CHENNAI/KOCHI, THURSDAY, AUGUST 15, 2024 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLV 86, 56 PAGES, `12.00 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: 79,105.88 ▲ 149.85 NIFTY: 24,143.75 ▲ 4.75 NIKKEI 225: 36,442.43 ▲ 209.92 HANG SENG: 17,113.36 ▼ 60.70 `/$: 83.95 ▲ 0.02 `/€: 92.58 ▼ 0.89 BRENT: $80.80 ▲ $0.11 GOLD: `70,448 ▲ `290 wishes its readers HappyIndependenceDay IN THE NEWS DELHI AIRPORT’S TERMINAL 1 TO OPEN ON AUG 17 DIAL ON WEDNESDAY said the Terminal 1 at Delhi Airport will be operational from August 17, reports fe Bureau. SpiceJet will shift 13 of its flights to T1 on August 17, followed by IndiGo, which will transfer 34 flights from Terminals 2 and 3 starting September 2. EXPORTS SHRINK 1.5% IN JULY, TRADE DEFICITWIDENS INDIA’S MERCHANDISE TRADE deficit rose to the highest level in nine months in July, reports Mukesh Jagota. Exports contracted 1.47%, while imports rose 7.4%. The trade deficit of $23.5 billion was the highest since October. ■ PAGE 2 PHOGAT'S APPEAL FOR SILVER AT PARIS OLYMPICS DISMISSED WRESTLER VINESH PHOGAT'S appeal against her disqualification from the Olympic Games final has been rejected by the ad hoc division of the Court ofArbitration for Sport, the Indian Olympic Association said, reports PTI. ■ PAGE 20 SC GIVES RETROSPECTIVE EFFECT `2-lakh-crore tax blow to mining firms States can seek dues from April 1, 2005 ARUNIMA BHARADWAJ New Delhi, August 14 THE SUPREME COURT on Wednesday rejected a plea for restricting its June 25 ruling,affirming the legislative power of state governments to tax mineral rights andmineral-bearinglandsinadditionto royaltyforprospectiveeffect,andallowed them to seek dues of these levies from “miningfirmsandtheCentre”fromApril 1, 2005. In an 8:1 INSIDE ruling, a ConstituMetal, mining tion bench headed by Chief Justice DY stocks fall by Chandrachud said up to 6% the recovery of these dues, based on New mining past demands,shall projects at be staggered over multi-year 12yearscommencing from April 1, low in FY24 2026, sans penalty ■ PAGE 2 and interest. The verdict will have a very large financial impact on the country's mining firms, as arrears may work out to be more than `1.5-2 lakh crore,industryplayerssaidonWednesday. The past tax demands, if states wish to pressthem,areexpectedtobesubstantial for the sector as a whole, although the impact couldvarywidelyamong firms. While individual companies said they were estimating the extent of the impact,theFederationofIndianMineral Industries (FIMI) said the arrears could be in the region of up to `2 lakh crore.In its arguments before the apex court opposing the demand of states for SATISH PAI, MD, HINDALCO WE HOPE THAT BETWEEN STATES AND THE CENTRE, THE INDUSTRY DOES NOT GET BURDENED WITH TOO MUCH TAXATION ARUN MISRA, CEO, HINDUSTAN ZINC THERE IS NO MATERIAL IMPACT OWING TO THE RETROSPECTIVE EFFECT OFTHIS JUDGMENT ON THE COMPANY AMITAVA MUKHERJEE, CMD (ADDITIONAL CHARGE), NMDC THE ORDER WILL IMPACTTHE MINING INDUSTRYAT LARGE. WE ARE EVALUATING TO WHAT EXTENT ITWOULD AFFECT US refund of royalty levied on mines and mineralssince1989,theCentrehadsaid it would impact “the citizens and the PSUs” to the tune of `70,000 crore, according to initial estimates. Continued on Page 7 In a setback for Byju’s, SC stays order by NCLAT Happy 78 FE BUREAU New Delhi, August 14 IN A MAJOR setback for Byju’s, the SupremeCourtonWednesdaystayedtheNational Company Law Appellate Tribunal’s order,which had set aside the insolvency proceedings againstthe edtech firm. The NCLAT order on August 2 had approved the edtech firm’s `158-crore dues settlement with the Board of Control for Cricket in India (BCCI).The order hadcomeasahugereliefforthetroubled edtech firm as it had effectively put its founderByjuRaveendranbackincontrol. However, the apex court on Wednesday prima facie termed the NCLAT verdict as “unconscionable” and stayed its operationwhile issuing notices to Byju's andothers.Thestayorderwasgrantedon the appeal of Byju’s US-based creditor GlasTrustCompanyLLC.TheSCdirected the BCCI to keep `158 crore it received from Byju’s after a settlement in a separate escrow account till further orders. th Independence Day 15th August 2024 Girls’ Education is a National Priority and Canara Commitment Dr. Ambedkar Vidya Jyothi Scholarship To Meritorious SC/ST Girl Students Continued on Page 7 RESULTS CORNER In a first, Oyo checks into profit zone in FY24 TRAVELTECH FIRM Oyo has reported its first-ever profit at `229 crore in FY24, reports fe Bureau. In a post on X, founder Ritesh Agarwal said the numbers have exceeded his estimate of `100 crore for the fiscal. ■ PAGE 6 Ola Electric losses widen to `347 cr in April-June OLA ELECTRIC MOBILITY’S losses has widened by around 30% y-o-y to `347 crore in the April-June quarter, reports Padmini Dhruvaraj. On a quarterly basis, the company’s losses have come down by 16%. ■ PAGE 6 The Scholarship amount will be distributed to meritorious SC/ST girl students across India Venue Head Office 26 Circle Office 177 Regional Office 7,457 Branches Across India The pursuit of innovation is in all of us We are developing and manufacturing a diverse range of products in India that propel the aerospace industry forward and bring the country closer to becoming Aatmanirbhar in aerospace and defence. Learn more at boeing.co.in CHENNAI/KOCHI * Conditions apply FINANCIAL EXPRESS