NEWS POINT | PAGE 18 COMPANIES | PAGE 5 From cricket pitch to RCB power play THE RIPPLE EFFECT–IV | PAGE 18 PuchAI's big bets draw hype and hard questions KOLKATA, THURSDAY, MARCH 26, 2026 Fertiliser supply normalcy may be short-lived FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 123, 18 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) 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: 75,273.45 ▲ 1205.00 NIFTY: 23,306.45 ▲ 394.05 NIKKEI 225: 53,749.62 ▲ 1,497.34 HANG SENG: 25,335.95 ▲ 272.24 `/$: 93.97 ▼ 0.10 `/€: 109.03 ▼ 0.18 BRENT: $99.21 ▼ $5.28 GOLD: `1,44,783 ▲ `4,474 COMPANIES PAGE 4 AIRTELAFRICA SIGNALS PLAN OF SUCCESSION A BOARDROOM RESHUFFLE at Airtel Africa — the retirement of Sunil Mittal and the entry of Shravin Mittal as deputy chair — may mark the clearest signal yet of a succession plan taking shape within Bharti Group, reports Ojasvi Gupta. Cabinet approves `28,840 crore for modified UDAN THE CABINET ON Wednesday approved the Regional Connectivity Scheme – Modified UDAN, allocating `28,840 crore for a 10-year period till FY36, reports Yaruqhullah Khan. ■ PAGE 2 IIM-A and IIT-Delhi lead QS subject rankings for 2026 SEVEN INDIAN INSTITUTES, including IIM-A and IITDelhi, featured in the top 100 list in business & management studies in the latest QS World University Rankings by Subject, reports Manu Kaushik. ■ PAGE 18 MOVEAIMEDATSHARPER FINANCIALDISCIPLINE & BETTERVISIBILITY Trusts seek five-year biz road map fromTata Sons DEV CHATTERJEE Mumbai, March 25 TATA TRUSTS, WHICH hold a 66% stake in Tata Sons, have sought a five-year road map from the $150-billion holding companyasthegroupgrapples with a decline in the market value of its crown jewel, Tata Consultancy Services (TCS), and mounting losses at Tata Digital and Air India. The plan, starting next financial year, is expected to outlinecapitalallocation,cashflow projections and investment priorities, said a person familiar with the development. The move is aimed at bringing sharperfinancial disciplineandlong-termvisibility BOMBAY HOUSE BLUEPRINT The five-year road map is part of a broader vision articulated by Tata Trusts Chairman Noel Tata ■ The plan is expected to outline capital allocation, cash-flow projections and investment priorities ■ The request comes amid dwindling dividends from Tata Consultancy Services and mounting losses at Tata Digital and Air India Noel Tata, chairman, Tata Trusts to the group’s expanding portfolio, particularly as it undertakes capital-intensive bets in aviation,digitalcommerceand new-age businesses. Emails sent to Tata Trusts and Tata Sons on Tuesday N Chandrasekaran, chairman, Tata Sons did not elicit a response till press time. The request comes amid a series of strategic discussions between the Trusts and Tata Sons. In February, the Trusts hadaskedTataSons,chairedby N Chandrasekaran, to work with the SPGroup — an 18.4% stakeholder — to provide an exit option while retaining Tata Sons’private status. Continued on Page 7 Conviction,notcompulsion,drivingreforms:FM FE BUREAU New Delhi, March 25 INDIA IS ADVANCING reforms not out of compulsion, as in the past, but out of conviction,marked by clarity, confidence, and commitment, Finance Minister Nirmala Sitharaman said on Wednesday. “India is riding on the Reform Express under the leadership of PM (Narendra) Modi,” she said while replying to a debate on the Finance Bill NIRMALA SITHARAMAN, FINANCE MINISTER More than what is collected under cesses & surcharges is being spent INSIDE FLAT 12% SURCHARGE ON BUYBACK TAX PAGE 3 2026, which was later approved by the Lok Sabha. She underlined that the Finance Bill is anchored in five guiding principles: strengthening trust-based tax administration to ease the burden on taxpayers; improving ease of living and doing business by reducing compliances; empowering micro,small,and medium enterprises (MSMEs), farmers, and cooperatives through better liquidity and simplerregulations; positioning India as a stronger global business hub through clearer taxation and targeted sectoral support; and enhancing trade facilitation by simplifying customs processes and improving efficiency. Continued on Page 10 Stocks surge for second day; rupee hits fresh low ● Investorwealth grows `15.8 L cr in two sessions KISHOR KADAM & CHRISTINATITUS Mumbai, March 25 MARKETS EXTENDED THEIR recovery for the second consecutive session,supported by easing geopolitical tensions, a decline in crude oil prices,and emerging hopes of a potential de-escalation in the ongoing conflict in WestAsia.However, the rupee continued its downward journey,falling to a fresh lowof93.98againstthe dollar. TheSensexopenedonafirm note, tracking positive global cues,andwitnessedsteadybuyingformostofthesession.Ithit anintra-dayhighof75,849.76, rising 1,781.31 points, or 2.40%.However,marginalprofit booking in the final hours trimmed gains,with it eventually settling at 75,273.45, up MIXED BAG 23,306.45 (Close, March 25) Nifty (Intra-day, March 25) 22,912.40 (Previous close) 1.72% Top Sensex gainers (% gain) UltraTech 4.39 Bajaj Finance 3.82 L&T 3.80 Titan 93 93.88 (P (Pr (Previous close) 93.97 (Close) 0.11 % 3.50 IndiGo Rupee vs dollar (Intra-day, March 25) (In y, « IN THE NEWS 3.46 1,205 points, or 1.63%. The Nifty climbed 2.41% (552.95 points) to an intra-day high of 23,465.35, before closing at 23,306.45,up394.05points,or 1.72%.OnTuesday,the Sensex and the Nifty had risen 1.89% and 1.78%,respectively. “Investor sentiment improved significantly amid reports that discussions between the US and Iran could begin,helpingcoolcrudeprices belowthe $100 mark,”saidAjit Mishra,seniorvice president – research,Religare Broking. Continued on Page 7 WAR IN WEST ASIA 15-point plan spurs hopes THE US HAS sent Iran a 15point proposal aimed at ending the war, prompting talk of progresstowardsaceasefireand despiteIsraelandIranexchanging airstrikes. Ceasefire hopes triggered a market rally and brought down oil prices byover 5% onWednesday. ■ PAGE 7 Kolkata Iran lists five demands IRANHASISSUEDitsdemands in response to a US peace plan, includingahalttokillingsofits officials, means to make sure nootherwariswagedagainstit, reparationsforthewar,theend of hostilities and Iran’s “exercise of sovereignty over the Strait of Hormuz. ■ PAGE 7 ‘India can’t be a dalal nation’ INDIA CANNOT BE “a dalal nation”running aftercountries and asking if its services were needed,External Affairs Minister S Jaishankar was quoted as havingtoldanall-partymeeting on Wednesday,in response to a question on Pakistan’s role in thewarinWestAsia. ■ PAGE 2
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