NEWS POINT | PAGE 4 INTERNATIONAL | PAGE 7 From $2 mn to `202 cr: Gupta’s asset-light bet BACK PAGE | PAGE 22 SpaceX tops Microsoft, Amazon in market cap AHMEDABAD, WEDNESDAY, JUNE 17, 2026 India's ad market to touch `2Lcr despite headwinds FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXI 15, 28 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 76,808.48 ▲ 544.15 NIFTY: 23,989.15 ▲ 135.25 NIKKEI 225: 69,404.50 ▲ 87 HANG SENG: 24,493.95 ▼ 348.72 `/$: 94.57 ▲ 0.15 `/€: 109.70 ▲ 0.23 BRENT: $80.57 ▲ $2.60 GOLD: `150,192 ▲ `59 IN THE NEWS NATION PAGE 11 TELEGRAM FACES BAN TILL NEET-UG RE-EXAM IS OVER ATTHE NTA's request, the Centre has blocked Telegram in India until June 22, citing alleged misuse of the platform by cheating syndicates targeting candidates appearing for the NEET-UG 2026 reexamination on June 21. Tata says pollution board dropsApple parts plant scrutiny APPLE'S INDIAN SUPPLIER Tata Electronics on Tuesday said a state pollution control board has dropped its scrutiny of the company's iPhone components plant after it addressed concerns about contamination, reports Reuters. ■ PAGE 5 New IBBI norms boost distressed firms’ valuations IBBI HAS PROPOSED a new mechanism to help distressed firms secure higher valuations during insolvency, reports Manu Kaushik. ■ PAGE 2 LENDERSEXPLORELIEN-&SBLC-BACKEDMODELS Pvtbankstapglobal peersforFCNRpush MANJU AB Mumbai, June 16 ● TÊTE-À-TRUMP AP SAURAV ANAND New Delhi, June 16 A $50-BN OPPORTUNITY THE RESERVE BANK ofIndia's (RBI) incentives to attract Foreign Currency Non-Resident (Bank) (FCNR(B) deposits have prompted leading private-sectorbanks to approach overseas lenders with proposals aimed atfinancingtheirnon-resident Indian (NRI) clients and encouraging them to place funds through this route. "Foreign banks will gain access to a large NRI customer base and tap secured lending opportunities with limited credit risk. We, in turn, can multiply FCNR deposits beyond our existing dollar liquidity,while NRIs benefit from interest-rate arbitrage," said a senior banker at a private-sector lender. Accordingtosources,HDFC Bank,Axis Bank and IndusInd Bank have lined up proposals for offshore lenders as they compete fora share of the estimated $50 billion expected to flow through the FCNR(B) route. While HDFC Bank and Axis Bank did not respond to queries until press time, an IndusInd Bank spokesperson said:"We are activelyengaging our NRI customer base through dedicated relationship teams and targeted outreach initiatives. Given the current returns,alongwith tax ■ Under one proposal, a private bank has sought tie-ups with partner banks that would extend foreign-currency loans to select NRIs ■ The opportunity has emerged following the RBI's decision to bear the full hedging cost on fresh FCNR(B) deposits ■ Indian and foreign ■ HDFC, Axis and IndusInd Bank have lined up proposals for offshore lenders for deposits via FCNR(B) »INSIDE« SPECIAL FCNR(B) SCHEMES BY CANARA & IOB P6 FPI INFLOWS INTO G-SECS HIT RECORD `32K CR P6 efficiencyand protection from exchange-rate volatility, we expect customer interest to remain healthy." Under one proposal, a private bank has sought tie-ups with partnerbanks thatwould extend foreign-currencyloans to select NRI customers sourced by either institution. The Indian bank would mobilise the FCNR deposits After7-yeargap, Indiatorampup Iranoilimports banks are independently targeting wealthy expatriate Indians for dollar deposits and create a lien in favour of the partner bank on behalf of the customer. Thestructureisdesignedto leveragedeposits.Forexample, while an NRI may invest $1 million,theforeign bank could extend a loan of up to $9 million, resulting in a total FCNR(B) deposit of $10 million. Assuming a loan rate of 5.2% and a deposit rate of 5.5%,the customercould benefit from the interest-rate spread, with annualised returns potentially reaching 13%. Continued on Page 7 PM Narendra Modi with US President Donald Trump at the G7 summit in Evian-les-Bains, France on Tuesday ■ REPORT, PAGE 2 Lebanon litmus test forIran deal IRANIAN FOREIGN MINISTER Abbas Araghchi said Tuesday that the tentative deal to end the warwith the United States would require Israel to withdrawfrom Lebanon — a condition Israel has alreadyrejected and that could sink the agreement, leading to the resumption of all-out war. Israeli drone strikes, meanwhile, targeted three vehicles in southern Lebanon on Tuesday, killing at least four people and wounding others, Lebanon's »INSIDE« DEAL CLEAR ON NO NUKES FOR IRAN: US PAGE 7 National News Agency reported. The signing ceremony for between the US and Iran will take place Friday at the Bürgenstock resort nearthe cityof Luzern, according to Switzerland’s foreign ministry. Continued on Page 11 A US-IRAN PEACE deal, expected to be signed in Switzerland on Friday, could pave the way for the return of Iranian crude to India in a big way after nearly seven years. Restoring a supplier that once accounted for a big chunk of the country’s oil imports could benefit Indian refiners in terms of lower freight costs,favourable credit terms and greater sourcing flexibility amid global market volatility. Before US sanctions halted purchases in 2019, India was importing around 300,000 barrels per day (bpd) of crude from Iran,making Tehran one of its top three suppliers. Iranian crude accounted for 10-13% of India’s total crude imports between FY17-19.In April, Indian refiners imported 44,000 metric tonne of Iranian crude after a temporary suspension of sanctions, underscoring the domestic oil refiners' readiness to resume purchases if restrictions are eased. Iranian supplies historically come with extended credit periods of 60-90 days, easing the working-capital burden on refiners and oil marketing companies. Freight economics are also BRENT SLIPS BELOW $80 Brent crude prices ($ per barrel) 140 79.97 120 100 80 77 77.74 60 40 Mar 2, 2026 Jun 16, 2026 6:30 pm IST »INSIDE« HORMUZ BACKLOG MAY CLEAR IN 10 DAYS P2 favourable, with transportation costs from Iran to India estimated at 30-55 cents per barrel, compared with $1-2 per barrel for African grades and $2-4 per barrel for cargoes sourced from the US or Venezuela. Continued on Page 7 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 An Investor Education and Awareness Initiative SCAN TO LEARN MORE 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. If they are not satisfied with the resolutions given by AMCs, they may raise complaint through the SCORES portal on https://scores.sebi.gov.in. SCORES portal facilitates investors to lodge complaint online with SEBI and subsequently view its status. In case the investor is not satisfied with the resolution of the complaints raised directly with the AMCs or through the SCORES portal, they may file any complaint on the Smart ODR on https://smartodr.in/login. Character/s and/or illustrations featured in this content are generated using Artificial Intelligence, solely for conceptual and educational purposes. HDFC Mutual Fund: SEBI Registration Number: MF/044/00/6 For more information contact MFD/RIA | Learn about SIPs: hdfcfund.com/sip Mutual Fund investments are subject to market risks, read all scheme related documents carefully. Ahmedabad