BACK PAGE | PAGE 24 ECONOMY | PAGE 3 Football fever spills onto Kerala election pitch INTERNATIONAL | PAGE 7 India entering next phase of semicon strategy: PM NEW DELHI, WEDNESDAY, APRIL 1, 2026 Unilever-McCormick deal to create $65-bn food giant FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LII NO. 27, 28 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD SENSEX*: 71,947.55 ▼ 1,635.67 NIFTY*: 22,331.40 ▼ 488.20 NIKKEI 225: 51,063.72 ▼ 822.13 HANG SENG: 24,788.14 ▲ 37.35 `/$*: 94.83 ▼ 0.02 `/€*: 109.00 ▼ 0.21 BRENT: $118.70 ▲ $5.92 GOLD*: `1,46,126 ▲ `3,782 *As on Mar 30 COMPANIES PAGE 5 ORACLE LAYS OFF 12,000 IN INDIA US-BASED IT firm Oracle is believed to have laid off approximately 12,000 staff in India, with another round of layoffs expected within a month, impacted employees said onTuesday, reports PTI. Globally, the company has fired around 30,000 employees. US renews pitch for 'plurilateral' WTO e-comm pact AFTER FAILINGTO get an extension on the moratorium for taxing cross-border digital transmissions at the recentWTO meet, the US said itwill now pursue a plurilateral e-commerce moratorium and invited trading partners to join the initiative, reports MukeshJagota. ■ PAGE 2 Above-par rainfall, more heatwave days in April: IMD THE ONSET OF summer could be delayed as India is likely to witness above-normal rainfall across most regions in April, the weather department said on Tuesday, reports Sandip Das. Some regions are likely to see more heatwave days than usual, it added. ■ PAGE 3 RECORD FUNDRAISE IN FY26AMID SEAOFRED IPO highs mask market lows ● Primary market raises `1.79L cr, but 71% of stocks lose Amount raised (` crore) FY23 37 52,116 76 61,922 78 1,62,387 FY26 112 1,78,970 Source: Prime Database Top Nifty losers in fiscal 2026 Share price (`) Mar 28 2025 Mar 30 2026 % fall -37.97 Trent 5,311.05 3,294.65 TCS 3,604.45 2,359.05 ITC 409.80 287.70 -29.80 Wipro 262.10 187.55 -28.44 Tata Motors PVs 408.05 296.25 -27.40 -34.55 Mar 28 2025 Mar 30 2026 % gain 301.20 400.60 33.00 655.85 872.10 32.97 682.35 884.55 29.63 3,063.80 3,952.10 28.99 771.60 979.80 26.98 Source: Capitaline Thedivergencewasevident even within frontline indices. HalfoftheSensexconstituents fell—some by as much as 38% US PRESIDENT All countries that can’t get jet fuel because of the Strait of Hormuz...go there & just TAKE IT IRAN REVOLUTIONARY GUARDS A video shared by US President Donald Trump shows the attack on Isfahan, home to one of Iran’s three nuclear enrichment sites the US-Israeli strikeson Iranto buyAmerican oil and go to the Strait of Hormuz and “just TAKE it”.He singled out Britain and France as unhelpful in the month-long war that has roiled global markets, driven up energy prices and seen Iran INDIGO, THE COUNTRY’S largest airline, on Tuesday appointed aviation veteran Willie Walsh as its chief executive officer, marking a swift leadership transition weeks after the abrupt resignation of Pieter Elbers following operational disruptions earlier this year. Walsh will be the third for- »NEWS POINT« GLOBAL PILOT, LOCALTEST PAGE 4 eign CEO at IndiGo since it began operations in 2006. Hisappointmentcomesalongside recent senior-level changes, including the induction of former Air India Express chief Aloke Singh as chief strategy officer earlier this month. Walsh, currently directorgeneral of the International Air Transport Association (IATA), will assume the role subject to regulatory approvals. IndiGo said his tenure at IATA ends on July 31 and he is expected to join no later than August 3. The appointment was approved by the board of parent firm InterGlobe Aviation. Continued on Page 10 —while 23 of the Nifty 50 stocks ended lower. Continued on Page 7 LPGimportsdown Corpbondmop-up 45%inMarch seesfirstdipin4yrs SAURAVANAND New Delhi, March 31 THE COUNTRY’S LPG imports plunged over 45% month-on-month to around 1.12 million tonne (MT) in March from nearly 2.04 MT in February,Kpler data showed. The drop came as the escalating West Asia conflict choked supply routes through the Strait of Hormuz, a critical artery that carries nearly 90% of the country’s LPG imports. The sharp contraction is seen as a direct fallout of the geopolitical crisis, which has effectively disrupted shipping lanes, stranded vessels and triggered what officials describeasoneoftheworstgas SUPPLY HIT India monthly LPG imports 2.23 Jan 2.04 1.12 Feb 2026 Mar Note: Value in million Data is up to March 29 Source : Kpler supply shocks in recent years. Ship-tracking and government data show the scale of disruption. Continued on Page 7 CHRISTINATITUS & KISHOR KADAM Mumbai, March 31 FUNDRAISING THROUGH CORPORATE bond issuances, which began FY26 on a strong note with over `1 lakh crore being raised in each of the first three months, closed weak, with global and domestic headwinds playing spoilsport. Data from Prime Database show that corporates raised `10.48 lakh crore through bonds in FY26, down 5% — markingthefirstdeclineinfour years — from `11.02 lakh crore inFY25.Thetotalraisefellshort of initial expectations of over `11 lakh forthe fiscal. Issuers frontloaded record bond issuances of `3.45 lakh WEAKEND Corporate bond issuances Amount raised (` crore) Year Nos FY21 2,688 7,54,494 FY22 2,411 6,45,102 FY23 3,027 8,57,904 FY24 3,584 10,21,989 FY25 3,818 11,01,623 FY26* 3,977 10,48,370 *up to March 30 Source : Prime Database crore in the first quarter (April–June),takingadvantageof fallingyieldsfollowingratecuts. Continued on Page 7 GST-led demand rebound holds, but supply chain risks cloud FY27 outlook Bumpyroadaheadforcarmakers AKBAR MERCHANT Mumbai, March 31 THE NEW FINANCIAL year begins with a test of resilience for the automobile sector, which had witnessed a policyleddemandreboundinthesecondhalfofFY26,whenGST-driven price cuts helped revive passengervehicle (PV) sales. The recovery, which gathered pace from September 2025, lifted volumes through the festive season and into the March quarter,but rising supply-side risks and a high base are expected to shape a more tempered trajectory ahead. PVvolumes ended FY26 on a firm note,aided byimproved affordability, strong bookings and favourable seasonality. Industry estimates suggest March despatches grew around 10-14% year-on-year to 420,000-435,000 units, capping a steady second-half recoveryafteraweak first half. CAUTION MODE Geopolitical tensions are hurting sentiment ■ ■ Nomura expects FY27 auto sector growth to moderate to around 8% ■ Crisil predicts a 3-5% growth, down from earlier 5-7% ■ Supply-side disruptions have started impacting units ■ No major disruption in March wholesales/retail yet However, the outlook for FY27 is turning more cautious as external risks begin to weigh on sentiment. Nomura expects PV growth to moderate to around 8% in the coming year, pointing to a shift towards calibrated expansion as pent-up demand fades and price hikes take effect. “PV wholesales and retail are likely to grow about 10% in March, with waiting periods largely normalised,”it said. More conservative projections are also emerging. Crisil has trimmed its FY27 outlook, projecting PV growth at 3-5% to around 4.8-4.9 million units, down from earlier expectations of 5-7%. Hemal N Thakkar, senior practice leader and director at Crisil, said the recovery in FY26 was These firms should expect destruction of their respective units in exchange for each terror act in Iran effectively, close oil tanker traffic through the Strait. Continued on Page 10 AviationveteranWalsh to steerIndiGo AKBAR MERCHANT Mumbai, March 31 Top Nifty gainers in fiscal 2026 Share price (`) Bharat Electronics Shriram Finance Hindalco Inds Titan Company SBI DONALD TRUMP decisive,US says IRAN'S REVOLUTIONARY GUARDS said on Tuesday that they will target US companies in the region as of April 1 in retaliation for attacks on the nation, state media reported. The 18 companies listed in the IRGC’s threat included Microsoft,Google,Apple,Intel, IBM,Tesla and Boeing. “These companies should expect the destruction of their respective units in exchange foreachterroractinIran,starting from 8 pm Tehran time on Wednesday,April 1,” the IRGC statement said. EarlieronTuesday,US President Donald Trump asked countries that did not help in 1,11,547 FY25 FISCAL2026WAS a tale of two markets for equities. Even as 112companies—thehighestin nearly three decades — raised a record`1.79lakhcrorethrough initial public offerings (IPOs), nearly 71% of listed stocks ended theyearin the red. Data from Prime Database shows IPO fundraising surpassed the previous record of `1.62 lakh crore in FY25. Yet, overall equity fundraising — including follow-on offers, qualified institutional placements, and InvIT and REIT issues — fell 18% to `3.04 lakh crore from `3.71 lakh crore a year earlier. Benchmark indices fell just 5-7%, masking widespread weakness underneath. Of the 3,796 actively traded stocks, 2,705 declined during the year, according to Capitaline. Nearlya third—1,305 stocks— fell more than 30%. The broad-based weakness was driven byglobal uncertainties, including US tariff concerns,supplychaindisruptions, andasharpspikeinBrentcrude prices amid the West Asia conflict. In comparison, 51% of stocks had declined in FY25. 53 FY24 KUSHAN SHAH & KISHOR KADAM Mumbai, March 31 FY22 ● Next few days PHIL STEWART Washington, March 31 THE YEAR THAT WAS No. of IPOs Iran says itwill attack Microsoft, Google,Appleamong18USfirms uneven, with a weak first half followed by a strong rebound driven by GST-led price cuts. “We expected the momentum to continue into FY27,but the West Asia crisis has impacted sentiment and led to lower forecasts. Growth could remain challenging if the first halfisweak,giventhehighbase in the second half,”he said. He added that the 3-5% growth estimate assumes normal monsoons and easing geopolitical tensions. Supply-side pressures are becoming morevisible,particularly across the component ecosystem. Gas shortages linked to the West Asia crisis are affecting tier 3 and 4 suppliers,with industryestimates indicating that around 7,500 micro, small and medium enterprises (MSMEs) in the Pimpri-Chinchwad belt are shut shop or at risk. Continued on Page 7 New Delhi Walsh will be the third foreign CEO at IndiGo