OPINION, P10 MIND & GAMES I PAGE 11 The waters where submarines lurk have been quickly warming Eleven years: A critique FE LINES The highest bidder can own Diana's wardrobe and Jane Birkin's bag Page 7 CLIMATE CHANGE MIGHT MAKE IT HARDER TO DETECT SUBMARINES ACROSS THE AISLE, P CHIDAMBARAM Vol. 18 No. 16 Fashion royalty LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM A CUTABOVE THE REST FINANCIAL EXPRESS ON SUNDAY MUMBAI SUNDAY, JUNE 15, 2025 16 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 , Coloured gemstones are having their moment the world over Page 6 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , 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 Brandstakethemarathonroutetoboostvisibility WHAT'S INSIDE ● Corporates cash in as running events gather pace VAISHALI DAR New Delhi, June 14 BOOSTING BRANDVALUE andvisibilityofcorporatessuchasITmajor Tata Consultancy Services (TCS), powering economies of cities, adding value to several lifestyle brands by becoming a strategic business growth engine, besides RACE TRACK ■ The top 50 global marathons ■ The top 50 contributed $5.2 bn to also raised local economies in 2024, as $425 mn for per a Brand Finance report charitable causes ■ London Marathon is the strongest marathon brand, with a Brand Strength Index score of 90.1/100 being a huge business opportunity in itself — the sport of running is oiling many machines. “RunninginIndiaisa$450-mil- lion-a-year industry that includes sponsorships, fitness industry, apparel, and event management,” said Vivek Singh, joint MD and co- ■ Tokyo Marathon is the 6th strongest among the world’s top 50 (80.0/100) ■ NYC Marathon most valuable ($292 mn) among 7 Abbott World Marathon Majors founder of Procam International, the organisers of Tata Mumbai Marathon (TMM), Vedanta Delhi Half Marathon, TCS World WHAT'S INSIDE ■ SPOTLIGHT, P5 ONYOURMARKS, GETSET...GROW! Running clubs are building communities, helping fitness enthusiasts find ‘solemates’ 10K Bengaluru, and Tata Steel World 25K Kolkata. Continued on Page 2 ■ WORDS WORTH, P4 Excerpts: Apple in China In these excerpts, author Patrick McGee argues how Apple's dependence on China, as both manufacturing and customer base, is fundamental, and how China has 'captured' Apple ■ FOOTLOOSE, P8 The travel writer’s dilemma Pico Iyer wonders if in today's overtouristed world, a professional traveller should broadcast his discoveries or hide them away Paneltoprobecrashset up;reportin3months ● Air India begins checks of entire Dreamliner fleet NITIN KUMAR New Delhi, June 14 FPI outflows from India highest in Asia INDIA RECORDED THE highest equity outflows by foreign portfolio investors (FPIs) in Asia so far in 2025, show Bloomberg data. FPIs sold Indian equities worth $10.6 billion yearto-date—the largest outflow among Asian countries. Taiwan ranked second with FPI outflows of $10.4 billion, followed by South Korea with $7.8 TOLL TOUCHES 270 billion in outflows. Japan was the only country in Asia to witness net FPI inflows during the period, attracting $2.8 billion. Despite the outflows, India delivered a 4.54% year-to-date return in 2025, ranking second in Asia behind South Korea, which posted the highest return of 20.63%. —Kishor Kadam UNION CIVIL AVIATION minister Kinjarapu Ram Mohan Naidu on Saturday said a high-level committee set up to investigate the Air India plane crash inAhmedabad, which has claimed 270 lives so far, willholditsfirstmeetingonMonday. ThepanelwillbechairedbytheUnion home secretary and will submit its reportwithin three months. “We have set a time limit of three months for them (the high-level panel) to sit down, talk to various stakeholders, and consult with any other experts necessary for their investigation,” Naidu said. The committee will include the secretary or joint secretary of the KINJARAPU RAM MOHAN NAIDU CIVIL AVIATION MINISTER India maintains very strict aviation safety standards...and everything will be done to further improve safety SOME RELIEF ■ Air India to provide additional `25-lakh interim payment to kin of deceased & survivor ■ More insurers, including SBI Life & ICICI Lombard, have relaxed the claims settlement process for the crash victims ministry of home affairs, the secretary of civil aviation,representatives from Gujarat’s home department andstatedisasterresponseauthority, the Ahmedabad police commissioner,thedirectorgeneralofinspectionandsafetyattheIndianAirForce, thedirectorsgeneraloftheBureauof CivilAviationSecurity,andtheDirectorateGeneralofCivilAviation,aspecial director from the Intelligence Bureau,andthedirectoroftheDirectorate of Forensic Science Services. The committee mayalso bring in additional members as needed, including aviation experts, legal advisers,and accident investigators. Continued on Page 2 ■ Related reports on Page 16 1,563 Sri Lanka Philippines 2,805 n Japan 2,148 Vietnam Thailand Malaysia Indonesia South Korea Taiwan India 2,963 2,568 34 7,777 NDRF and security personnel at the site of the Air India plane crash, in Ahmedabad on Saturday. The London-bound plane crashed moments after taking off from the Ahmedabad airport on Thursday, killing 241 people on board, and several others on the ground EXPRESS PHOTO: SANKHADEEP BANERJEE 10,577 10,373 IN THE NEWS Axiom-4 mission carrying Shukla eyes June 19 lift-off THE AXIOM-4 COMMERCIAL mission to the International Space Station, with Indian astronaut Shubhanshu Shukla and 3 others, is now targeting a June 19 launch, reports PTI. ■ PAGE 2 India’s Arya, Arjun clinch shooting World Cup gold INDIA'S ARYA BORSE and Arjun Babuta defeated China's Olympic and world champion duo Zifei Wang and Lihao Sheng 17-7 to win the gold medal in the 10m air rifle mixed team event of the ISSF World Cup, reports PTI. ■PAGE 16 Israel’s Iron Dome air defence system intercepts projectiles over Tel Aviv on Saturday. Israel has threatened to make Tehran 'burn' after retaliatory strikes by Iran ■REPORTON PAGE 3 AP Q4 STANDALONE PAT UP THREEFOLD SpiceJet back in black in FY25 PRESS TRUST OF INDIA Mumbai, June 14 YTD 2025 FPIs net equity investments ($ million) 515 ● ISRAEL-IRAN CONFLICT EXPLODES BUDGET CARRIER SPICEJET on Saturday said its standalone profit after tax (PAT) surged nearly threefold to `324.87 crore in the March 2025 quarter. The Gurugram-based airline had posted a PAT of `119 crore in the fourth quarter of FY24, according to a regulatory filing. However, the revenue from operations forthe quarterdeclined 16% year-on-year to `1,446.37 crore from `1,719.3 crore in Q4FY24,SpiceJet said in the filing. For the 2024-25 fiscal,SpiceJet posted a standalone PAT of `58 crore against a loss of `409.43 crore in the year-ago period. The revenue from operations fell 25% to `5,284 crore in FY25 from `7,050 crore ayearago,as per the exchange filing. The airline,in a statement,said it posted its highest-ever quarterly profit of `319 crore for Q4FY25, marking its second consecutive profitable quarter, and a full-year REPORT CARD ■ SpiceJet had posted `119 cr in Q4FY24 PAT of ■ The budget carrier’s full-year net profit stands at `48 cr ■ FY25 standalone PAT `58 cr against loss of `409 cr in year-ago period net profit of `48 crore, the first in sevenyears,underscoring the“success of its financial and operational turnaround strategy”. Continued on Page 2 Maruti’s Dzire becomes best-selling car after 5 years ● A sedan tops monthly sales first time since Jan 2020 VIKRAM CHAUDHARY New Delhi, June 14 MARUTI SUZUKI'S DZIRE became the highest-selling car in May, marking the first time in more than five years that a sedan has led the monthly passenger vehicle (PV) sales. According to data from the Societyof IndianAutomobile Manufacturers (SIAM), 18,084 units of the Dzire were sold in May, outpacing othertop-selling models,including Maruti Suzuki Ertiga (16,140 units), Maruti Suzuki Brezza (15,566 units), Hyundai Creta (14,860 units), Mahindra Scorpio (14,401 units), and Maruti Suzuki Swift (14,135 units). This is the first instance since January 2020 that a sedan has topped the monthly sales chart. Back then, the Dzire sold 22,406 units. In the intervening period, hatchbacks and sport utility vehicles (SUVs) have dominated the sales rankings. Following the Dzire’s top position in January 2020,the Swift was the highest seller in February 2020 and the Baleno led in March 2020. The Swift topped the FY21 sales chart, with the Dzire in the fifth place. From FY22 to FY25, the WagonRconsistentlyrankedfirstin annual sales. During this time, the MAY’S MOST POPULAR PV sales in units 18,084 Maruti Suzuki Dzire Maruti Suzuki Ertiga 16,140 Maruti Suzuki Brezza 15,566 Hyundai Creta 14,860 Mahindra Scorpio 14,401 Source: SIAM Dzire’s rankings fluctuated, from fifth in FY22,10th in FY23,seventh in FY24, to ninth in FY25. In calendar year 2024,Tata Punch, an SUV, held the top spot in sales. The current-generation Dzire was launched on November 11, 2024.Since its launch,its sales have steadily increased. The May num- bers mark its best performance in the current cycle and its return to the top of the sales chart. Industry analysts have pointed to several factors behind the Dzire’s resurgence.A significant portion of demand comes from the fleet segment,thoughtheexactnumbersare not disclosed by the manufacturer. Additionally, there has been consistent demand for its CNG variants. The Dzire is available with a factory-fitted CNG option, which is seeing growing popularity acrossvariousmodelsinthemarket. GauravVangaal, associate director at S&P Global Mobility, said the Dzire benefits from a combination ofstrongbrandpresence,highresale value, and reliability. He added that Maruti Suzuki’s extensive dealer and service network also supports sustained customer interest. Despite the ongoing consumer preference for SUVs — six among the top 10 selling cars in May were SUVs — analysts believe the Dzire will continue to perform well.High fuelpriceshaveshiftedfocustoefficiency, and the Dzire offers a fuel economyofupto25.71km/litrefor petrolvariantsand33.73km/kgfor CNGvariants.Itsdirectcompetition is limited to three other compact sedans — Honda Amaze, Hyundai Aura and Tata Tigor. Safety has also become a strongerconsideration forthe buyers. On June 11, Maruti Suzuki announced that the Dzire received a 5-star rating in the Bharat New Car Assessment Programme (Bharat NCAP).It is the first Maruti Suzuki vehicle and the first sedan overall to receive the highest rating under the programme.