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The mercy petition of Pakistani terrorist Mohammed Arif alias Ashfaq convicted in the nearly 24-year-old Red Fort attack case has been rejected by President Droupadi Murmu, officials said on Wednesday. This is the second mercy plea rejected by the President after assuming office on July 25, 2022. The Supreme Court had dismissed a review petition by Arif on November 3, 2022, affirming the death penalty awarded to him in the case. However, a death row convict can still knock on the doors of the top court seeking commutation of his sentence on the ground of prolonged delay under Article 32 of the Constitution, feel experts. The mercy petition from Arif, received on May 15, was turned down on May 27, the officials said, quoting the President's secretariat order of May 29. The Supreme Court, while upholding the death sentence, noted that there were no mitigating circumstances in Arif's favour and emphasised that the attack on the Red Fort posed a direct threat to country's unity, integrity, and sovereignty. The attack, which took place on December 22, 2000, saw intruders opening fire at the 7 Rajputana Rifles unit stationed within the Red Fort premises, resulting in the deaths of three Army personnel. Arif, a Pakistani national and a member of banned Lashkar-e-Taiba (LeT), was arrested by Delhi Police four days after the attack. "Appellant-accused Mohd. Arif alias Ashfaq was a Pakistani national and had entered the Indian territory illegally," the top court's order of 2022 had said. Arif was found guilty of conspiring with other militants to carry out the attack, with the trial court sentencing him to death in October 2005. The Delhi High Court and the Supreme Court upheld the decision in subsequent appeals. The trial court had said that the conspiracy to attack the Red Fort was hatched at the house of two conspirators in Srinagar, where Arif had illegally entered in 1999 along with three other LeT militants. The three militants -- Abu Shaad, Abu Bilal and Abu Haider -- who had also entered the monument, were killed in separate encounters. Despite multiple legal challenges, including review and curative petitions, Arif's plea for mercy was rejected, highlighting the severity of the crime and the threat it posed to national security. The Delhi High Court had confirmed the trial court's decision in September 2007. Arif then approached the Supreme Court challenging the high court's verdict. The top court had in August 2011 also sided with the order of awarding the death sentence awarded to him. Later, his review petition came up before a two-judge bench of the apex court which dismissed it in August 2012. A curative petition was also rejected in January 2014. Thereafter, Arif had filed a petition submitting that review petitions in matters arising out of award of death sentence be heard by a bench of three judges and in open court. A constitution bench of the apex court had in its September 2014 judgement concluded that in all cases in which death sentence was awarded by the high court, such matters be listed before a bench of three judges. Before the September 2014 verdict, the review and curative petitions of death row convicts were not heard in open courts but were decided in chamber proceedings by circulation. In January 2016, a constitution bench had directed that Arif shall be entitled to seek re-opening of the dismissal of the review petitions for an open court hearing within one month. The apex court had rejected the review petition in its verdict delivered on November 3, 2022. This decision comes after President Murmu rejected another mercy petition last year in a separate case, demonstrating a firm stance on cases of heinous crimes.

India's finished steel imports touched a five-year high in the first two months of the fiscal year that began in April, with the country continuing to be a net importer, according to provisional government data seen by Reuters. Steel demand has been buoyant in India, the world's second-biggest crude steel producer, as the country remained a bright spot globally with robust demand from its construction and automotive sectors. India imported 1.1 million metric tons of finished steel between April and May, up 19.8% from a year earlier, the data showed. India's steel mills, alarmed by a sharp rise in imports, have repeatedly called for government interventions and safeguard measures. The federal Ministry of Steel has resisted such calls, citing strong local demand. China was a top exporter of steel to India in recent months, alongside South Korea. Major Indian steel producers such as Tata Steel have flagged Chinese imports as a "growing concern." Meanwhile, India's finished steel consumption jumped 10.5% to a six-year high at 23 million tons in April-May, reflecting buoyant demand for the alloy in one of the world's fastest-growing economies. Rapid economic growth and higher infrastructure spending have turned India into a lucrative market for Indian and global steel makers, particularly with steel demand slowing down in Europe and the United States. India was a net importer of finished steel during the previous fiscal year that ended in March. The country imported 8.3 million metric tons of finished steel, up 38.1% from the prior year. The country's finished steel exports fell to their lowest in at least six years. Overseas shipments of steel totalled 0.9 million tons between April and May, down 39.6% year-on-year, the data showed. Crude steel output stood at 24.6 million tons, up 4.9% from a year earlier.

Shares of Tata Motors on Wednesday rallied 2% to the day’s high of Rs 1,010 on BSE after the company announced that its India business is now net debt-free and aims for the Jaguar-Land Rover (JLR) business to be net debt-free in FY25.The company said that its businesses are self-sustaining and the investments are well funded while aiming for EV EBITDA breakeven in FY26.The management also seemed confident while stating its intentions to expand the company's product portfolio to address 80% market share and also aim for 10% EBITDA for consolidated PV and EV operations by FY30.The demerger of CV and PV businesses into separate entities is a logical progression, as per the management, given that both CV and PV businesses have grown sizably and limited synergies exist between the two.Here is what analysts have to say:CLSACLSA said that the management is confident in winning in the domestic segment and a sustainable share gain in PV, coupled with continued leadership in EV will pave the path for growth. They also foresee CV demand to grow at 4-5 CAGR for a few years.They have an 'outperform' rating on the stock with a target price of Rs 1,181.JM FinancialIn respect of CV business, the industry is expected togrow by a single digit during FY25 while Tata Motors is targeting a strong double-digit EBITDA margin for its CV business and expects PV-EV business to be EBITDA breakeven in the medium term. Net-cash position in domestic business drives comfort.JM Financial rates Tata Motors as a 'buy' with a target price of Rs 1,200.Motilal OswalThe domestic brokerage firm expects JLR margins to remain stable over FY 24-26 given the rising cost pressure as it invests in demand generation, normalizing mix, and the EV ramp-up, which is likely to be margin-dilutive. Even in India business, both CV and PV businesses are seeing a moderation in demand. Motilal has a 'neutral' rating on the stock with a target price of Rs 955.ICICI SecuritiesNew nameplates like Curvv, Sierra, Avinya etc. and the corresponding EV portfolio of 10 models would help TTMT address a wider PV market base ahead. Tata Motors is aiming to reach 10% EBITDAM in PVs and become EBITDA neutral in EVs by FY26.With this, ICICI Securities has a 'reduce' view on the stock with a target price of Rs 915.Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times.