THE BIG IDEA | PAGE 16 BRANDWAGON | PAGE 9 How one idea brought three biz needs together INTERNATIONAL | PAGE 12 Brands weigh returns on festive influencer spending HYDERABAD, MONDAY, OCTOBER 26, 2026 Musk: Ukraine misused Starlink to kill people FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. NO. XXIII 148, 16 PAGES, `12 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 IN THE NEWS ECONOMY PAGE 2 FIRMS GET MORE TIME FOR FY26 ANNUAL FILINGS THE MINISTRY OF Corporate Affairs has extended FY26 annual filing deadlines, allowing firms to submit financial statements by December 31, 2026, and returns by January 31, 2027, reports Manu Kaushik BACK PAGE PAGE 16 KANNADIGA BIAS: SHIVAKUMAR WARNS IT FIRMS KARNATAKA CM DK Shivakumar on Sunday warned IT firms of action if found discriminating against Kannadigas in hiring, reigniting a politically sensitive debate shelved by the state government two years ago. OPINION PAGE 8 FPI FLOWS: FROM IGNORANCE TO DISMAY, WRITES AJIT DAYAL Govt shoulders half the risk of deep-sea drilling THE GOVERNMENT will fund up to half the cost of exploratory wells under its `84,084-crore Samudra Manthan scheme, sharing losses from unsuccessful drilling, reports Saurav Anand. Companies striking commercially viable oil or gas must repay the support received. ■ PAGE 2 Tata Motors faces final hurdle in Iveco takeover TATA MOTORS’ €3.9-BILLION acquisition of Iveco faces a crucial shareholder participation test on Monday, as it seeks full ownership and delisting of the Italian truckmaker. Its final €14.40per-share offer closes Oct 26, with success hinging on investors tendering enough shares, reports Akbar Merchant. ■ PAGE 4 THE HUMAN FACTOR THE ONE JOBAI CAN'T FAKE PAGE 8 GROUPOPENTO EITHER SHARE BUYBACK OR LISTING SPGroup seeks fairvalue for itsTata Sons holding ● Mistry family neutral on Tata dispute UNLOCKING VALUE `55,000-60,000 crore estimated debt of SP Group, which makes stake monetisation a priority ■ SP Group, which holds RAGHAVENDRA KAMATH Mumbai , October 25 THE SHAPOORJI PALLONJI (SP) Group,which owns 18.4% ofTataSons,isseekingafairvaluation for a partial or complete exit from the holding company andisopentoeitherasharebuyback or a listing, according to people familiarwith the Mistry family’s thinking. Thefamilyisnottakingsides in the dispute between Tata TrustsandTataSonsoverChairman N Chandrasekaran’s reappointment and the holding company'spotentiallisting,the people said. Its priority is an early resolution that would allowit to unlockvalue from its investment and reduce debt. “Thefamilywantsafairsolution. It is comfortable with 18.4% `21,500 cr stake in Tata Sons, seeks a partial or full exit from Tata Sons refinancing and `3,500 cr bond repayment eased the pressure Proposed `25,000-crore buyback could help SP Group monetise 2-3% stake ■ Proposed buyback would spread payments over 18 months ■ A 3% stake sale implies a valuation of about `8.3 lakh crore either a listing or a buyback by Tata Sons,” one person said.The SPGroupremains“equidistant” fromthetwosidesanddoesnot wishtobecomeinvolvedintheir differences,the person added. Thecommentscomeaftera proposal for Tata Sons to buy back shares worth `25,000 crore was raised at the com- ■ SP Group faces no repayment deadlines in Oct-Nov, offering near-term relief ■ ATata Sons listing offers a market-based valuation and alternative exit route for SP pany’s Septemberboard meeting.TataTrusts Chairman Noel Tata, who is married to Aloo Mistry, sister of SP Group Chairman Shapoor Mistry,put forward the proposal, according to the people cited. Under the proposal, SP Groupwouldsellabout2-3%of Tata Sons’equity.At a 3% stake sale,theproposedconsideration would imply a valuation of roughly `8.3 lakh crore for the holding company. The group expects the proceeds to be paid over18months,thepeoplesaid. Thevaluationwoulddifferifthe percentage soldwere lower. Continued on Page 11 Mustshieldbanksfromcyberterrorists:PM »INSIDE« SUJIT BISOYI Bhubaneswar, October 25 WARNING THAT MODERN wars are not fought with weapons alone but also by targetingeconomies,PrimeMinister Narendra Modi on Sunday underlined the need to protect India’s banking system from “cyberterrorists”.Hewasspeaking at the inauguration of the Reserve Bank of India’s (RBI) Data Centre and Cybersecurity Training Institute here. “Weallknowthatnowadays, wars are not fought with weapons alone. A country can also be weakened by targeting its economy. As India grows stronger economically, safeguarding our banking system against cyber criminals and SBI TARGETS DORMANT ACCOUNTS TO CURB FRAUD PAGE 6 PM Narendra Modi at the inauguration of RBI’s data centre in Bhubaneswar on Sunday. Finance Minister Nirmala Sitharaman PTI and RBI Governor Sanjay Malhotra are also seen cyber terrorists has become essential,” he said. Modi said the nature of cyberthreatsisevolvingrapidly andcannotbetackledwithoutdatedsystems,traditionaltrainingmethodsandtools.“Weneed modern infrastructure and a skilled workforce to meet these challenges effectively.The role ofthenewCybersecurityTrainingInstituteissignificantinthis context,” he said. Modisaidthatwhilethepast decade was about extending banking services to those who didn’t have access before, the coming decade would be about making banking more efficient and trustworthy.“This requires robust data centres and powerfulcomputingsystems,”hesaid, emphasisingtheneedtosecure the digital infrastructure. PHASED TRANSITION INDIGO WILL SHIFT 12 daily international departures from MumbaiairporttothenewNavi Mumbai International Airport (NMIA) between February and July 2027, while Air India Express will move selected domesticandWestAsiaservices from December, as the Adani group prepares to redevelop Mumbai airport’s Terminal 1. Global airlines, however, continue to oppose the proposed reallocation of air traffic to the newterminal. The phased transition, announced jointly by the airlinesandAdaniAirportHoldings onSunday,willredistributetraf- ■ IndiGo to shift 12 ■ Air India Express to begin international departures moving selected flight between Feb & July 2027 services from December fic between the two airports servingtheMumbaimetropolitanregion.Themoveisintended to ease capacity constraints at theChhatrapatiShivajiMaharaj International Airport (CSMIA) andcreateroomfortheredevelopment of Terminal 1,which is expected to require a reduction in capacityby2030. IndiGo plans to begin internationaloperationsfromNMIA inFebruary2027,progressively shifting existing services to Bahrain,Riyadh,Dammam,Jeddah, Madinah, Kuwait, Ras Al Khaimah, Fujairah, Muscat, Dhaka and Jakarta. It will also introduce Kathmandu as a new destination. The airline will ANEES HUSSAIN Bengaluru, October 25 THE FESTIVE SHOPPING rush is proving an uneven windfall for the workers who keep the e-commerce and quick-commerce platforms running. While softer online sales have prompted e-commerce companies to cut seasonal hiring, the shift towards quick commerceisdoinglittletoliftdelivery partners’ earnings, with per-order payouts largely unchanged despite rising demand. Horizontal e-commerce platforms have hired 20-30% fewer seasonal workers than planned at the start of theyear, while increasingly linking warehouseworkers’dailyearnings to order volumes, according to staffing firms FE spoke to. Quick commerce, meanwhile,isseeingfastergrowthin demand for gig workers, but platforms are relying on attendance and performancelinked incentives rather than raising base payouts. The contrasting trends reflectanunevenfestiveseason forworkers.Deliverydispatches duringthefirst10daysofAmazon’s Great Indian Festival and Flipkart’s Big Billion Days, which began in early October, fell10-12%year-on-year,while gross merchandise value declined 7-10%, according to Cancer drug prices can rise despite margin cap MANU KAUSHIK New Delhi, October 25 move the domestic services requiredtofeedpassengersinto these international flights, enabling connections through Navi Mumbai. The final dates for the transition will be announced after coordination with the airport operatorand receipt of the necessaryoperating approvals.The shiftwillalsofreeupcapacityat Mumbai airport for IndiGo’s international expansion in 2027,including services across Asia,AfricaandEuropeusingits growingfleetofA320/A321aircraftandA321XLRs.Anyfurther adjustmentstoitsoperationsat Terminal 1 will be accommodated atTerminal 2. PATIENTS BUYING CANCER medicines may not get lasting relief from the government’s latest price control measures as drugmakers remain eligible for annualpriceincreasesevenafter revising prices under the new order.TheNationalPharmaceutical Pricing Authority (NPPA) hasclarifiedthatcompaniescan stillclaimtheseannualincreases under the Drug Prices Control Order,(DPCO) 2013. Through an October 17 order, the NPPA capped trade margins at 30% of the maximumretailprice(MRP)fornonscheduled cancermedicines. Under Paragraph 20(1) of DPCO 2013, manufacturers of non-scheduled medicines can raise prices by up to 10% over a 12-monthperiod.Unlikescheduled drugs,whose ceiling prices are revised annually from April 1basedonchangesinthewholesale price index (WPI), nonscheduled medicines do not have a common annual price revision date. Continued on Page 11 Continued on Page 12 Continued on Page 12 IndiGo,AI blink on NMIA flights AKBAR MERCHANT Mumbai, October 25 Festive rush fails to boost gig jobs,payremains flat RISINGATTACKS PUSH UP COVER SIZES, BUTINDIAACCOUNTS FOR LESSTHAN 1% OF GLOBALPREMIUMS Cyberrisksfuelinsurancedemand,butgapspersist NARAYANAN V Chennai, October 25 A SURGE IN cyberattacks targeting critical digital infrastructure and softwarevulnerabilities exposing millions of websites to hackers is driving demand for cyber insurance. Yet,manybusinesses continue to treat the cover as optional, leaving much of the potential market untapped. “We are witnessing a clear increase in the size of cyber insurance covers being sought by businesses, although the quantum varies significantly by industry,scale and risk profile,” says Ramit Goyal, chief distribution officer, Generali Central Insurance. Gisha George, president – product & underwriting,commercial lines & reinsurance, LibertyGeneralInsurance,said DIGITAL DEFENCE ■ Indian cyber insurance market has been growing at approximately 25–30% annually ■ BFSI, 2.94 mn cyber incidents were handled by CERT-In in 2025 `900–1,100 crore estimated cyber insurance premiums in FY26 against general insurance industry of over `3 lakh cr demand for cyber insurance has moved to the boardroom, driven by a sharp rise in ransomware attacks and data breaches, as well as regulatory requirements such as CERTIn's incident-reporting directions, the Reserve Bank of India's (RBI) cyber-security frameworkandtheDigitalPer- sonal Data Protection Act. The cover sizes have also increased, with large Indian corporates and listed entities buying cyber insurance of $10–50 million or more, backed by reinsurance, compared with single-digit-million-dollar limits five years ago,she said. technology, telecom, healthcare and e-commerce are among the biggest buyers of cyber insurance $50–100 mn cyber cover sought by banks in FY26 Last week, websites worldwidefacedmillionsofattempts to exploit a newly discovered vulnerability in PHP, the programminglanguageunderpinning about 70% of the world’s websites. The vulnerability prompted some governments and companies to take their websitesofflinetoavertpoten- tial attacks. In another instance, a cybersecurity researcher recently observed a Chinese-speaking hacker breaching websites belonging to more than 100 global companies by outsourcing the hacking entirely to artificial intelligence (AI) agents. The incidents underscore the scale of the threat.In 2025 alone, the Indian Computer Emergency Response Team (CERT-In) handled nearly 3 million cyber incidents. However, rising threats alone may not translate into wider adoption. Amit Goel, director, Equirus Raghnall Insurance Broking, said, “Awareness,affordabilityanda betterunderstanding of policy coverage will play an equally important role.” Insurers, meanwhile, are becomingmoreselectiveabout theriskstheyunderwrite.Businesses need to demonstrate reasonable security controls and understand the scope of their policies, particularly for ransomware,cyberfraud,business interruption and thirdparty incidents,Goel says. The banking, financial services and insurance (BFSI) sector is a particular concern. AccordingtoAmitSolanki,executive president-liability & special risks at Howden India, the sectorexperiencedcyberattacks at approximately 1.6 times the global average,while reported incidents more than doubled between 2021 and 2025. “Recent incidents and disclosures involving major financialinstitutionsillustrate the scale of the challenge,” Solanki says. Continued on Page 12 UNEVEN TREND ■ E-commerce firms have hired 20-30% fewer seasonal workers than planned ■ Quick-commerce gig worker demand grows 18% this festive season, against 12% in e-commerce ■ Companies are increasingly relying on attendance and performancelinked incentives rather than raising base payouts ■ E-commerce delivery payouts drop to `12-15 per shipment from `25-28 last year ■ Quick-commerce per-order payouts remain broadly flat at `20-30, with peak-period additions of `8-15 DatumIntelligence.Incontrast, quick commerce is gaining ground in grocery, which is expectedtoaccountfor9.5%of festive sales,up 2.5 percentage points from last year. Quick commerce is forecast to contribute 77% of grocerysales. Demand for gig workers in quick commerce is growing 18% this festive season, comparedwith12%ine-commerce, according to Deepesh Gupta, director and head of general staffing at Adecco India. However,theincreaseindemandhas not translated into proportionatelyhigherearnings. Forwarehousepickers,pack- ersandloaders,basewageshave remained largely unchanged from last year, apart from revisions in state wage structures. Average monthly earnings, includingincentivesandfestive bonuses, have also stayed flat, with fixed pay accounting for 80-85%ofearnings,Balasubramanian Anantha Narayanan, senior vice-president at TeamLease Services,said. Overall warehouse headcount has risen 12% year-onyear,largelyduetonewfacilities andexpansionintomorecities, ratherthan seasonal hiring. Continued on Page 12 AI revenue surges, but ITgrowth still subdued in Q2 RESULTS REVIEW POULOMI CHATTERJEE Bengaluru, October 25 ARTIFICIAL INTELLIGENCE (AI) IS emerging as a significantrevenuestreamforIndian IT services firms, but its rapid growth isyet to translate into a meaningful acceleration in overall revenue as automation threatens to erode the traditional services business. The challenge forthe industry is to generate enough new AI-ledbusinesstooffsettherevenue lost as clients seek greater productivityand lowercosts. Amonglarge-capITcompanies, HCLTech reported the highest sequential revenue growth in constant currency terms at 2.3% in the Septemberquarter,followedbyInfosys at 1.2%.Tata Consultancy Services (TCS) grew 0.5%, while Wipro reported flat growth. Themodestperformancecame despite companies reporting strong growth in their AIrelated businesses, highlighting the widening gap between the emerging opportunity and the pressures on their core operations. Infosys said AI now accounts for 10.5% of its revenue, with the business growing 29% sequentially. TCS reported an annualised AI revenue run rate of $3.1 billion, crossing 10% of total revenue for the first time. HCLTech’s Advanced AI revenue, which includes intellectual property andplatformcomponents,rose 28% sequentially and contributed 6% of total revenue. SCORE CARD Deal wins ($ bn) FY27 growth Q2 revenue outlook (%) growth (%) 9.6 0.5 TCS - 5.2 3.25 2.6 2.3 HCL Infosys Tech 1.1 1-2 Wipro 2.5-4 -1.5-0.5* *Q3 ■ Pricing pressure and automation of traditional services offset gains from new business ■ Infosys cuts FY27 growth guidance; Wipro flags seasonal weakness for December quarter The business also contributed 32 basis points to HCLTech’s operating margin of 18.6%. However, the expansion of AI-related business is not yet translating into comparable growth in overall revenue. According to Achyuta Ghosh, research and advisory lead for India at HfS Research, part of the explanation lies in clients’ increasing expectations of AIledproductivitygains.Companies are demanding measurable returns from technology spendingwhileremainingcautious about discretionary expenditure, putting pressure on traditional contract values. Continued on Page 12 NHAI pivots 5IPOstoraise towards InvITs `2.6Kcrthiswk THE NATIONAL HIGHWAYS Authority of India (NHAI) is executing a major structural shift in its asset monetisation program, tilting heavily toward Infrastructure Investment Trusts (InvITs) over the traditional TollOperate-Transfer (ToT) PAGE 2 route. HYDERABAD FIVE COMPANIES, INCLUDING EAAA India Alternatives, SFC E n v i r o n m e n t a l Technologies, and M K Sons Fine Jewels, are set to launch their initial public offerings next week, seeking to raise close to `2,600 crore from the primary market. PAGE 6