POLITICS | PAGE 12 COMPANIES | PAGE 5 UCC, one poll our mission, progress made in talks: PM INTERNATIONAL | PAGE 9 Bige-busorderbooktohelp JBMretainNo.1spot:MD LUCKNOW, TUESDAY, APRIL 7, 2026 Artemis II set to create new distance record from Earth FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 19 NO. 103, 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: 74,106.85 ▲ 787.30 NIFTY: 22,968.25 ▲ 255.15 NIKKEI 225: 53,413.68 ▲ 290.19 HANG SENG: 25,116.53 ▼ 177.50 `/$: 93.06 ▲ 0.04 `/€: 107.50 ▼ 0.18 BRENT: $109.35 ▲ $0.32 GOLD: `148,308 ▲ `2,217 IN THE NEWS INTERNATIONAL PAGE 9 TRUMP: IRAN MAY BE TAKEN OUT IN ONE NIGHT US PRESIDENT DONALD Trump on Monday told reporters that Iran could be taken out in one night, "and that night might be tomorrow (Tuesday) night". Meanwhile, Iran has rejected the latest ceasefire proposal and instead said it wants a permanent end to the war, as US President Donald Trump’s ultimatum loomed within hours, reports Agencies. Iran’s staterun IRNA news agency said Tehran had conveyed its response through Pakistan, a key mediator. March retail inflation seen at 3.5%: FE Poll THE HEADLINE RETAILinflation for March is estimated to have climbed to a 13-month high of 3.5%, largely due to higher fuel prices, according to an FE poll of economists, reports Kuldeep Singh.The retail inflation was 3.2% in February and 2.75% in January. ■ PAGE 3 ATTRIBUTES COMFORTTO RESULTOFDECADE-LONG PRUDENCE FM:Enoughfiscalspace ‘Fin-AI will open up new, tosupportwar-hitsectors large revenue streams’ FE BUREAU New Delhi, April 6 FINANCE MINISTER NIRMALASitharaman on Monday said the country has the fiscal space to support sectors impacted bytheWestAsiawar, attributing the comfort to “decade-old fiscal prudence.” Theministeralsodescribedthe evolving economic challenges arising from the escalating conflict as something“moving beyond a regional concern to a systemic risk.” Speaking at an event organised by the National Institute of Public Finance and Policy (NIPFP) here, she said sound public finance management strengthensthecounter-cyclical capacityoffiscalpolicy,enabling governments to “lean against thewind”during downturns.In NIRMALA SITHARAMAN, FINANCE MINISTER Thisisthedividendofadecadeof fiscaldiscipline.Thisisthe strategicvalueoffiscalprudence thatpaysdividendsacrossdecades Indiahasfiscalspace—roomto maintainourcapex programme,roomto offertargetedsupport toaffectedsectors »INSIDE« WTO MORATORIUM OFFERS POLICY ROOM P2 contrast with India, several countries burdened with high debt and persistent deficits are now left with limited options, forced to choose between austerityandinstability,shenoted. “On the contrary, India has A STRESS IS beginning to surface at India’s fuel pumps as state-runoilmarketingcompanies (OMCs) increasingly insist on advance payments for fuel suppliestoretailstations,limiting credit in most cases to barelya day. Petrol pump dealers said that OMCs have yet to extend longer credit despite the Centre’s assurance of a wider window,pointing to a gap between policy intent and ground-level execution at a critical juncture for the energy supply chain. Tightening liquidity across the retail network has raised concerns over supply continuity amid the West Asia conflict, theysaid. OnMarch26,thepetroleum and natural gas ministry said that efforts were underway to expand the credit window for dealers from one day to up to fiscalspace—roomtomaintain ourcapexprogramme,roomfor theRBItocutrates,roomtooffer targetedsupporttoaffectedsectors,”theministersaid. Continued on Page 7 Trucehopes spurmarkets BENCHMARK EQUITY INDICES rose over 1% on Monday, buoyed by reports of a potential ceasefire framework in West Asia, which helped stabilise crude prices after an initial uptick and improved global risk sentiment, reports Kishor Kadam. Sensex ended the session at 74,106.85, up 787.30 points after slipping 590 points in the first half of the day. Oil prices, meanwhile, inched up in choppy trade on Monday, as investors awaited clarity on the status of talks between the US and Iran. ■ PAGE 6 SCturnsdownpleaagainstJALresolution URVI MALVANIA Mumbai, April 6 THE SUPREME COURT on Monday directed the National Company Law Appellate Tribunal (NCLAT) to hear Vedanta’s plea challenging the approval of Adani Group's resolution plan for the takeover of Jaiprakash Associates (JAL) on April 10, while declining to stay the implementation of the plan. A Bench comprising Chief Justice Surya Kant and Justice Joymalya Bagchi declined to interfere with the appellate tribunal’s earlier order permitting implementation of the plan, noting that the NCLAT is already processing Fuel pumps feel the heat as OMCs seek advance SAURAVANAND New Delhi, April 6 ● SANJIV BAJAJ, CMD, BAJAJ FINSERV NOSALEONCREDIT »INSIDE« MAINTENANCE DELAYED BY REFINERIESTO MEETDEMAND PAGE 2 three days to easeworking capital pressures and prevent disruptions. However, dealers say advance payments continue to dominate fuel procurement. “Inmostcases,advancepayment continues to be the norm on the ground.While the gov- OVER TO NCLAT ■ JALwas admitted for resolution in 2024 following claims exceeding `57K cr ■ Lenders eventually approvedAdani Group’s resolution plan with 93.81% voting share the enterprise and our digital platforms. Whatwouldbeamajorchange? At Bajaj Finance,we are transitioningfromaproduct-focused approach to a truly customercentric model—serving all financial needs of the customerwhilecontinuing to strengthen talent and risk management. We also plan to launch & How do you see the business evolving overthecomingyears? The last two decades have been about innovating financial solutions for the masses,buildingtrust,investing in technology and nurturing a customer-first culture.We have evolved from a single-product captiveautofinancecompanyto one of India’s most diversified financialservicesgroups. As part of our four-year strategy,wearetargetingatotal income of `3.1-3.4 lakh crore by 2030, implying a 19-21% CAGR. Our focus is to expand reach while delivering distinctly personalised engagement by embedding AI and advanced technologies across wealthmanagementinthenear future. We see opportunities to addressinsuranceneedsofnonresident Indians through GIFT City,as well as explore pension fund management.Regulatory developments such as Ind-AS, risk-basedsolvencyandcomposite licences could also open new possibilitiesforthesector. The group has already built a largecustomerbase… With offerings spanning lending,insurance,mortgages, mutual funds, investments, and health and wellness, we aim to be a financial lifecycle partner to every Indian.Across businesses, we serve over 300 million customers. Bajaj Finance’s franchise alone has grown from 0.8 millioncustomersin200708 to 115.4 million today, while annual loan disbursals have expanded from about 1 million to an estimated50million. Where does the strategic valueofFin-AIlie? We believe Fin-AI will open up new revenue streams, substantially reduce costs, improve productivity and strengthen controllership across the organisation. ❝ ...WE AIM TO BE A FINANCIAL LIFECYCLE PARTNER TO EVERY INDIAN Continued on Page 12 Wipro bags $1-bn deal from Olam POULOMI CHATTERJEE Bengaluru, April 6 ernment’sindicationofathreeday credit facility is a positive step, it has not yet translated into actual implementation, and there has been no formal communication from OMCs regarding the resumption of credit for retailers,” said Marri Amarender Reddy,general secretary of the United Petroleum DealersAssociation (UPDA). Continued on Page 7 Continued on Page 12 that OMCs have yet to extend longer credit despite Centre’s assurance earlier compelled to make advance payments before supplies are released, they said Continued on Page 7 IT MAJOR WIPRO on Monday said it has won an eight-year transformation contract with Singapore-based food and agribusiness Olam Group,valued at over$1billion,withacommitted spendof$800million. Aside from delivering endto-end transformation services for Olam’s‘farm-to-fork’operations, Wipro will also acquire Olam’s IT arm Mindsprint for $375millioninanall-cashdeal. This marks Wipro’s second sizable acquisition in the past 9 months,following the purchase ofHARMAN’sDTSunitfor$375 million.The deal,notably one of Wipro's biggest strategic transformation contracts,comes at a time when Indian IT firms are staving off disruptions to their business models triggered byAI tools even as the West Asia war stretcheson. ■ Petrol pump dealers said ■ Dealers are now the matter with a hearing scheduled shortly. At the same time, it introduced a safeguard by directing that any major policy decision by the JAL monitoring committee would require a prior approval from the tribunal. After building a 300-millionstrongcustomerfranchise,Sanjiv Bajajisturningtoartificialintelligencetoscriptthenextchapterat Bajaj Finserv.He tells Shobhana Subramanian that AI will drive newrevenues,lowercostsand significantly boost productivity.Excerpts. ■ Until recently, OMCs offered a layered credit framework -including day-end settlement, short-term revolving credit of 3-5 days Are you prepared for Life after Paychecks? Mutual funds may help you build a long-term, disciplined retirement corpus. Buyer sentiment subdued due toWestAsia conflict, ITlayoffs Enquiriesdipforresidentialunits RAGHAVENDRA KAMATH Mumbai, April 6 REALTY CHECK THE WEST ASIA conflict, layoffs in the IT sector and sustained price increases are beginning to weigh on residential propertydemand,with developers and consultants reportingavisibleslowdownin buyeractivityacross keycities. Walk-ins and enquiries have declined as prospective buyers defer purchase decisions amid heightened uncertainty.Enquiries have dropped 10-15% in several markets, with the National Capital Region seeing a sharper fall of 30-40%, said Sarthak Seth, head of sales and marketing at Tata Realty & Infrastructure. “Sales had slowed even before the West Asia conflict. Afterthewar,alongwithAI-led disruption,dollarandinflation concerns, only end-users and seasoned investors are active,” ■ Enquiries have dropped Why Plan Today? Why Mutual Funds? 10-15% in several markets, with the National Capital Region seeing a sharper fall of 30-40% ■ After four years of strong sales, developers acknowledge demand is cooling Seth said, adding that premium and luxury segments remain relatively resilient. PrashantThakur,executive director and head of research and advisory at Anarock Property Consultants, said sentiment has weakened. “Buyers are not taking calls due to uncertainties such as ITlayoffs and the West Asia conflict. Everybodyis on hold till condi- ■ Residential prices have risen sharply over the past few years, with values in Noida and Gurugram estimated to have trebled tions stabilise,”he said. Developers are also facing constraints on pricing and supply.Thakursaid companies are finding it difficult to raise prices despite highercosts and are holding back large project launches in a weak demand environment. After four years of strong sales and price increases, developers acknowledge demand is cooling. “Sentiments have changed. After a boom, some fatigue has set in. Prices had gone up,so there is some softness,”said Sunil Pareek, executive director at Assetz, adding that it is difficult to attribute the slowdown to any single factor. Continued on Page 12 Your future self will thank you. Mutual Fund investors need to complete the Know Your Customer (KYC) process, which can be done by submitting completed KYC Form along with the required documents at any AMC’s branch Office or official Points of Acceptance. Please refer https://www.licmf.com/kyc-redressal to know about KYC documentary requirement, procedure for change of address, phone number, bank details etc. The investors are cautioned to invest only with SEBI registered Mutual Funds, the details of which can be verified on SEBI’s website under ‘Intermediaries/Market Infrastructure Institutions’ https://www.sebi.gov.in/intermediaries.html.) For any complaints and grievance redressal, investors can contact the Investor Relations Officer of the respective AMC and if not satisfied with the resolution given by the AMC, he/she can approach SEBI by registering the complaint on SEBI SCORES Portal (https://scores.sebi.gov.in/) and/or escalate the complaint through Online Dispute Resolution Portal (https://smartodr.in/login). MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS, READ ALL SCHEME RELATED DOCUMENTS CAREFULLY. Lucknow