ECONOMY | PAGE 3 EXPLAINER | PAGE 9 A`90,000-cr price tag derailed IDBI stake sale INTERNATIONAL | PAGE 10 Why Kalpakkam’s criticality is India’s big N-moment BENGALURU, FRIDAY, APRIL 10, 2026 Tesla to develop a new smaller, cheaper EV WWW.FINANCIALEXPRESS.COM FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE READ TO LEAD VOL NO. XXXVIII 303, 20 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 SENSEX: 76,631.65 ▼ 931.25 NIFTY: 23,775.10 ▼ 222.25 NIKKEI 225: 55,895.32 ▼ 413.10 HANG SENG: 25,752.40 ▼ 142.62 `/$: 92.66 ▼ 0.08 `/€: 108.18 ▼ 0.05 BRENT: $98.56 ▲ $3.81 GOLD: `149,423 ▼ `1,041 PAGE 2 INDIANTRADE TEAMTOVISITUS THIS MONTH: GOR A DELEGATION FROM India will be in the US later this month to carry forward talks on the interim trade deal whose framework was finalised in February, US envoy to India Sergio Gor said on Thursday, reports fe Bureau. Policy discipline & reforms help India weather crises: Das WITH GLOBAL RISKS tilted to the downside due to frequent geopolitical shocks, India’s experience offers a model of navigating volatility through structural reforms, policy discipline, and innovation, Principal Secretary to the PM, Shaktikanta Das said, reports fe Bureau. ■ PAGE 2 New CAFE draft delivers big win for small car makers SMALL CAR MAKERS are set to benefit from a softer set of fuel efficiency norms under the revised draft of the CAFE-3 rules, which significantly ease emission cut norms for entry-level vehicles, reports Nitin Kumar. ■ PAGE 4 High assembly poll turnout: Assam 85%, Kerala 78% ASSAM REGISTERED A recordvoter turnout ofover 85% while Kerala witnessed an impressive pollingwith more than 78% in the assembly elections on Thursday, according to the latest Election Commission figures reports PTI. ■ PAGE 20 THE US AND Iran prepared for peace talks in Pakistan at the weekend with a fragile ceasefire largely holding,though pivotal issues such as control over the Strait of Hormuz and Israel’s offensive in Lebanon remain unresolved. USVicePresidentJDVanceis expected to lead the American delegation in Islamabad on Saturday,with Iranian officials due to arrive in the Pakistani capital onThursday.Bothsidesappearto have paused strikes across the region after President Donald Trump’s announcement of a truce after nearly six weeks of fighting. Israel-Lebanon negotiations are expected to take place in Washington next week at the State Department,AP reported. This is despite Israeli strikes on Lebanonkillingover300people andwoundingmorethan1,100 onWednesday. Israeli Prime Minister BenjaminNetanyahuearliersaidina statement,“InlightofLebanon’s TOP SENSEX LOSERS (% loss) OIL RISES ON UNCERTAINTY MINOR GAIN FOR RE Brent crude futures prices ($ per barrel) (Rupee vs dollar) Previous close 92.58 Open Close 92.67 92.66 0.09% repeated requests to open direct negotiations with Israel, I instructedthecabinetyesterday to start direct negotiations with Lebanonassoonaspossible.” Meanwhile, the Strait of 98 94 92 98.98 94.65 Open Prev. close: 94.75 at 8:30 pm IST Hormuz remains effectively shut as shipowners await clarificationonthestatusofthekey waterway. Iran’s Ports and Maritime Organization published two 76,631 Apr 9 (close) 1.2% (931 points) safe routes for shipping, according to state media, though traffic remains a fraction of pre-war levels. Continued on Page 10 URVI MALVANIA Mumbai, April 9 TATA CONSULTANCY SERVICES’ (TCS) dividend payout to Tata Sons in FY26 declined 12% yearon-year, reflecting a moderation following a sharp correction in its share price during the financial year. With a 71.74% stake, Tata Sons will receive `28,388 crore in FY26, VijaySingh joinsVenu to backTata Sons IPO GEORGE MATHEW Mumbai, April 9 VIJAY SINGH, TRUSTEE, TATA TRUSTS AFTER TVS GROUP’S Venu Srinivasan, another senior trustee of Tata Trusts, Vijay Singh, has come out arguing for the listing of Tata Sons on the stock exchanges through an initial public offering (IPO). The argument by the two trustees for listing Tata Sons, which is the principal shareholder of Tata group companies,is contrary to the resolution passed by Tata Trusts a year ago to retain the company as an unlisted entity. The view over the last few years has been that Tata Sons should continue as it is, but its expansion and the new capital and technology intensive businesses do demand an urgent re-look, Vijay Singh, who was former defence secretary, said, pushing for the listing of the company. TataSons,fromitsearliestdaysa 100yearsago,hasbeenakeydriver ofnationbuildingprojects Thatrolehasnowexpanded intoareaslikeaviation, defencewhichdemandlarge capitalthatcanberaised internallyonlyuptoapoint The matter of listing Tata Sons has been under consideration for a while now as the Reserve Bank of India regulations require Tata Sons to be listed on the stock exchanges as it is considered to be an upper layer non-banking finance company. “Tata Sons, from its earliest days a 100 years ago, has been a key driver of nation building projects such as steel,locomotives,power and infrastructure. That role has now expanded into areas like aviation, defence, semiconductors, batteries and electronics which demand large capital that can be raised internally only up to a point,” Vijay Singh said, stating the time has come for listing of Tata Sons. Continued on Page 10 SemaglutideformulationslikeNovo’sWegovyholdfirmascompetitionintensifies EliLillylosesshareinweightdrugsale MANU KAUSHIK New Delhi, April 9 WITHINAFEWdaysoflaunching cheaper versions of Novo Nordisk's weight-loss drug semaglutide,the market share of rival drug tirzepatide has takenabighit.Monthlysalesof originatorEliLilly’stirzepatide brandMounjarodropped21% in March, according to Pharmarack data. After semaglutide's patent expired on March 20, the market was flooded with cheaper generic versions. Eli Lilly's market share in the glucagon-like peptide-1 (GLP-1) category of drugs, which includes both semaglutide and tirzepatide, dropped from 61% in March to 56% in February.AdozenIndiacompanies have launched generic semaglutide overthe last three weeks, with roughly 70-90% discounted to the innovator's pricewhen patentwas in force. WEIGHT REMEDY ON DEMAND GLP-1 market share break-up (%) Tirzepatide Semaglutide Others* Dec 2025 71 23 6 Jan 2026 73 23 4 Feb 2026 71 25 4 Mar 2026 64 33 3 *Includes dulaglutide and liraglutide Novo sells the drug under brand names Wegovy (antiobesity)andOzempic(anti-diabetic).ItcutpricesinNovember in the run-up to patent expiry and in March after the exclusive right expired. Mounjaro's sales drop has come at the expense of semaglutide taking on a larger share of the GLP-1 agonist market, analysts said. In Source: Pharmarack March, drugs based on semaglutide cumulatively registered a sales growth of 10%, and are now capturing 33% of the market as against 25% in February. Pharmarack said that the launchofbrandedgenericshas made semaglutide molecule stronger in the GLP-1 market. “Generic as well as innovator versions in semaglutide (` cr) Revenue Ebitda 5.4 CEO, TCS Q4FY26 Net profit 5.5 Weexpectsome ofthe traditional revenues toslowly taperdown 28.7 % change, q-o-q »INSIDE« TCS ADDS 2,356 EMPLOYEES IN Q4 P4 WIPRO APRIL 16 MEETTO CONSIDER BUYBACK P4 ter, net profit rose a modest 2.1% sequentially from `13,438 crore. Net profit margin stood at 19.4%. The December quarter had been impacted by restructuring costs, labour coderelated expenses and a legal provision. Continued on Page 10 TataSons’dividendfromTCSfalls12% 100 96 Q3FY26 13,718 ELTAF NAJAFIZADA, SHERIF TAREK & PATRICK SYKES April 9 TATA CONSULTANCY SERVICES (TCS) on Thursday reported a 28.7% sequential jump in net profit for the March quarter at `13,784 crore, driven by lower finance costs and tax benefits and ahead of Bloomberg estimate of `13,581 crore. The country’s largest IT services exporter had posted a net profit of `10,657 crore in the December quarter. On a like-to-like basis, excluding exceptional items in the previous quar- K KRITHIVASAN, TCS consolidated financials 10,657 Apr 8 (close) URVI MALVANIA Mumbai, April 9 DEALS HIT $12 BN 19,276 77,562 at5.4%;AIpipeline strengthens 18,269 SENSEX ● Revenuegrowth 70,698 India-flagged LPG vessel Green Asha reached Navi Mumbai on Thursday PTI TCStopsestimates,profit up29%sequentiallyinQ4 67,087 lead first round; Iran side’s arrival late on Thursday ALL EYES ON SATURDAY’S TALKS ICICI Bank ECONOMY ● USVPVance to HDFC Bank THE SYSTEM LIQUIDITY touched a four-year high on account of government spending and maturing government securities, said market participants, reports ChristinaTitus. Islamabadgearsupforkey meetamidashakytruce Eternal BANKING SYSTEM LIQUIDITY HITS FOUR-YEAR HIGH L&T PAGE 6 IndiGo MARKETS ISRAEL-LEBANONTALKSLIKELYNEXTWEEK;HORMUZSTAYSCLOSED -3.64 -2.75 -2.34 -2.31 -2.18 IN THE NEWS segment arefarmoreeconomical than that of market leader's. While Eli Lilly has shownasignificantvalueshare erosion, Novo has managed to hold on against competitive forces in the GLP-1 segment,” said Sheetal Sapale,vice-president (commercial) at Pharmarack. Continued on Page 10 BENGALURU DIVIDEND INCOME `32,256cr FY25 `28,38cr FY26 down from `32,256 crore in FY25. Dividend per share also declined to `110 from `126 in the previous fiscal. The IT major’s total dividend payout stood at `39,571 crore during the year. TCS’ share price remained volatile over the past year, mirroring shifting investor sentiment towards IT service firms. The stock recorded a peakto-trough movement of 35%, hitting a high on May 12, 2025, and a low on March 19, 2026. On a yearon-year basis, it is down 20.28%. Continued on Page 10