BACK PAGE | PAGE 14 COMPANIES | PAGE 4 Iamfightingaloneforthe commonman,saysMamata INTERNATIONAL | PAGE 9 Sharon Pais takes charge as new CEO of Myntra CHENNAI/KOCHI, TUESDAY, APRIL 14, 2026 Orban era swept away in landslide Hungary poll FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XLVI 289, 14 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: 76,847.57 ▼ 702.68 NIFTY: 23,842.65 ▼ 207.95 NIKKEI 225: 56,502.77 ▼ 421.34 HANG SENG: 25,660.85 ▼ 232.69 `/$: 93.38 ▼ 0.65 `/€: 109.13 ▼ 0.53 BRENT: $102.01 ▲ $6.81 GOLD: `1,49,494 ▼ `152 IN THE NEWS COMPANIES PAGE 4 TCS NASHIK CASE: COO TO LEAD PROBE TATA SONS CHAIRMAN N Chandrasekaran on Monday said the group is treating the allegations at TCS’ Nashik office with “utmost seriousness” and that company COO Aarthi Subramanian will lead the probe into the matter, reports Urvi Malvania. » INSIDE « LAYOFFSATSTARTUPS RISE SHARPLY IN Q1 PAGE 6 ICICI PRUDENTIALAMC Q4 PROFIT RISES 24% PAGE 7 ECONOMY PAGE 2 REGION-SPECIFIC PLANS TO BOOSTFARM INCOME ONTHEANVIL, SAYS SHIVRAJ SINGH CHOUHAN Govt likely to roll out MSME credit cards this month THE CENTRE WILL likely roll out a lowcost credit card scheme for micro and small businesses later this month, in a move aimed at sharply reducing their borrowing costs, reports Prasanta Sahu. ■ PAGE 3 RBI returns Ujjivan SFB's plea for universal licence UJJIVAN SMALL FINANCE Bank said the RBI had returned its application to transition into a universal bank and asked it to reapply after achieving greater loan diversification, reports fe Bureau. ■ PAGE 7 LIC board okays issuance of bonus shares in 1:1 ratio LIFE INSURANCE CORPORATION of India’s (LIC) board on Monday approved a 1:1 bonus equity share issue for existing shareholders, marking the life insurance behemoth’s first such issuance, reports fe Bureau. ■ PAGE 11 FARM OUTPUT,INFLATION OUTLOOK UNDER CLOUD IMD flags weakest rainfall in a decade SANDIP DAS New Delhi, April 13 THE INDIA METEOROLOGICAL Department (IMD) on Mondayforecast a below-normal southwest monsoon for June-September, pegging rainfall at 92% of the long period average (LPA), with a high 66% probability of it falling in the “deficient to below-normal”range. If realised,this would mark the weakest monsoon since 2015, when rainfall was 86% of the benchmark. The past two years saw above-normal rains, while 2023 recorded a below-normal season. A weak monsoon couldweigh on agricultural output, dent rural demand,and stoke inflation— though the share of rainfed crops in total farm output has declined in recent years. The timingandspatialdistribution of rainfall will remain critical for crop yields. Slightly over half of India’s net sown area is rainfed, with coarse cereals, pulses, oilseeds and cotton particularlydependent on the southwest monsoon.TheIMDsaidglobalmodels indicate a high probability of El Niño conditions developing during August-September, with the possibility of a strong or even “super” El Niño, which typicallybringshighertemperatures and weaker rains. Continued on Page 11 EL NIÑO RISK RISES Forecasts^ vs performance (% of LPA*) 2021 2022 2023 2024 2025 Forecast Performance 101 99 103 106 96 94 106 108 106 108 2026** 92 ^2nd long range forecast, *LPA (long period average) is average annual rainfall (87cm) recorded between 1971-2020, ** first long range forecast Prediction dampens FMCG demand view VIVEAT SUSAN PINTO Mumbai, April 13 ongoing war in West Asia. Price hikes have begun in select categories to mitigate A BELOW-NORMAL MON- input cost pressure, hurting SOON this year may test the the demand revival that rural recovery within urban areas were India’s fast-moving »INSIDE« beginning to see after consumer goods the government initiEDIT: (FMCG) sector, dis- MONSOON ated GST 2.0 reforms BLUES rupting the growth in September last year. outlook for FY27. Executives also point PAGE 8 The early forecast to the impact on disof below-normal rains by the cretionary categories such as India Meteorological Depart- consumer durables and automent (IMD) comes at a time mobiles in the second half of when FMCG companies are the year with deficit rainfall. dealing with inflationary pressures triggered by the Continued on Page 11 USprotestsAdanipushtoshift cargocarrierstonewairport P R SANJAI & MIHIR MISHRA April 13 THE US IS opposing the Adani Group’s attempt to shift cargo carriers to its new Navi Mumbai airport, people familiar with the matter said, in a dispute that underscores concerns about the group’s growing control over India’s aviation infrastructure. The US Department of Transportation (DoT) wrote to India’s aviation ministry in March,arguingthatthepushto relocatefreighters—including FedEx — violates the bilateral air transport agreement. The DoT warned that forcing American carriers to do so could prompt it to consider adverse measures under the treaty.Thecommunicationfollows Adani Airport Holdings’ directivetofreightoperatorsto shifttotheNaviMumbaiInternational Airport between August 2026 and May 2027, citing refurbishment works at theMumbaiairport.Therefurbishment will temporarily impact nearly 25% of cargo handling capacity, said an AdaniAirportspokesperson.To manage this, the operator of The Navi Mumbai International Airport began commercial operations in December. The Adani Group is the country’s largest private airport operator, with eight airports the Mumbai airport“proposed a phased and limited realignment of select international freighter operations to Navi Mumbai,” the spokesperson said in a statement. But with Adani controlling both Mumbai’s Chhatrapati Shivaji Maharaj International Airport and the new Navi Mumbai facility, the move reflects the group’s disproportionate influence over how traffic is allocated across India’s financial capital. US officialsviewthe relocationpushaseffectivelyserving to populate the new airport — whichbegancommercialoperations in December — rather than being a neutral operationaldecision,thepeoplesaid. The Adani Group is the country’slargestairportsoperatorin the private sector,with a portfolio of eight airports across sevenIndiancitiesandplansto invest $11 billion to bid for a dozenmoreterminalsby2030. FedEx is currently the only American cargo airline operating out of Mumbai’s main airport, according to the terminal’s website.—BLOOMBERG CPI inflation at 13-month high of 3.4% KULDEEP SINGH New Delhi, April 13 INDIA’S HEADLINE RETAIL inflation rose to a 13-month high of 3.4% year-on-year in March, edging up from 3.21% in February, according to data released by the Ministry of Statistics and Programme Implementation(MoSPI)onMonday. The rise was largely driven by higherfood,fuelandgoldprices. The impact of the West Asia war on the consumer price index (CPI)was moderate,as oil companies refrained from hiking auto fuel prices due to strong refining margins and excise cuts by the government. However, the index may increaseinthecomingmonths. The headline inflation figure remained below the RBI’s medium-termtargetof4%for the 14th consecutive month. StraitopentoIndia,ships didn’tpaytoll:Iranenvoy FE BUREAU & AGENCIES New Delhi, April 13 INDIAN TANKERS THAT have transited through the Strait of Hormuz did not pay tolls to Iran, Tehran’s ambassador to New Delhi said on Monday, after US President Donald Trump vowed to block passage for vessels making payments to Iran and threatened to “eliminate” any Iranian DONALD TRUMP, US PRESIDENT Ifanyof...(Iran’sfast attack)shipscome anywhereclosetoour BLOCKADE,theywill beimmediately ELIMINATED »INSIDE« EXPLAINER: HOW US HOPES TO PRESSURE IRAN P9 IRAN THREATENS RETALIATION P9 warships that come “anywhere close” to the US blockade of the key shipping route. “You can ask the Indian government if we have charged anything up to now,” Ambassador Mohammad Fathali told reporters at a briefing at Iran’s embassy. “In this difficult time, we have good relations. We believe Iran and India share common interests and a common fate,” he added. Continued on Page 11 Continued on Page 11 Indiastaresat second-order effects:Experts SAURAVANAND New Delhi, April 13 A COMPLETE BLOCKADE of the strategic Strait of Hormuz, as announced by US President Donald Trump, would have minimal direct impact on India’s immediate crude flows but the secondorder effects could be significant, experts have said. However,Trump’s announcement of the blockade led to a surge in crude oil prices above the $100-per-barrel mark again, putting India’s energy lifeline under pressure. Continued on Page 11 NadirGodrejhandsoverthereinstoPirojsha VIVEAT SUSAN PINTO Mumbai, April 13 GODREJ INDUSTRIES ON Monday announced a leadership transition at the GodrejIndustriesGroup(GIG), with Nadir Godrej set to step down as chairperson and Pirojsha Godrej named as his successor,markingaplannedgenerational shift within the conglomerate. The succession plan follows the 2024 restructuring of the wider Godrej Group into two entities — GIG,led by Adi and Nadir Godrej, and the Godrej Enterprises Group (GEG), led by Jamshyd Godrej and Smita Crishna. GEG houses businesses spanning locks, consumer durables, engineering and defence, while GIG operates across consumer goods, real estate, financial services,agriculture and chemicals. Continued on Page 11 GENERATIONAL SHIFT Iamconfidentthatthenext generationofleadership willcontinuetobuildon ourlegacyandvalues NADIR GODREJ Weinherita remarkable legacy...ourtask nowistobuild onitwith ambition... PIROJSHA GODREJ ● DIVINE BLESSING Commerce and Industry Minister Piyush Goyal at Sri Ranganathaswamy Temple in Tamil Nadu on the auspicious occasion of Varuthini Ekadashi. In a social media post after visiting the temple, the minister has said, “Prayed to Lord Ranganatha for the wellbeing, good health, and prosperity of every citizen. May His grace guide and protect us all.” Goyal, the Bharatiya Janata Party’s election in-charge for the Tamil Nadu Assembly polls, has been campaigning in the state ahead of the April 23 voting JSWMotor focuses on localisation JSW MOTOR IS ramping up its India engineering and manufacturing setup as the SajjanJindal-ledgrouppreparestoenterthe passengervehicle market with a new JSWbrandedline-up,alongsideabroadermultibrandstrategy,reportsAkbarMerchant.A key focus from the outset is high localisation,withthecompanybuildingadomesticallyanchoredautomotiveecosystemwhile leveraging global technologies. ■ PAGE 4 DelhiEVpolicy:TaMo &M&Mtogainmost TATA MOTORS AND MAHINDRA & Mahindra are likelyto be the biggest beneficiariesofDelhi’sproposedelectricvehicle (EV)policy,asitsincentivesarealignedwith their existing portfolios and pricing strategy,reports Nitin Kumar.The draft policy offersafullwaiverofroadtaxandregistration fees for electric passenger vehicles priced up to `30 lakh and a scrappage incentive of up to `1 lakh. ■ PAGE 4 Adani-JAL: NCLAT adjourns hearings THE NATIONAL COMPANY LawAppellate Tribunal(NCLAT)onMondayadjournedits hearingovermininggiantVedantaGroup’s petitions against the selection of Adani Enterprises’bidfordebt-riddenJaiprakash Associates(JAL)toApril16,reportsPTI.The matter will now be taken up on Thursday, following a change in the composition of the bench due to the unavailability of one of its members. ■ PAGE 6 Demanding better wages, thousands ofworkers throw stones & set several vehicles on fire FactoryprotestturnsviolentinNoida DRISHTI JAIN Noida, April 13 A police motorcycle is set ablaze by factory workers during a protest demanding a hike in wages PTI in Noida, Uttar Pradesh, on Monday THOUSANDS OF FACTORY workers from dozens of units across Noida’s industrial belt protested violently to demand betterwages andworking conditions on Monday, throwing stones, smashing vehicles and setting several of them on fire. The violence marked a sharp escalation of tensions that had been simmering in the factories since Friday, and the latest in a series of labour protests that have broken out in at least four other cities across north India over the past couple of months. Followingtwodaysof dhar- nas by contractual labour outsidefactories,theUttarPradesh government had announced a series of measures forworkers’ welfare, including mandatory double overtime pay and timely wages on Saturday. On Sunday,GautamBuddhaNagar district magistrate Medha Roopam met with representatives of industrial units and directed them to take steps to safeguardtherightsofworkers. Police said it was unclear why the workers suddenly became violent on Monday. UP Director General of Police Rajeev Krishna said the “provocative elements” and “external elements” involved in the violence were being traced, and “firm legal action willfollowoncetheiridentities are established”. A high-level committee set up by the UP Labour Department to resolve the dispute between workers and industries has begun discussionswith all stakeholders, a government spokesperson said in the evening. The common demand in these protests, led mainly by contractual workers, has been for better working conditions similar to those for regular employees, higher minimum wages, better overtime payments,and clearance of dues. It has been learnt that the workers were expecting an increase in wages after the implementation of the Labour CodesinNovember2025.However,the wage revisions did not happen as expected, and the outbreakofthewarinWestAsia andtheshortageofcookinggas and the distress it has triggered in some sectors have deepened frustrations.ting and polishing hub; Manesar, Haryana, an important centre for the automobile and electronics industries; and Panipat, also in Haryana, a hub for textiles and recycling, followed. Noida is home to footwear,textiles,and autopartsmanufacturingunits. The common demand in these protests, led mainly by contractual workers, has been for better working conditions CHENNAI/KOCHI similar to those for regular employees, higher minimum wages, better overtime payments, and clearance of dues. Sources in several workers’ unions said that workers were expecting an increase in wages aftertheimplementationofthe Labour Codes in November 2025. However, the wage revisions did not happen as expected, and the war in West Asiaandtheshortageofcooking gas and the distress it has triggered in some sectors have deepened frustrations. Monday’s protest in Noida comes after the Haryana government on March 9 revised minimum wages with effect from April 1,2026.