COMPANIES | PAGE 6 THE BIG IDEA | PAGE 14 INTERNATIONAL | PAGE 9 E-commercegiants widenzero-feestrategy StarAgri:Storingtheharvest andsecuringthefuture CHENNAI/KOCHI, TUESDAY, MARCH 3, 2026 BlackRock,EQTseal $33.4-bnAESdeal FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 253, 14 PAGES, `12 P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E SENSEX: 80,238.85 ▼ 1,048.34 NIFTY: 24,865.70 ▼ 312.95 NIKKEI 225: 58,057.24 ▼ 793.03 HANG SENG: 26,059.85 ▼ 570.69 `/$: 91.48 ▼ 0.50 `/€: 107.33 ▼ 0.02 BRENT: $79.07 ▲ $6.20 GOLD: `1,67,090 ▲ `8,505 IN THE NEWS ECONOMY PAGE 4 EPFO MAINTAINS INTEREST RATE AT 8.25% FOR FY26 THE BOARD OF the Employees’ Provident Fund Organisation (EPFO) on Monday recommended retaining the interest rate on provident fund deposits at 8.25% for a third consecutive year in FY26, reports Kuldeep Singh. ECONOMY PAGE 4 IIP GROWTH SLOWS TO 3-MONTH LOW OF 4.8% IN JANUARY INDIA’S FACTORY OUTPUT growth moderated to a threemonth low of 4.8% yearon-year in January 2026, after hitting a 26-month high of 8% in December, according to official data released on Monday, reports Kuldeep Singh. » INSIDE « TWO-WHEELER SALES RISE 35% IN FEB PAGE 6 CLEAN MAX SHARES SLIP 18% ON DEBUT DAY PAGE 7 IOBmayseekmore timetolowergovt shareholding STATE-RUN INDIAN OVERSEAS Bank (IOB) may seek additional time to comply with the regulatory requirement of bringing down the government’s stake to 75% by August 1, as the bank plans a calibrated dilution through market issuances, reports Kshipra Petkar. ■ PAGE 7 ManufacturingPMI jumpsto4-month highinFebruary INDIA'S MANUFACTURING SECTOR activity growth jumped to a fourmonth high of 56.9 in February, supported by substantial improvement in domestic demand, even as growth in new export orders saw a decline, the HSBC India Manufacturing Purchasing Managers' Index (PMI) showed, reports PTI. ■ PAGE 4 War widens, wounds markets Conflict inWestAsia spiralled on Day 3,with Israel attacking Lebanon after Hezbollah strikes.Iran retaliated with fresh air strikes,including on a SaudiAramco refinery,and claimed it had targeted Israeli PM Benjamin Netanyahu’s office.Hopes of a swift resolution dimmed after US President Donald Trump warned:“Big wave yet to come in warwith Iran.” Indices tank; investors lose `6.6 lakh cr KISHOR KADAM & JOYDEEP GHOSH Mumbai, March 2 COST OF CONFLICT Continued on Page 5 80,238 Sensex 81,287 1.29% Feb 27 (close) STOCK MARKETS FELT the heatoftheescalatingconflictin West Asia on Monday, with benchmark indices slipping over 1%. However, the good newswasasignificantrecovery fromtheday’slows,whichmarketparticipantsbelieveresulted fromshortcovering.TheSensex plunged 2,743.46 points, or 3.38%, to an »INSIDE« intradaylowof RUPEE SLIPS 78,543.73. However, after TO ONEMONTH LOW recovering more than half PAGE 7 the losses, it ended the day at a six-month low of 80,238.85, down 1,048.34 points,or1.29%. The Nifty dropped 575 points,or2.3%,intradaybefore closing belowthe 25,000 mark for the first time in a month at 24,865.70, down 312.95 points, or 1.24%. Both indices had declined 1.17% and 1.25%,respectively,on Friday. A plume of smoke rises after a strike in the Iranian capital on Tuesday AP March 2 (close) (1,048 points) NARENDRA MODI, PRIME MINISTER The current situation in WestAsia is a matter of grave concern for us. India supports the resolution of all disputes through dialogue and diplomacy DONALD TRUMP, PRESIDENT, US It’s always been about a four-week process so — as strong as it is,it’s a big country — it (Iran fight) will take fourweeks or less Volatile Gulf keeps India Inc on edge Centre to extend relief to exporters IndiGotooperate10 evacuationflights INDIAN COMPANIES ARE bracing for a period of uncertainty following an escalationofcrisisin WestAsia, whichabsorbs 17% of India’s goods exports, supplies 55% of its crude oil needs, and accounts for 38% of worker remittances. ■ PAGE 2 THE CENTRE WILL extend flexibility of procedurestoexportersinthewakeofthe hardship they face due to the West Asia conflict.Proceduresforexportauthorisationwillbeeasedand insurancefirmswill be urged to support them. ■ PAGE 3 INDIGO PLANS TO operate 10 special flights from Jeddah to India on Tuesday fortheevacuationofstrandedpassengers amid the war in West Asia. Air India Express also plans to restart flight operations to Muscat from Tuesday. ■ PAGE 2 Brentjumps7%;India maypivotbeyondGulf SAURAVANAND New Delhi, March 2 CRUDE OIL PRICES jumped nearly 7% on Monday, as the war in West Asia escalated and brought tanker traffic via the Strait of Hormuz — through which about 20% of global petroleumliquidsconsumption transit — to a nearstandstill. The virtual closure of the key shipping channel — only one crude vessel transited the corridoron March 1 compared with 11 a day before — has raised supply and cost concerns for India, which routes nearly half its crude imports through the waterway between Iran and Oman. As geopolitical risks mount and Brent trades near $80 per barrel, Indian refiners may increasinglyrecalibrate sourcing beyond West Asia and towardstheUS,Brazil,Guyana, Nigeria and Angola, alongside existing Russian volumes, a senior official aware of the development said, though longer voyages are likely to raise landed costs. According to experts, India’s strategic and opera- India,Canadainkuranium deal;tradepactbyyear-end MUKESH JAGOTA New Delhi, March 2 INDIA ON MONDAY signed a 2.6-billion Canadian dollar deal forthe supplyof uranium by Canadian giant Cameco, and launched negotiations for a comprehensive economic partnershipagreement(CEPA), aimed to be concluded by the end of 2026. »INSIDE« During the visit of EDIT: INDOCANADIAN Canadian Prime MinisRESET ter Mark CarPAGE 8 ney to India, the two countries agreed to bolster strained ties and set a target of doubling bilateral trade to $50 billion by 2030. Carney requested India to treat Canadian pension funds at par with sovereign wealth funds (SWFs) in terms of benefits which will make India a competitive investment market compared to other finan- Canadian Prime Minister Mark Carney at a press briefing in New Delhi on Monday PTI cial centres in the region. PrimeMinisterNarendraModi assured Carney that he would look into this request, an official in the Ministry of External Affairs (MEA) said. Currently, India provides significanttaxbreakstoattract capital from major SWFs, particularlythose from SaudiArabia and the UAE.Introduced to boost infrastructure, it provides a 100% tax exemption on income from dividends, interest,and long-term capital gains.Canadian pension funds and others have so farinvested $ 80 billion in India. The two countries also signed the terms of reference (ToR)forCEPA. TheToR,signed by Commerce and Industry Minister Piyush Goyal and Minister of International Trade of Canada Maninder Sidhu, provides the framework, frequency, and modalities that will guide the CEPA negotiations.“Signing of ToR for CEPA provides a clear road map to conclude a balanced, ambitious,mutuallybeneficial agreement by the end of 2026,” Secretary (East) in the MEA P Kumaran said. Continued on Page 4 Inacash-burninge-commrace,Nayarturnsdiscipline&brandsintomarketmuscle Nykaa’sprofit-firstbeautyplay ANEES HUSSAIN Bengaluru, March 2 NYKAA’S RECORD DECEMBER quartermayhave grabbed investor attention, but the numbers are less a one-off spike and more the culmination of a decade-long transformation — from a niche online beauty retailer into a capitalefficient, brand-led platform spanning digital commerce, offline retail and owned labels. In a sector defined by heavy fundraising, discount-led customer acquisition and rapid deliverywars,Nykaahasquietly charted a different course. “Withonlyapproximately$140 million raised to date,we have built a roughly $2.6 billion GMVbusiness,”Chief Financial Officer Ganesh P told FE.“This underscores the measured approachwehavetakenandthe sustainable manner in which we have scaled the company.” When Nykaa began, India’s online beauty market was CURATED GROWTH GANESH P, CHIEF FINANCIAL OFFICER, NYKAA ■ Nykaa’scustomer ■ Itsbrandportfolio 42million 4,500 basehasexpanded fromabout50,000 inFY15to hasgrownfrom roughly300labels tomorethan fragmented and largely unorganised. Counterfeit concerns were rife. Founder and Chief ExecutiveOfficerFalguniNayar positioned the company not merelyas a seller,but as a curator — emphasising authenticity, education and premium brands at a time when trust itself was a differentiator. That positioning evolved into a discovery-led platform. The brand portfolio expanded from roughly 300 labels to With only approximately $140 mn raised to date, we have built a roughly $2.6 bn GMV business more than 4,500.Investments in content,tutorials and influencer-led commerce helped build a large creator affiliate network,integratingshopping journeysacrossplatformssuch as YouTube and Snapchat. The underlying thesis was simple: beauty behaves differently from grocery or electronics.Itisaspirational,brand-sensitive and education-driven. Value lies not just in logistics efficiency,but in enabling con- sumerstodiscover,upgradeand trade up.Management continues to frame the opportunityin structural terms. “We view Indian beauty as firmly at the early stage of its S-curve,” Ganesh said. With per capita beautyspendinIndiaestimated at about $17 — well below severalemergingmarkets—Nykaa sees a long runway for premiumisation as incomes rise. Continued on Page 4 CHENNAI/KOCHI SUPPLY SHOCK Brent crude prices ($ per barrel) 84 79.42 80 76 72.48 72 68 64 Feb 27 (close) Mar 2 6.21 pm (IST) Source: Bloomberg »INSIDE« SAUDI ARAMCO SHUTS ITS LARGEST REFINERY PAGE 2 tional storage of about 74 days may limit immediate supply disruption,but cost escalation remains a key risk. Continued on Page 5