BACK PAGE | PAGE 22 POWER POINT | PAGE 8 INTERNATIONAL | PAGE 10 Nepal toll climbs to 579; 320 Indians still missing Outrage, apology, withdrawal: The script that never changes ‘Inflation isn’t slowing’:Warsh vows to hit Fed’s 2% target MUMBAI, SATURDAY, AUGUST 29, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LXVI NO. 2O5, 22 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: 77,264.51 ▲ 330.92 NIFTY: 24,175.65 ▲ 84.80 NIKKEI 225: 66,405.56 ▲ 273.58 HANG SENG: 25,584.79 ▲ 19.05 `/$: 95.39 ▲ 0.16 `/€: 111.03 ▲ 0.19 BRENT: $89.18 ▼ $0.52 GOLD: `158,854 ▲ `1,104 IN THE NEWS COMPANIES PAGE 4 EV SALES EXCEED TOTAL OF 2025 IN JUST 8 MONTHS ELECTRIC PASSENGER VEHICLE sales in the first eight months of 2026 overtook last year’s total figure, and in the process crossed the registration milestone of 200,000 in a calendar year for the first time, reports Nitin Kumar. COMPANIES PAGE 4 PEYMAN KARGAR NAMED NEW CEO OF TVS MOTOR TVS MOTOR COMPANY on Friday appointed Peyman Kargar as its director and chief executive officer, with current CEO KN Radhakrishnan set to step down from the role on January 2, reports Akbar Merchant. »INSIDE« NEWSPOINT: READY FOR THE NEXT RACE PAGE 22 FCNR(B) push: Forex reserves hit record $729 bn FOREIGN EXCHANGE RESERVES surged by $12.4 billion to a record $729.32 billion for the week ended August 21, supported by inflows through the special deposit window, according to RBI data released on Friday. The previous record high was $728.5 billion hit at the end of February, reports Fe Bureau. ■ Page 7 Noel, Shapoorji weigh share Luxuryflies off the shelf, swap for stake in Tata Sons affordable stays on it Direct buyout, sale to external investor also on the table ● CONSUMPTION A FORMIDABLE ARSENAL PUZZLE-II HOME SALES RAGHAVENDRA KAMATH Mumbai, August 28 P R SANJAI & SAIKAT DAS August 28 THE TATA GROUP is in talks with its biggest minorityshareholder on proposals to unlock liquidity, including a potential swap of shares of its listed entities, as the Shapoorji Pallonji Group seeks funds to repay costlydebt,according to people familiarwith the matter. Representatives of Noel Tata, the Tata family patriarch, are exploring the possibility where SP Group receives shares of companies such as Tata Powerin exchange for some or all of its 18.4% stake in the privatelyheld Tata Sons,the people said, asking not to be identified as discussions are private. Two other options have also been presented: a direct buyout of the construction giant’s stake by Tata Sons,financed by overseas banks,or a sale to an external investor,preferably a global one,the people added. Any breakthrough on this long-running tussle between the Tatas and the SP Group will prove to be a windfall for investors in the latter’s debt, which include the likes of Cerberus Capital Management LP, Davidson Kempner Capital Management and Farallon Capital Management.Forthe Tatas, a resolution may ease some of the intense regulatory spotlight it has come under in the past few years after the central bank’s rules revived pressure on its holding company to list on the exchanges. Representatives of Tata Sons and Shapoorji Pallonji Group did not offer any immediate comments. Continued on Page 6 ESSELCHIEFSAYS AMBANI’S MEDIAOUTLETS MISREPORTED INSOLVENCYCASE; CHARGE BASELESS,SAYS RIL Chandra alleges,Reliance dismisses FE BUREAU Mumbai, August 28 ANEWCORPORATE feud has broken out between Essel Group Chairman Subhash Chandra and Reliance Industries (RIL), with the former alleging that media entities linked to the Reliance Group have spread false information about his personal insolvency proceedings — a charge RIL later dismissed as “baseless”. Speaking on Zee Business, Chandra claimed that media networks associated with RIL Chairman Mukesh Ambani had pushed a misleading narrative around his case CLASH OF CORPORATES n Chandra says RIL-linked media outlets pushed a misleading narrative around his insolvency case, including reports around the `22,000-cr claims figure n RIL, led by Mukesh Ambani, says its media brands have never been used to attack anyone and that it holds Chandra in high regard before the National Company Law Tribunal (NCLT), including reports that pegged the claims against him at about `22,000 crore. Further, he alleged that the coverage was part of a broader effort to weaken Zee, and pointed to what he described as earlier attempts by Reliance and Ambani’s network to acquire or take control of the company. Reliance rejected the allegations on Friday. “The Reliance Group has noted with dismay the baseless remarks by Essel Group chairman Subhash Chandra. Our media brands have neverbeen used to attack anyone,norwill they ever be.We hold Subhash Chandra in high regard as a businessman and entrepreneur. We wish him well,” a Reliance spokesperson said. Continued on Page 10 WORSTRUN FOR INDICES IN 5 MONTHS Lenskart records `1,857-crore block deal LENSKART SOLUTIONS RECORDED a block deal of `1,857 crore. Alpha Wave Ventures was the biggest seller, selling 20.26 million shares at the price of `630 apiece, accounting for `1,276 crore. National Pension Trust, ICICI Prudential Mutual Fund and WhiteOak Mutual Fund were the biggest buyers, reports fe Bureau. » INSIDE « INDIA, CANADATARGET CEPA DEAL BY 2026-END PAGE 3 ENERGY STORAGE AWARDS DIP 65% IN APR-JUL PAGE 3 THE SENSEX AND Nifty declined 0.36% and 0.31%, respectively, extending their losing streak to three weeks, the longest in five months. The broader BSE Midcap and Smallcap indices, however, gained 0.50% and 0.59%, respectively. Foreign portfolio investors sold shares worth `360.94 crore, while domestic investors bought equities worth `19,309.93 crore during the week —Kishor Kadam FEARS THAT COSTLIER homes would keep buyers away are proving unfounded. Despite the anxieties triggered by the hostilities in West Asia, property sales have stayed brisk as more consumers aspire to a place of their own. The action,though,is largely at the top of the market.Sales of residential units priced between `1.5 crore and `3 crore shot up 58% year-on-year in H1 2026 to 51,231 units, according to JLLdata — despite prices having risen in double digits overthe past two years: 710% in Mumbai, 10-12% in Hyderabad,and as much as 1517% in Gurugram.The jump, moreover,comes on the back of a strong run overthe past three years; in 2025, sales in this bucket rose 20%. High net worth individuals and those with relatively high, stable incomes are driving these purchases, experts say, with affordable credit making it easierto buyin a cityof one’s choice. The story is quite different below `1 crore. The share of such homes in overall sales has dwindled to a little over a fourth in H1 2026,from 39% a year earlier. Demand in the affordable segment has soft- Jio Platforms gets Sebi nod for IPO FE BUREAU New Delhi, August 28 JIO PLATFORMS, THE digital services arm of Reliance Industries,has received the Securities and Exchange Board of India’s (Sebi’s) approval to proceed with its initial public offering (IPO),clearing a key regulatory hurdle for what could become the country’s largest share sale. The company received Sebi’s final observations on August 28, according to an update on the market regulator’s website.Jio Platforms had filed its draft papers on June 19 for the proposed offering. The IPO will comprise up to 270 million fresh equityshares, equivalent to about 2.9% of the company’s equitybase afterthe issue, according to its draft red herring prospectus (DRHP).The company is expected to raise around `37,700 crore,valuing Jio Platforms at about $137 billion, people familiar with the mattersaid. At that size,the issue would surpass Hyundai MotorIndia’s $3.3-billion IPO in 2024 and become the largest IPO in India. Continued on Page 6 VISA, POST-STUDYWORK UNCERTAINTYERODES APPEAL; ARRIVALS DOWN 43% IN TWO YEARS Fall season: Indian student arrivals in US plunge bya third MANU KAUSHIK New Delhi, August 28 THE US IS losing some of its appeal among Indian students, with the last Fall season through July witnessing an unprecedented 30% drop in intake from a year earlier. While the drop occurred amid growing concerns overvisas and post-study work,study-abroad consultants are alreadyseeing fewerqueries and lower interest in the next Fall admission cycle, which is currentlyunderway. Aproposed $100,000 fee for Optional Practical Training (OPT) has emerged as a particular concern for students. Some consultants describe it as a “talent tariff” that could funda- SHIFTING PREFERENCES ■ Visa uncertainty and proposed $100,000 OPT fee are making US degrees less attractive ■ Consultants report growing interest in alternatives such as the UK, Canada and Australia mentallychange the economics of studying in the US. To be sure,OPT allows eligible international graduates to work in the US for up to 12 months after completing their degree,with graduates in STEM fields eligible for a further 24month extension. “Having guided Indian families through international education decisions for over two decades, I have rarely had to explain a rule like this one.From Septemberonwards,a graduate in the US must clear a second approval before theycan legally begin work,and the grace period aftergraduation halves from 60 days to 30,”said Karunn Kandoi, CEO at Vidysea. Kandoi said the proposed OPT fee was the bigger concern for families. He said students should not allow uncertainty around processing to determine a long-term careerdecision. “The rising level of uncertainty over US immigration and post-study work policies might lead Indian students and their families to exercise extra caution when considering education in the US. A proposed OPT fee could be a significant limiting factor given the importance of post-studywork in the overall value offer to international students,” said Ritika Gupta,CEO (global education mentor) at AAera. The impact being reported by study abroad consultants is also reflected in official data. According to US Department of Commerce data, arrivals from India on US student visas rose 10.5% to 323,652 in the August 2023-July 2024 cycle, but fell 15.5% to 273,445 in 2024-25 and another 32.8% to 183,719 in 2025-26. The latest figure is 43.2% belowthe August 2023-July 2024 level. This means the US has lost nearly 140,000 student arrivals from India in two years. For US universities,the concern is not just the loss of students in a single intake but a weakening pipeline of international students, particularly at the graduate level. Continued on Page 10 RESILIENT BUYERS 2024 2025 y-o-y growth (%) `1.5 crore - `3 crore 19 H12026 growth (%) `1.5 crore - `3 crore 58 60,431 71,814 51,231 Less than `50 lakh 38,626 -34 25,413 Less than `50 lakh -32 8,936 Pan-India sales volume (no. of units) Source: JLL ened on elevated property prices, as rising costs of steel, cement, tiles and fittings forced developers to pass on the burden to consumers. At the higherend,however, the wealth effect is in full play. Niranjan Hiranandani,managing director, Hiranandani Group,attributes the momentum to increasing affluence in a growing economy. “GDP is growing, income levels are growing and so home sales are also good,”he told FE. The numbers bear him out. Despite several headwinds,the economy has grown at more than 7% in each of the years from FY24 to FY26.Private final consumption expenditure grew a strong 7.7% last fiscal,helped, experts reckon,by the GST rate cuts of last September.Salaries may not be rising uniformly across sectors, but those in IT, BFSI, GCCs and multinational corporations are earning well. Continued on Page 10 IIPgrowth eases to 6.7% in Julyas mining contracts SHUBHAM RANA New Delhi, August 28 GROWTH IN INDIA’S industrial output, as measured by the Index of Industrial Production (IIP), slowed to 6.7% in July from a 27-month high in June, mainly because of a contraction in the mining output, data released by the Ministry of Statistics and Programme Implementation on Friday showed.Aslowdown in manufacturing and electricity growth also weighed on the headline print. IIP growth last month eased from an upwardly revised 8.8% in June, which is the highest growth since March 2024.Industrial output had grown 5.4% in July 2025. Sequentially,the general index remained unchanged from June. “Despite the moderation,it is comforting to note that industrial activity has been largely resilient in the fiscal year so far despite global uncertainties and elevated energy prices,” said Rajani Sinha, chief economist at CareEdge Ratings. Industrial growth has averaged 6.3% in the first four months of the current finan- OUTPUT SLOWS cial year, higher than 4.0% growth in the same period a yearago.HigherIIPgrowth this year has been supported by manufacturing and electricity sectors. Continued on Page 10 Budget consultations to kick-start on Oct 12 THE GOVERNMENT WILL kick-start internal consultations for the Union Budget 2027-28 on October 12 and the process will extend to midNovember, reports Prasanta Sahu . The meetings, chaired by Expenditure SecretaryV Vualnam, will review expenditure requirements, receipts, scheme approvals and fiscal priorities before final allocations are determined. Inputs gathered via these interactions with ministries and departments will be critical for fixing Budget Estimates (BE) 2027–28 and Revised Estimates (RE) for 2026–27 later. The West Asia conflict provides additional context for this year’s exercise. Prolonged supply chain issues are already significantly impacting various receipts and expenditure components for the current year despite a recent let-up; these issues could potentially spill over to the next year. ■ PAGE 2