MARKETS | PAGE 7 Sebi developing longer-term F&O contracts, says Pandey NEWS POINT | PAGE 16 INTERNATIONAL | PAGE 10 The reluctant politician now in charge of Bengal’s finances BENGALURU, SATURDAY, JUNE 13, 2026 UK PM Starmer refuses to quit after ministers resign FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 49, 16 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: 75,527.95 ▲ 1,695.40 NIFTY: 23,622.90 ▲ 461.30 NIKKEI 225: 66,020.04 ▲ 1,802.77 HANG SENG: 24,718.10 ▲ 468.81 `/$: 95.12 ▲ 0.64 `/€: 110.19 ▲ 0.27 BRENT: $89.22 ▼ $1.16 GOLD: `1,47,367 ▲ `2,637 IN THE NEWS ECONOMY PAGE 2 CENTRE CAPS DIESEL SALES AT 200 LITRES THE CENTRE HAS barred industrial, commercial, institutional consumers from purchasing petrol and diesel from retail outlets and capped diesel sales at 200 litres per vehicle per day, citing supply disruptions and a sharp surge in retail fuel purchases in some parts, reports Saurav Anand. ECONOMY PAGE 2 EL NINO ACTIVE, TO STRENGTHEN DURING JUN-SEP THE INDIA METEOROLOGICAL Department (IMD) on Friday confirmed the emergence of El Nino conditions over the equatorial Pacific Ocean, which is likely to strengthen further during the ongoing southwest monsoon season (JuneSeptember), reports Sandip Das. » INSIDE « BANKSWOO DIASPORAIN $50-BN DEPOSITDRIVE PAGE 7 War premium to peace dividend Stocks surge,crude cools and the rupee rebounds on hopes of easing tensions For India Inc, USandIranmaysign MARKETS’ BEST DAY IN 2 MONTHS a ‘welcome’ peacedealonSunday turning point RUPEE RALLIES RUPEE VS DOLLAR (Intra-day, Jun 12) SENSEX Intra-day, Jun 12 Lebanon,whereIsraelhasbeen battling against the Iranbacked Hezbollah militia. The aim was to finalise the THE UNITED STATES and Iran wording by Saturday so the on Friday appeared to have agreement could be signed by sharply different understand- USVicePresidentJDVanceand ings of the contents of an Iran’s Parliament Speaker emergingpacttoendtheirwar, Mohammed Baqer Qalibaf.No though both sides signalled venue had been established that an agreement was close. but Geneva was emerging as Pakistan, which has for the likeliest,the source added. weeks sought to broker a deal, Leaked terms of the prosaidafinaltextofapeaceagree- posed memorandum of ment between the United understanding outlined by States and Iran had Western, Pakistani and »INSIDE« been reached, Iranian sources on Frialthoughtherewasno day appeared to favour US: IRAN immediate confirma- AGREES TO Iran, drawing criticism tion from Washington DISMANTLE from US President DonNUCLEAR or Tehran.“Pakistan is ald Trump, who called PROGRAMME now working closely the reports inaccurate. PAGE 10 with both sides to While there were finalisethenextsteps,” minor differences in the Prime Minister Shehbaz Sharif accounts, all appeared to offer said in a post onX. Tehran much of what it has A memorandum between demanded so far, with Trump the two sides could be signed appearing to win little of what as soon as Sunday, a Western he has sought, beyond the source told Reuters on Friday, reopening of the Strait of Horwith Geneva emerging as the muz,which Iran shut after the likeliestvenue.The source said US and Israel launched attacks earlierin the daythat language in February.Trump said leaked in the memorandum was still commentsonadealdidnotrepbeing finalised and Iran was resentwhathadbeenagreedto. sticking to its position that the deal must also end fighting in Continued on Page 6 73,832.55 73,832.55 5 REUTERS Dubai/Washington/Paris, June 12 95.12 Close Previous close 75,527.95 1,69 1,695.40 695.40 Points Close 2.30% 2.30% 3 SEHER DAREEN London, June 12 OIL PRICES FELL nearly 3% on Friday to their lowest in nearly two months after US President Donald Trump cancelled new strikes on Iran, reducing fears of an escalation of hostilities following tit-fortat attacks earlier in the week. Brent futures were down $2.27, or 2.5%, at $88.11 a barrel by 1322 GMT (18:52 IST), while US West Texas Intermediate (WTI) crude dropped $2.47, or 2.8%, to $85.24.Both contractswere at their lowest since April 17. A memorandum between the United States and Iran to halt the war in the Gulf could be signed as soon as Sunday, a Western source told Reuters on Friday,with Geneva emerging as the likeliest venue. “Headlines are driving the market once again, as confidence grows that an eventual dealwillbestruckandtheStrait (of Hormuz) reopens,” said PVM Oil Associates analyst Tamas Varga.The caveat,however,was ● AYEAR HDFCBank maypropose ex-regulatoras nextchairman Family members ofAir India Flight 171 crew members, who were killed in one of the world's deadliest aviation disasters on this day a year ago, pay tributes during a memorial service in Mumbai on Friday. It is still unclear what brought down the London-bound flight shortly after take-off from Ahmedabad, with the authorities saying an investigation is under way RBI reviews FCNR(B) swap with bank MDs FE BUREAU New Delhi, June 12 THE BOARD OF HDFC Bank is understood to have zeroed in on a retired regulator as the bank’s next non-executive chairman and is expected to shortly seek the Reserve Bank of India’s (RBI) approval for its preferred candidate. According to sources, the boardfavoursappointingaformer RBI deputy governor, reflecting a view that the bank wouldbenefitfromachairman with deep familiarity with banking regulation and supervisory practices.The move also comes as the bank seeks continuity in leadership.The board has reportedly requested the RBI to extend the tenure of interim chairman Keki Mistry by three months beyond June 18,whenhiscurrenttermends. Mistry,who took over after then chairman Atanu Chakraborty’s abrupt resignation in March, is understood to have expressed reluctance to take up the role on a permanent basis, citing long-standing commitmentsandpotentialconflict-ofinterest concerns arising from his associationwith the bank. ■ REPORTS ON PAGE 4; EDIT: ANSWERS, NOT ASSUMPTIONS PAGE 8 Tata Sons board skips thornyissues again dividend payouts, accounts for FY26 URVI MALVANIA Mumbai, June 12 THE TATA SONS board meeting on Fridaystayed awayfrom contentiousgovernanceissues and focused on approving the holding company’s annual accounts for FY26, people familiarwith the matter said. The meeting at Bombay 3 bps Oil prices slide to neartwo-month lows MICROFIN’S FIRSTPORTFOLIO GROWTH IN 7 QTRS PAGE 12 THE CENTRE HAS proposed a single regulatory framework for television and radio broadcasting services, extending the obligation of airing programmes on "themes of national importance and social relevance" from TV channels to private radio services, reports PTI. The draft rules were released on Friday. Close 3.53 3.15 2.84 2.71 2.38 ON, PROBE CONTINUES House,thegroupheadquarters in Mumbai, began around 10.30 am and concluded shortly after 1.30 pm. It was attended byall six directors on the board — Tata Sons Chairman N Chandrasekaran, Tata Trusts Chairman Noel Tata, Tata Trusts Vice-chairman Venu Srinivasan,Independent Directors Anita George and Harsh Manwani,andTata Sons CFO Saurabh Agarwal. Apart from reviewing and approving the company’s annual accounts, the board reviewedremunerationforTata 6.89 REPORTS ON PAGE 7 PTI ● Meeting reviews Sons’keymanagerialpersonnel for FY26, according to people aware of the discussions. The relativelyroutineagendacomes at a time when a number of largergovernance and strategic issuescontinuetoattractattention across the Tata ecosystem. Oneoftheserelatestothefuture leadership structure at Tata Sons. Chandrasekaran’s extension as chairman has been a bone of contention for weeks now.His current term is scheduled to run until 2027. Anotherissuethatcontinues toremainunderthespotlightis the long-pending question of a potential Tata Sons listing. While the companyhas applied to be deregistered as an upperlayercoreinvestmentcompany, a classification that carries a mandatorylistingrequirement, the proposal remains subject to regulatoryapproval,andnofinal decision has been announced. Theboardalsodidnotcarry forward any discussions aroundtheTataGroupcompanies which presented performance reports and business plans during its previous meeting on May 26. Continued on Page 10 SpaceXstocksoars,makesMusktheworld’sfirsttrillionaire MANYA SAINI, ECHO WANG & NIKET NISHANT June 12 SPACEX JUMPED OVER 20% in its Nasdaq debut on Friday, lifting its valuation to more than $2 trillion as investors piled into the world’s largest IPO and bet on Elon Musk’s sprawling empire spanning rockets to AI. The stock opened for trading at $150, compared with the IPO price of $135 per share. It was last trading at $164, making it the sixth largest US company by market value. The jump in the stock turned Musk into the world’s first trillionaire and sent the company’s market capitalisa- tionabove$2trillion.Thelandmark listing propelled SpaceX into the ranks of the world’s most valuable companies — even though the firm posted a lossofnearly$5billionlastyear andgeneratedonlyafractionof the revenue brought in bysimilarlyvalued tech giants. “I gave SpaceX a 10% chance of succeeding at all,” Musk said in Texas, shortly before the opening bell. SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq opening bell at 1330 GMT (19:00 IST). Continued on Page 6 Continued on Page 10 Inverted scale BONDS BUOYED 10-YR BOND YIELD (%) 6. 6.92 SC’S DRAFTAI GUIDELINES RAISE CONCERN PAGE 2 Centre proposes single framework for broadcasting Continued on Page 10 95.76 Pr Previous close MEESHOTOACQUIRE KIRANA CLUB FOR `202 CR PAGE 6 THE RESERVE BANK of India (RBI) on Friday reviewed the implementation of its foreign exchange and financial sector initiatives, including the concessional FCNR(B) swap facility announced last week, at a meeting with managing directors and CEOs of all major banks, reports Kshipra Petkar. ■ PAGE 7 that global and regional oil stocks were still low and could driftlower,evenwithadeal,asit wouldtaketimetoensureuninterrupted oil flows,he added. India, which imports more than 85% of its crude oil requirements,willsignificantly benefit from a fall in prices. CORPORATE INDIAIS betting on a more stable FY27 as the proposed US-Iran peace deal eases concerns over energy prices, freight costs and supply-chain disruptions that have weighed on businesses for over three months. Industry leaders said the accord, expected to be signed on Sunday,removes one of the biggest external risks facing companies this year. The easing of geopolitical tensions wouldallowcompaniestoshift their focus from cost management and contingency planning to growth strategies and expansion plans,they said. “Any de-escalation in the Gulf region is welcome. The disruption to business triggered by the Iran war was significant,” said NS Satish, CEO, HaierAppliances India. For Mohit Malhotra, global chief executive officer, Dabur, “This is a welcome development for businesses and particularlyforenergy-importing economies such as India.” 0.67% Previous close TOP SECTORAL GAINERS (% gain) Realty Financial services Private banks PSU banks Consumer durables Inflation spurts to 16-mth high of 3.9% in May ● Costlier food, transportation push up index JUNE 2026 SpaceX’s market debut on Friday raises Musk’s wealth to $300 billion 2025 $500 billion FEBRUARY 2026 $800 billion $1.1 Trillion MIND THE GAP ($ BILLION) LARRY PAGE 292.7 SERGEY BRIN 270 JEFF BEZOS 251.5 LARRY ELLISON 230.1 WAR IMPACT (% chg, y-o-y) CPI CPI Core Consumer Food Price index FE BUREAU New Delhi, June 12 INDIA’S RETAIL INFLATION rose to 3.93% in May from 3.48% in April, as price pressures that started building up sinceNovemberlastyearaccelerated due to sharp increases in the cost of goods transportation,restaurant services, and sustained high prices of precious metals. A firming up of the prices of tomato and a few other food items, which caused the consumer food price index to rise 4.78%yearon-year compared with 4.2% in the previous month, also pushed the headline figure up. Mayinflation is the highest in the current consumer price index (CPI) serieswith 2024 as the base year, unveiled from January, and the highest in 16 months across the current and previous series (base year 2012). At 0.75%, the month alsosawthehighestsequential riseintheinflationindexinthe current calendar year. The build-up was still marginally lower than expectations. The headline inflation figure remained below the RBI’s medium-termtargetof4%for MUSK PREMIUM 2021 VIVEAT SUSAN PINTO Mumbai, June 12 5 4.78 4.5 4 3.5 3.93 3.32 3. 3.73 3 2.74 2.5 2.13 2 Jan 2026 May 2026 Source: MoSPI »INSIDE« TOMATO AND EDIBLE OILS DRIVE UP FOOD INFLATION PAGE 2 the 15th consecutive month through April, before nudging closer to the threshold in May. Core inflation, excluding food and fuel segments, increased from 3.31% in April to 3.73% in May, indicating a somewhat generalised nature of the price spiral. Continued on Page 10 LEGAL RELIEF US court junks Stay on Byju’s case against 6-mth jail term Hexaware in Singapore MID-TIER IT SERVICES company Hexaware Technologies announced on Friday that a court in the United States had dismissed all claims of patent infringement against the firm filed by Natsoft Corporation anditsaffiliateUpdraft,reports fe Bureau. Filed in December 2025, the lawsuit named Hexaware platforms Amaze, Tensai and RapidX. ■ PAGE 6 BENGALURU SINGAPORE’S HIGH COURT has granted a stay on a sixmonth jail term for Byju’s founder Byju Raveendran, his law firm said. He was awarded the sentence last month in a contemptcaselinkedtoalleged non-compliance with court orders over asset disclosures, capping one of the most dramatic falls in modern Indian startup history. ■ PAGE 4