COMPANIES | PAGE 4 COMPANIES | PAGE 6 Mercedes bets on EV, luxury models to drive India growth INTERNATIONAL | PAGE 10 TheeconomicsofRamayana: A`2,000-croreleapoffaith CHENNAI, THURSDAY, NOVEMBER 5, 2026 Google expands voluntary buyouts to 5 more nations FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVII 154, 44 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: 77,301.40 ▲ 383.55 NIFTY: 23,960.60 ▲ 149.75 NIKKEI 225: 62,188.63 ▼ 893.23 HANG SENG: 23,919.50 ▲ 393.53 `/$: 94.65 ▲ 0.10 `/€: 106.55 ▼ 0.52 BRENT: $101.21 ▼ $2.39 GOLD: `1,41,255 ▲ `4,221 STT abolition,bond taxreliefontable FE SPECIAL ● Linking LTCG IN THE NEWS ECONOMY PAGE 2 CABINETCLEARS `14,500 CR FOR ENERGY STORAGE THE UNION CABINET on Wednesday approved a `14,500crore viability gap funding scheme to develop 92 gigawatthours of grid-scale energy storage capacity, reports Saurav Anand. IndiGo in talks with Embraer to buy 100 jets INDIGO IS IN talks to buy 100 Embraer regional jets, with the option for about 50 more, in what could be one of the largest orders placed with the Brazilian planemaker, reports Reuters. The aircraft model has not been finalised. ■ PAGE 4 rates to holding periods low on govt’s priority PRASANTA SAHU New Delhi, November 4 THE CENTRE IS undertaking a comprehensive relook at capital market taxation to boost investor sentiment, by considering options ranging from scrapping the securities transaction tax (STT) to offering tax concessionsoninterestincome from corporate bonds to both domesticandforeigninvestors. It is also examining proposalsforatieredlong-termcapital gains (LTCG) tax structure for equities, featuring lower rates CAPITAL CALL Three major options under Centre’s active consideration: Providing relief exclusively to FPIs; extending relief to all investors; leaving equity untouched and focusing on debt markets forlongerholdingperiods,anda possible exemption after a periodsuchasthreetofiveyears. LTCGreliefsare,however,lowon its priority. Currently, LTCG attracts a 12.5% tax for holdings of more than 12 months. Broadly, three major options are under active consideration: providing relief exclusivelyto foreign portfolio ■ Govt collected `46,840 crore in STT till October 14 this financial year, up 51.6% from the year-ago period ■ In the Budget for FY27, STT collections are projected to rise 15.8% year-on-year to `73,700 crore investors (FPIs),extending it to all investors, or leaving equity untouched and focusing on debt markets,which have been adverselyimpacted,according to a source who requested anonymity. Discussions have been taking place overthe past two months on the matter. DEMOCRATSSWEEPBOTHHOUSESOFCONGRESSASAMERICANS REJECTPRESIDENT’SECONOMICPOLICIESANDWARINIRAN DONALD TRUMPED Brentslips9% tobelow$95 after2months JOSEPH AX, BRAD HEATH & JASON LANGE Washington, November 4 DEMOCRATS SEIZED CONTROL of both the US Senate and House of Representatives, scoring sweeping victories in Republicanstrongholdsforthe first time in generations as tens of millions ofvoters delivered a scathing rebuke to President Donald Trump. Voters in conservative bastions who had propelled the president to his second term in office just twoyears agoswung dramatically towards Democrats,fuelledbydeepfrustration over the unpopular war with Iran,anxiety over the high cost of living and anger at Trump’s stewardship of the country. The results will usher in a new era of divided government Democrat Abdul El-Sayed after winning Michigan to become the US’ first Muslim senator, along with his wife Sarah Jukaku, who AP traces her family roots to Karnataka ■ REPORT ON PAGE 10 in Washington, following two years in which the RepublicancontrolledCongressrarelyexerciseditspowertoreininTrump. Thepresidentacceptedtheout- come, but threatened to veto any“insane”bills passed by the Democrat-led Congress. Continued on Page 10 WhyDelhi must rediscoverand TatatrustsmeetonNov20amidrift engagewith the manyAmericas URVI MALVANIA Mumbai, November 4 THE BOARDS OF several Tata trusts,including the Sir Dorabji Tata Trust (SDTT),will meet on November 20 amid differences among trustees overgovernance and the future of Tata Sons, peopleawareofthemattersaid. Theagendahasnotyetbeen finalised, but the boards are expected to take up routine business such as approving grantsandreviewingaccounts. It is unclearwhether the meetingswilltakeupthecomplaints filedwiththecharityauthority by Vice-chairmen Venu Srinivasan and Vijay Singh, sources said. The Sir Ratan Tata Trust (SRTT), meanwhile, remains unable to convene meetings because of restrictions imposed by the Maharashtra charity commissioner. Continued on Page 18 Continued on Page 6 C RAJA MOHAN New Delhi, November 4 This will be the first meeting of SDTT trustees since Venu Srinivasan (left) & Vijay Singh filed complaints; the matter may come up for discussion THE DEMOCRATIC PARTY’S sweeping victory in the Americanmidtermelectionspresents Indiawithimmediateandlongterm imperatives in dealing with the US,its most important and comprehensive partner for the foreseeable future. Theimmediatetaskistostep upengagementwiththeTrump administration, wrap up the »INSIDE« BLUE WAVE: GOP'S RED WALL CRUMBLES P10 WALL STREET RALLIES P10 EDIT: TRUMP'S BLUES P8 long-pending bilateral trade agreementandadvancecooperation in energy, defence and technology.Thelatestelectionis part of the enduring ebb and flow of American politics. The CHENNAI Democratic triumph this week does not guarantee it victory in the2028presidentialelectionor continuedCongressionaldominationinthenextcongressional cycle.Instead of obsessing with mood swings in the American electorate,Delhimustrediscover America’sextraordinarypolitical diversity and rebuild relationshipsacrossitsrapidlychanging politicallandscape. Continued on Page 10 OIL PRICES TUMBLED on WednesdayaftertheDemocrats tookcontroloftheUSCongress, withBrentcrudefuturesfalling $9.27,or8.9%,to$94.29abarrel, touching the lowest level since September 4. US West Texas Intermediate crude futures were down $7.44, or 7.8%,to $88.54. —REUTERS DONALD TRUMP, US PRESIDENT Peopleprobably weren’twillingtodo theshort-term consequenceof payingmore forgasoline...I thinka partofit wasIran MOHAMMAD BAGHER GHALIBAF, IRANIAN PARLIAMENT SPEAKER Americans saidNOTO WAR,andwe endorsethis message
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