BACK PAGE | PAGE 22 Buffett bows out, son takes Berkshire chair COMPANIES | PAGE 4 INTERNATIONAL | PAGE 7 Made-in-India chips are going global:Vaishnaw NEW DELHI, SATURDAY, SEPTEMBER 19, 2026 Anthropic builds lab for AI-driven drug discovery FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LII NO. 174, 28 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: 74,294.96 ▼ 19.63 NIFTY: 23,346.40 ▲ 75.80 NIKKEI 225: 65,018.95 ▲ 882.70 HANG SENG: 24,750.78 ▲ 146.49 `/$: 95.87 ▲ 0.06 `/€: 110.10 ▼ 0.04 BRENT: $104.83 ▲ $0.01 GOLD: `1,53,176 ▲ `2,011 Now 3 complaints enough to trigger spam action: Trai TRAI LOWERS spam-call action threshold, allowing operators to act when three consumers complain within 10 days and AI flags the sender as suspected spam. ■ PAGE 2 THE SHAPOORJI PALLONJI (SP) Group on Friday threw its weight behind the proposed listing of Tata Sons, saying the Reserve Bank of India's (RBI) decision on the holding company’s regulatory status had provided clarityon thewayforward. In a significant gesture, the group also called for a “deeper, more harmonious” relationshipwithTataSonsand TataTrusts. “The RBI has provided full clarity,”Shapoor Mistry, chairman of the SP Group, said in a statement,notingthatTataSons had been classified as an upperlayer NBFC and the listing requirementfollowedfromthat classification.“WiththeRBIhaving rejected the application to surrender its registration and directingTata Sons towards the necessarycomplianceattheearliest,thepathforwardisclear.” The statement came a day after the Tata Sons board decidedtopursueastocklisting and extend its chairman's term byfiveyears,despiteopposition fromTataTrustschairmanNoel Tata—and a day after Noel Tata presented to the board the SP Group’s proposal to monetise part of its stake for up to `25,000crore. Continued on Page 7 SHAPOOR MISTRY, CHAIRMAN, SHAPOORJI PALLONJI & COMPANY The (listing) decision should not be viewed as a victory of one stakeholder over another. It should be viewed as an opportunity to bring people and institutions together I look forward not merely to a resolution of the present chapter, but to forging a greater partnership and deeper relationships with Tata Sons and the Tata Trusts Lawyerssplit overTataSons vsTataTrusts Tata group stocks slide up to 11% TATA SONS’ BOARDROOM battle with Tata Trusts has sharpened into a legal dispute, with experts split over whether the board can push through key decisions when a Trust-nominated director votes against them. At the heart of the dispute are Tata Sons’ Articles of Association (AoA), which contain special provisions for decisions involving Trust nominees. ■ PAGE 4 SHARES OF TATA Group companies declined by up to 11% on Friday after Tata Trusts, the majority shareholder in Tata Sons, said it had not agreed to the proposed listing of the group’s holding company. Of the 26 listed Tata Group companies, 19 companies closed in the red. Tata Chemicals was the top loser, with its shares falling 11.14% to `693.50 a piece. ■ PAGE 4 rise13%,marginally exceedBudget pace SHUBHAM RANA New Delhi, September 18 DIRECT TAX COLLECTIONS after refunds grew 13% yearon-year (y-o-y) to `12.12 lakh crore as of September 17 this fiscalyear,driven primarilyby strong advance tax payments by companies for the second quarter, data released by the Central Board of Direct Taxes (CBDT) on Friday showed. Overall advance tax collections increased 16.2% y-o-y ON TRACK Growth in collections after refunds (y-o-y, %) Corporate Nontax corporate tax STT April 1-September 17 Budgeted 16.2 RAGHAVENDRA KAMATH Mumbai, September 18 ● Directtaxreceipts 13.0 11.4 THE `22,561-CR NSE IPO was subscribed 1.16 times on Day 2, driven by strong institutional and noninstitutional demand, while the retail portion remained undersubscribed. The QIB book surged to 1.53 times from 19% on Day 1, receiving bids for 38.57 million shares against 25.21 million on offer. The NII portion was subscribed 1.68 times, while retail investors subscribed 72% of their quota. The employee portion reached 1.53 times. The issue closes September 21, with listing expected on September 25. SP throws weight behindTata listing 52.9 NSE IPO SAILS PAST FULL SUBSCRIPTION Corporateadvancetaxesjump18% 15.8 PAGE 6 6.0 11.7* MARKETS GROUP’S DOLLAR BONDS SURGETO RECORD 19.5 11.0 IN THE NEWS Total direct taxes Advance tax *Budgetedgrowthfortaxesonincome,includingSTT to `5.22 lakh crore till September 17, with corporate payments growing at 18.1% at `4.16 lakh crore on strong profits made by a section of India Inc. Mop-up from the non-corporate side,compris- ing mostly individual taxpayers, rose 9.2% to `1.06 lakh crore. Advance taxes are paid in four instalments in a financial year. Continued on Page 5 Moody’s ups India FY27 GDPto 7% MOODY’S RATINGS ON Friday raised India’s GDP growth forecast by 1 percentage point citing the economy’s “demonstrated resilience” to the global shock caused by the war in WestAsia.Theratingagency now expects the Indian economy to grow 7% in FY27 against its previous forecast of 6%, reports FE BUREAU. P2 AirIndia evaluates FSSAImovesagainst AI Expressmerger Nestleinfantproducts MIHIR MISHRA September 18 AIR INDIA’S INCOMING CHIEF ExecutiveOfficerTewolde Gebremariam is considering folding the no-frills Air India Express unit into thegroupashetries to cut costs to counterrecordlosses, according to people familiarwith the matter. In multiple meetings across departments,Tewolde quizzed managersabouttheneedtorun twoairlinecompanieswithseparateoperatingpermits,saidthe people, who asked not to be identified as the talks were private.TheCEO-designateargues that having a single airline group would lower regulatoryrequirements and reduce the need for two sets of managers, engineers, andadministrative staff, the people said. The idea of combiningAirIndiaandits budget carrier is at an early stage, and realising it would require approval from the supervisory board,the people said. Continued on Page 7 ASHUTOSH MISHRA New Delhi, September 18 THE FOOD SAFETY and StandardsAuthorityofIndia(FSSAI) has initiated three separate adjudication proceedingsagainstNestle India over alleged regulatoryviolations involving three infant nutrition products, including NAN Excella Pro Stage 1 and Lactogen Pro 1. Two of the cases relate to promotional claims made for the infant nutrition products, while the third concerns a follow-up formula thatwas found to be non-conforming with the New Delhi prescribed biotin content during laboratory testing.According to adjudication sanctions issued against Nestle India’s Unit I and Unit II,FSSAI examined the products and promotionalmaterialavailableonecommerce platforms.Theregulatorsoughtclarifications from the company over claims made in relation to the products. In the case of NAN Excella Pro Stage 1, FSSAI flagged claimsrelatingto“5HMOs”and “WheyProtein”. Continued on Page 7
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