WORDS WORTH WELL BEING Will the recent crackdown on injectable cosmetic products bring more accountability and consumer safety in India's rapidly growing beauty and skincare market? Page 9 Innovation against odds FE LINES Why Gen Z prefer to use dark mode for their phones Page 8 More than just a colour scheme NO MORE A SHOT IN THE DARK How China’s technology sector is adapting to a world increasingly trying to constrain it Page 4 LIVING Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM VOL. XXII, NO. 48 THE END OF WORKWEAR FINANCIAL EXPRESS ON SUNDAY KOLKATA SUNDAY, JULY 26, 2026 16 Pages, `12 (NE States `13 & 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 , Boundaries have blurred, as clothing moves seamlessly from work to wine Page 7 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , CJP calls off protest as Pradhan resigns FE BUREAU New Delhi, July 25 ● Govt accepts all demands to end 36-day agitation PRESS TRUST OF INDIA New Delhi, July 25 ■ SPOTLIGHT, P5 Global warning While melting glaciers, rising sea levels and extreme temperatures are well known, we are waking up to another crisis arising out of climate change — lost GDP ■ LEISURE, P6 Passion to profit From `3-cr prize pool to 2-BHK home, anime’s brush with ‘big money’ is going beyond art in the world’s second-largest market for the Japanese art form FIIs cut stakes in 74% of Nifty companies FOREIGN INSTITUTIONAL INVESTORS (FIIs) reduced their holdings in 74% of the Nifty 50 companies (37 out of 50) during the quarter ended June 2026, according to data sourced from Capitaline. They cut their stakes by 1% to 3.61% in 18 companies, while the decline was limited to less than 1% in another 19 companies. In contrast, FIIs increased their holdings by up to 9.59% in the remaining 13 Nifty companies. — Compiled by Kishor Kadam FIIs stake (%) June 2026 Mar 2026 Max Healthcare Eternal HDFC Life Insurance Cipla Adani Enterprises HDFC Bank Bharat Electronics Reliance Industries Sun Pharma Infosys Source: Capitaline THE COCKROACH JANTA Party on Saturday called off its 36-day agitation after Education Minister Dharmendra Pradhan resigned and the government accepted all its other demands. Pradhan announced his resignation in a statement,saying the developments of the past 10 days had ‘saddened’him deeply and that the issue was “not a matter of personal prestige”. Noting that he did not want ‘anti-national forces’to exploit the situation, Pradhan said he wantedtoensurethat“theunity of the nation remains intact”, “the future of even a single studentshouldnotbecomeentangledinlegalcomplications”and that students devote their time building careers. “Keeping all these considerations in mind,I have sent myresignation to the Hon’blePrimeMinister,”hesaid. Later, President Droupadi Murmuacceptedtheresignation. Thegovernmentannouncedthat Pralhad Joshi, minister of consumeraffairs,foodandpublicdistribution,andnewandrenewable energy,willtakeadditionalcharge oftheeducationministry. Continued on Page 2 Q-o-Q chng 45.39 41.78 30.84 27.43 22.52 19.27 22.49 20.15 10.80 8.77 38.16 36.26 19.50 18.02 18.21 16.78 15.93 14.53 26.31 24.97 -3.61 -3.41 -3.25 -2.34 -2.03 -1.90 -1.48 -1.43 -1.40 -1.34 CJP founder Abhijeet Dipke celebrates with supporters following Union Education Minister Dharmendra Pradhan’s resignation, at Jantar Mantar on Saturday Whatchangedin48hrs? RITIKA CHOPRA, JATIN ANAND, SHUBHANGI KHAPRE Mumbai/New Delhi, July 25 TILL JUST ABOUT 48 hours ago, the resignation of Dharmendra Pradhan was not on the radar, said top sources in the Bharatiya Janata Party and the government. But the assessment on three specific aspectsseemtohaveprompted the action. One, the protests gained further momentum in Delhidespitepoliceaction,and Irdaichiefquestions industrycostmodels ● Flags the high distribution costs of intermediaries FE BUREAU Chennai, July 25 FLAGGINGTHEHIGHdistribution costs of brokers and insurance intermediaries,Insurance Regulatory and Development Authorityof India (Irdai) ChairmanAjay Seth on Saturday said some of them have expense structures matching or evenexceedingthoseof insurance companies. “There is no reason why distributor brokers, some of you, should have expense structures matching or exceed- AJAY SETH, CHAIRMAN, IRDAI If30%isbroker’s cost,howwill insurersdobusiness afterthat? ingthatofinsurers,”Sethsaidat the silverjubilee celebrations of the Insurance Brokers’AssociationofIndia(IBAI)inNewDelhi. On financial prudence and the health of the sector, Seth said the regulator has receivedrepresentations on cost structures of some large brokers, whereexpensesaccount for 30% or more of the premium earned. Continued on Page 2 Concerns over House washout, larger protests spread across manycities.Two, the government’s actions — fast track courts, shifting of higher education secretary, a Bill with harsh measures to present paper leaks, and sacking of 47 NTA officials — did not cut ice with protesters. Continued on Page 2 PTI Dipke will never join politics: Dad “GOING TO TAKE a nap. See you all in a little while.” At 4:32 pm on Saturday, Abhijeet Dipke posted on X two lines that would sound inane on any other day. But this wasn’t any other day — just two hours earlier, at 2:18 pm, Dharmendra Pradhanannouncedhewas resigning from his post as Union education minister. Continued on Page 2 EVEN AS INDIA continues to engage with the United States on trade tariffs as part of the bilateraltradeagreementnegotiations, the Ministry of Commerce and Industry on Saturday said an estimated 45% of India’sexportstotheUSremain outsidethepurviewoftheadditional 10% Section 301 duties imposed effective July 24.The ministry said 55% of exports will attract the additional 10% duty, which is lower than that for most other economies affected bythe tariffs. The US Trade Representative (USTR) had announced the final measures under Section 301 of the US Trade Act, 1974, onThursday.The measures follow USTR’s investigation into the acts, policies and practices of 60 economies relating to the impositionandenforcementof prohibitionsonimportofgoods producedwith forced labour. A substantial share of India’sexportstotheUS,which currently attract zero additional duties, such as generic pharmaceuticals, smartphones and certain otherspecified products, continue to remain outside the scope of the additional 10% duty, the ministrystatement said.Products already covered under Section 232 measures,including steel, aluminium and auto parts, are not subject to the additional 10% duty. India continues to engage with the US on textile-specific VAISHALI DAR New Delhi, July 25 WHETHERIT'SCONCEALING ablemishbeforeajobinterview, eveningoutskintoneforavideo call or wearing eyeliner to a party,more men are embracing makeup — not as a fashion statement alone, but as a grooming essential. Cosmetics from concealers and BB creams to tinted moisturisers, brow gels and lip tints are dailyroutine formanymen, withthesegmentreflectingone of the fastest growths in the beautyindustry. As per Future Market Insights,the global male colour cosmeticsmarketwasvaluedat $19.7billionin2025andisprojected to reach $55.1 billion by 2036, growing at a CAGR of 9.8%.Foundationsareexpected to account for nearly one-third ofthemarket,whilenaturaland organic products are projected to comprise more than 40%. India is not far behind. As perIMARCGroup,India’smale grooming products market reached $2.45 billion in 2025 and is projected to reach $4.46 billion by 2034, growing at a CAGR of 6.66% during 20262034. Although the category VIKRAM CHAUDHARY New Delhi, July 25 INDIA’S TRANSITION TOWARDS alternative fuels is revealing a stark difference between two-wheelers and four-wheelers. While CNG is emerging as the fuel of choice in cars — it surpassed the 1million sales milestone in FY26 — the world’s first CNGpowered motorcycle is struggling to find buyers after its initial sales burst. Data sourced from industry shows that CNG captured 21.7% share of total PV sales in FY26, driven by portfolio expansion from Maruti Suzuki, Tata Motors, and Hyundai, but the story isn’t repeating in two-wheelers, neitherin terms of sales norin terms of model launches. NO TAKERS Bajaj Freedom 125* sales (in units) 74,730 17,959 FY25 FY26 644 April 2026 550 May 2026 * Freedom 125 is world's first CNG-powered motorcycle Bajaj Auto launched the Freedom 125 on July 5, 2024, and itwas hailed as a potential game-changer for daily commuters. Early curiosity and strong initial dispatch numbers helped the bike clock 32% NEW GROOMING ESSENTIALS $4.46 bn 40% Size of India's male grooming products market by 2034 78% of Indian men occasionally switch makeup brands to explore new options of men bought new makeupproductsthatthey never tried before in 2024 65% believe men care about appearance as much as women do has traditionally been dominated by shaving products, deodorants and fragrances, a new crop of brands is expanding into complexion products such as concealers,BB creams, tinted moisturisers and spot- correction sticks designed specifically for men. Ahmedabad-based Yaan Man,foundedin2021byRahul Shah and backed bySharkTank India,is one of the earlymovers in the space.The company sells D E L H I , P U N E ADVANTAGE INDIA ■ New tariffs provide relative advantage to exports in key sectors ■ Generic pharma, smartphones continue to remain outside purview ■ Products under Sec 232 like steel, auto parts, aluminium, not subject to additional duty India gains advantage over China, Vietnam, Thailand & Türkiye, who will be charged 12.5% ■ mechanisms as part of the India-US BTA. India has not received the textile and apparel tariff-rate quota (TRQ) exemption under the forced labour tariff. The exemption applies to specifiedvolumes of textile and apparel exports from Bangladesh, Cambodia, Indonesia, and Malaysia that use US-origin cotton and fiber. By banning import of goods produced using forced labour, India has managed to reduce the additional tariffs to 10% from 12.5%, which the US had proposed to impose on its exports. Continued on Page 2 Why CNG is fuel of choice for cars, not two-wheelers 74,730 units in FY25. But into its second year, Bajaj Freedom’s sales dropped by 76% to just 17,959 units.The downward curve is continuing, with the Freedom selling merely 644 Makeup breaking gender barriers as men blush & tint ● Men’s makeup fast growing sector in beauty industry N E W Govt says 45% exports to USout ofSec301tariffs PRALHAD JOSHI NEW EDUCATION MINISTER WHAT'S INSIDE M U M B A I , Growth in men's grooming products on Flipkart concealers, foundations, primers,tintedmoisturisersand setting sprays formulated for men’sskinofferedinshadestailored to Indian complexions. The startup has expanded rapidly, growing from `1 crore in revenue in 2024 to an expected`13crorethisyear,driven primarily through online sales.“Our target consumers — men aged 24 to 35 years — are open to experimenting and are no longer constrained by out- Kolkata dated stereotypes,” said Shah. Rather than competing on discounts, the company is targeting premium consumers willingtopayforspecialisedformulations. “We’ve crossed 20,000 orders with an average order value of `1,600 in 2025. Our customers aren’t looking for the cheapest option,they’re looking for products designed specifically for men’s skin that deliverresults,” Shah added. Consumerbehaviouris also changing rapidly.According to Mintel, 40% of men purchased a new grooming product in 2024 they had never tried before, up from 33% a year earlier. Continued on Page 2 units in April and 550 units in May 2026. Industry observers said that economics and physics killed the Freedom. They said that in cars,dual-cylindertech (Tata and Hyundai) has largely preserved boot space, while large under-floor tanks (Maruti Suzuki) give more than 300 km of CNG range, and even if you drive 50-60 km per day, the `3-per km running cost difference between CNG and petrol offsets the higher purchase price of a CNG car, which is usually `1 lakh more than the same petrol variant. For taxi drives who drive a lot more, CNG makes even more sense because of its lower running costs. Continued on Page 2 $100k H-1B visa fee revival bid rejected A US federal appeals court has refused to stay a lower court order striking down the Trump administration's decision to impose a $100,000 fee on H-1B visas for highly skilled foreign workers. ■ PAGE 16 Houthis fire missiles at Saudi Arabia YEMEN's Iranbacked Houthi rebels said on Saturday they fired missiles and drones at Saudi Arabia in response to Saudi airstrikes on the strategic Red Sea city of Hodeida. ■ PAGE 16