COMPANIES | PAGE 4 INTERNATIONAL | PAGE 10 NEWS POINT | PAGE 18 SMLIsuzu buy: M&M eyes market share boost SarvamAI co-founders are building for a billion AHMEDABAD, TUESDAY, APRIL 29, 2025 DOGE done, Musk readies for donor role in US midterms FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XIX 278,30 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: 80,218.38 ▲ 1,005.85 NIFTY: 24,328.50 ▲ 289.15 NIKKEI 225: 35,839.99 ▲ 134.25 HANG SENG: 21,971.96 ▼ 8.78 `/$: 85.03 ▲ 0.41 `/€: 96.52 ▲ 0.43 BRENT: $66.94 ▲ $0.07 GOLD: `94,600 ▼ `644 »Q4 REPORT CARD« ULTRATECH'S PROFIT UP 10% AT `2,482 CR P4 IDBI BANK PROFIT RISES 26% TO `2,051 CR P7 TVS MOTOR PROFIT JUMPS 76% TO `852 CR P6 would pay a commission to Chinese units in lieu of these orders ■ Local traders have also started getting orders for a clutch of items from US buyers lieu of these orders, Indian businesses would pay a commission to the Chinese units. In addition, Indian traders have also started getting orders for a clutch of items, including those where they have conventionally not been very competitive, from the buyers in the US.These buyers havebeenlefthighanddrydue to the hefty tariffs on China. According to trade sources, several American companies come across sectors, including home textiles and engineering goods ■ China has been slapped with up to 145% import duties in the US withwell-establishedsourcing bases in China have approached Indian exporters for meeting their requirements across sectors. Continued on Page 11 Big firms rush to acquireAI startups S SHANTHI Bengaluru, April 28 TECH SUPPORT AS ARTIFICIAL INTELLIGENCE (AI) continues to reshape industries,the race to gain a competitive edge has led to a rise in acquisitions and partnerships between large enterprises and nimble earlystage AI startups. Over the last two months, several dealswere inkedwhich underscore how traditional companies and mature startups are increasingly ■ Tiger Global-backed CleverTap has bought rehook.ai, a Y Combinatorincubated startup leaning on smaller AI innovators to fast-track their transformation efforts. The urgency to integrate ■ NIIT has acquired a 70% stake in Coimbatore-based iamneo.ai ■ TCS has entered into a tie-up with Vianai Systems to boost its conversational AI offerings AI-powered solutions, particularly those that offer conversational intelligence and business process automation, has driven legacyplayers and latestage startups to seek out acquisition opportunities. Earlier this month, Tiger Global-backed CleverTap snapped up rehook.ai, a Y Combinator-incubated startup. Rehook.ai offers automation tools for managing promotions, loyalty programmes, and referrals, capabilities that now bolster CleverTap’s AI-driven customer engagement suite. Continued on Page 6 Continued on Page 6 NO MONDAY BLUES Close: 80,218.4 Sensex (Intra-day, April 28) 1.27% Nifty Top Sensex gainers 1.20% Open: 79,343.6 Previous close: 79,212.5 24328.5 Open Previous close: 24,039.4 24070.3 Open India inks deal worth `63K cr for Rafale jets INDIA AND FRANCE on Mondayinkedaninter-governmental agreement for the procurementof26Rafale-Maircraft— 22single-seaterandfourtwinseater — for the Indian Navy, reports Amrita Nayak Dutta. The procurement includes training,simulator,associated equipment, weapons and performance-based logistics. It alsoincludesadditional equipment for the existing Rafale fleet of the Indian Air Force, a statement by the ministry of defence said. The deal for 26 Rafale-M fighter jets, estimated at over `63,000 crore, includes four trainer aircraft. ■REPORTON PAGE 3 2.35 INDIA’S INDUSTRIAL OUTPUT expanded 3% in March, significantly lower than 5.5% seen in the same month of the previous year. ■ PAGE 2 Chinese firms looking at placing orders with Indian exporters for supply to entrenched US customers ■ Indian businesses Axis Bank India’s industrial output grows 3% in March ■ Many ■ Enquiries have 2.36 THE RESERVE BANK of India (RBI) will purchase government bonds worth `1.25 lakh crore via open market operations over four tranches in May, reports Reuters. ■ PAGE 7 A POSITIVE SPIN-OFF of the virtual blockade of merchandise trade »INSIDE« between the US and China INDIA PUSHES is already FTATALKS being felt in WITH UK the Indian PAGE 2 industry. The benefitsbeingdrawnbyIndianbusinesses are primarily twofold. Ontheonehand,manyChinese firms are looking at placing orderswithIndianexportersto supply goods to their entrenched US customers. In REAPING THE GAINS AFTER ENDING THE previous weekonalownoteduetorising tensions between India and Pakistan and some profitbooking, benchmark indices rebounded on Monday, driven byarallyinRelianceIndustries (RIL) and banking stocks. TheSensexsoared1,005.84 points, or 1.27%, to close at 80,218.37andrecoupedlosses of 1.13% made in the last two tradingsessions. TheNiftyrose 289.15 points, or 1.20%, to close at 24,328.50.The benchmark indices also emerged as the top performers in the Asian markets. “Marketsstartedtheweekon a strong note and gained over a percentage,drivenbyfavourable cues.The absence of any major geopolitical developments betweenIndiaandPakistanover the weekend,along with stabilityinglobalmarkets,easedpressure and triggered an upbeat start,” said Ajit Mishra, SVP of researchatReligareBroking. VinodNair,headofresearch at Geojit Financial Services, said the sustained buying by foreign portfolio investors (FPIs) and robust RIL earnings boosted investor sentiment. 3.08 RBI to purchase govt bonds worth `1.25L cr in May MUKESH JAGOTA New Delhi, April 28 KISHOR KADAM Mumbai, April 28 2.42 LOW-SPEED electric vehicle startups such as Yulu, Zypp Electric, YC Electric, Mahindra Last Mile and Lohia may soon face tighter regulatory standards, reports Nitin Kumar. ■ PAGE 6 Twin benefits for India as US, Chinawage tradewar RIL,bankstocks fuelmarketrally 5.27 Stricter norms for low-speed EVs on the anvil USFIRMSPLACEENQUIRIES;CHINAUNITSSEEKHELPFORUSORDERS Reliance Inds Sun Pharma Tata Steel SBI IN THE NEWS IndusInd Bank deputy CEO steps down INDUSINDBANK ON Monday said its deputy CEO Arun Khurana has resigned, reports Sachin Kumar. This comes a dayafterthe bank said the board would take necessarysteps to fix accountability for the accounting discrepancy. This marks the second major departure at the bank in recent months after CFO Gobind Jain’s resignation in January. ■REPORTON PAGE 7
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