BRANDWAGON | PAGE 9 COMPANIES | PAGE 4 How Raj Shamani strikes a chordwith youngviewers INTERNATIONAL | PAGE 13 No one can match us in food, private label: BigBasket CMO KOLKATA, WEDNESDAY, MAY 6, 2026 US says Iran ceasefire holds amid sparring over Hormuz FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 158, 22 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: 77,017.79 ▼ 251.61 NIFTY: 24,032.80 ▼ 86.50 NIKKEI 225: 59,513.12 ▲ 228.20 HANG SENG: 25,898.61 ▼ 197.27 `/$: 95.29 ▼ 0.20 `/€: 111.42 ▼ 0.01 BRENT: $111.25 ▼ $3.19 GOLD: `1,47,018 ▼ `380 Suvendufrontrunnerfor Fresh cracks emerge ahead CMchair;oathonMay9 SRTTFILESCAVEATINCOURT;TEDTBLOCKSREAPPOINTMENTOFVENU,SINGH ofTataTrusts board meet URVI MALVANIA Mumbai, May 5 IN THE NEWS ECONOMY PAGE 2 MOODY'S: INDIA WELL-PLACED TO MANAGE SHOCKS INDIA HAS EMERGED as one of the most resilient large emerging markets in weathering multiple global shocks over the past five years, Moody’s Ratings said on Tuesday, reports fe Bureau. The agency also noted that India is well-placed to manage future shocks. RESULTS CORNER L&T PROFIT FALLS 3% IN Q4, ORDER FLOWS FLAT P4 M&M NET JUMPS 53% ON STRONG SUV DEMAND P4 HERO MOTOCORP PROFIT UP 29.6% TO `1,401 CR P5 PNB PROFIT RISES 14% TO `5,225 CRORE P6 THETATATRUSTSboardmeetingonMay8isshapinguptobe astormyaffair,withfreshfaultlines surfacing across the network.The immediate trigger is the deadlock over the reappointment of Venu Srinivasan andVijaySinghtotheTataEducation and DevelopmentTrust (TEDT), where a lack of unanimityhasstalledtheproposal. The episode has exposed growing divisions within the trustee ranks and raised questions over decision-making cohesion at a timewhen continuity in leadership is critical. In a related development, the SirRatanTataTrust (SRTT) has filed a caveat in the Bombay High Court in response to The reappointment of Venu Srinivasan (left) and Vijay Singh to the Tata Education and Development Trust has been stalled a letterfrom a Delhi-based law firm allegingviolations of Section 30A(2) of the Maharashtra Public Trusts Act.The trust is being represented by Cyril Amarchand Mangaldas and has named KatyayaniAgrawal as the caveatee. Last month, the law firm had written to the charity commissioner, arguing that the composition of the SRTT board violates the amended provisions of the Act. It contended that three of the six trustees are serving as per- petual or lifetime trustees, exceeding the statutory cap of 25% prescribed under Section 30A(2). Friday’s meeting is expected to take up awiderset of issues that have been building over the past few months. Objections relating to reappointment procedures and the validity of certain resolutions across trusts have complicated the governance landscape. The board is also expected to discuss differences between the views of Srinivasan and Singh and the Trusts’ stated position that Tata Sons should remain unlisted. Sources said the matter has been formally included in the agenda. Continued on Page 7 Birla back as Vi chairman after 5 years FE BUREAU Mumbai, May 5 FIVE YEARS AFTER stepping down as non-executive chairman of Vodafone India, Kumar Mangalam Birla has returned to the role. The company said in an exchange filing on Tuesday that Birla has taken over from May 5. He had earlier stepped down from the position on May 7, 2021, after offering to give up his stake in the com- pany to the government. The appointment follows RavinderTakkar’s decision to step down as chairman, which was accepted by the company’s board. Takkar, a non-executive director, will continue to be on the board in a revised role as nonexecutive vice chairman. Takkar, formerly the chief executive of the telco, had moved to the role of chairman in August 2022. Vodafone Idea is a joint venture betweenABG and the UK’s Vodafone Group. It was formed with the merger of the Vodafone India brand under Vodafone and Idea Cellular under ABG in 2018. Since then, the telco has been navigating operational and financial challenges, including sustained subscriber churn, market share loss on revenue and subscriber metrics, high debt levels and the need for sustained capital infusion. Late last week,the government reducedVodafone Idea’s adjusted gross revenue (AGR) dues by roughly 27%, lowering them from `87,695 crore to `64,046 crore, effective as of December 31, 2025. ● Says committed to‘a developed, prosperous,and secure Bengal’ TANUSREE BOSE, LIZ MATHEW & JATIN ANAND Kolkata/New Delhi, May 5 GIANT-KILLER SUVENDU ADHIKARI, who spearheaded the BJP’s ground offensive in West Bengal that breached the TMC citadel to end Mamata Banerjee’s 15-year rule, has emerged as the front runner for the post of chief minister. Hailingtheparty’svictoryas “a triumph for every patriotic nationalist and every BJP worker,”Adhikari,whodefeated BanerjeeinBhabanipurandalso won from Nandigram, said on Tuesday that the BJP was committedto“adeveloped,prosper- »INSIDE« AKBAR MERCHANT Mumbai, May 5 from China,others JLR HAS CUT prices of the UKbuilt Range Rover SUV and Range Rover Sport SV models by up to `75 lakh, to pass on the benefits of the India-UK free trade agreement (FTA) to customers well before the pact’s ratification. The price cuts are effective immediatelyand applyonlyto fully imported UK-built models.Industry sources said JLR’s move positions it as an early mover in leveraging the trade agreement. Other global luxury carmakers are expected to follow suit. BMW, which imports select Mini models from the UK,is awaiting clarity on the trade deal roll-out before revising prices. Also, brands such as MercedesBenz, BMW and Audi may recalibrate pricing once the proposed India-EU trade agreement is finalised. The Range Rover SV is now IN THE FAST LANE critical investments MUKESH JAGOTA New Delhi, May 5 THE GOVERNMENT HAS expedited the process for approving foreign direct investment (FDI) proposals requiring prior approval. It also provided a special carveout for investors from countries sharing land borders with India, such as China, by revising the standard operating procedure (SOP) for applications involving high-priority investments for the country. The move intends to spur capital inflows and give a fillip to the indigenisation of high-tech and new-age manufacturing. The new SOP issued on Tuesdayputs a fresh time limit TO ENSURE BUSINESSES are not starved of working capital due to the adverse impact of the West Asia war, the Cabinet approved a credit guarantee scheme to support additional credit flowof `2.55 lakh crore, reports fe Bureau. ■ PAGE 3 ■ The new SOP puts a fresh time limit of 12 weeks for decisions on FDI applications ■ For investment proposals from countries sharing land borders with India, this period is compressed to 60 days of12weeksfordecidingonFDI applicationsrequiringgovernment approval,while for landborder countries this period is compressed to 60 days. Continued on Page 13 `2.35 cr `4.25 cr `2.75 cr `75 lakh `40 lakh 17.7% 15% NEW PRICE OLD PRICE PRICE CUT REDUCTION priced at `3.5 crore (ex-showroom),down17.7% from`4.25 crore,andtheRangeRoverSport SVEditionTwo at `2.35 crore,a reduction of `40 lakh,or15%. Continued on Page 13 Biotech specialist Claire Mazumdar, 37, will ‘gradually transition’ into role Kiran Mazumdar-Shawpicks niece as Biocon successor FE BUREAU New Delhi, May 5 AT A TIME when Biocon is reshaping itself into a global biopharma powerhouse, its founder Kiran MazumdarShaw, 73, has set in motion a succession plan. The chosen one is her niece, Claire Mazumdar, a 37-year-old biotech specialist who currently serves as founder-CEO of Bicara Therapeutics,a Nasdaq-listed company incubated by Biocon. With a PhD in cancer biology and experience in global biotech ventures, she represents a blend of scientific depth and entrepreneurial exposure. Clairewill graduallytransition into the role, Mazumdar- Shaw said in a social media post, adding “not planning to hang up my boots for a while!” “I am the sole ownerof Biocon, and I need to make sure that I put it in good hands,” Mazumdar-Shaw told Fortune India in an exclusive interview. “Claire has proved to me that she can run a company.” The decision, part of a phased five-year transition plan, comes as Biocon integrates its biologics business, deepens its presence in biosimilars,and sharpens its innovation pipeline. In that context,succession is not merely about leadership change; it is about Claire Mazumdar, founder & CEO, Bicara Therapeutics ensuring the company’s evolution from a founder-led enterprise into a globally competitive biopharma firm. From the family, Claire will be supported by other family members in the broader leadership ecosystem, including her brother, Eric Mazumdar,a professor at California Institute of Technology and an AI expert, and her husband, Thomas Roberts, a renowned oncologist with Massachusetts General Hospital in the US. ThechoiceofClaire—rather thananexternalprofessional— reflects a preference for continuityinbothvisionandculture. The transition is expected to begradual,withClairemoving through leadership roles before eventually taking charge. SHYAM KUMAR PRASAD likely to leave for Kolkata on Thursday. Odisha Chief MinisterMohanCharanMajhiwillbe theco-observerfortheelection. Continued on Page 13 RACE HEATS UP IN CONG FOR KERALA CM POST P18 Nod to credit Two semicon cover scheme units cleared RR Sport SV Ed 2 `3.5 cr ous, and secure West Bengal”. BJP sources said Union Home Minister Amit Shah, who has been named the party’s central observer for the election of the leaderof the legislature party,is EDIT: LEFT BEHIND P8 CABINET CALLS PACT IMPACT Range Rover SV West Bengal Chief Minister Mamata Banerjee, along with TMC leaders, at a press meet in Kolkata on Tuesday. She says, 'We have not been defeated...I will not resign' ■ REPORT ON PAGE 18 ANI VIJAY GOVT MAY HAVE CONG MINISTERS P18 GovtspeedsupFDI UKFTA: JLRslashes approvalprocess pricesbyupto`75L ● Move aims to spur Not defeated, won't resign: Mamata Continued on Page 13 Kolkata THE CABINETAPPROVED two semiconductor projects in Gujarat,entailing total investments of more than `3,900 crore, reports Ojasvi Gupta. These mark the last approvals under the India Semiconductor Mission 1.0. ■ PAGE 3 Sugarcane fair price hiked 3% THECABINETCOMMITTEEon Economic Affairs approved on Tuesday a 3% hike in fair and remunerative price (FRP) of sugarcanetobepaidtofarmers by mills for the 2026-27 sugar season to `365 a quintal, reports Sandip Das. ■ PAGE 3