BRANDWAGON | PAGE 9 COMPANIES | PAGE 5 SILtakes a leaffrom Campa’s playbook INTERNATIONAL | PAGE 10 EmbassyentersMumbai with`12,000-crprojects Warner Bros strikes new all-cash deal with Netflix KOLKATA, WEDNESDAY, JANUARY 21, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 70, 28 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) 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 A TA , 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: 82,180.47 ▼ 1,065.71 NIFTY: 25,232.50 ▼ 353.00 NIKKEI 225: 52,991.10 ▼ 592.47 HANG SENG: 26,487.51 ▼ 76.39 `/$: 90.98 ▼ 0.06 `/€: 106.68 ▼ 1.01 BRENT: $64.41 ▲ $0.47 GOLD: `1,47,088 ▲ `3,418 COMPANIES PAGE 4 DEALWINS IN Q3 SIGNAL STABILITY FOR IT SECTOR DEALWINS REPORTED by India’s top four IT firms in the December quarter point to early signs of stabilisation in client spending, even as revenue growth remains subdued and recovery uneven across players, reports Poulomi Chatterjee. ECONOMY PAGE 2 NEW PORTAL, SOFTWARE, AI-POWERED TRANSLATION: EPFO 3.0 SOON PNB sees NIM recovering from Sept quarter PUNJAB NATIONAL BANK (PNB) expects to sustain quarterly net profit of above `5,000 crore despite near-term pressure on margins and higher credit costs, Executive Director Bibhu Prasad Mahapatra told Kshipra Petkar in an interview. ■ PAGE 6 Core sector growth in Dec rises to 3.7% THE INFRASTRUCTURE SECTOR expanded by 3.7% year-on-year in December largely driven by growth in the electricity sector, latest data showed. reports fe Bureau. ■ PAGE 3 BENCHMARK INDICES EXTENDEDtheirlossesonTuesday,registeringtheirbiggestsingle-day fall in eight months, as weak corporate earnings and renewed concerns over rising geopoliticaltensionssawinvestors taking moneyoff the table. The Sensex and the Nifty closed at three-month lows of 82,180.47 (down 1,065 points or 1.28%) and 25,232 (down 353 points or 1.38%), making India the worst-performing market in Asia. Market volatility, as measured by the India VIX, surged 7.63% to 12.73. Thebeginningof2026hasseen persistent foreign institutional selling. This, coupled with a weaker currency environment, further weighed on investor confidence. Jan 20 (close) 82,180 Capital goods Consumer discretionary Consumer durables SENSEX Services MOOD DAMPENED 1,065 points (1.28%) 90.90 (inverted scale) Continued on Page 7 -2.71 (% loss) MCX spot silver prices (` per kg) 90.98 Jan 20 (close) 14 15 16 19 20 Jan 2026 14 15 16 19 20 Jan 2026 0.07% 91.00 »INSIDE« TOP SECTORAL LOSERS MCX spot gold prices (` per 10 gm) 90.92 90.95 91.05 GOLD LOSES SHINE -2.73 83,246 RUPEE GOES SOUTH Jan 19 (close) SILVER INVESTMENT DEMAND SEES SHARP INCREASE PAGE 6 FPIs TAKE SMALL BITES OF IT, DURABLES IN DEC PAGE 6 AUTO SHOW TaMo rules out price Toyota rolls out its war in e-bus tender first EVfor India TATA MOTORS WILL participate in the government’s upcoming tender for around6,000electricbusesbutwillavoid aggressive bidding, Managing Director and CEO Girish Wagh told Nitin Kumar in an interaction. ■ PAGE 4 FM set to line up reform blitz BOOSTER DOSES RUN-UP TO THE BUDGET 2026-27 TOYOTA KIRLOSKAR MOTOR has rolled out the Urban Cruiser Ebella SUV, its first battery-electric vehicle for India, with bookingsnowopenandapriceannouncement expected in the coming weeks, reports AkbarMerchant. ■ PAGE 4 India fourth-largest market for Skoda INDIA HAS EMERGED as Skoda Auto’s fourth-largest market globally,driven by a sharpriseinsalesledbytheKylaqSUV,even as the company looks to push into the top three with a renewed product push this year,reportsVikramChaudhary. ■PAGE 4 YARUQHULLAH KHAN & NITIN KUMAR New Delhi, January 20 ON THE RADAR INDIGO HAS ASSURED the Directorate General of Civil Aviation (DGCA) that it now has adequate pilot strength to meet flight duty time limitation (FDTL) norms and maintain operational stability, following a review meeting held on January 19, the aviation regulator said on Tuesday. The assurance comes after the country’s largest airline faced widespread flight disruptions in December, leading to regulatory action and financial penalties.According to the DGCA, IndiGo informed the regulator that it has sufficient pilots in place to operate its approved network without cancellations after February 10, when the current curbs on its winter schedule are set to be lifted. In a statement,the regula- ■ IndiGo has 2,400 pilots in command against a requirement of 2,280, and 2,240 first officers compared with a requirement of 2,050 ■ DGCA says IndiGo remains under regulatory oversight, with particular focus on roster integrity and crew availability ■ The regulator has curtailed IndiGo’s winter flight schedule by 10% until February 10 after severe operational stress led to 2,507 flights being cancelled and 1,852 being delayed between December 3 and 5 EXPLAINER: WHYTHE SKIES ARE »INSIDE« RUNNING OUT OF PILOTS PAGE 9 tor said the airline reported having 2,400 pilots in command against a requirement of 2,280,and 2,240 first officers compared with a requirement of 2,050.Based on these numbers, and the airline’s revised operating plan, IndiGo conveyed that it would be able to comply with the revised FDTL norms without disruption. Continued on Page 10 13% of global CEOs prefer higher investments in country: PwC survey Indiaamongtopinvestmenthubs BULLISH ON INDIA 30 US 7 India DAVOS 2026 FE BUREAU New Delhi, January 20 INDIA’SATTRACTIVENESSAS an investment destination is on the rise,with 13% of global business leaders preferring higher investments in the countryinthenext12months, according to PwC’s 29th Annual Global CEO Survey. The renewed interest puts India among top investment destinations—onlybehindthe US, in league with the UK and Germany, and ahead of China, the UAE,France and SaudiArabia —according to the survey, released during theWorld Economic ForumAnnual Meeting in Davos on Tuesday. Germany UK 9 Chinese Mainland 6 UAE 5 Saudi Arabia France Spain Singapore 3 13 12 13 14 13 35 Top investment destinations, by year 2025 2026 (%) 11 8 7 7 7 6 5 6 Continued on Page 7 Continued on Page 7 ■ Around 100 products to be promoted for domestic manufacturing PRASANTA SAHU New Delhi, January 20 Noflightcancellationsafter Feb10:IndiGotoregulator Source: PwC It also found that ing risks,slowerglobal MORE Indian CEOs remain momentum and the more optimistic REPORTS ON speed of technological PAGE 20 about growth change. prospects than their The survey, based global counterparts, but that on responses from nearly 50 confidence is increasingly Indian CEOs and over 4,400 tempered by caution over ris- executives globally,shows that 77%ofIndianbusinessleaders expecteconomicgrowthinthe country to improve over the next 12 months, significantly higher than the 55% global average.Confidenceinrevenue growth also remains stronger inIndia,with57%ofCEOssaying they are very or extremely confidentaboutnear-termrevenue prospects, almost double the global figure. However, the optimism is moreguardedthaninprevious years.Indian CEOs are increasingly conscious of macroeconomicvolatility,cyberrisksand the rapid pace of technological disruption,particularlyaround artificial intelligence (AI). The survey suggests that while India continues to stand out as a bright spot in a subdued global environment,corporate leadersarerecalibratingexpectations and sharpening focus on execution and resilience. Continued on Page 10 Kolkata FE BUREAU Bengaluru, January 20 global economic slowdown and renewed tariff pressures from the US,these reforms are seen as critical to sustaining growth,attractinginvestment, and building an export-led economic momentum. may announce a significant rationalisation of customs duties to exports,higher FDI in PSBs likely THEUNIONBUDGETfor202627 is expected to be driven by a sweeping reform agenda — dubbed “Reform Express” — spanningtrade,MSMEs,education, employment, rural livelihoods, power, and finance, according to sources. The overarching objective is to simplify regulations, enhance competitiveness, strengthen domestic manufacturing, and align institutions, skills, and delivery systems with India’s long-term growth ambitions. “Overarching reforms will likely be the theme of the Budget 2026-27,” a senior official said, adding that the government plans to systematically implement several long-pending reforms across ministries over the next financial year. Against the backdrop of a PhonePegets Sebinod,eyes listingbyApril WALMART-OWNED PHONEPE HASreceivedapprovalfrom the Securities and Exchange Board of India (Sebi) to go ahead with its IPO, sources close to the matter said. The company,whichhadconfidentiallyfileditsIPOpapersinSeptember, will file an updated draft red herring prospectus (DRHP) in the next few days. According to sources, the company is eyeing a listing by March-endorApril,andcouldbe lookingtoraisearound`12,000 crore, primarily through the offer for sale »INSIDE« (OFS) route. “Theissuesize REALTOR is subject to K RAHEJA change and WEIGHING post the road- $700-MN IPO shows, the PAGE 6 company will haveabetterreadofthemarket,” a source said. Besides parent Walmart, PhonePe’s investors include GeneralAtlantic,Ribbit Capital, Tiger Global and TVS Capital Funds.Startups such as Meesho, Pine Labs, Groww, PhysicsWallah, Wakefit, and Shadowfax have recently listed on the bourses, many of them taking the confidential route. PhonePe continued to lead the unified payments interface (UPI)marketinDecember,with 45.4% share by volume and 48.7% by value, according to data from the National Payments Corporation of India. ■ Budget ● Tariff cuts,boost Jan 19 (close) -2.76 KISHOR KADAM & ANANYA GROVER Mumbai, January 20 -2.89 THE NATIONAL HIGHWAYS Authority of India (NHAI) plans to retire more than `35,000crore debt before maturity in the current financial year, to bring down its outstanding liabilities below `2 lakh crore, reports fe Bureau. Markets logworst day in 8 months onweak earnings Realty NHAI TO PREPAY MORE DEBTTHIS FINANCIALYEAR -5.21 PAGE 3 2,62,087 2,62,087 2,83,480 2,92,101 3,07,804 ECONOMY INVESTORWEALTH ERODESALMOST`10 LAKH CRORE 1,39,799 1,39,799 1,41,147 1,43,670 1,47,088 IN THE NEWS Export promotion frameworks are likely to see a major overhaul Reforms to strengthen the overall credit and investment environment in the offing »INSIDE« SPACE INDUSTRY SEEKS 50% GOVT SOURCING P5 AMFI’s 27-POINTWISH LIST FROM UNION BUDGET P7