEEP GHOSH Mumbai, March 24 Ifyoudon'thaveaframework, howdoyouknowwhichone willbedisclosed?Ifyou haveacomplaintto make,howdoyou makeit? THE SECURITIES AND ExchangeBoardof India(Sebi), initsfirstboardmeetingunder new chairperson Tuhin Kanta Pandey, has eased norms for foreign portfolio investors (FPIs), merchant banks and market infrastructure institutions (MIIs).At the same time, it also decided to set up a highlevel committee (HLC) to review the current provisions regulator doubled the threshold for FPI disclosure from `25,000 cr to CHAIRPERSON, SEBI ON CONFLICT ON INTEREST »INSIDE« `50,000 cr CAUGHT FIRMS AT ‘PUMP’ STAGE: SEBI PAGE 6 of conflict of interest and disclosures pertaining to property, investments and liabilities for members and officials of the board. Themarketsregulatordoubled the threshold for FPI disclosure from `25,000 crore to KISHOR KADAM Mumbai, March 24 ending the day at 23,658.35, erasingallthelossesof2025and turningpositiveafterthirtytradBENCHMARK ingsessions. »INSIDE« INDICES CONTINUED Investor wealth their upward trend on surgedbynearly`5lakh SEVENTH Monday,ending higher crore on Monday.They STRAIGHT forthesixthconsecutive DAY OF RISE have now gained over FOR RUPEE session. Starting the `27lakhcroreinthelast week on a strong note, six sessions and over PAGE 6 the Sensex climbed `34 lakh crore since 1,078.87 points or 1.40%, to March 4,when the benchmarks close just below the 78,000- hitrecentlows. mark at 77,984.38. The Nifty rose 307.95 points, or 1.32%, Continued on Page 14 ■ The governing board of market infra institutions can decide on cooling-off period for KMPs `50,000 crore. “Cash equity trading volumes have more than doubled between FY23 and FY25. Continued on Page 5 IN AN UPTREND Nifty 23,6 23,658 (clos Mar 24 (close) 23,350 50 Mar 21 (close) ) 1.32% Top gainers (%) 4.86 4.47 3.69 Kotak Mahindra Bank NTPC SBI Localisation norms forEV charging infra to be eased NITIN KUMAR New Delhi, March 24 IN A BID to accelerate the expansion of electric vehicle (EV) charging infrastructure and boost EV adoption, the government is set to relax key localisation requirements for charger manufacturers. The ministry of heavy industries (MHI) is likely to remove the mandatory 50% domestic value addition (DVA) rule under the PM Electric Drive Revolution in Innovative Vehicle Enhancement (PM EDrive) Scheme. This move is expected to provide a significant boost to the EV ecosystem, allowing key players like Tata Power, Exicom, Delta Electronics, Charzer and Servotech to leverage the `2,000 crore allocated under the scheme while scaling up charger deployment across the country. EV BOOSTER ■ Tata Power, Exicom, Delta Electronics etc are likely to leverage ■ Under the scheme, the government has earmarked funds to cr install 72,300 allocated public EV under PM Echargers Drive scheme nationwide `2,000 ■ After lifting of localisation norms, manufacturers can now import critical components “There will be no DVA condition in the upcoming chargers’ phased manufacturing programme guidelines, as there is an urgent need to establish a robust charging network,”an official told FE. The decision comes at a crucial time when concerns over the slow rollout of charging stations are hindering EV ■ As of Dec 2024, data show that 28 states and UTs still have fewer than 1,000 charging stations adoption. As of December 2024,data from the ministry of power shows that 28 states and Union territories still have fewer than 1,000 charging stations,with over half of these regions falling below the national EV penetration average. Continued on Page 5 IndiaIncbracesforveterans’exit AT LEAST FIVE veterans in some of India's top firms will retire in FY26,paving the way for their successors at the corner office. While Nestle India's CMD Suresh Narayanan, Titan's MD CK Venkataraman, Voltas' MD Pradeep Bakshi and Pidilite's MD Bharat Puri will retire in FY26, Avenue Supermarts' MD & CEO Neville Noronha has decided against renewing his contract, which ends in January 2026. Unilever veteran Anshul Asawa, currently CEO-designate, will formally take over from Noronha,who spent over two decades at the firm,in February next year. CEO changeswill bevisible in sectors such as telecom and auto as well, where veteran Gopal Vittal will step down as MD & CEO of Bharti Airtel in January 2026 and Takashi advisors & research analysts' advance fees has been hiked from 1/2 quarters to 1 year D-St pullback: Niftyrecoups’25 loss At least five top executives in leading companies to retire in FY26 VIVEAT SUSAN PINTO Mumbai, March 24 ■ Investment BIG SHOES TO FILL ■ Nestle India's CMD Suresh ■ Gopal Vittal (left) Narayanan (left), Titan's MD CK Venkataraman (right), Voltas' MD Pradeep Bakshi and Pidilite's MD Bharat Puri will retire in FY26 will step down as MD & CEO of Bharti Airtel in January 2026 while Avenue Supermarts' MD & CEO Neville Noronha's term also ends in the same month New CEOs are expected to focus on a greater omnichannel presence to drive growth ■ Takashi Nakajima will be the new president & CEO of Honda Cars India next month ■ Nakajima will be the new president & CEO of Honda Cars India next month. Some experts say that it is simply a matter of co-incidence that so many departures have happened at the same time. Still others reason that boards are getting hyperactive at a time when techno- logical and consumer shifts are prompting companies to be future-ready and induct new leaders who are better prepared to take these firms to the next level. "The departures are a combination of retirement and some who may be looking at external opportunities," says Nestle India's new MD Manish Tiwary, who was earlier with Amazon, is expected to give the company a digital edge at a time ■ Harish HV, MD at Bengalurubased ECube Investment Advisors. "At a broader level though,boards are gearing up for the future and have put successors in place who can take these firms to the next phase of growth," he says. Continued on Page 14 3.60 3.14 Tech Power Mahindra Grid Centretoabolish 6%equalisation levyondigitalads PRASANTA SAHU New Delhi, March 24 THE GOVERNMENT HAS proposed towithdrawa 6%‘equalisation levy’,imposed on online advertisementsinJune2016,in a move that signalled it is ceding some autonomous ground on taxation of the digitaleconomy,at leastforthe timebeing.Themove,introducedasoneofthe59amendments proposed in the Finance Bill2025,followsasimilarrevocationofamore »INSIDE« substantive2% levy on nonUSTEAM IN resident e-comINDIAFOR merceoperators TRADE TALKS lastyear. Once ParliaPAGE 2 ment gives its assent, the change will take effect fromApril 1. Since the 2% levy was scrapped,Indiahasbeenusinga nexus rule (significant economicpresence)totaxnon-resident e-commerce operators, with most of them enjoying treatybenefits. The decision,experts feel,is aimed at coaxing the US administration to go sloworbe lenient on its reciprocal tariff plan, which is to be implemented fromApril 2.The DonaldTrump administration had earlier withdrawn from the OECD-brokeredglobaltaxdeal that included a two-pillar tax WOOING THE US Hondasetto pipHeroas India’stop 2Wproducer SWARAJ BAGGONKAR Mumbai, March 24 solution to address the taxation issues pertaining to the thriving digital sector. Even as thehard-won2021agreement among nearly 140 nations now looks uncertain, New Delhi has opted for dismantling its interim arrangement in this regard. INDIA’S TWO-WHEELER RANKING may finally see a change in the pecking order with Japanese giant Honda set to become the biggest producer of motorcycles and scooters in FY25, surpassing the industry’s long-time heavyweight Hero MotoCorp. The two companies, who ended their alliance nearly 15 years ago when the Munjal family decided to acquire Honda’s stake in Hero Honda, have been fighting for market share in almost every sub-segment of the category. Accordingtodatasharedby the Society of Indian Automobile Manufacturers (SIAM), in the11monthsendedFebruary Hero’s output was just 19,000 units more than Honda’s.Hero MotoCorp produced 5.42 million unitswhile Honda Motorcycle and Scooter India produced 5.4 million units during the period. Fromcontrolling halfofthe market some years ago, Hero has been losing ground in the domestic marketwith its share falling to the lowest-ever level in FY25 to 28%. Besides witnessingstagnantgrowthinthe entry level (less than 110cc) motorcycle category,the companyhasbeenafringeplayerin the scooter segment. Continued on Page 14 Continued on Page 14 ■ The decision follows a similar revocation of a 2% levy on non-resident e-commerce operators last year ■ The move, experts feel, is aimed at coaxing US govt to go slow on its reciprocal tariff plan ■ The levies were aimed at India getting a fair share of taxes from foreign firms’ profit in the country ■ Once Parliament gives its assent, the change will take effect from April 1