BACK PAGE | PAGE 20 MARKETS | PAGE 6 Mamata: Exit polls meant to demoraliseTMC INTERNATIONAL | PAGE 7 IBAtaps tech firms to frame AI-risk checklist for banks KOLKATA, FRIDAY, MAY 1, 2026 Abeltotakecentrestageat Berkshire’sannualmeeting FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 154, 20 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 SENSEX: 76,913.50 ▼ 582.86 NIFTY: 23,997.55 ▼ 180.10 NIKKEI 225: 59,284.92 ▼ 632.54 HANG SENG: 25,776.53 ▼ 335.31 `/$: 94.92 ▼ 0.07 `/€: 110.98 ▼ 0.04 BRENT: $114.68 ▼ $3.35 GOLD: `149,777 ▲ `2,316 Listing, OFS to top agenda for disinvestment THE CENTREWILL focus on minority stake sales and the listing of profitable CPSEs in FY27 to mobilise resources and bridge the shortfall caused by the failure to execute the IDBI Bank sale, sources said, reports Prasanta Sahu. ■ PAGE 2 Federal Bank to acquire StanC’s local credit card biz FEDERAL BANK WILL acquire a majority of Standard Chartered Bank India's credit card portfolio, reports Kshipra Petkar. The proposed transaction is expected to close in the current calendar year. ■ PAGE 6 Apple: CCI is overstepping its authority ADITYAKALRA New Delhi,April 30 APPLEHASACCUSEDtheCompetition Commission of India (CCI) of exceeding its powers by pushingtheUStechcompanyto submit its financials in an antitrust case related to the iPhoneappsmarket,whileApple challenges the law governing penalties,documentsshow. AnApril24non-publicIndian court submission by Apple, reviewedbyReutersonThursday, isthelatestsignofagrowingconfrontationbetweenthecompany and antitrust bodyovera case in which Apple says it could face a penaltyof up to $38 billion.CCI has since 2024 sought Apple's financial information - typically needed to calculate penalties after an investigation found it abuseditsdominantposition. Continued on Page 7 HULflagsvolatility threatinnearterm despiterobustQ4 `100 cr `10,608 cr annually (FY32–35) per year (FY36–41) `21,500 cr 48.9% `53,039 cr Vi’s earlier self-assessed AGR liability AGR dues fixed after the 2019 Supreme Court ruling between FY36 and FY41, which will be `10,608 crore annually. The AGR dues for FY18 and FY19, which were finalised following a September 2020 Supreme Court order, will not be reopened. This amount stands at `124 crore and will be paid annually over the next six years, that is between March FY26 and March FY31 without any change. »INSIDE« HULBEATS Q4 ESTIMATES ON PROFIT, REVENUE P 4 These payments would be over and above the yearly auction-related spectrum installmentswhich the companywill have to pay. Vodafone Idea has spectrum dues of `1.25 lakh crore as of December 31, 2025. It facesauctionrelatedspectrum payment obligations of about `49,000 crore over the next three years. Continued on Page 7 COMMODITYCOSTS SURGEUPTO77% THE ONGOING US–Israel–Iran conflict has driven prices of several key commodities sharply higher due to supply chain disruptions, impacting sectors ranging from agriculture to manufacturing and transportation. Prices of urea, naphtha, and sulphur have also risen significantly, increasing between 55- 77%. The sharp rise in imported urea prices could lead to a substantial increase in the fertiliser subsidy bill in FY27. --Kishor Kadam COMMODITY Urea Naphtha Sulphur Brent crude Crude palm oil $ per MT $ per MT Yuan per MT $ per barrel Malyasian ringgit per ton 858 77.3 Prices as on Apr 30, 2026 936 6,250 118 4,504 % chg from 27 Feb 66.0 54.7 62.8 12.9 Source: Bloomberg VIVEAT SUSAN PINTO Mumbai, April 30 HUL reported a nearly 8% revenue growth in Q4, driven by a 7% underlying sales DESPITE REPORTING ITS growth led byvolumes (at 6%), fastest growth in threeyears in a key indicator of real conQ4, FMCG giant Hindustan sumption rather than priceUnilever (HUL) led expansion.This has flagged nearmarks a notable PRIYA NAIR, term volatility shift from previCEO AND MD, HUL from the West ous quarterswhere Asia conflict.The growth was more company not ...focus remains muted and often on staying onlyfaces a fresh supported by pricchallenge of baling actions. competitive & ancing price “We have seen a protecting hikes and volsequential step-up consumers ume growth but in growth, driven despite some broader issues by decisive actions related to rural and a clear focus recalibration demand and on volume-led forecast of weak growth,” Priya monsoon also Nair, CEO and have to factored Managing Direcin. In Q4, rural tor, HUL, said, growth was adding that the ahead of urban companyexpects FY27 growth, though to be better than the gap between FY26. the two is Continued on shrinking, the Page 5 companysaid. Centre’s equity holding in the company 130 Brent futures ($ per barrel) 120 110 100 90 80 ■ Traders rolled over positions ahead of the June contract’s expiry on Thursday, adding to choppy trading 70 60 50 Jan 2026 Apr 30 ■ Ayatollah Mojtaba Khamenei said that Iran will protect its nuclear, missile capabilities as as a ‘national asset’ Export duty on diesel,ATFcut meanwhile, stood at $116.52 per barrel on April 29, comprising a weighted mix of Brent (sweet) and Oman-Dubai (sour) grades. THE CENTRE HAS sharply reduced export duties on petroleum products, cutting the levy on high-speed diesel (HSD) to `23 per litre from `55.55 per litre and ATF duty Continued on Page 7 to `33 per litre from `42 per litre,according to official notifications issued on April 30, reports Saurav Anand. The revised rates will come into effect from May1. ■ PAGE 2 ...pulls rupee down Bonds return near before RBI steps in March-end lows CHRISTINATITUS Mumbai, April 30 THE INDIAN RUPEE onThursday once again breached the 95markagainstthedollar,hitting a record intraday low of 95.33, amid a sharp surge in crude oil prices. The currency, however, recovered following intervention by the Reserve Bank of India (RBI) which is understood to have made dollar sales. The rupee closed at a fresh low of 94.92, down 7 paise from the previous close. The currency faced intense pressure during the week on account of rising crude oil prices,losing 0.7% against the greenback.SinceJanuary,ithas fallen by 5.6%. Brent prices surged as DHARAMRAJ DHUTIA Mumbai, April 30 Rupee vs dollar 94.92 94.85 Close Previous close 0.07 % Inverted scale much as 7% to trade over $119.50perbarrelintradayon Thursday as US-Iran peace talks stalled. Continued on Page 7 RIPPLE EFFECT GOVERNMENT BONDS ENDEDAprilclosetolevelsseen at the end of the month prior after declining on Thursday, as crude oil prices and treasury yields surged, though dovish centralbankpolicyhelpedcalm some nerves. The local currency hit a record low on Thursday after Brentcrudecrossed$120abarrel, a level last seen in March 2022 after Russia invaded Ukraine. Higher oil prices are a key inflationary and fiscal risk fornet energyimporterIndia. The benchmark 6.48% 2035 bond yield closed at 7.0148%onThursday,upfrom 6.9928% on Wednesday. The benchmark yield touched a FRESH LOW 10-yr govt bond yield (%) 7.02 « US ECONOMIC GROWTH accelerated at the start of the year, bolstered by a massive AI-driven upswing in business investment, reports Bloomberg. Inflation-adjusted gross domestic product increased an annualised 2% in the first quarter. Fresh AGR payment schedule: ■ Brent, the global benchmark, rose more than 7% to trade above $119.50 a barrel before paring some gains to settle around $118 a barrel ■ Top generals were scheduled to brief President Trump onThursday on a military strike against Iran Close 3 bps 6.99 Previous close high of 7.1421% and a low of 6.8648%overthecourseofthe month, after ending March at 7.0345%. Continued on Page 7 Saudi,UAEoilimportsspikeinApril SAURAVANAND New Delhi, April 30 SAUDI ARABIA AND the United Arab Emirates sharply ramped up crude supplies to India inApril,leveraging alternative routes to bypass the Strait of Hormuz disruption, even as traditional suppliers dropped out and Russian imports cooled, according to Kpler data. Saudi shipments rose about 23% month-on-month to 704,000 barrels per day (bpd) in April from 572,000 bpd in March, while the UAE recorded a sharp 191% surge to 591,000 bpd from 203,000 bpd,marking one of the steepest increases among suppliers. The surge has been enabled by rerouting of flows. Saudi Arabia redirected shipments via its 7 million bpd East-West pipeline to the Red Sea port of Yanbu, while the UAE used its STRATEGIC RESET Feb Mar Apr Russian 0 0 137 AI INVESTMENT BOOSTS US Q1 GDP GROWTH IN A MAJOR relief to the debtladen Vodafone Idea, the government has cut its adjusted gross revenue (AGR) dues by about `23,600 crore,ornearly 27%, to `64,046 crore as of December31,2025,following a reassessment by a department of telecommunications (DoT)-appointed committee. In a regulatory filing on Thursday, the company said the DoT had communicated that the committee tasked with reviewing AGR liabilities has finalised the recomputed dues at the lower figure, down fromtheearlierfrozenamount of `87,695 crore. FE was the first to report in its March 6 edition that the committee reviewing theAGR had broadly worked out a reduction of over `20,000 crore from the company’s liabilities. The revised payment schedule is back-loaded. The company will pay a minimum of `100 crore annually over four years from FY32 to FY35, with the balance to be cleared in six equal installments RELIEF MOVE OIL SURGED TO the highest since June 2022,with no end in sight to the US-Iran conflict or choked-off energy flows through the Strait of Hormuz, heightening concerns over a rapidly shrinking global supply cushion. Brent, the global benchmark, rose more than 7% to trade above $119.50 a barrel before paring some gains to settle around $118 a barrel, a fresh high since the Iran war began two months ago. Traders rolled over positions ahead of the June contract’s expiry on Thursday, adding to choppy trading. West Texas Intermediate ended the day just below $107 a barrel. India’s crude oil basket, ON A SLIPPERY GROUND 216 164 104 INTERNATIONAL PAGE 7 OJASVI GUPTA New Delhi, April 30 MIA GINDIS April 29 554 203 591 THE RBI’S DOLLAR short forward positions rose $26.4 billion to $104.16 billion in March– up 34% on month, according to data released onThursday.This marks the first time RBI's dollar short forward positions have crossed $100 billion, report ChristinaTitus & Kishor Kadam. Govt cutsVi’sAGR dues to `64,046 cr « SHORT FORWARD BOOK OF RBI HITS RECORD $104 BN Brent nears $120 aswardrags on 1,036 572 704 MARKETS `100 CROREANNUALPAYOUTS FROM FY32 1,042 1,981 1,564 IN THE NEWS UAE US Iran Saudi Arabia Values are in thousand barrels per day; Data is month to date (date is Apr 29, 2026) Source: Kpler 1.7 million bpd ADCOP pipeline to Fujairah, allowing exports to continue despite disruptions in the Strait of Hormuz. The shift comes amid a broaderrealignment triggered by the West Asia conflict. Sup- plies from key Gulf exporters including Iraq, Kuwait and Qatar dropped to zero in April, with Iraq’s shipments declining 76% from 969,000 bpd in February to 235,000 bpd in March, before collapsing entirely. As traditional Gulf flows weakened,newandalternative suppliers stepped in. Imports fromBrazilmorethandoubled by over 100% to 275,000 bpd in April, while Nigeria rose nearly 77% to 221,000 bpd, reflecting aggressive diversification by Indian refiners. Venezuela re-entered India’s crude basket with 298,000 bpd, marking a returnafternearlyayear,while imports from the United States fell sharply to 104,000 bpd from 164,000 bpd in March, indicating shifting trade economics. After a seven-year gap, India also resumed purchases from Iran,importing 137,000 bpd inApril following a 30-day US sanctionswaiver,reviving a key supply channel that had remained shut since May 2019. Continued on Page 7 Consultation paper onV2X released to shape spectrum and market structure Traimovestoregulatecarsthatcommunicate OJASVI GUPTA New Delhi,April 30 WHAT IF YOUR car could“see” beyond a blind turn,spotting a vehicle braking ahead,oranticipate a traffic light turning red before it even comes into view? That’s the promise ofVehicle-toEverything(V2X)technology.And now, the Telecom Regulatory Authority of India (Trai) has set thewheelsinmotiontomakeita reality. On Thursday,Trai released a consultation paper inviting industryviews on howV2X systemsshouldberegulated—covering everything from spectrum allocation,technologystandards tomarketstructure.Theexercise follows a December2025 reference from the Department of Telecommunications (DoT), which asked the regulator to frame a policy roadmap before large-scale deployments begin. Theideaistoavoidapatchworkof incompatiblesystemsandensure seamlesscommunicationacross vehicles,citiesandnetworks. At its core, V2X takes connectedmobilitytothenextlevel. Today’s premium cars—from brands like Mercedes-Benz and BMW—already come equipped with advanced driverassistance systems, sensors and internetenabledfeatures.Buttheselargely operate within the vehicle.V2X goes further, enabling cars to “talk” to each other, roadside infrastructure, pedestrians’ devices and cloud networks— sharing real-time alerts about hazards that drivers cannot yet see.The big questionTrai is posing: which technology path should India take? One option is cellularV2X,built on 4G and 5G networksandbackedbytelecom operators.Anotherisamoreopen TALKING HEADS ■ Vehicle-to-Everything (V2X) technology can help you “see” beyond a blind turn, spotting a vehicle braking ahead etc ■ Some premium cars — MercedesBenz and BMW — are already come equipped with advanced driver assistance systems, sensors but these largely operate within the vehicle approach,allowingmultipletechnologies to coexist.Spectrum is centraltothisdebate,particularly whether India should allocate partofthegloballyused5.9GHz band—andifso,whetheritshould belicensedorunlicensed. Global playbooks offer contrasting cues. The US initially backed a Wi-Fi-like system (DSRC) but is now shifting towards cellular alternatives. Europe and China are moving moredecisivelyinfavourofcellularV2X,integratingitwith5Gand smart cityinfrastructure.China, for instance,has already piloted V2X-enabled corridors in cities Kolkata ■ V2X goes further, enabling cars to talk to each other, road infra, pedestrians’ devices & cloud networks ■ The paper raises questions on liability in case of failures, and how the data should be owned & shared such as Shanghai and Wuxi, where vehicles interact seamlesslywith traffic systems in real time. Trai is also examining who should control this ecosystem. Should telecom operators sit at the centre, especially if cellular V2X dominates? Or should automakers and infrastructure providers be allowed to build independentnetworks?Theregulator has sought views on whetherexistingtelecomlicences are adequate or if a new regulatorycategoryisrequired. Safety,unsurprisingly,isakey concern.V2X messages could be life-critical,makingsystemsvulnerable to interference orspoofing.The paper raises questions aroundliabilityincaseoffailures, andhowthevastamountsofdata generated—on vehicle movement, behaviour and environment—should be owned,shared andprotected. Then there is the infrastructure challenge.V2Xwill require roadside communication units, integrationwithtrafficmanagement systems and close coordinationwithurbanauthorities. Continued on Page 5