BACK PAGE | PAGE 24 NEWS POINT | PAGE 6 GarrySobers,cricket’s greatestall-rounder,dies INTERNATIONAL | PAGE 10 Theprivatepushbehind India'sspaceambitions NEW DELHI, SATURDAY, JULY 18, 2026 Burnham becomes Labour Party chief, headed for PM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LII NO. 120, 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 SENSEX: 78,151.45 ▲ 964.58 NIFTY: 24,334.30 ▲ 261.55 NIKKEI 225: 64,141.12 ▼ 2,694.42 HANG SENG: 24,562.24 ▼ 446.36 `/$: 96.28 ▲ 0.07 `/€: 110.15 ▲ 0.33 BRENT: $86.96 ▲ $2.73 GOLD: `140,653 ▼ `815 COMPLIANCE STACK NEEDED, WRITE SOUMYAKANTI GHOSH & SHASHIDHARAN SHARMA PAGE 8 Biggest June qtr drop in shipment of smartphones INDIA’S SMARTPHONE MARKET posted its sharpest AprilJune shipment fall in six years with volumes falling 10% year-on-year, as soaring global memory chip prices forced handset makers to raise prices sharply, hurting affordability in the country’s largest smartphone segment despite aggressive financing offers, reports Ojasvi Gupta ■ PAGE 6 Gujarat top state in NITI Aayog's Investment Index GUJARATTOPPED THE Investment Friendliness Index unveiled by government think tank NITI Aayog on Friday, reflecting its strong investment ecosystem and recognising the pivotal role of states in fostering a conducive business climate, reports fe Bureau. ■ PAGE 2 Continued on Page 11 Ebitda 42,905 Net profit 47,517 10.7 26,994 20,946 BRENT CRUDE PRICES ($ per barrel) -22.4 JioPATdropsforthefirsttime RELIANCE INDUSTRIES’DIGITAL services arm Jio Platforms (JPL) reported a 2.16% sequential decline in consolidated net profit forthe June quarter– the first-ever fall in PAT – weighed down by higher depreciation and finance costs linked to its 5Grollout,reportsUrviMalvania.JPL’sconsolidatednetprofit inthefirstquarterofFY27fellto `7,764crorefrom`7,935crore intheJanuary-Marchperiod.In the first quarterof the previous fiscal, it stood at `7,110 crore, the companysaid. ■PAGE 4 87. 87.00 .00 FIIS SELL 1.46% RIL STAKE, Q1 HOLDING LOWEST IN A DECADE PAGE 4 RETAIL Q1 NET DECLINES 14%, REVENUE UP 8% PAGE 4 RESERVE BANK OF India (RBI) Governor Sanjay Malhotra on Fridaysaid the country’s strong macroeconomic fundamentals would help it withstand global uncertainties,althoughthecentral bank remains watchful of geopolitical developments and the progress of the monsoon. “Our macroeconomic fundamentals are very sound,very strong,” Malhotra said in an interview with Doordarshan. “Whatever risks we face,we can handlethemeffectivelybecause of ourvariouspolicies.” He said the Indian economy isprojectedtogrow6.6%inthe currentfinancialyeardespitean uncertain global backdrop, underscoring its resilience.At the same time, he cautioned that geopolitical risks remain elevated, while the monsoon will be a key factor influencing inflation and rural demand. Reiterating the RBI’s policy 96.28 Jul 1 96.00 96.50 NET EQUITY INVESTMENTS Jul 13 Jul 14 Jul 15 Continued on Page 10 Total West Asia market capacity (March–June: 2025 vs. 2026) Total Seats 2025 2026 Difference (%) All Indian Carriers All International Carriers 3,936,887 2,204,339 3,991,730 44.01 3,981,061 0.27 Source: OAG the corresponding period last year.Incontrast,foreignairlines operating on the same corridor removed just 10,669 seats in total, leaving their overall capacityvirtuallyunchangedat about 3.99 million seats,down only0.26%. The divergence highlights the differing business models of airlines serving the region. Indiancarriers,whichpredominantlyoperate point-to-point services to Gulf destinations, faced longer flying times, higher fuel burn, additional crew requirements and elevatedinsurancecostsafterseveral West Asian airspaces became inaccessible. Continued on Page 10 Sebi warns companies aboutAI-powered 'Boss Scam' ‘Dearboss,is that reallyyou?’ FE BUREAU Mumbai, July 17 FOR GENERATIONS OF Indian office-goers,one rule has been drilled in deeper than anything in the HR manual: when the boss says urgent, you move. Do not ask why, do not ask twice and certainly do not ask for it in writing. OnFriday,theSecuritiesand Exchange Board of India (Sebi) issued a counter-order: if the boss pings you on WhatsApp demanding an immediate, hush-hushtransferoffunds,do theunthinkable.Questionhim. The market regulator has cautionedlistedcompaniesand all its regulated entities about what it calls, with admirable directness, the “Boss Scam”. Alerted by the Indian Cyber Crime Coordination Centre, Sebi says fraudsters are impersonating chief executives and managing directors on email, WhatsApp, Microsoft Teams HOW THE SCAM WORKS ■ Fraudsters impersonate CEOs or MDs via email, WhatsApp and other digital platforms ■ They demand urgent and confidential fund transfers, often citing sensitive transactions and other platforms, instructing finance and accounts personnel to wire money— urgently, confidentially and preferablybefore anyone’s betterjudgement kicks in. The choreography is finely tuned to corporate psychology. The message from “the CEO”often invokes a sensitive transaction or unpublished information, conveniently ■ Deepfake voices, AIgenerated video calls are used to make the instructions appear real ■ Malicious ZIP or ISO files can compromise WhatsApp Web sessions or alter contact details explaining why the employee must not consult anyone. Urgency supplies the pressure; confidentiality removes the safetynet.All that remains is the reflex that decades of hierarchy have perfected: compliance. If a text from the top is not persuasiveenough,technology completesthecostume.Fraudsters are using deepfakevoices FPIs DIIs Inverted scale July 1 July 17 SENSEX Weekly % change 78,200 78,000 0.75 % 78,151.45 77,569.39 77,800 AIRSPACE RESTRICTIONS INDIAN AIRLINES SHARPLY scaled back operations on the crucialIndia-WestAsiacorridor amid the West Asia conflict, withdrawing nearly 1.73 million seats between March and June.Airspace restrictions and higher operating costs forced carriers to trim schedules. Foreign airlines, however, largely held capacity steady, enabling them to strengthen their position on one of India's busiest international markets. The shift saw Indian carriers’ shareofseatcapacityonthecorridor fall to about 36% during the four-month period from nearly50%ayearearlier,accordingtoananalysisofOAGdata. Indiancarriersreducedseat capacity by nearly 44% to 2.20 million seats during MarchJune from 3.93 million seats in 95.50 71.57 Warcuts Indian airlines’ WAsia capacityby44% NITIN KUMAR New Delhi, July 17 95.25 Jul 17 (in ` crore) stance,Malhotra said keeping inflation under control remains the central bank's primary objective. “Monetaryandfiscalpolicies are robust,and because of that, we are witnessing high GDP growth,” he said. 95.00 at 8 PM IST »INSIDE« Strong macro base to cushion risks: Guv FE BUREAU Mumbai, July 17 DOLLAR VS RUPEE 94.50 1,018 Friday reported a 22.4% yearon-yeardecline in June quarter consolidated net profit attributable to owners at `20,946 crore, as the corresponding quarter last year included a one-time gain from the sale of its stake inAsian Paints. Excluding the impact of the high base,the oil-to-retail conglomerate delivered an operating performance ahead of market expectations, with revenue, operating profit and net profit all beating Bloomberg estimates,aided by strong refining margins. -376 » INSIDE « RELIANCEINDUSTRIES (RIL)on 2,48,660 3,11,850 25.4 Reliance has made a steady start to FY27, with all businesses delivering strong operating performance « PRIME MINISTER NARENDRA Modi on Friday flagged off the first indigenously-built hydrogen fuel cell train in Haryana, making India enter a small group of nations that operate trains running on the benign fuel, reports Manu Kaushik. RAGHAVENDRA KAMATH & KISHOR KADAM Mumbai, July 17 Revenue MUKESH AMBANI, CHAIRMAN, RELIANCE INDUSTRIES much as 0.75%. During the week, the rupee slipped 1% from 95.33 to 96.28 against the US dollar, while Brent crude climbed 14.5% from $76 to $87 a barrel, reviving concerns over inflation and India’s external account. 2,986 INDIA GETS FIRST TRAIN POWERED BY HYDROGEN Reliance Industries consolidated financials Q1-FY2026 Q1-FY2027 (` crore) y-o-y % change ESCALATING TENSIONS IN West Asia sent Brent crude above $85 a barrel, weakening the rupee and keeping financial markets on edge. Even so, Indian equities remained resilient, with the Sensex and Nifty ending the week up by as and AI-generated video calls. The man on screen looks and soundslikeyourchairman,and carries the same air of mild impatience. He is, regrettably, a graphics file. Somescammerscreatefake “management” groups on social media—a supporting cast of directors and chief financial officers, all counterfeit. The payment instruction then appears to carry the authority of the entire boardroom. Artificial intelligence has not merely learnt to imitatetheboss;itcanrecreatethe management committee. Another variant dispenses with acting. A ZIP or ISO file arrives, ostensibly containing an urgent regulatory notice or company document. Once opened on a Windows computer, it can install malware and compromise an active WhatsApp Web session. Continued on Page 10 New Delhi Jul 16 77,600 77,400 77,200 -3,180 PAGE 3 offsetswar disruption PERFORMANCE UPDATE 705 ECONOMY ● O2Cstrength -482 THE CENTRE WILL release a revised Index of Core Industries on Monday by adding iron ore to the gauge and increasing the number of industries tracked to nine from eight, reports Shubham Rana. The revised series will have 2022–23 as the base year. RILbeatstheStreetonQ1 2,928 GOVTADDS IRON ORE TO CORE SECTOR INDEX OILJUMPS,`WEAKENS, MARKETS STAYRESILIENT -234 PAGE 2 2,172 ECONOMY PROFITSLIPS 22%ASASIAN PAINTS BASEWEIGHS ON EARNINGS -2,521 IN THE NEWS 77,000 Jul 17 July 10 July 17