THE BIG IDEA | PAGE 24 BRANDWAGON | PAGE 9 How Snabbit found biz in everyday urban chores COMPANIES | PAGE 4 RoohAfza thrives without celebrity hype or glamour NEW DELHI, MONDAY, AUGUST 3, 2026 FOREVER BRANDS Food delivery rivals clash over growth playbooks FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL LII NO. 133 24 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 A TA , 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 IN THE NEWS INTERNATIONAL PAGE 12 OPEC+ AGREES TO MODEST OIL HIKE FOR SEPT OPEC+ APPROVED an oil production quota increase on Sunday of around 188,000 barrels per day from September, the producer group said. In a note, it said that move completes the unwinding of a layer of voluntary output cuts. COMPANIES PAGE 4 SEBI BLOW HITS ZEE PROMOTERS’ STAKE HIKE PLAN ZEE ENTERTAINMENT'S legal woes deepened after shareholders approved its `3,143.5-crore promoter fund raise and ESOP plan, hours before Sebi barred the firm and its promoters from markets, reports Viveat Susan Pinto. Chinese FDI down to `1 cr in FY26 amid scrutiny INDIA CLEARED only one `1-crore Chinese FDI proposal in 202526, underscoring how strict border-country investment rules have curbed inflows despite policy respite aimed at boosting foreign investment, reports Mukesh Jagota. ■ PAGE 2 Airtel's AI blocks billions of spam calls & messages BHARTIAIRTELhas flagged 86.7 billion spam calls and 3.5 billion spam messages since September 2024, while blocking over 1.1 million malicious links through itsAI-powered fraud detection systems, reports Urvi Malvania. The firm said these interventions have reduced in financial losses among customers. ■ PAGE 4 THE HUMAN FACTOR PLEASE DOTHE NEEDFUL, BUTMAKE ITAN EMOJI P8 MPCLIKELYTORETAINNEUTRALSTANCE,STRIKECAUTIOUSTONE RBI may stay on pause STATUS QUO Organisation State Bank of India Bank of Baroda HDFC Bank Canara Bank IDFC FIRST Bank RBL Bank YES Bank Barclays DBS Bank ICRA India Ratings IndusInd Bank Infomerics Ratings FE POLL OF ECONOMISTS KSHIPRA PETKAR & CHRISTINATITUS Mumbai, August 2 THE MONETARY POLICY Committee (MPC) is expected to leave the repo rate unchanged at 5.25% at its review next week,an FE poll of economists has found. The Reserve Bank of India (RBI) is alsolikelytoretainits“neutral” stance while adopting a cautious—rather than hawkish— tone amid rising inflation risks.The FY27 inflation forecastof 5.1%iswidelyexpected to be left untouched, though some economists believe the GDP growth projection could be raised from the current 6.6%. The MPC meets against a challenging backdrop: elevated crude oil prices, uncertaintyoverEl Nino’s impact on food inflation and persistent geopolitical tensions, even as domestic growth indicators have surprised on the upside. Most of the 13 economists FE spoke with believe these conditions warrant a pause rather than an immediate policy response,withthecentralbank relying on liquidity management tools instead of interest rate changes.Aastha Gudwani and Amruta Ghare, economists at Barclays, expect the MPC to continue its “neutral Change in rate Change in stance Pause Pause Pause Pause Pause Pause Pause Pause Pause Pause Pause Pause Pause Neutral Neutral Neutral Neutral Neutral Restrictive Neutral Neutral Neutral Neutral Neutral Neutral Neutral pause”, arguing that prudence lies in waiting out volatile oil prices and weather-related uncertainties. “There is little reason for the RBI to move rates at this stage,”saidMeghaArora,director and head of economics at India Ratings & Research. Continued on Page 12 PATCHY MONSOON LEAVES ONE-THIRD OF INDIA DRY THE SHARP REVIVAL in rainfall during July after a severely deficient June has reduced India’s overall monsoon rainfall deficit to 12% as of Sunday, but the recovery masks a wide regional imbalance, reports Sandip Das. The southwest monsoon remains active over parts of south peninsular, northeast and central India, though several major states continue to face shortages. Bihar (43%), Andhra Pradesh (35%), Jharkhand (-31%), Uttar Pradesh (-28%), Kerala (-26%) and Karnataka (-26%) have all recorded deficient rainfall so far this season. In contrast, Gujarat has received 22% surplus rainfall and Odisha 20%, highlighting the uneven spread of the monsoon. The India Meteorological Department data show cumulative rainfall from June 1 to August 2 at 410.1 mm against the longperiod average of 463.6 mm, leaving the country, leaving the country with a 12% deficit. Rainfall (in mm, Area-weighted, June 1- August 2, 2026) Actual Normal 410.1 % departure 463.6 12% - State-wise rainfall (% against benchmark) Deficient (-59% to -20%) Normal (-19% to 19%) Ladakh J&K 174 16 Himachal Pradesh -6 Punjab -38 -31 Haryana -6 UP Rajasthan -28 -18 MP 22 -15 Maharashtra Gujarat 8 Goa -38 Karnataka -20 -30 Lakshadweep Uttarakhand Delhi -10 Sikkim -26 Arunachal Pradesh -38 Meghalaya -58 2 Assam Bihar -26 -43 -31 Nagaland 0 Manipur Odisha -41 30 Mizoram -24 Jharkhand Tripura -14 West Bengal 0 Chhattisgarh -6 AP -35 -14 Kerala -3 Excess (20 to 59%) Large excess (60% or more) Telangana Tamil Nadu Source: IMD, benchmark: long period average Andaman & Nicobar Islands 2 WITH DOMESTIC LEADERSHIP SECURED,THE NEXTCHALLENGE IS GLOBALEXPANSION IndiGoat20:Theharderclimbbegins NITIN KUMAR & AKBAR MERCHANT New Delhi/Mumbai,August 2 THERE WAS A time when Maruti Suzuki's identity was almost inseparable from the Maruti800.Affordable,reliable and built forthe Indian middle class, the compact hatchback transformedpersonalmobility much thewaytheAmbassador and Premier Padmini once defined an earlier era. But as incomes rose and consumer preferences shifted, Maruti realised that selling small cars alonewouldnotsustainleadership.SUVsreplacedhatchbacks as the industry’s growth engine,forcingthecompanyto broadenitsportfolio,enterpremium segments and rethink its strategywhile holding on to the efficiency that had made it thecountry’slargestcarmaker. As IndiGo completes 20 years onAugust4,itfindsitself at a similar inflection point. The formula that transformedIndianaviationoverthe past two decades has taken the airline to the top of the domes- THE SCALE-UP THEN NOW 1 aircraft family 440+ aircraft Delhi-Guwahati -Imphal 140+ destinations Domestic LCC A350 longhaul strategy No premium cabin IndiGoStretch No loyalty programme BluChip India-focused Global ambition First flight: Aug 4, 2006 2,200+ daily departures ticmarket.Thechallengenowis not merelyto defend that positionbuttobuildagloballycompetitive airline in a business that demands very different capabilities from the ones that helpeditdominateIndia’sskies. When IndiGo launched operations between Delhi, Guwahati and Imphal in August 2006, Indian aviation The aircraft which took the first flight of IndiGo on August 4, 2006, flying from New Delhi to Imphal was defined by flamboyance. Jet Airways was the country’s premier full-service airline. KingfisherAirlineswaspromising a luxury flying experience. Market share battles were fierce,costswererisingandairlinescompetedasmuchonservice as on scale. IndiGo chose a different path. Instead of chasing glam- our, it focused on execution. Oneaircraftfamily,quickturnaroundtimes,highaircraftutilisation and an obsession with punctuality became the pillars ofabusinessmodelthatprioritised consistency over excitement. The strategy looked unremarkable at the time but proved remarkably durable. Two decades later, Kingfisher has disappeared, Jet Airways has ceased operations and Go First has folded.IndiGo,meanwhile, operates more than 2,200 daily departures, has over440 aircraft in service and anorderbookofmorethan900 aircraft, while carrying over 880 million passengers since its inception. Thefirstphaseofitsjourney was about making flying affordable and accessible. The next will be about something far more ambitious. Rahul Bhatia, the airline’s co-founder and managing director, has described the coming decade as the most significant phase of international expansion in IndiGo's history. For years, the airline's messaging revolved around low fares, punctuality and operational reliability. Today, it is talking about long-haul operations, India as a global aviation hub and building an airline with a much wider international footprint. Continued on Page 12 Trumpsays hewillhold offonfresh Iranattack REUTERS Cairo, August 2 PRESIDENT DONALD TRUMP hassaidtheUSwillholdoffona fresh attack on Iran as long as a deal can be reached quickly to halt Iran’s nuclear ambitions and reopen the Strait of Hormuz. TrumpsaidlateonSaturday onhisTruthSocialplatformthat Iran and other Middle Eastern countries had asked for time to completeadealthatwouldlead to “the Immediate, Complete andTotal”reopeningofthevital strait and “an end to Iran’s nuclearthreat”. He did not name the countriesinthepost,whichfollowed a call with Crown Prince Mohammed bin Salman of SaudiArabia,a US ally. “Basedonthisrequest,Ihave agreed,for the future benefit of the WORLD and, likewise, the survival of a successful and prosperous Iran, to cancel the attack, subject to being able to rapidly make a DEAL,” Trump wrote. Israel “joins me in this commitment”,he said. Trump'sapparentde-escalation afterdays of threats of new attacks from each side was the latesttwistinthewartheUSand Israellaunchedfivemonthsago. Trump and Netanyahu met onTuesdayinWashington,with anIsraeliofficialsayingtheyhad explored all possible paths to curbIran'snuclearprogramme, includingdiplomacy,economic pressure and force. Truststodeepen focusonhealth, education: Noel FE BUREAU Mumbai, August 2 NOEL TATA, TATATRUSTSWILLsharpen its focus on healthcare and education as it enters its next phase, chairman Noel Tata said Sunday,outliningastrategycentred around building institutions with long-term social impact while ensuring philanthropic spending delivers measurable outcomes. Speaking at the IIM Bangalore’s IIMBue 2026 Leadership ConclaveinBengaluru,Tatasaid theTrustswould continue to be guided by the philosophy that has shaped the Tata Group for more than a century. “The founders left their shares in the companies to the Trusts with one message—do good for India.They never said become the biggest company. The companies exist to serve Indiaandimprovethequalityof life,” he said. Tryingtobecomethe biggestwithoutfirst becomingthebest canendindisaster CHAIRMAN, TATA TRUSTS The Trusts, he said, would build on theirlegacyof creating institutions such as the Indian Institute of Science,Tata Institute of Fundamental Research andTata MemorialHospital. Continued on Page 12 WestAsia fuels order rush for IndianEPCcompanies RAGHAVENDRA KAMATH Mumbai, August 2 INDIAN ENGINEERING, PROCUREMENT and construction (EPC) companies are seeing a surge in business opportunities from West Asia as governments and energy majors in the region invest in oil and gas facilities, power transmission networks, renewable energy and water infrastructure. Industry estimates peg the addressable opportunity for Indian EPC companies in the region at around `1 lakh crore this financial year.The pipeline spans new energy and infrastructure projects, upgrades to existing facilities and, potentially,reconstructionworkonce geopoliticaltensions ease. SaudiArabia,theUAE,Oman and Kuwait are among the key markets driving the demand. OVERSEAS DRIVE L&T’s 20% of international order inflows came from West Asia in Q1FY27 ■ After first water project, KPIL evaluating opportunities in West Asia ■ Waaree Renewable Technologies is chasing orders worth 11 GW in West Asia While the conflict in the region has caused some disruption to ordering, shipping and execution,companies say the longerterm investment cycle remains intact, supported by spending on energy security,utilities and economic diversification. Larsen & Toubro (L&T), Kalpataru Projects International(KPIL),WaareeRenewable Technologies,Waaree Energies and Thermax are among the Indian companies eithersecuring projects or bidding for large contracts in the region. L&T on Friday said its energy hydrocarbon onshore vertical had signed a six-year EPC framework agreement with Petroleum Development Oman. Continued on Page 12 BigBasket’s q-comm bet putsTata’s strategyto test VIVEATSUSAN PINTO &ANEES HUSSAIN Mumbai/Bengaluru,August2 BIGBASKET’SDELAYEDSHIFT to quick commerce is proving costly as the Tata Digitalbacked online grocer struggles to regain relevance in India’s rapidly expanding instant deliverymarket. The company reported a 66% year-on-year increase in losses to `3,073 crore in FY26, evenasrevenuegrewonly7.7% to `8,223 crore, according to Tata Sons’latest annual report. The widening gap between growth and profitability underlines the challenge facing new chief executive Amit Nanda— improving unit economics COSTLY TRANSITION Bigbasket (Innovative Retail Concepts) financials Topline 5,893 7,434 7,885 7,673 8,223 FY2022 FY2023 FY2024 FY2025 FY2026 -801 -1,535 -1,267 -1,851 -3,073 Net profit Source: Tata Sons annual reports (figures in ` crore) while rebuilding market share in a sector increasingly dominated by Blinkit, Zepto and SwiggyInstamart. BigBasket began its transition towards quick commerce New Delhi in FY25 and stepped up investments in BBNow, dark stores and fulfilment infrastructure during FY26. Continued on Page 12