BACK PAGE | PAGE 24 COMPANIES | PAGE 4 No plans to exit food biz, clarifies HUL INTERNATIONAL | PAGE 7 Amazonplanssmartphoneforay againaftermorethanadecade NEW DELHI, SATURDAY, MARCH 21, 2026 BYDshowroomsbustling acrossAsiaafteroilshock FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LII NO. 18, 30 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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: 74,532.96 ▲ 375.72 NIFTY: 23,114.50 ▲ 112.35 NIKKEI 225: 53,372.53 ▼ 1,866.87 HANG SENG: 25,277.32 ▼ 223.26 `/$: 93.71 ▼ 1.07 `/€: 108.23 ▼ 1.32 BRENT: $108.67 ▲ $0.02 GOLD: `146,640 ▼ `778 IN THE NEWS ECONOMY PAGE 3 NEW I-T RULES EXTEND HRA TO MORE CITIES THE CENTRE has revised exemption limits for allowances and perquisites to reflect inflation. Under I-T Rules 2026, CBDT has included EVs in concessional valuation norms for employer-provided cars, reports Kuldeep Singh. COMPANIES PAGE 5 GOVTNUDGES ViTO BROADEN INVESTOR HUNT THE GOVT has asked debt-laden Vodafone Idea to widen its investor search, exploring both domestic and global options, to facilitate a potential exit, sources said, as the telecom operator continues to face financial stress. » INSIDE « GOVTUNVEILS `20K-CR MFI CREDITSCHEME PAGE 6 TELECOMTARIFF HIKE DEFERREDTO DEC PAGE 4 MOTOBAHN PAGE 9 WHYVW IS WAITING FOR INDIAN GRID TO CATCH UP, ASKS VIKRAM CHAUDHARY Airlines oppose govt’s 60% free seat rule INDIGO, AIR INDIA and SpiceJet have opposed the government’s mandate to offer at least 60% seats free for selection, warning it will hit revenues and force airlines to raise airfares to ■ PAGE 4 offset losses. Zomato increases charges on food delivery orders ZOMATO HAS RAISED its platform fee by `2.40 to `14.90 per order, excluding GST. With taxes, customers now pay `17.58 per order, higher than Swiggy’s `14.99. The revised fee also applies to Zomato Gold members, as per app details, reports Anees Hussain. ■ PAGE 4 Resiliencebeneaththered:HalfofBSE500stocksinthegreen KISHOR KADAM & KUSHAN SHAH Mumbai, March 20 INDIAN STOCK MARKETS may have stumbled since the onset of the West Asia crisis, but beneath the surface, a surprising resilience persists. Nearly half of the BSE 500 stocks—accounting for about 87% of total market capitalisation—have delivered positive returns over one-, three- and five-year periods. Data collated by FE shows that 225 stocks in the BSE 500 have posted gains over the past year, with average returns at a robust 28%. The picture looks even stronger within narrower indices: 55 stocks in the BSE 100 and 103 in the BSE 200 are in the green over the same period. The trend becomes more pronounced over longer horizons. In the BSE 100, as many as 90 stocks have delivered positive returns over three years and 89 over five years. For the BSE 200, the numbers stand at 166 and 163, NOT ALL GLOOM (No. of stocks) BSE 100 Average Gainers (No. of stocks) returns (%) 1-year 20.4 55 5-year 164.6 89 Losers 15.0 45 1-year 5-year 8 Gainers 1-year Losers 1-year 12.4 respectively. In the broader BSE 500, more than 350 stocks have gained over both periods. This comes even as 5-year the Sensex has slipped about 13% from its January highs. Analysts attribute this divergence to strong earn- Rebreaches93/$asrisks fromlongIranwarmount 90.50 351 269 62 319 19.5 25.5 ings growth and sustained domestic inflows. Pankaj Pandey, head of research at ICICI Securities, said robust earnings expansion—particularly among companies beyond the top 50—has been a key driver of returns over the past year. Another research head at a financial services firm pointed to strong participation from mutual funds, supported by steady retail inflows through systematic investment plans (SIPs). V Shunmugam, partner at MCQUBE, noted that India’s consumption story has so far remained intact, enabling consumer-facing companies to sustain earnings growth. ● ANOTHERTOP IRAN LEADER DEAD ` vs $ Worst perfoming Asian currencies FY26* 90.98 90 112 Previous close: 108.65 South Korean Won 110 FY26* return in % -1.64 91.50 -2.50 92.50 93.50 93.71 Inverted scale 94.50 Feb 27 Source: Bloomberg Mar 20 »INSIDE« INDICES END FLATAFTER ROLLER-COASTER WEEK PAGE 6 ketingcompanies.ThishasworsenedIndia’scurrentaccountoutlook and put structural pressure on the rupee,” said Kunal Sodhani,treasury head at Shinhan Bank. Thecurrencybreachedthe93 mark in the offshore forward market onThursdayasoilprices rose to $119/bbl after Iran 10 108.96 Indonesian Rupiah -4.76 -5.46 -9.65 109.90 108 Philippine Peso 106 Japanese Yen 104 Indian Rupee 102 *up to March 20 attackedseveralWestAsiaenergy facilities. The Indian currency and debt market was closed on Thursdayon account of a public holiday.Along with elevated oil prices,the equity outflows also continue to weigh on the currency. In March so far, foreign investors offloaded equities worth$9.6billion. Sodhani added that the persistent FII outflows, a broader risk-off environment,and bearish cues from the offshore NDF market have added to deprecia- Open en Close at 8:40 pm IST tionpressures. “Previously,theRBIhadkept the rupee steady at 90.50 through interventions. It's a smart adjustment to let it ease a bit to 93.70,as overlyaggressive actioninaprolongedcrisiscould harmmacrostability—especially when every currency is depreciating against the dollar,making resistance limited,” said Gaura Sengupta, chief economist at IDFCFIRSTBank. Continued on Page 6 TeslaIndiatoforayintoenergystorage ADITI SHAH New Delhi, March 20 TESLA IS PREPARING to enter India's industrial energy storage market, according to a job ad on its website, pitting it against companies controlled by Mukesh Ambani and Gautam Adani as they deepen investment in the sector with the grid shifting to cleaner power. The new business will also markTesla'sexpansioninIndia beyond just electric cars,which it started selling inAugust. The company already operatesaMegapackbusinessinthe US and other markets, supplying large-scale energy storage systems for industrial and utilityusers. Tesla's new plan was STEPPING UP INDIA PLAY ■ ThenewbusinesswillalsomarkTesla's expansioninIndiabeyondjustelectriccars Tesla's new plan was revealed in a job ad on its website ■ ■ This post was for a candidate who will shape Tesla entry into India for "utility-scale energy storage" ■ Reliance Industries and Adani Group also have ambitious plans for India's energy storage sector revealed in a job ad on its website,which said it is looking to hire a business development lead in India to "develop and execute a comprehensive market expansion strategyfor industrial energy storage solutions". The candidate will shape its entryintoIndiafor"utility-scale energy storage", it added,without elaborating. Reuters is first to report Tesla's plan.The company did not respond to a request for comment. Ambani's Reliance IndustriesandAdaniGroupalsohave ambitious plans for India's energystorage sector. The government has set a target to reach 500 gigawatts (GW) of non-fossil fuel energy capacity by 2030 from more than 262 GW at the end of 2025.It needs devices that can store energy during off-peak hours, stabilise the grid and reduce carbon emissions. The government is encouraging companies to invest in storage systems by providing fiscal incentives and is also working on a national roadmap to enable firms to meet the targets. -- REUTERS Iranians follow the funeral procession of Iran's intelligence minister Esmail Khatib & according to Iranian officials, his wife and daughter, inTehran on Friday IRAN WAR REPORTS, P7 India’s 90% LPG supplyatwarrisk SAURAVANAND New Delhi, March 20 HORMUZ RIDDLE THE DE FACTO shutdown of the Strait of Hormuz -- with tanker traffic collapsing to fewer than 10 vessels a day in March from about 135 in February--istriggeringafreshsupplyshockforIndia.Over90%of the country's LPG imports, 50–55% of crude inflows and nearly60%ofLNGsuppliesare routed through the critical energycorridorare at risk. The disruption has already begun to choke supply flows. MiddleEastcrudeloadingshave fallensharplyto7.4millionbarrelsperday(bpd)from17.3million bpd,tightening availability and forcing Indian refiners to turn to alternative, costlier sources. “Global energy markets are underseverestress…theStraitis a key energy artery,” said Pulkit Agarwal of S&P Global Energy, pointing to both immediate supply shortages and longerterm geopolitical risks. LPG remains the most vulnerable segment,with limited short-term substitution alter- much-in-demandprescription medicine on Saturday. Many others including Sun Pharma, Lupin, Mankind are also expectedtojointhebandwagon soon. According to industry estimates, 43 companies have either got regulatory approvals for the drug or have their genericversionsinthepipeline. Mostofthesewillbeintroduced inthedomesticmarketoverthe next fewmonths. Althoughapricewaramong these companies were predictedbysome,thegenericversions are now expected to be within a narrow price band, while being substantially cheaper than the innovator product. SPOILT FOR CHOICE Natco Pharma Semanat vial Semafull pen 2 mg/1.5ml 4 mg/3 ml 8 mg/3 ml Eris Lifesciences 2 mg/1.5ml 4 mg/3 ml 8 mg/3 ml `1,290 `1,290 `1,750 `4,000 `4,200 `4,500 Novo Nordisk 0.25mg/1.5ml Wegovy pen `10,850 Emcure Pharma Poviztra pen* 0.25mg/1.5ml `8,790 Sundae vial Pen `1,290 `1,290 NA `4,000 `4,200 `4,500 0.5mg/1.5ml 1mg/3ml `13,850 0.5mg/1.5ml 1mg/3ml `11,200 1.7mg/3ml 2.4mg/3ml `13,850 `11,200 `16,400 `16,400 1.7mg/3ml 2.4mg/3ml `13,000 `15,000 Prices for a month of treatment; *Launched in Dec 2025 in tie-up with Novo; Source: Pharmarack, Companies NatcoPharmaonFridaysaid itsversionsunderbrandnames Semanat and Semafull -- for multi-dosevialsandpendevice respectively -- will be available from Saturday.While vials are cheaper than Novo's drug by nearly 90%, pre-filed pens, which offer fuller monthly doses,willbemarketedatprices upto72%lowerthantheinnovator's product. Eris Lifesciences also introduced its drugunderthebrandSundaeat price points similar to Natco's (seechart).Lastmonth,Erishad entered into a strategic partnershipwithNatcotocommercialise Semaglutide in India. Semaglutide, originally patented as active pharma ingredient for the managment of type-2 diabates, was later foundtobemuchusefultocontrol obesity.It belongs to a class of medicines known as Glucagon-like Peptide-1 (GLP1) receptor agonists and works by regulating appetite and blood sugar.Novo initially filed forapatentonthedrugin2011 and has since obtained the exclusive right in multiple countries. “Natco received Central DrugsStandardControlOrgan- Indiancrude basketnowat $156;OMCs raiseprices forselectfuels SAURAVANAND New Delhi, March 20 Over 90% of India's LPG imports, 50–55% of crude are routed through Hormuz ■ ■ Tanker traffic from the strait has collapsed to fewer than 10 vessels a day ■ LPG remains the most vulnerable, with limited short-term alternatives nativesupplyoptions.Thechallenge is compounded by the need for specific propanebutane blends required for domestic consumption. Crude supplies have been partiallyrerouted,with refiners increasingpurchasesfromRussia,the US andWestAfrica. Continued on Page 6 Weight-lossdrugpricesdown70-90%asgenericshittheshelves INASHOTinthearmforIndia's high-growthweight-lossmedicinemarket,genericversionsof Danish drugmaker Novo Nordisk's blockbuster drug Semaglutidewillhittheshelves on Saturday, with price discounts as deep as 70-90%.The patentonthedrug,soldinIndia sinceJune2025undertheoriginator brand Wegovy, expired on Friday. At leasthalfa dozendomestic drug companies including Dr Reddy's, Natco Pharma, Eris Lifesciences, Zydus and Alkem willlaunchtheirversionsofthe AP Brent crude prices ($ per barrel) Semaglutide patent expiry sets the ground for at least six launches today at a fraction of the price MANU KAUSHIK & GEETA NAIR New Delhi/Pune, March 20 Looking ahead, Pandey expects the trend to largely continue. Other experts concur, arguing that unless there is a sharp uptick in redemptions or a significant slowdown in SIP inflows, the market’s underlying strength should hold. Shunmugam, however, flagged risks over the medium term, warning that a prolonged disruption to global trade due to the conflict could weigh on the growth prospects of Indian companies. DOWNHILL RIDE THE ESCALATING CRISIS in WestAsia continued to pressure theIndianrupee,whichbreached the93markforthefirsttimeon Friday–theworstsingle-dayfall infouryears.Itfelltoarecordlow of 93.71,down 1.16% from the previouscloseastheongoingwar pushedoilpricesto$108perbarrel(bbl)onFriday. After Friday's sharp fall,the depreciation in the current financialyearreached9.65%,the worst in 12 years.The rupee has been theworst-performing currencyinFY26,followedbyJapanese yen and Philipine pesso at 5.46%and4.76%,respectively. Currency traders said that the Reserve Bank of India (RBI) refrainedfromaggressiveintervention to defend the rupee, opting instead to permit its depreciation. “The sharp surge in global crudeamidescalatinggeopolitical tensions has been compoundedbyIndia’scrudebasket spiking to around $157/bbl on Thursday,significantlyamplifyingdollardemandfromoilmar- 28.1 225 5-year CRASHES 9.65% IN FY26,THEWORSTIN 12YEARS CHRISTINATITUS Mumbai, March 20 Average returns (%) BSE 500 isation (CDSCO) approval to manufacture and market genericSemaglutideinIndiain February 2026 for multi-dose vials and pen device based on the clinical comparison study,” Natco Pharma said in a stock exchange filing on Friday. Natco said it is the first company to offer Semaglutide in the vial dosage form, which is believed to offer patients customised dosing and better cost management. Currently, Novo's Wegovy is sold in a pre-filled syringe format containing four doses to be taken over one month (once per week). Continued on Page 6 New Delhi OIL MARKETING COMPANIES (OMCs) on Friday raised bulk diesel prices by about `22 per litre and premium petrol by `2 perlitre even as India’s crude oil basket surged to $156.29 per barrel the previous day, with retail fuel prices held steady to shieldthebulkofconsumers. The calibrated price action comesamidintensifyingsupply disruptions linked to the West Asia conflict,with India’s heavy dependenceonimports--about 88% of crude oil -- amplifying theimpactofglobalpricespikes. Data assessed by FE show that the price increase affects only a small segment of consumption.During April–February FY26, India’s total petrol (motor spirit) consumption stood at 38.8 million tonne, of which normal petrol accounted for 37.1 million tonne (95.8%), while branded or premium petrol accounted for just 1.617 milliontonne(4.2%). This means the `2 per litre increaseinXP-95petrolimpacts only about 4% of petrol consumption,leavingover370million tonne of mass petrol demanduntouched. On the diesel side, detailed data from the Petroleum Planning and Analysis Cell (PPAC) highlight the segmentation that enables this strategy.During April–February FY26, India’s total diesel consumption stood at 85.98 million tonne, of which retail sales accounted for 74.80 million tonne (87%), while bulk or direct sales accounted for 11.18 million tonne (13%). Continued on Page 5 »INSIDE« FIRMS SEEK HIGHER USE OF BIO-FUEL P2 AMID SHORTAGE, INDIA SHIFTS LPG SOURCING P2