COMPANIES | PAGE 4 COMPANIES | PAGE 5 India Inc reworks strategy amid global uncertainties COMPANIES | PAGE 7 Adani overtakesAmbani to becomeAsia's richest KOLKATA, SATURDAY, APRIL 18, 2026 OpenAItospendmorethan $20bnonCerebraschips FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL 35 NO. 143, 18 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) P U B L I S H E D F R O M : A H M E D A B A D , B E N G A L U R U , C H A N D I G A R H , C H E N N A I , H Y D E R A B A D , K O C H I , K O L K ATA , L U C K N O W, M U M B A I , N E W D E L H I , P U N E READ TO LEAD SENSEX: 78,493.54 ▲ 504.86 NIFTY: 24,353.55 ▲ 156.80 NIKKEI 225: 58,475.90 ▼ 1,042.44 HANG SENG: 26,160.33 ▼ 233.93 `/$: 92.93 ▲ 0.27 `/€: 109.59 ▲ 0.20 BRENT: $88.94 ▼ $10.45 GOLD: `1,51,097 ▼ `1,233 INDIAMOVINGTO PHASE OUTLPGTANKER SUPPORT PAGE 2 Centre nets record `78,438 crore from CPSEs in FY26 THE CENTRE’S DIVIDEND receipts from central public sector enterprises (CPSEs) have exceeded the Budget target by 10.5% to `78,438 crore in FY26, the highest-ever annual receipt, reports fe Bureau. In the revised estimates for FY26, the Centre pegged the receipts at `71,000 crore, marginally higher than the Budget estimate of `69,000 crore. ■ PAGE 2 Smartphone shipment hits six-year low INDIA’S SMARTPHONE SHIPMENT fell 3% year-on-year in January-March 2026, marking the weakest first quarter in six years, as rising component costs and subdued consumer demand weighed on volumes, Counterpoint Research said, reports Ojasvi Gupta. ■ PAGE 5 VIKAS PATHAK & DEEPTIMAN TIWARY New Delhi, April 17 IN THE FIRST major setback for the Modi 3.0 dispensation, the government’s move to bring an amended law on reservation of seats forwomen inParliamentandstateAssemblies was blocked in the Lok Sabha on Friday. After the defeat of the Constitution (131stAmendment) Bill,2026 —with 298votes in favourand 230 against, way short of the two-thirdsmajorityneededfor a Constitutional amendment Bill to clear the House — the government decided not to push for the passage of two related proposals on expanding the size of the Lok Sabha and undertaking fresh delimitation of constituencies. The amended women’s quota Bill — the 2023 women’s reservation law still stands — wasputtovoteafteramarathon two-day debate during which Prime Minister Narendra Modi and Home Minister Amit Shah urged members to support the proposed legislation, and cautioned the Opposition that women of the country were watchingtheirintentandwould not forgive them if they were denied reservation. The Opposition, in turn, accused the government of AMIT SHAH, RAHUL GANDHI, Rejectingthe Bill...celebratingit, andraisingvictory criesoverit weretruly reprehensible andbeyond imagination Weclearlysaidthatthis wasnotawomen’s reservationBillbutan attempttochangeIndia’s electoral structure... It wasanattack onConstitution &wedefeatedit HOME MINISTER LEADER OF OPPOSITION »INSIDE« BJP's DECEITFUL CHARIOT STOPPED: OPPN P18 using thewomen’s reservation issue to push for delimitation to help the BJP by redrawing the country’s electoral map and adversely impact the representation of southern states in Lok Sabha. Following the defeat of the women’squotaBill,UnionMinister for Parliamentary Affairs Kiren Rijiju told the Lok Sabha Speaker not to take up the two other Bills since these were linked to the Constitutional (131stAmendment) Bill,2026. Thiswas the first time in 12 years that a Constitutional amendment Bill introduced by the Modi government failed to clearthe House. Continued on Page 7 78,493.54 Investor wealth (in ` lakh crore) Apr 17 1.22% 463.51 Feb 27 465.64 Apr 17 Net equity investments FPIs DIIs (in ` crore) 77,550.25 -1,435 Apr 10 412.41 Apr 13 Apr 15 Apr 16 Apr 17 HUMEYRA PAMUK, SAAD SAYEED & AZIZ TAHER Washington/Islamabad, April 17 IRANIAN FOREIGN MINISTER AbbasAraqchi said the Strait of Hormuzwas“completelyopen” followingaceasefireagreement in Lebanon,while US President Donald Trump said talks could take place this weekend and he believed a deal to end the Iran warwould come“soon”. Araqchi said in a post on X the Straitwas open forall commercial vessels for the remainder of the US-brokered 10-day truce agreed on Thursday between Israel and Lebanon to halt fighting between Israeli forcesandIran-backedHezbollah.Trump told Reuters on Friday that the US will work with Irantorecoveritsenricheduranium and bring it back to the US as part of anydeal. Shortly after Araqchi's statement, Trump posted on Truth Social: “Iran has just announced that the Strait of Iran is fully open and ready for passage.” However, he said the US military blockade of ships sailing through the Strait to Iranian ports would remain until“ourtransactionwithIran is 100% complete”. Continued on Page 7 Children gesture as displaced people return to their homes after a 10-day ceasefire between Lebanon and Israel comes into effect, near Tyre in Lebanon on Friday ■ REPORT ON PAGE 7 REUTERS Brent tumbles Wall Street below $90 up over 1% BENCHMARK BRENT CRUDE futures nosedived to $87.94 a barrel,down 11.5% on the day, after Iranian Foreign Minister Abbas Araqchi announced the Strait of Hormuz was open. US crude fell to $83.33 a barrel. While still above pre-war levels that were around $70, that is down significantly from late March’s highs when Brent was close to $120 a barrel. ■ PAGE 7 WALL STREET STOCKS followed global indexes higher on Friday on rising expectations of a de-escalation in West Asia and sliding crude prices. The S&P 500, which reached fresh records this week, rose 1.15%, to 7,115.31. The Dow Jones IndustrialAverage rose 1.95% to 49,524.91.The Nasdaq rose 1.15% to 24,378.97. ■ PAGE 7 Mar 30 Traders place $760-mn bet INVESTORS PLACED A bet worth about $760 million on a falling oil price around 20 minutesbeforeIran’sforeignminister announced on Friday that the Strait of Hormuz was open, reportsReuters.Between1224 GMT and 1225 GMT investors sold a combined 7,990 lots of Brent crude futures, according toLSEGdata.Iranian minister’s Xpost came at 1245 GMT. Jio targets raising UltraTech capacity `40,000-50,000cr, at 200 MT,largest IPOfilinginweeks outside China now URVI MALVANIA Mumbai, April 17 RELIANCE INDUSTRIES’ TELECOM arm, Jio Platforms, is likely to raise `40,00050,000crorethroughitsinitial public offering (IPO) — the single-largest fundraise ever — said sources in the know. The company is expected to file its draft red herring prospectus (DRHP) in the next fewweeks. The IPO is likely to be an offer for sale (OFS) rather than a fresh issue. In November 2025, investment bank Jefferies valued Jio at around $180 billion (`16.72 lakh crore), implying a stake dilution of approximately 2.53.5% through the offering. MukeshAmbani,chairman ofRelianceIndustries,hadfirst hintedatanIPOin2019witha five-year timeline. In August 2025, he confirmed that preparations were underway, targeting a listing in the first half of 2026,subject to regulatory approvals. “Jio is making all arrangements to file for its IPO.We are aiming to list Jio by the first half of 2026, subject to approvals,”he had said,adding that the listing would showcase Jio’s abilityto createvalue on a par with global peers and INVESTORS HAVE NOW recouped the entire losses triggered by theWestAsia war, with market sentiment buoyed by rising expectations of a de-escalation. Benchmark equity indices extended their gains for a second consecutive week in the holiday-truncated period, with the Sensex rising 1.22% and the Nifty gaining 1.26%. Investor wealth rose by `14.41 lakh crore during the week.While the Sensex & the Nifty still remain 3.44% and 3.28% below their pre-war levels, respectively, the broader market has fully recovered, signalling a stronger rebound beyond frontline indices. — Kishor Kadam Sensex Hormuz completely open: Iran; Trump says deal to end war soon ANJANATHERESE ANTONY Mumbai, April 17 Investors recoup war losses Sebi chair: Strong global confidence in Indian markets INDIA’S SECURITIES MARKETS are becoming increasingly stable and globally competitive for long-term capital creation, Sebi Chairman Tuhin Kanta Pandey said, reports fe Bureau. ■ PAGE 6 BJP’s women MPs stage a protest in the Parliament complex PTI after the defeat of the women’s reservation Bill on Friday 683 GOVTRELAXESWHEAT PROCUREMENTNORMS PAGE 2 aheadwith Bills on LS expansion, delimitation: Govt -4,721 » INSIDE « ● No need to go 1,621 TATA CONSULTANCY SERVICES (TCS) has engaged Deloitte and law firm Trilegal as independent counsels to support its internal investigation into the recent allegations at its Nashik unit, CEO and Managing Director K Krithivasan said on Friday, reports Urvi Malvania. The internal probe is being led by COO Aarthi Subramanian, with an oversight committee chaired by independent director Keki Mistry. Women’s quota Bill fails to pass LS test -3,428 DELOITTE,TRILEGAL ENGAGED BYTCS FOR NASHIK CASE 3,099 PAGE 5 -569 COMPANIES WAYSHORTOFREQUIREDTWO-THIRDSMAJORITY 2,432 IN THE NEWS IN A MILESTONE that underscores the pace of consolidation and expansion in the cement sector, Aditya Birla Group’s UltraTech Cement on Friday crossed an installed capacity of 200 million tonne per annum (MTPA) in India, after commissioning three new grinding units. The additions, with a cumulative capacity of 8.7 MTPA,takeitsdomesticcapacity to 200.1 MTPA,placing the companyas theworld’s largest cement producer outside China. Including overseas operations,UltraTech’sconsolidatedglobalcapacitystandsat 205.5 MTPA, with 5.4 MTPA spread across the UAE,Bahrain and Sri Lanka. “Today, UltraTech’s cement capacity is almost twice the cement capacity of the United States and greater than the entire cement capacity of the European Union,” Kumar Mangalam Birla, chairman of the Aditya Birla Group, said at the commissioning ceremony. The three new grinding units — located in Shahjahanpur (Uttar Pradesh), Patratu (Jharkhand) and Visakhapat- MEGA LISTINGS Issue size (` crore) Hyundai Motor India LIC 27,859 20,557 One 97 Communications (Paytm) 18,300 Tata Capital Coal India 15,512 15,199 Source: Prime Database offeran attractive opportunity for investors. The OFS is expected to unlock significant value for marquee investors who entered Jio Platforms from 2020 onwards. Continued on Page 7 KUMAR MANGALAM BIRLA, CHAIRMAN, ADITYA BIRLA GROUP Today, UltraTech’s cement capacity is almost twice the capacity of the US and greater than the entire capacity of the European Union nam (Andhra Pradesh) — are aimed at tightening supply in key consumption corridors, particularly in northern and eastern India, as infrastructure and housing demand sustain. Continued on Page 10 Tighter visa regimes in Canada andAustralia add to woes; experts flag stark geographical disparity USvisawall rises: 61% rejection rate jolts Indian students MANU KAUSHIK New Delhi, April 17 A SHARP SPIKE in visa rejections—withasmanyas61%of Indian students denied US F-1 visas in 2025 — is set to cast a shadow over the overseas education plans of thousands of aspirants.The refusal rate has risensteeplyfrom53%in2024 and 36% in 2023,according to international student recruitment firm Shorelight.The elevatedrejectionlevelsforIndia— thelargestsourcemarketforUS colleges—havealsopushedthe global F-1 visa refusal rate to a 10-yearhigh in 2025. The data indicates that the tightening of visa regimes has disproportionately affected South Asian countries,including India, Nepal, Bangladesh and Pakistan, even as several European nations continue to record low single-digit rejection rates. Experts attribute this divergence to increased scrutiny of applicants from specific regions,particularlyin the US and Australia. Karunn Kandoi, founder of VidyseaEducation,flaggedwhat he sees as a stark disparity. “When 91% of Europeans are approved and 61% of Indians are rejected for the same programmes, that is not vetting, that’s a geographytax,” he said. Siddharth Anand, founder and CEO of Tertiary Education Advisors,said visa assessments areincreasinglybeingshapedby broader immigration concerns rather than purely academic merit.“One of the difficulties is that visa evaluations are no longer regarded solely from an academicperspective.Incertain instances, wider immigration issues influence the context in which students are evaluated. Becauseoftheconcernsaround low-skilled migration, compliance, and domestic political pressure,there is growing scepticism that applicants may eventuallyseekoutunofficialor illegal ways to stay in the host nation,” he said. The tightening trend extends beyond the US.In Australia,nearly40%ofIndianstudent visa applications were refusedinearly2026,whilethe SHRINKING CLASSROOMS India's rejection rates for US F-1 visa F-1 visa rejection rate in FY25 (in %) Europe 9 Global Africa 64 average Asia 41 India 61 81 Nepal 73 Bangladesh Pakistan 71 35 36% FY23 53% FY24 61% FY25 overall refusal rate for higher educationvisastouched32.5% in February — the highest in two decades. The outlook is unlikelytoeasesoon.FromJanuary2026,Australiahasreclassified Indian applicants from F-1 visa allows international students to enter the US to study in full-time e degree programmes; Source: Shorelight, ICEF Monitor, Inside Higher Ed Evidence Level 2 (EL2) to Evidence Level 3 (EL3) under its risk-based system, placing them in the second-highest scrutiny category.This entails more stringent financial documentation, detailed academic records and a comprehensive Genuine Student statement. Kandoi questioned the fairnessoftheframework.“Itseems that the policy has been designed to target Indian students. If the rejection rate for Kolkata Chinese students is just 3% as compared to 40% for Indian students,there’saproblemwith the risk assessment framework,” he said. Canada, too, has tightened its stance. New study permits issuedtointernationalstudents fell 64% in 2025 compared with2024,droppingto75,372, following the government’s move to cap enrolments, impose stricter approval norms and amid a broader demandslowdown.Withafurther 7% reduction in the enrolment cap to 408,000 for 2026, access is set to become even more constrained. The impact is alreadyvisible across the ecosystem, with studyabroad service providers reporting a 35-40% decline in business for US-bound students over the past two years. Piyush Kumar, regional director(SouthAsia,Canadaand LatinAmerica)atIDPEducation, said the tightening reflects a policypushtosafeguardsystem integrity. “Indian students should not be deterred by this change and continue focusing on their application process as before, ensuring they follow a detailed and structured application process, aligned with early preparation, ensuring complete and transparent documentation and having their finances in order.These destinations continue to offer highquality education and strong careerpathways,”he said.