BACK PAGE | PAGE 20 COMPANIES | PAGE 4 Ametal-less day for India at Cannes Lions Adani bets big on nuclear, digital intelligence, infra KOLKATA, THURSDAY, JUNE 25, 2026 INTERNATIONAL | PAGE 7 Trump says Iran pledges no toll through Hormuz FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL 35 NO. 200, 40 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 READ TO LEAD SENSEX: 76,991.22 ▲ 790.54 NIFTY: 24,021.65 ▲ 197.55 NIKKEI 225: 69,174.97 ▼ 613.41 HANG SENG: 23,412.18 ▲ 75.90 `/$: 94.66 ▲ 0.08 `/€: 107.43 ▲ 0.68 BRENT: $73.36 ▼ $3.72 GOLD: `142,512 ▼ `1,811 Tamilnad Mercantile Bank DEPOSIT SCHEME Tenor: 567 Days *T&C Apply MORE RETURNS. MORE REASONS TO SMILE. WITH TMB'S 567 DAYS DEPOSIT SCHEME 7.75%* % www.tmb.bank.in | Toll-free: 180 0425 0426 IN THE NEWS COMPANIES PAGE 4 INSTAMART’S COO, CBO QUIT IN REJIG SWIGGY INSTAMART CHIEF operating officerAnkit Jain and chief business officer Hari Kumar have resigned from the quick-commerce arm, sources said. Both executives joined from Flipkart and worked closely with Instamart CEO Amitesh Jha, reports fe Bureau. MARKETS PAGE 6 BANKING STOCKS LEAD REBOUND BY MARKETS BENCHMARK EQUITY INDICES staged a strong recovery on Wednesday, led by a rally in banking stocks amid mixed global cues, reports Kishor Kadam.The Sensex surged 790.54 points, or 1.04%, to settle at 76,991.22, while the Nifty jumped 197.55 points, or 0.83%, to end at 24,021.65. << INSIDE >> A CASE FOR JUDICIAL REFORMS, WRITE VIJAY KELKAR & PRADEEP MEHTA PAGE 8 Iran invites PM to state funeral of Khamenei IRANIAN PRESIDENT MASOUD Pezeshkian is learnt to have invited Prime Minister Narendra Modi to the burial ceremonies for the late Supreme Leader Ayatollah Ali Khamenei, sources said on Wednesday. ■ PAGE 16 ‘PUBLICFUNDS’CLAUSEDROPPEDFROMUPPERLAYERNBFCFRAMEWORK RBIbreatherforTataSons, butassetsizehurdlestays KSHIPRA PETKAR & JOYDEEP GHOSH Mumbai, June 24 THE RESERVE BANK of India's (RBI’s) final guidelines on upper-layer non-banking financial company classification have given Tata Sons a breather on one front—while leaving its central dilemma entirely unresolved. The new framework, issued on Wednesday, drops the ‘access to public funds’ criterion that had been one of the factors pushing Tata Sons into the upper-layer classification. This matters because the RBI had earlier rejected industry feedback that equity infusion from group entities’ own funds should not be treated as indirect public funds.Since Tata Group companies hold around 13-16% stake in Tata Sons, that interpretation had added to the company’s regulatory bur- THE UNANSWERED QUESTIONS ■ Public- ■ Listing uncertainty persists despite RBI relief funds test dropped, but asset-size trigger survives ■ No CIC carve-out in revised framework ■ A lot now hinges on the RBI's decision regarding Tata Sons' CIC deregistration application den. Its removal is a genuine, if limited, concession. However, analysts said while this is a partial relief, the question of whether Tata Sons lists—one of the most consequential unresolved issues in Indian corporate finance—still remains exactly where it was. In the hands of the regulator, and without a timeline. That’s because the RBI has RBIproposesAIrisk frameworkfor banks THE RBI ON Wednesday proposed a new framework for the use of artificial intelligence as its adoption by domestic banks expand significantly. The central bank urged banks to put in place proper governance. ■ PAGE 6 retained the `1 lakh crore asset size threshold as the primary criterion for upperlayer classification, replacing the earlier parametric scoring methodology that weighed a combination of factors including size, leverage, interconnectedness and complexity. With Tata Sons' standalone assets standing at around `1.75 lakh crore as of FY25—well above the thresh- Five-dayreversalfor credit card fraud old—the simplified framework, paradoxically, makes the company’s position harder to contest rather than easier.Under the old methodology, there was room to argue across multiple parameters. Under the new one, asset size is the dominant screen,and Tata Sons clears it by a wide margin. Continued on Page 16 New rules on banks computation issued THE RBI ON Wednesday said in case of complaints of fraudulent electronic banking transactions via a credit card, a bank should provide shadow reversal amount within 5 days. ■ PAGE 6 THE RBI HAS revised the methodology for computation of net open position and calculation of capital charge on foreign exchange risk to ensure greater alignment with international standards. ■ PAGE 6 Governorsays rateincrease talkspremature FE BUREAU Mumbai, June 24 RESERVE BANK OF India (RBI) Governor Sanjay MalhotraonWednesdaypushedback againstmarketexpectationsof an imminent rate hike, saying itwould be“premature”to discuss monetary tightening when inflation risks remain uncertainandthecentralbank is closely monitoring global developments. “If it was so certain that we were going to hike rates in the comingmonths,wewouldhave changed our stance from neutral to restrictive.We did not do that,” Malhotra told ETNow in an interview. His remarks prompted a rally in the bond market, with theyieldonIndia’sbenchmark 10-year government bond falling five basis points to 6.82%,its lowest level in three months. Overnight index swaps, a key indicator of rate expectations, also eased by 10 basis points as traders scaled back bets on policytightening. Malhotra said the RBI remaineddata-dependentand was closely watching whether recentpricepressures,particularly from fuel costs, spread into broader inflation.“We are looking at whether these pressuresaretemporaryorwhether they become generalised and getbuiltintoinflationexpecta- PharmaMNCsextendIndia gainsfor2nd straightyear MANU KAUSHIK New Delhi, June 24 AFTER MORE THAN a decade of losing ground to domestic drugmakers, Big Pharma is staging a comeback in India, helped by blockbuster antiobesity drugs, innovative specialty medicines, and strong portfolios in chronic disease management. According to an IQVIA report, MNCs increased their share in the Indian pharma market to 16.4% on a moving annual total (MAT) basis in the 12monthsthroughMay2026, from15.9%intheyearthrough May 2025.This was the second consecutive year of marketshare gains and represented a sharperincreasethanthepreviousyear's rise to 15.8%. MAT calculates total sales from the previous 12 months, correctingshort-termvolatility. MNCs had been in a pro- TREND REVERSAL MNCs Vs Domestic Companies Market share of MNCs Market share of domestic firms Figures in % Jun 2023-May 2024 15.8 84.2 Jun 2025-May 2026 16.4 83.6 5.6 7.6 Jun 2023May 2024 13.7 10.2 Figures in % Growth rate of MNCs Growth rate of domestic firms Jun 2025May 2026 longed decline in the Indian drug market since 2013, when they commanded nearly 22% market share. During this period, domestic companies consolidated their market dominance through branded generics, improved distribution networks and aggressive launches. Atrend of disinvestment by Source: IQVIA MNCscoincidedwiththis,causing fears that these firms,most still betting on innovation and new drug launches, are losing confidence in price-sensitive Indianmarkets.Disputesabout patent rights and allegations about “ever-greening” vitiated the atmosphere to an extent. Continued on Page 7 Amazon Now is helping shape company's global delivery strategy: CEO Jassy Amazontakesquick-commwarto 300citiesamidrising competition ANEES HUSSAIN Bengaluru, June 24 AMAZONPLANSTOexpandits quick commerce service AmazonNowtomorethan300cities across India,a move thatwould give it the widest geographic footprintinthecountry’sultrafast delivery market.The move would intensify competition with Blinkit, Zepto and Swiggy Instamart as the battle shifts beyond the metros. The announcement came during a visit by Amazon CEO Andy Jassy to an Amazon Now micro-fulfillment centre in MumbaionWednesday.Calling the service Amazon India's fastest-growing ecommerce business,Jassysaidthecompany wasdrawinglessonsfromIndia that are now being deployed globally. “It's our fastest-growingecommercebusinessunitin »INSIDE« FLIPKART EXPANDS MINUTES FOOTPRINT PAGE 5 Maharashtra Chief Minister Devendra Fadnavis meets CEO of Amazon Andy Jassy, in Mumbai on Wednesday. ANI India, and we’re expanding to 300+citiesaspartofourplanto buildthecountry’slargestdelivery-in-minutes network,"Jassy said in a post onX. “Whatwe've learned building it here is now helping us scale it across the US and around the world." Jassy is in India to meet leaders, employees and entrepreneurs. He is also expected to travel to Delhi this week. Amazon Now, launched in September 2025, is currently availabletomorethan50million customers across over 15 cities, includingBengaluru,Delhi-NCR, Mumbai, Pune, Hyderabad, Amritsar and Kochi. The company said orders have doubled every quarter since launch and Prime members triple their shopping frequency after they beginusingtheservice. The planned expansion wouldtakeAmazondeeperinto tier-2 and tier-3 marketswhere most quick commerce companieshavealimitedpresenceand where the economics of 10minute deliveries remain largelyuntested. Continued on Page 7 Kolkata SANJAY MALHOTRA, India-US trade talks endwithout breakthrough MUKESH JAGOTA New Delhi, June 24 tions. We do not see signs of that happening yet,”he said. Headline inflation is currentlyat 3.9%,belowthe RBI’s medium-term target of 4%, while core inflation is around 2.4%. Although wholesale price inflation has picked up, much of the increase has been driven by fuel-related components,he added. The governor said easing tensions in West Asia has reduced some upside risks to both inflation and growth. TWO DAYS OF ministeriallevel talks between India and the US aimed at finalising an interim trade agreement concluded here on Wednesday, but there was no clarity on whether the two sides had managed to bridge the remaining differences. The discussionswere led by Commerce and Industry Minister Piyush Goyal and US Trade Representative (USTR) JamiesonGreer. A statement »EDIT« from the the STILLA Ministry of BRIDGE Commerce and TOO FAR Industrysaidthe PAGE 8 discussion focusedonpathways to conclude an interim agreement, as an important milestone toward a comprehensive Bilateral Trade Agreement (BTA). Thefocusofdiscussionsover the past two days over multiple sessions was on the core elements of BTA like enhanced marketaccess,digitaltrade,supplychainresilience,reductionof non-tariff barriers, and expanded cooperation in strategic sectors, the ministry said. But it refrained from any specific comment on the progress made,orwhether the talks were satisfactory. Continued on Page 7 Continued on Page 7 GOVERNOR, RBI If it was so certain that we were going to hike rates in the coming months, we would have changed our stance from neutral to restrictive. We did not do that