BACK PAGE | PAGE 24 BRANDWAGON | PAGE 9 Political parties battle it out on digital platforms INTERNATIONAL | PAGE 11 Honda needs localisation push to ramp up EVplay AHMEDABAD, WEDNESDAY, APRIL 8, 2026 Ackmanpitches$65-bn dealwithUniversalMusic FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XX 260, 24 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 74,616.58 ▲ 509.73 NIFTY: 23,123.65 ▲ 155.40 NIKKEI 225: 53,429.56 ▲ 15.88 HANG SENG: 25,116.53 ▼ 177.50 `/$: 93 ▲ 0.06 `/€: 107.51 ▼ 0.01 BRENT: $110.61 ▲ $0.84 GOLD: `147,056 ▼ `1,252 IN THE NEWS MARKETS PAGE 7 SEBI GRANTS ONE-TIME RELIEF FOR IPO VALIDITY MARKETS REGULATOR SEBI on Tuesday granted a one-time relaxation on validity of initial public offerings as well as compliance with minimum public shareholding norms, reports Anjana Therese Antony. ECONOMY PAGE 3 MEITY OPEN TO CHANGES IN DRAFT IT RULES AMIDA PUBLIC outcry over proposed amendments to the ITRules, the ministry of electronics and ITonTuesday indicated it may extend theApril 14 deadline for stakeholder feedback, following consultations, reports Ojasvi Gupta. » INSIDE « IRDAI PANELTO REVIEW PRIVATE HEALTH INSURERS PAGE 7 INDIA-NZ FTA LIKELYTO BE SIGNED ON APRIL 24 PAGE 3 Fundraising via overseas bonds dips amid turmoil INDIAN COMPANIES SIGNIFICANTLY scaled down their overseas debt borrowing in FY26 as geopolitical uncertainties drove up hedging costs, reports Christina Titus. Indian companies raised $4.9 billion through overseas bonds, down 43% from $7 billion in FY25, Primedatabase data showed. ■ PAGE 6 Macquarie signs `15K-cr deal with Vinci Highways MACQUARIE ASSET MANAGEMENT announced on Tuesday the sale of Safeway Concessions to Vinci Highways, a subsidiary of French infra major Vinci, at an enterprise value of nearly `15,000 crore, making it the largest-ever toll road sale in the country, reports fe Bureau. ■ PAGE 5 USTARGETSKHARGISLAND;WILLNOTHOLDBACK,RESPONDSIRAN Awholecivilisationwilldie, warnsTrumpasclockticks PARISA HAFEZI & TREVOR HUNNICUTT Dubai/Washington, April 7 given Iran until RESULTS PREVIEW ATTACK OR HOLD US PRESIDENT DONALD Trump threatened that ‘a whole civilisation will die tonight’asIranshowednosign of accepting his ultimatum to open the Strait of Hormuz by Tuesday evening,Washington time. Trump has given Iran until 8 pm in Washington (5:30 am IST on Wednesday) to end its blockade of Gulf oil or see the US destroy every bridge and powerplant in Iran.Iran says it would retaliate against US allies in the Gulf,whose desert cities would be uninhabitable without power orwater. As the clock ticked down on Trump's deadline, strikes on Iran intensified throughout the day, hitting railway and road bridges, an airport and a petrochemical plant.US forces attacked targets on Kharg Island, home to Iran's main oil export terminal, Q4 net profit maytouch 9-10%,but future tense ■ Trump has ■ Iran has also said it would retaliate against US allies in the Gulf, whose desert cities would be uninhabitable without power or water 8 pm in Washington (5:30 am IST on Wednesday) to end its blockade of Gulf oil A US Air Force bomber takes off on Tuesday REUTERS DONALD TRUMP, US PRESIDENT Iran carries out fresh strikes on a ship in the Gulf and a huge Saudi petrochemical complex A whole civilisation will die tonight, never to be brought back again. I don’t want that to happen, but it probably will "Awholecivilisationwilldie tonight, never to be brought back again.I don't want that to happen, but it probably will," Trump wrote on his Truth Social website, in a statement directed at a nation that takes pride in being one of the earliest centres of civilisation, dating back thousands of years into antiquity. "However,nowthatwehave Complete and Total Regime Change, where different, smarter, and less radicalised minds prevail, maybe something revolutionarily wonderful can happen,who knows? Continued on Page 11 Stocks nervy, oil above $110 Stay put advisory for Indians GLOBAL STOCKS WAVERED on Tuesday, while oil prices edged above $110 per barrel as the looming deadline imposed by US President Donald Trump for a deal with Iran threatened escalation in the Middle East and spooked investors. Brent crude futures rose 1% to $111.28 a barrel, having risen over 50% since the war started.Wall Street's main indexes fell as investors scrutinised developments for clues on what might come next in the Middle East conflict, before Trump's deadline for to reopen the Strait of Hormuz. -- AGENCIES AS THE WEST Asia crisis reaches a critical flashpoint following Washington’s ultimatum to Tehran, India on Tuesday advised its nationals in Iran to stay wherever they are for the next 48 hours. In an urgent advisory, the Indian embassy in Iran Skymet forecasts below normal rains this season SANDIP DAS New Delhi, April 7 PRIVATE WEATHER AGENCY Skymet on Tuesday forecast a ‘below-normal’ southwest monsoonseason(June-September) in 2026,with rainfall likely at around 94% of the benchmarklong-periodaverage(LPA). It stated that strengthening El Niñocouldimpactrainfall,especiallyinthelatterhalfoftheseason (August-September),which may impact the kharif crops output as well as rural consumption. Overall agricultural growth inthecurrentfiscalcouldalsobe impacted if adequate rains aren't received in key cropgrowing areas in the monsoon period when the country typically gets 65-70% of annual rainfall. The prospects of a below-normal monsoon this yearfollowsback-to-back‘above normal’monsoonyearsof2024 and 2025. urged Indians to remain indoors and strictly avoid military installations, power infrastructure and the upper floors of multistory buildings. The embassy said its emergency numbers remain operational. -- PTI »QUICK PICKS« Adanis seek dismissal ofUS SEC fraud case GAUTAM ADANI WILL ask a US judge to dismiss the SEC’s civil fraud case against him, his lawyers said on Tuesday, reports Reuters. Adani and his nephew Sagar Adani were charged for orchestrating a scheme to bribe government officials. ■ PAGE 4 RAIN RECKONER Monsoon performance (% of LPA*) 99 106 94 108 108 94# 2021 2022 2023 2024 2025 2026 The India Meteorological Department (IMD) is likely to unveil its first forecast for the monsoon 2026 nextweek. “El Niño is expected during theearlyphaseofthesouthwest *LPA(long period average) is average annual rainfall (87cm) recorded between 1971-2020, 96%104% of LPAis normal monsoonandwillkeepgrowing stronger till fall of the year. El Niño return may presage a weakermonsoon. Continued on Page 11 ITstocks stage turnaround on earnings hopes SHARES OF IT firms are seeing an uptick, primarily driven by expectations of better March quarter earnings and ease in valuations, reports Anjana Therese Antony. The Nifty IT index closed 2.5% higher on Tuesday. ■ PAGE 6 INDIAINC IS expectedtoturnin a reasonably steady performance,with net profits for the Niftybasketseengrowinginthe single digits at 6–7% year-onyear,while the broader universe may do better at 9–10%. But more than the headline numbers,it is the commentary that the Street will watch closely this earningsseason. Software services firms and otherexport-orientedbusinesses arelikelytohavegainedfromthe sharp depreciation of the rupee during the quarter.Automakers benefitedfromGST-leddemand support,whilemetalsproducers rodeonfirmprices. However,thedisruptionfrom the war in West Asia — and the riskofitintensifying—hasledto ameaningfultrimmingofFY27 profit estimates. Some businessesarealreadygrapplingwith energy shortages.The Street is now pencilling in profit growth ofabout7.5–8%forFY27,down sharply from the 14–15% projectedbeforetheconflict. Theautosectorisexpectedto be a bright spot.With passenger vehicles,two-wheelersandcommercial vehicles all reporting ● Reinsurance plan worth nearly `14K cr is also being considered PRASANTA SAHU New Delhi, April 7 STEPPING UPFISCALsupport toWestAsiawar-hitbusinesses, the Centrewill soon unveil two schemes: a `2.5-lakh-crore credit guarantee scheme, similartotheCovidperiod’sEmergency Credit Line Guarantee Scheme (ECLGS), and another $1.5-billion guarantee fund to support reinsurance cover for Indian ships operating through war zones. The move comes as several employment-intensive sectors, already weighed down by high tariffsintheUSmarketformuch ofFY26,facefreshpressurefrom the ongoing conflict. Micro, small and medium enterprises (MSMEs)especiallyareexpected tobeatthecentreofthissupport package,though coverage may extendacrossindustries. According to government FueldemandspikesonWestAsiacrisisfears A MODERATE SHORTFALL in supply of LPG restricted its consumption in March while use of auto fuels rose unusually amid fears of supply disruptions. Petrolanddieselsawstrong growth both annually and sequentially, driven by panic buying amid fears of supply disruptions linked to the West Asia conflict. Petrol consumption rose 7.6%year-on-yearto 3.78 million tonne (MT) in March 2026 from 3.51 MT in March 2025, while diesel increased 8.1% to 8.73 MT from8.08MT.Onamonth-onmonth basis, petrol jumped 12.2% from 3.37 MTin February and diesel surged 13.9% from 7.66 MT, indicating pre- PETRO METER LPG Petrol ATF 2,729 2,822 2,379 (in´000tonne) March2025 Feb2026 March2026 3,512 3,369 3,779 801 764 807 Diesel »INSIDE« 8,075 7,661 8,726 GOVTPANELTOTAKEACALLON BLENDING ETHANOLBEYOND E20 P2 cautionary stocking and heightened demand, data by Petroleum Planning and Analysis Cell (PPAC) showed. LPG consumption, on the other hand, declined 12.8% year-on-year to 2.38 MT in March 2026 -- the lowest since June 2024 -- as compared to 2.73 MT in March 2025, reversing a 4.5% growth seen a year ago with consumption of 2.61 MT in March 2024. Month-onmonth, it declined 15.7% from 2.82 MTin Februaryand 20.93% from January’s 3.01 MT, reflecting demand dis- ruption amid supply constraints and shifting consumption patterns. The trend also reflects a steady rise over the past two years, but the sharp spike in March 2026 stands out. Petrol consumption increased from 3.32 MT in March 2024 to 3.51 MT in March 2025 and 3.78 MT in March 2026,while diesel rose from 8.01 MT to 8.08 MT and further to 8.73 MT for the same period, highlighting sustained growth in transport fuel demand. However, month-onmonth trends show a clear deviation. In 2026, petrol jumped 12.2% from 3.37 MT in February to 3.78 MT in March, while diesel surged 13.9% from 7.66 MT to 8.73 MT, indicating panic buying For IT services firms, weaker rupee may have boosted operating margins year-on-year The auto sector is expected to be a bright spot & firms should post strong revenue gains 6–7% In banking, private sector lenders should outperform public sector peers on revenue Metals companies are expected to report a healthy quarter, supported by firm prices Among capital market intermediaries, firms exposed to trading volatility may fare better »INSIDE« TCS MAY SEE MODEST GROWTH IN MAR QTR P4 KALYAN JEWELLERS SEES SALES GROWTH AT 64% P5 double-digitvolumegrowthduring the quarter, companies should post strong revenue gains.Operating leverage and a richer product mix are likely to supportmargins. Banks, in aggregate, are expectedtoreportsubduedtop- line and earnings growth in the March quarter. Private sector lendersshouldoutperformtheir public sector peers on revenue. Many state-owned banks have been tilting towards secured, lower-yield loans, which have weighed on margins.Repo rate cuts and higher wholesale deposit costs have added to the pressure, although some relief mayhave come from the repricingoftermdeposits. Continued on Page 7 `2.5L-cr credit cover in the works forwar hit biz Diesel & petrol usage surges up to 8% y-o-y in March; LPG consumption declines 13% SAURAVANAND New Delhi, April 7 ■ Net profits for the Nifty basket seen growing in the single digits at KISHOR KADAM Mumbai,April 7 ■ which Trump has openly mused about seizing. Iranrespondedbydeclaring it would no longer hold back from hitting its Gulf neighbours' infrastructure, and claimed to have carried out fresh strikes on a ship in the Gulf and a huge Saudi petrochemical complex. TCS TO KICK OFF SEASON ON APR 9 amid supply disruption fears. In contrast, in 2025, petrol rose a moderate 5.3% from 3.33 MT in February to 3.51 MT in March, while diesel remained largely flat at around 8.08 MT, showing no abnormal spike. The sharp double-digit jump in March 2026, compared with single-digit or flat trendsinpreviousyears,underscoresthatthesurgewasdriven by panic buying linked to the West Asia crisis, rather than underlying demand alone. On an annual basis, petrol consumptionroseto42.59MT in FY26 from 40.01 MT in FY25 and 37.22 MT in FY24, while diesel increased to 94.70 MT from 91.41 MT and 89.63 MT,respectively. Continued on Page 7 SUPPORT ACT ■ The credit guarantee scheme is similar to the Covid-period Emergency Credit Line Guarantee Scheme The proposed credit scheme could guarantee up to 90% of loans capped at `100 crore ■ ■ The move comes as several employmentintensive sectors face fresh pressure from Iran war ■ MSMEs are expected to be at the centre of this support package »INSIDE« FOOD PLI ATTRACTS `9.2K-CR INVESTMENTS P2 sources, the proposed credit scheme could guarantee up to 90% of loans capped at `100 crore,providing lenders the confidence to extend fresh credit. The programme will likely be managed by the state-run National Credit Guarantee Trustee Company (NCGTC), with the government expected to set aside around `18,000 crore based on past scheme experience. The guarantee cover may run for four years and span a wider set of sectors than before. Alongsidethis,theCabinetis expected to consider the $1.5 billion (nearly `14,000 crore) reinsurancesupportfund,which will help insurers manage elevated risks and ensure liquidity asshippingcostssurge. Continued on Page 7 Righttimetohand over,saysWilson AKBAR MERCHANT Mumbai, April 7 workingtoensureastabletransition, with the board constituting a committee to identify AIR INDIACEO and managing his replacement. director Campbell Wilson “Withabriefwindowuntil onTuesdaytoldemployees bulk deliveries from the it was the right time to nearly 600-strong aircraft hand over the reins, sigorder book commence in nalling a leadership transiearnest from 2027, the tionastheairlinepretimeisrightformeto pares for its next hand over the NEWS phase of growth. reins for the next Wilson, who phaseofAirIndia’s has decided to step rise,” Wilson said down after nearly in a message toAir PAGE 4 four years, will India staff. remain in his role His departure until a successor is appointed. comes at a time when the airThe Air India board has consti- lineisinthemiddleofanambituted a committee that will tious transformation but confind the successor in the com- tinues to face operational ing months, a company state- disruptions,costpressuresand ment said. the likelihood of remaining The airline said he had con- loss-making. veyed his intention to exit in 2026earlierandhassincebeen Continued on Page 7 POINT Ahmedabad