BACK PAGE | PAGE 24 INTERNATIONAL | PAGE 7 COMPANIES | PAGE 4 Cong picks Satheesan as next CM of Kerala Mittal wants BhartiTelecom to control more ofAirtel NEW DELHI, FRIDAY, MAY 15, 2026 Warsh clinches Senate nod to become Fed's next chair FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LII NO. 65, 38 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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 READ TO LEAD SENSEX: 75,398.72 ▲ 789.74 NIFTY: 23,689.60 ▲ 277.00 NIKKEI 225: 62,654.05 ▼ 618.06 HANG SENG: 26,389.04 ▲ 0.60 `/$: 95.77 ▼ 0.06 `/€: 112.12 ▼ 0.08 BRENT: $105.27 ▼ $0.36 GOLD: `1,60,501 ▲ `177 IN THE NEWS US MAY END FRAUD CASES AGAINSTADANI US AUTHORITIES ARE moving to resolve the fraud charges against Adani Group chairman Gautam Adani, according to people familiar with the matter, and end a criminal case that’s hung over the industrialist for more than a year. The Justice Department may announce that they are dropping the charges as soon as this week, the people added, reports Bloomberg. BRICS: India flags serious concerns on West Asia crisis INDIA ON THURSDAY flagged grave concerns over the West Asia crisis and its impact on energy supplies and maritime stability in the Strait of Hormuz and urged Brics nations to develop “practical ways” to navigate “unprecedented” geopolitical and economic uncertainty as well as “unilateral coercive” sanctions, reports PTI. ■ PAGE 2 TWEAKS DUETO LEAN DEMAND IndiGo to fly fewer flights in metros ● Airline to expand global operations ● XI,TRUMP EYE RESETINTIES Xi warnsTrump onTaiwan CHINESE PRESIDENT XI JINPING told his US counterpart Donald Trump that trade talks were making progress, but cautioned disagreement over Taiwan could send relations down a dangerous path. ■ PAGE 7 India keeps close watch FLIGHT PLAN CABINET MINISTERS AND senior government officials will be closely watching the US-China talks as any easing of tensions may dent India’s tech hopes. ■ PAGE 24 ■ Airline has cut domestic departures from Bengaluru, Hyderabad, Chennai and Kolkata AKBAR MERCHANT Mumbai, May 14 INDIGO, THE COUNTRY'S largest airline, has reduced domestic capacity across several metro airports from June andJulywhileexpandinginternational operations, particularlytoGulfandWestAsiandestinations.The move comes as carriers recalibrate networks amid softer domestic demand and rising operating costs. According to industry and airline sources, the airline has cut domestic departures from Bengaluru, Hyderabad, Chennai and Kolkata,while increasing international frequencies from hubs such as Mumbai, Hyderabad and Bengaluru.The additionaloverseasservicesare focusedlargelyondestinations inWestAsiaasregionalairspace restrictions ease gradually. Hyderabad has seen one of thesteepestreductionsamong major metros, with domestic departuresexpectedtodecline by nearly 15-17%. The city is likely to witness 30-35 fewer daily departures during June compared with earlier sched- ■ It has raised inter- Chinese President Xi Jinping with US counterpart Donald Trump in Beijing AP national frequencies from Mumbai, Hyderabad and Bengaluru ■ Additional ■ Domestic overseas services are focused largely on West Asia destinations departures from Hyderabad expected to drop by nearly 15-17% ules. IndiGo has suspended flights to Agra and Kanpur for now,while routes such as Ayodhyahaveseenfrequencycuts. Bengaluru is expected to see around 28-30 fewer domestic departures daily. Continued on Page 10 Foreigners mayget Cap on duty-free tax relief on bonds import of gold BLOOMBERG May 14 THE GOVERNMENT IS considering a significant reduction in the taxes paid by foreign investors on the nation’s bonds as authorities seek to align policies with global norms and attract inflows, according to people with knowledge of the matter. The Reserve Bank of India recommended the move, which is being seriously considered by the finance min- istry, the people said, asking not to be identified. Deliberations to ease the tax burden have gathered pace as authorities try to curb the rupee’s depreciation, the people added. The finance ministry and the RBI didn’t respond to emails seeking comment. The rupee reversed losses, while bonds gained on the news.The 10-yearyield fell as much as five basis points to 7% before retracing some of the decline. Continued on Page 10 MUKESH JAGOTA New Delhi, May 14 A DAY AFTER raising customs duty on gold, the government on Wednesday put limits on the quantity of the yellow metal that can be imported under a key export scheme without paying any duty. Capping gold imports under theAdvanceAuthorisation (AA) Scheme at 100 kg, coupled with tighter compliance and monitoring, aims to curb any potential misuse of the export scheme after a higher import tariff increased arbitrage opportunities. Earlier, exporters could import unlimited amounts of gold under the scheme without the payment of duty, for processing and re-export. Duty-free import puts an obligation for export within a defined timeframe. Continued on Page 10 Wholesale inflation at 42-month high inApril KULDEEP SINGH New Delhi, May 14 WHOLESALE PRICE INFLATION rose to a 42-month high of 8.3% year-on-year in April, up from 3.88% in March, mainly due to a sharp increase in the prices of crude petroleum and natural gas, costlier food and fuel and a low base, data released by the Ministry of Commerce and Industry on Thursday show. This reflects strong price pressures at the producer level and raises the prospect of these being transmitted to the retail level in some measure, though the wholesale and retail indices aren’t strictly congruous. The sequential increase in WPI inflation was the steepest in the current series. Continued on Page 10 OIL SHOCK Wholesale inflation (% chg, y-o-y) 10 8.3 8 6 4 2 0 -2 0.13 May 2025 April 2026 Source: Ministry of Commerce & Industry FLEXI CAP FUNDS MAUKE banaye MUMKIN Zindagi ke liye SIP Benefits of Flexi Cap Funds Freedom to move across large, mid, and small caps to capture opportunities Adjusts with market conditions Suitable for long-term investors SCAN TO LEARN MORE An Investor Education and Awareness Initiative SIP - Systematic Investment Plan | Visit https://www.hdfcfund.com/information/key-know-how to know more about the process to complete a one-time Know Your Customer (KYC) requirement to invest in Mutual Funds. Investors should only deal with registered Mutual Funds, details of which can be verified on the SEBI website (www.sebi.gov.in/intermediaries.html). For any queries, complaints & grievance redressal, investors may reach out to the AMCs and / or Investor Relations Officers. Additionally, investors may also lodge complaints directly with the AMCs. 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