BACK PAGE | PAGE 24 COMPANIES | PAGE 4 Millennials dominate C-suite asAI reshapes leadership INTERNATIONAL | PAGE 7 TaMo targets 1.2 mn sales, 20% market share by FY31 NEW DELHI, THURSDAY, JULY 9, 2026 OpenAI set to launch most capable GPTmodel today FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LII NO. 112, 36 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 SENSEX: 76,503.60 ▼ 1,677.12 NIFTY: 23,882.05 ▼ 516.65 NIKKEI 225: 66,819.05 ▼ 1,437.91 HANG SENG: 24,199.46 ▲ 702.57 `/$: 95.56 ▼ 0.59 `/€: 108.98 ▼ 0.48 BRENT: $77.88 ▲ $3.72 GOLD: `1,42,073 ▼ `1,497 ECONOMY PAGE 3 CENTRE STAYS THE COURSE ON FY27 CAPEX THE CENTRE’S FY27 capex is firmly on track with no curbs on departments despite fiscal headwinds from global uncertainties, sources said, reports Prasanta Sahu. » INSIDE « ATALE OFTWO CENTRAL BANKERS,WRITES AMOLAGRAWAL PAGE 8 Credit cards losing ground to personal loans: Cibil report CREDIT CARDS ARE losing ground to personal loans and other consumption-credit products as banks are no longer playing on the volumes and are preferring customers with higher balances, according to a new research report by TransUnion CIBIL, reports fe Bureau. ■ PAGE 6 Assets managed by investment advisers jump 2x EVEN AS EQUITY markets have remained under pressure, assets managed by registered investment advisers have nearly doubled since the beginning of 2024, data released by the Association of Mutual Funds in India showed, reports Kushan Shah. ■ PAGE 6 Trump torpedoes ceasefire Markets log worst day in over three months 78,180 Sunsex:July7(close) Kospi worst performer in Asia -5.35 Top five, % change on July 8 2.15% Rupee posts steepest one-day slide in a month, worst in Asia South Korea -2.15 -2.11 -1.89 -1.74 % change on July 8 India Japan Indonesia Rupee -0.62 Thai Baht -0.51 Japanese Yen -0.22 Investor wealth registers worst slip in two months Thailand Malaysian Ringgit `8.97 lakh cr ● Iran threatens to close Hormuz if struck -0.17 Philippine Peso -0.12 Top sectoral losers (%) -2.72 Private banks -2.52 FMCG -2.49 Financial services -2.45 Auto -2.23 PSU banks AGENCIES Ankara/Dubai, July 8 VIX surges in its biggest one-day rise in 16 months US PRESIDENT DONALD Trump said an interim agreement to end the war with Iran was“over”and that the United Stateswas likelyto launch new strikes on Wednesday night following Iranian attacks on US bases in the Gulf. In a flare-up of hostilities, Iran said on Wednesday it had targeted US military sites in Bahrain and Kuwait after US forces struck Iranian targets in response to attacks on tankers in the Strait of Hormuz during the week. It also threatened to close the crucial Strait of Hormuz if struck again. 16 14 10 Explosion in Bandar Abbas, Iran, in latest flare-up DONALD TRUMP, US PRESIDENT EDIT: BACK TO SQUARE ONE PAGE 8 ONDC platform may delay launch July 8 (close) July 7 (close) REUTERS 76,503 July8(close) TRUMP ORDERS HALTTO TRADE WITH NATO ALLY SPAIN, RAISING TENSIONS OVER WAR PAGE 7 ANOTHER COURSE ■ India’s food delivery business, currently estimated at around $9 billion, is expected to nearly triple to about $25 billion by FY30 ANEES HUSSAIN Bengaluru, July 8 ■ The market is now FLIPKART HAS DECIDED to enter the food delivery space through a standalone app ratherthan a buyer-side application on the governmentbacked open network for digital commerce (ONDC), according to multiple people aware of the development.The move marks a strategic shift as the Walmart-owned company lookstobuildahigh-frequency consumerbusinessaheadofits planned domestic listing. The decision settles a question that had remained open for months. When Flipkart’s food delivery plans were first 26.01% I don’t want to deal with them anymore, they’re scum...They’re sick people. They’re led by sick people.And they’re vicious,violent people...As far as I’m concerned,it’s just a waste of time dealing with them.They’re liars Flipkart charts independent route for food deliveryforay ● Decision to skip 11.65 12 Continued on Page 12 »INSIDE« 14.68 dominated by Zomato and Swiggy, and Flipkart’s entry is expected intensify competition Flipkart’s move fits into its broader strategy of strengthening its consumer ecosystem before the expected IPO in late 2026 or early 2027 reported in February,the company was evaluating two options: building an independent app orleveraging ONDC’s network to enter the category more quickly. By opting for a standalone platform, Flipkart is choosing greater ownership of the business,including cus- tomer experience, merchant relationships and data, over the faster market access that ONDC could have provided. The independent course, however, is expected to push back the launch timeline. Continued on Page 7 AUTO ZONE BMWclosesin onMercedes BMWGROUPINDIA has come closer than ever to displacing long-time luxury car market leader Mercedes-Benz India, narrowing the sales gap to just 693 units in the first half of 2026 as strong demand for electricvehicles (EVs) helped it record its highest-ever January-June sales, reports Vikram Chaudhary. ■ PAGE 4 Honda to offer flex-fuel bikes HONDA MOTORCYCLE & Scooter India (HMSI) – the country’s second-largest twowheeler player – is readying a multi-fuel product offensive centred around EVs and alternative fuels to drive growth in FY27, and will leverage its extensive global technological expertise towards the same,its top executive said, reports Vikram Chaudhary. ■ PAGE 4 China still powers India’s strategic industries.Afour-part series maps the dependencies — and the road out USwaiverblowmay stall refiners’plans, raise India’s oil risks SAURAVANAND New Delhi, July 8 INDIAN REFINERS’ MEDIUMTO-LONG-TERM plans to explore crude purchases from Iran may be hit after the US revoked sanctions waivers on Tehran’s energysupplies amid a flare-up in tensions in West Asia. The latest escalation, which pushed Brent crude up 8% to above $80 a barrel, brought energy-security risks back into focus for India. Although Indian refiners are not currently importing Iranian crude, they had been examining the possibility of resuming purchases if sanctions were put on hold longer or permanently waived. As reported by FE earlier, refiners were in discussions with Tehran for more favourable commercial terms, including deferred payments and longer credit periods. One refinery official said companies were waiting for policyclaritybefore taking any call.“Refiners are in wait-andwatch mode. Discussions on BRENT CROSSES $80 A BARREL Brent crude prices ($ per barrel) 82 78 80.09 8% 80 74.16 76 74 72 70 July 7 (close) July 8 at 9.30 pm IST Iranian crude may now slow down, but these were always medium-to-long-term plans. India does not buy sanctioned oil. We hope this remains a short-term disruption and that efforts for peace in the region continue,” the official, speaking on condition of anonymity,said. Continued on Page 12 Julyrains 42% surplus, boost kharif prospects SANDIP DAS New Delhi, July 8 FARM FACTOR OVER 42% SURPLUS rainfall in July has reduced the overall monsoon rainfall deficit to 15.2% from 40% at Juneend, with a reduction in the number of districts witnessing a shortfall in rains to 178 from 262,Agriculture Minister Shivraj Singh Chouhan said on Wednesday. Due to the‘active’phase of monsoon since last week over the rain-fed core zone of central India,the region received 4% surplus rainfall, a sharp improvement from 50% deficiency reported at the end of last month. “Several parts of the country have received good rainfall in recent days,resulting in the reduction in the number of rainfall-deficient districts and rainfall would gain further momentum during July, leading to an acceleration in kharif sowing,”Chouhan said. Rainfall deviation (% change, LPA)* 4 -14 -15.2 -15 -39 All India THE IMF ON Wednesday lowered India’s growth forecast by 10 bps to 6.4% for FY27 but said it remains among the fastest-growing major economies, reports fe Bureau. The agency, however, raised its FY28 growth forecast to 6.7%, up from its previous estimate of 6.5%. South Peninsula IMF LOWERS FY27 INDIA GROWTH ESTIMATE TO 6.4% Central India PAGE 2 East & North-east ECONOMY US PREZ DECLARES PEACETALKS ‘AWASTE OFTIME’, SENDING OILHIGHERAND MARKETS BACK INTO RISK-OFFMODE Northwest IN THE NEWS Source: IMD, *based on rainfall received between June 1 – July 8, 2026, long period average (LPA) This is expected to give a boost to sowing of paddy, pulses, oilseeds and cotton. Sowing till last week had been lagging with the overall sown area being 35.08 million hectare (Mha), down 21% year-on-year. Central India accounts for a third of the area under main kharif crops, namely paddy, pulses and oilseeds. Despite the revival of monsoon rains this month, a rainfall deficit of 39% in east and northeast India continues to be a matter of concern as it may impact sowing in Bihar (-53%),Uttar Pradesh (40%) and Jharkhand (-40%). In terms of regional distribution, northwest (-15%), east/northeast (-39%) and south peninsular (-14%) have received deficient rainfall so far this monsoon season. Chouhan said that the delay in monsoon progress this season has impacted soyabean and cotton crops, and urged farmers to shift to less water-intensive crops such as maize, bajra and moong. The ministry has identified 111 districts as most vulnerable because they have less than 25% irrigation. Continued on Page 7 India’sAPIself-relianceisstillalonghaul Auto,banks may power THE DRAGON BITTER PILL Top 5 APIs imported by India Total imports (in $ bn) Share of the product (%) China's share in imports (%) IN THE SUPPLY CHAIN-IV MANU KAUSHIK New Delhi, July 8 INDIA'SDRUGMAKERSHAVEa global repute, and they supply nearly half of all generic medicines sold at retail pharmacy outlets in the US. As soon as a newdruglostpatentprotection, theyhitthemarketwithacceptable-quality bioequivalent generic alternatives. However, thisdexterityisnotyetmatched in the “bulk drugs” segment.A third of active pharmaceutical ingredients that go into formulations manufactured in the countryarestillbeingimported. In2024-25,Indiaimported 200 categories of APIs, bulk drugs,and drug intermediates worth $4.35 billion. China accounted for nearly 74% of Nitrogen heterocyclic compounds 68.1% 2020-21 73.7% How India meets its API requirements Domestic manufacturing Imports 65-70% 30-35% these imports. The continued relianceontheneighbourisfor a clutch of APIs such as nitrogen heterocyclic compounds, amino mixtures, oxygenated carboxylic acids, heterocyclicoxygencombinations,andcertain antibiotics. Despite the productionlinked incentive (PLI) scheme for bulk drugs launched in 76 26 1.9 86 Amino compounds 2024-25 2.4 Antibiotics China's share in India's API imports 32 12 0.9 73 Oxygenated carboxylic acids 7 0.6 66 Heterocyclic compounds with oxygen 7 0.5 73 March 2020 catalysing investments totalling over `4,800 crore, China still supplies 6686% of theAPI categories that India imports. To be sure, China’s share in overall API imports by India has risen from 68% in 2020-21. It is a curious situation: accordingtogovernmentdata, India is already a net exporter (Figures for 2025) of APIs with outward shipmentstouching`41,500crore in 2025-26, against imports worth `39,215 crore (including supplies of `29,000 crore from China). Domestic API capacity caters to nearly 70% of the demand.Yet,reliance on China persists and even continues to rise at least in nominal terms.The rapid growth of the country’s export-intensive drugindustrycouldbeonereason for this, but the stickiness of product-specific dependence on China needs to be fixed,experts feel. Chinese API producers have a substantial cost advantage in comparison to Indian firms. Estimates show APIs sourced from China are typically 35-40% cheaper than those produced domestically, aided by large-scale production facilities. Favourable climatic conditions that lower energy requirements during certain stages of production, government-support through subsidised utilities and industrial infrastructure also make Chinese products cheaper. Over the years, the pricing edge has eroded the commercialviabilityof several domestic API units, discouraging investments in fermentationbased manufacturing. Continued on Page 7 earnings; OMCs drag RESULTS PREVIEW KISHOR KADAM Mumbai, July 8 THE COST OFWAR Nifty-50 Sales (in %) 6.7 8.5 9.8 12.2 19.0 Jun CORPORATE EARNINGS FOR the war-hit June quarter are expected to remain resilient despite a sharp rise in energy and commodity prices.Exporters are likelyto have benefited from the weaker rupee, although industries dependentonoil-basedinputswould have faced higher costs. With consumerdemandholdingup, aided by GST cuts and income tax relief, many companies also took calibrated price increases to protect margins. Netprofits of Nifty50companies are expected to rise by Sep Dec 2025 Ebitda (in %) 4.5 Jun Mar Jun (E) 2026 12.7 6.7 5.0 6.6 Sep Dec 2025 Mar Jun (E) 2026 PAT (in %) 7.5 2.6 9.8 6.6 9.8 Jun Sep Dec 2025 Mar Jun (E) Ma 2026 Source: Kotak Institutional Equities estimates just under 10% year-on-year. Forthe BSE Sensex companies, however,profit growth islikely to be a more modest 5%, according to estimates by Kotak Institutional Equities. Metals and mining, auto- New Delhi mobiles, non-banking financial companies (NBFCs) and telecom are expected to drive overall earnings growth in the first quarter of FY27. Continued on Page 7