ECONOMY | PAGE 2 COMPANIES | PAGE 5 Why SECI is in the spotlight for all thewrong reasons INTERNATIONAL | PAGE 7 Swiggy bets big on 10-minute delivery as rival Zomato exits PUNE, TUESDAY, MAY 13, 2025 UK doubles citizenship waiting time to 10 years FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XVI NO. 87, 20 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: 82,429.88 ▲ 2,975.41 NIFTY: 24,924.70 ▲ 916.70 NIKKEI 225: 37,644.26 ▲ 140.93 HANG SENG: 23,549.46 ▲ 681.72 `/$: 85.38 ▲ 0.34* `/€: 96.02 ▲ 0.72* BRENT: $65.98 ▲ $2.07 GOLD: `92,631 ▼ `3,430 *Prv close Peace fires up markets ● INDO-PAK CEASEFIRE & US-CHINA TRADE TRUCE TRIGGER BULL CHARGE SURGE IN INVESTOR WEALTH AT `16.20L CR GAINS IN A SESSION SINCE FEBRUARY 1, 2021 2,975 points (3.74%) SENSEX 79,454 May 9 (close) May 12 (close) Realty SHANKAR SHARMA, FOUNDER, GQUANT INVESTECH 6.75 IT Once the larger problem than current ones goes away, there is a sense of elation. That is exactly why markets rallied on Monday 5.87 Metal 5.24 TECK 5.21 Services 5.08 Utilities 5.07 TOP SINGLE-DAY INVESTOR WEALTH GAIN (in ` lakh crore) 16.2 SUNEESH K IT WAS A historic day for Indian stock markets, as benchmark indices surged nearly 4%, marking the biggest single-day gain in over four years. In addition, multiple records were set during the trading session on Monday, including the highest-ever single-day gain in terms of points and an all-time high 82,429 TOP SECTORAL GAINERS (%) ANANYA GROVER, NESIL STANEY & KISHOR KADAM Mumbai, May 12 13.8 May 12, 2025 investor wealth addition of `16.20 lakh crore. The rally was triggered by the ceasefire between India and Pakistan announced on Saturday. Investor sentiment was further bolstered by the Jun 3, 2024 Terror&tradecan’t co-exist:PM toPak ● RECORD SINGLE-DAY ● INDICES POST HIGHEST 13.2 12.1 Jun 5, 2024 May 17, 2022 announcement of a temporary trade deal between the US and China. The Sensex soared by 3.74%, or 2,975.43 points – the highest in percentage terms since February 1, 2021 SAURABH MUKHERJEA, FOUNDER OF MARCELLUS While small- and midcaps remain significantly overvalued, there is no valuation concern in high-quality large-caps 10.6 Apr 15, 2025 — to close at 82,429.90,while the Nifty jumped 916.70 points, or 3.82%, to end the day at 24,924.70. Continued on Page 6 ■ Wall Street surges, P6 HOW TWO LATEST US TRADE MOVES MAY IMPACT INDIA US-China tariff truce Price cut to severely scuppers earlygains hurt pharma exports MUKESH JAGOTA New Delhi, May 12 THEAGREEMENTBY the US and China to sharply reduce tariffs from the earlierpunitive levels mayreduce the possibility of any quick gains by Indian exporters from the trade stand-off between the two largest economies. With the US cutting the tariff on Chinese imports to 30% from 145%, companies which were planning to shift production lines out of China might defer such moves.Also, Chinese firms that have approached Indian industry to help fulfil the supply commitments to the US buyers on their behalf may rethink that strategy. Indian exporters were approached byAmerican buyers seeking supplies of a host of items like home textiles, apparel and engineering goods. Such ordersmightnowdryup,astheUSbuyers would take a cautious approach. The US and China on Monday reached an agreement to“temporarily reduce” the implausibly high tariffs they have imposed on each other,even while seeking to defuse the trade war. “In a joint statement, the countries said they would suspend their respec- TRADE DYNAMICS ■ The US and China announced suspending their respective tariffs for 90 days ■ Now, additional US tariff on India is 10% as compared to 30% on China ■ The US-China deal may force companies planning to shift production to India to defer such moves tive tariffs for 90 days and continue negotiationstheystartedthisweekend. Undertheagreement,theUnitedStates would reduce the tariff on Chinese importsto30%fromitscurrent145%, whileChinawouldloweritsimportduty on American goods to 10% from 125%,”The NewYorkTimes reported. Continued on Page 17 MANU KAUSHIK & KISHOR KADAM New Delhi/Mumbai, May 12 SHARES OF INDIA’S leading drug makerssawamutedrisedespitearecordmarket rally on Monday, as pharma stocks declinedacrossEuropeandAsia,afterUS PresidentDonaldTrumpannounced3080%cutinthepricesof proprietaryand generic prescription drugs. The Nifty Pharma index ended the day marginally higher (0.15%), but significantly underperformed the benchmark Nifty,which surged 3.82%. The subindex was the weakest performer among all sectoral indices. Trump’s move could dent the profitability of Indian exporters of branded generics to the US, and in many cases, make shipments unviable,industrysources said, stating that generic medicine prices in the US are already depressed. Of India’s pharma exports of over $30 billion annually, more than a third gototheUS.Whilemedicinesmanufactured in India account for just 11% of the staggering US pharma market of $96trillion,involumeterms,Indiashare isroughly40%.ThisshowsIndiandrugs BITTER PILL ■ India's overall pharma exports in FY25 $30.5 bn ■ India's pharma exports to US in FY25 $10.7 bn* ■ US ■ Expected size of US generics drugs market in 2024: generics drugs market in 2033: $132 bn ■ India's share in US generics market (by $96 bn volume): *extrapolated 40% areamongthecheapestsoldinthe US, even as they are of quality compliantwith the US FDAstandards. The Trump order,which he justified citing “exorbitant” rates charged by pharma firms from the US consumers, couldresultinexitsofIndiancompanies from specific product categories. Continued on Page 17 Avirat legacy: Experts say his commercial appeal extends much beyond the 22 yards KohliquitsTests;BrandKohlitokeepscoring GEETIKA SRIVASTAVA New Delhi, May 12 VIRAT KOHLI RETIRED from Test cricket on Monday almost a year after quitting T20 Internationals, but the former India captain is certain to play an extra-long innings as a brand endorser. “Kohli retiring from Test cricket isn’t the end of Brand Kohli, it’s simply the beginning of the next phase,” says Ambika Sharma, founder & chief strategist at Pulp Strategy. “His brand equity was never built only on statistics; it was built on attitude, consistency,and cultural resonance. That doesn’t retire with a format.” Ankit Agrawal, director, Mysore Deep Perfumery CHASING RECORDS Test debut against the West Indies in Kingston, Jamaica June 2011 Scored his maiden Test century against Australia at the Adelaide Oval Jan 2012 ■ His Test captaincy began against Australia in Adelaide Dec 2014 ■ He led India in most Test matches 68. Under him, India won 40 matches, the highest by any captain Oct 2019 Scored his highest in Test (254). He holds the record of 7 Test double centuries, most among Indians SUNEESH K »INSIDE« Led India to a historic 2-1 series victory over Australia — India first-ever Test series win on Australian soil Nov ’18Jan ’19 Nov 2024 Scored his 30th Test century. He is fourth in the list of Indians with most Test centuries, after Sachin Tendulkar (51), Rahul Dravid (36) and Sunil Gavaskar (34) NEWS POINT: NEVER GAVE UP, BUTWELL LEFT PAGE 20 House,echoes that thought: “Retirement from a particular format doesn’t necessarily signal the decline of a sporting icon’s brand power. Like MS Dhoni and Sachin Tendulkar, Virat Kohli has transcended the game itself.” From an “ordinary” Delhi boy with a fiery temper to a global sporting icon, Kohli’s journey has always felt intensely personal to millions of Indians, say experts. His early image — gritty,passionate, unapologetically aggressive — made him both relatable and aspirational. Continued on Page 17 ● Says Indiawon’t accept any‘nuclear blackmail’byPak VIKAS PATHAK New Delhi, May 12 ADDRESSINGTHENATION on Monday night for the first time aftertheceasefirebetweenIndia and Pakistan, Prime Minister Narendra Modi said that India had drawn newred lines on terror emanating from Pakistan and underlined that India had just suspended Operation SindoorbecausePakistanrushedto the world after suffering damage and that it would closely watchtheactivitiesofPakistan. “Wehavesetanewnormal,” Modi said, asserting,“Operation Sindoor is our policy against terror. If there is a terror attack on India, we will hit back.We will take stern action at every place from where the roots of terror spring forth. India will not accept any nuclear blackmail… We won’t see the government that sponsors terror and terror outfits as Jaggibrothers exitGensol PROMOTERS OF BELEAGUERED Gensol Engineering Anmol Singh Jaggi and Puneet Singh Jaggi have resigned from the company following market regulator Sebi’s interim order, reports fe Bureau.Anmol was the managing director and Puneetwas awhole-time director. The brothers have been accused of fund diversion and governance lapses. ■ PAGE 5 NARENDRA MODI, PRIME MINISTER If Pakistan wants to survive, it will have to destroy its terror infrastructure. There is no other way to peace. India’s stand is very clear different.” “One day the terror it is sponsoring will finish off Pakistan.They will have to dismantle their terror infrastructure.Terrorandtalks,terrorand trade, cannot co-exist. Water and blood cannot flow together,”Modi said. Continued on Page 7 ■ Full coverage, P20 Indiatoimpose retaliatorytariff onUSsteel, notifiesWTO MUKESH JAGOTA New Delhi, May 12 INDIA HAS NOTIFIED the World Trade Organization (WTO)ofitsdecisionthatithas proposedto imposeretaliatory tariffsontheUStomatchextra duties Washington had put on steel and aluminium imports. In a communication to the WTO’s Council of Trade in Goods, India has said that the safeguard measures imposed bytheUSthroughthedutieson steel and aluminium will impact India’s $7.6-billion exports to the US. Through extra duties,the US will collect $1.91 billion worth of extra taxes.“Accordingly,India’sproposed suspension of concessions would result in an equivalent amount of dutycollected from products originating in theUnitedStates,”thecommunication byIndia said. The decision on the duties follows an earlierfiling byIndia attheWTOinAprilseekingconsultation with the US on extra duties. The US brushed aside India’s demand saying that the extra duties imposed from March 12 do not constitute safeguard measures but were imposed due to national security considerations.The products on which these duties will be imposed and at what rates will be announced later. Alibabaarmto YesBankMD sell4%inPaytm onSMBCdeal CHINA’S ANT GROUP will sell a 4%stakeinPaytmfor$242million(nearly`2,000crore),aterm sheet seen by Reuters showed. Ant, an affiliate of the Alibaba Group, will sell the stake at `809.75pershare,adiscountof 6.5%toPaytm’sclosingpriceon Monday.Itwasnotimmediately clear who the buyers would be. Ant had sold a 10.3% stake in PaytminAugust2023. ■ PAGE 6 THE DEAL WITH Japanese financial giant Sumitomo Mitsui Banking Corporation (SMBC) strengthens Yes Bank’s future prospects,opens doors to fresh opportunities and could potentially lead to a ratings upgrade, Prashant Kumar, managing director and chief executive officer of Yes Bank, tells Sachin Kumar in an interview. ■ PAGE 6