BACK PAGE | PAGE 20 ECONOMY | PAGE 2 Final phase today; BJPlooks to breachTMC's fortress INTERNATIONAL | PAGE 10 Google to powerAI corridor with $15-bnVizag project BENGALURU, WEDNESDAY, APRIL 29, 2026 ‘Firing on all cylinders’: OpenAI on growth fears FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XXXIX 10, 30 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 76,886.91 ▼ 416.72 NIFTY: 23,995.70 ▼ 97.00 NIKKEI 225: 59,917.46 ▼ 619.90 HANG SENG: 25,679.78 ▼ 245.87 `/$: 94.54 ▼ 0.35 `/€: 110.55 ▲ 0.03 BRENT: $111.02 ▲ $2.79 GOLD: `148,550 ▲ `2,122 PAGE 7 RUPEE FALLS TO NEAR 1-MONTH LOW OF 94.54 THE RUPEE WEAKENED to a near one-month low on Tuesday amid a stubborn rise in oil prices and hedging by local importers against further weakness, reports Reuters. The currency touched a low of 94.5750 per dollar, its weakest level since March 30, before closing at 94.54. Airtel eyes $2-bn London IPO of mobile money biz AIRTEL AFRICA’S INITIALpublic offeringofitsmobile moneybusiness couldraisebetween$1.5-2 billion,accordingtopeople familiarwiththematter,reports Bloomberg.Thelistingcould valueitatasmuchas$10billion, thepeoplesaid,avaluationthat wouldputitamongthelargest IPOsonaEuropeanexchangein recentyears. ■ PAGE 6 »QUARTERLY RESULTS« Maruti net profit slips 7% amid higher costs PAGE 4 Eternal profit beats Street on Blinkit margins growth PAGE 4 UAEleavesOpec;oil tradesetforoverhaul DECADES-OLD TIE SEVERED SAURAVANAND New Delhi,April 28 Estimated monthly oil production ('000 barrels per day) THE UNITED ARAB Emirates’ exitfromtheOrganizationofthe Petroleum Exporting Countries (Opec) afternearlysix decades is set to reshape global oil supply dynamics,withearlysignspointing to potential gains for India through higher crude availability, softer prices and stronger bilateralenergyties. The UAE will formally leave Opec on May 1, stepping away from production quotas at a timewhenglobaloilmarketsare already under pressure from supplydisruptionslinkedtothe WestAsiaconflict.Inastatement on X,the UAE’s energy minister SuhailAlMazroueisaidthedecisionreflected‘long-termmarket fundamentals’. “We remain committed to energy security, providing reliable,responsible, and lower-carbon supplywhile supporting stable global markets,”headded. The move is expected to increase supply flexibility from one of the world’s key low-cost producers, potentially easing globalcrudeprices. Continued on Page 10 »INSIDE« NO PLAN TO RAISE PETROL, DIESEL PRICES: GOVT P2 Opec total 28,880 Jan 29,610 Feb 22,050 Mar 3,350 3,410 3,230 3,560 3,600 2,160 4,340 4,390 1,630 1490 1,450 1,450 MARKETS EXPERTS SAYINDIASTANDSTO BENEFITFROM HIGHER SUPPLY 10,000 10,430 8,360 IN THE NEWS Saudi Arabia Iran UAE Iraq Crude Oil 99.7 (3.46%) 10pm IST/ price per barrel Nigeria SUHAIL MOHAMED AL-MAZROUEI, ENERGY MINISTER, UAE Thisisapolicydecision, ithasbeendone afteracareful lookatcurrent andfuture policiesrelated tolevelof production Source: Bloomberg Trump unhappywith Iran proposal; claims country in a state of collapse PARISA HAFEZI & STEVE HOLLAND Dubai/Washington, April 28 hold following a ceasefire announced earlier this month,is ended and disputes over shipping from the Gulf US PRESIDENT DONALD Trump is unhappy with the latest Iranian proposal on resolvingthetwo-monthwar, a US official said,dampening hopes for resolution of a conflictthathasdisruptedenergy supplies, fuelled inflation, and killed thousands. Iran’s latest proposal would set aside discussion of Iran's nuclear programme until the war, on are resolved. Trump is unhappy with Iran's proposal as he wants nuclearissuesdealtwithfrom the outset, said a US official briefed on the president's Monday meeting with his advisers, speaking on condition of anonymity. He also said Iran had informed him it was in a "state of collapse" and was figuring out its leadership situation, as efforts to end the conflict appeared at an impasse. Continued on Page 10 IIPgrowth moderates to 5-month lowof 4.1% ● Muted impact of WestAsia war; investment demand strong KULDEEP SINGH New Delhi,April 28 INDIA’S FACTORY OUTPUT growth moderated to a fivemonth low of 4.1% year-onyear in March, reflecting the early impact of the West Asia conflict,but the expansion was still better than expected. Strong signs of investment demandwere alsovisible. According to data released bytheMinistryofStatisticsand Programme Implementation (MoSPI) on Tuesday, the slowdown in March was mainly due THE GOVERNMENT IS exploring fresh policy options to curb the runaway gold import bill, which has become a strain on the current account. It may impose restrictions on ‘gold consignment imports’ through quantitative caps, increased customs duties or both. Additionally, a fresh attempt may be made to facilitate use of household gold stocks for productive use and to meet the demand from Ace global investor, fund manager and best-selling author Ruchir Sharma in conversation with Anant Goenka, Executive Director, The Indian Express Group, at the Express Adda in Mumbai on Tuesday AKASH PATIL To plug cash-flow gaps and avoid delays in execution Home sales cool,builders turn to pvt credit lifeline AS HOUSING DEMAND cools and buyer collections lose steam, real estate developers are knocking more frequently on the doors of private credit funds to keep projects moving. Lenders say deal pipelines have swelled 10–20% in recent months,as builders look to plug cashflow gaps and avoid delays in execution. Housing sales across the top seven cities declined 14% year-on-yearin 2025,weighed down by high prices, IT sector layoffs and global uncertainties, including the West Asia conflict, according to Anarock Research. The trend has continued into early 2026, with sales in the March quarter falling 7% sequentially. With collections from homebuyers moderating, developers are increasingly turning to exter- SOURCING OF FUNDS ■ With collections from buyers moderating, realtors are turning to external funding to meet ongoing obligations ■ Lenders are reporting a 10–20% increase in deal pipelines as builders seek to bridge cash flow gaps and sustain execution ■ Housing sales across the top seven cities declined 14% y-o-y in 2025 and the trend continues in 2026 ■ Industry estimates suggest that about $1 billion of private credit deals are stuck annually in real estate nal funding to meet ongoing obligations such as land payments, approvals and construction costs. “We are witnessing a healthy increase in deal pipelines and expect deployment in residential credit to see a meaningful uptick in the coming months,” Anand Lakhotia, managing director and co-head of real estate at Motilal Oswal Alternates,said. He said the firm’s deal pipeline has risen 10–20% in recent months.“This is typically the phase when good developers look for more flexible capital IIP growth (%, y-o-y) 4.1 7.2 8 5.1 4.6 5.1 Jan Feb 4.1 0.5 5 Ayg 2025 Sept Oct Nov IIP Growth in April-Mar: 4.1% Dec Mar 2026 Source: MoSPI to a sequential deceleration in manufacturing output growth to4.3%from5.9%inFebruary, and slower expansion of electricity output to 0.8% from 2.3%.Thesesectorsaccountfor morethan85%ofIIP.Themining sector (5.5%) provided upward support,though. IIP growth in FY26 stood at 4.1%,up from 4% in FY25.IIP growth in March 2025 was 3.9%,and itwas 5.1% in Februarythisyear. Continued on Page 10 Plan to free retail gold likely RAJESH BHAYANI Mumbai, April 28 ● IN CONVERSATIONWITH RUCHIR SHARMA RAGHAVENDRA KAMATH Mumbai, April 28 MANUFACTURTING DRAGS for land-linked obligations, approval costs, construction support,orrefinancing of relatively expensive debt,” he added. Motilal Oswal Alternateshadraiseda`2,000crore realestatefundinJulylastyear. Industry estimates suggest that about $1 billion of private creditdealsarestruckannuallyin real estate, with 60–70% directed towards residential assets. Knight Frank India expectsthistoriseto$2–3billion assalesmoderateandrelianceon customeradvancesreduces. The country could account for 20–25% of Asia Pacific’s projected $90–110 billion privatedebtmarketby2028,supported by regulatory changes and growing demand forflexible financing. Developers are facing slower conversion of enquiries into bookings, even as overall interest from buyers remains intact. Continued on Page 10 BENGALURU RISING IMPORTS Imports in $ million Gold FY22 46,166 FY23 35,016 FY24 45,542 FY25 58,006 FY26 71,972 Source: RBI, Bloomberg Silver 3,276 5,295 5,438 4,827 12,051 jewellers through new innovative schemes. According to official sources, the Gold Monetisation Scheme (GMS), discontinued in March 2025, for medium- and long-term deposits, may be revived with more attractive terms for depositors, but with minimal potential cost to Centre. A proposal for easing the monetisation process is under consideration, they added. One option being weighed, sources added, is a model suggested by the India Bullion and Jewellers Association (IBJA) where the government would not pay interest but depositors would still get a return. Continued on Page 14