THE BIG IDEA | PAGE 4 BRANDWAGON | PAGE 9 Veeba’s success blends taste, scale and control COMPANIES | PAGE 4 IPL’s business model lures deep-pocketed investors LUCKNOW, MONDAY, APRIL 6, 2026 Switch Mobility bets big on FY27 execution FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 19 NO. 102, 22 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 MOODY’S CUTS INDIA GROWTH FORECASTTO 6% MOODY’S RATINGS has cut India’s FY26 growth forecast to 6% from 6.8%, citing risks from the West Asia war, while Goldman Sachs also turned cautious, trimming its 2026 estimate to 5.9% from 7%, reports Prasanta Sahu. Banks may post steady Q4; margins under pressure INDIA’S BANKING sector is set for a steady, resilient Q4FY26, aided by strong credit demand, stable asset quality and better efficiencies, though macro uncertainties may cap gains from margins and treasury income, reports ■ PAGE 6 Kshipra Petkar. Govt sticks to 10,000-km highway target THE HIGHWAY construction target for the current fiscal is likely to be set at 10,000 km, unchanged from the original goal for the year, sources aware of the ■ PAGE 3 plan said. Iran war near end?Trump Global funds lead signals deal possible today ROLLING RETURNS RANGED FROM 5.60%TO 10.08% 1-year MF returns ● Mid-,small-cap funds shine over three and five years SIP MOMENTUM prez vows“hell”if Strait stays shut AGENCIES & NYT Washington/Cairo, April 5 KUSHAN SHAH Mumbai, April 5 THE INDIAN STOCK market hasbeenunderpressuredueto the crisis in West Asia over the past month. However, investors using systematic investment plans (SIPs) have continued to earn decent returns over one, three, and five-year periods. According to data from Value Research, the category average rolling returns of pure equity mutual fund schemes ranged between 5.60% and 10.08% over the past year (till March 27). This is fairly robust, considering that the Sensex and Nifty declined by 5-7% in FY26. International funds delivered the best one-year performance, with returns of 24.23%. Over three- and five-year periods, mid- and small-cap categoriesrecordedthehighest average rolling returns. Midcap funds returned 23.94% and 19.33%, while small-cap funds delivered 27.14% and 21.74%,respectively. A Balasubramaniam, MD and CEO of Aditya Birla Sun Life Mutual Fund, attributed the strong performance of ● US rescues pilot, Average rolling return (%) 3-year 1-year 5-year Large Cap 8.55 15.85 14.35 Mid Cap 10.08 23.94 19.33 Small Cap 5.6 27.14 21.74 Flexi Cap 8.65 17.35 15.52 Multi Cap 9.22 21.53 18.86 Large & Mid Cap 6.89 19.8 16.77 Sectoral & Thematic 8.81 20.9 17.22 ELSS 8.46 18.29 15.97 International 24.23 9.11 9.72 international funds to the rotation of foreign portfolio investors (FPI) inflows into emerging markets (besides India),driven byattractivevaluations and overall stronger performance. He also noted that the rally in select FAANG stocks such as NVIDIA and Alphabetwas supported bythe growing momentum in artificial intelligence (AI). Among domestic-focused schemes, mid-cap funds offered the highest average returns of 10.08% across 55 schemes in FY26. Multi-cap funds and sectoral & thematic funds followed, delivering average one-year returns of 9.22% and 8.81%, respectively. Large-cap schemes recorded an average return of 8.55% across 147 schemes. Continued on Page 11 AS TENSIONS IN West Asia teeter on a knife’s edge, US President Donald Trump has dangled the prospect of a lastminute deal with Iran even as he sharpens threats of a sweeping military strike that could engulf the region and disrupt global energy flows. In remarks to Fox News on Sunday,Trump said there was a “good chance” of reaching an agreement with Tehran as early as Monday, signalling that negotiations were ongoing behind the scenes. But the diplomatic opening waspairedwithastarkwarning: if Iran fails to act swiftly to reopentheStraitofHormuz,the United States could unleash devastating attacks on its energyinfrastructure. Earlier in the day, Trump threatened to rain “hell” on Tehran if it did not reopen the Gulf for oil flows vital to the world economy. Trump announced the rescue in the early hours of Sunday in a social media post that described the operation in a mountainous area as “one of the most daring” such missions in US history. The airman, the weapons officerofanF-15jetshotdown on Friday, was wounded but "willbejustfine",Trumpsaidin a message on X. The pilot was rescued on Friday. “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one,” Trump wrote in anexpletive-laced socialmediapost, threatening to target facilities that power millions of civilians. The ultimatum marksasharpescalation after earlier deadlines were postponed, even as backchannel efforts — including mediation attempts via regional interlocutors — have yet to yield a breakthrough. Thehigh-stakesbrinkmanship comes against the backdropofanintensifyingmilitary confrontation. In a daring overnight mission inside Iranian territory,US forces rescued awounded airmanwhose F-15 fighter jet had been shot down —thefirstconfirmeddowning ofanAmericancombataircraft in the current conflict. Continued on Page 11 »INSIDE« OPECAGREES ON OIL OUTPUTHIKE P11 Singh refuses to quit Bai Hirabai ● Tata Trusts had requestedVenu and him to quit GEORGE MATHEW Mumbai, April 5 FORMER DEFENCE SECRETARYVijaySinghhasdeclineda request from the Tata Trusts management to resign as a trustee of the Bai Hirabai Jamsetji Tata Navsari Charitable Institution (BHJTNCI). His fellow-trustee, Venu Srinivasan who is a member of Former Defence Secretary Vijay Singh is also the vice-chairman ofTataTrusts several key Tata Trusts boards, however,stepped down on Saturday.Thoughhecitedcommitments to other businesses, it is learnt that Srinivasan accepted a similar request from the Tata Trusts management. Former Sir Ratan Tata trustee Mehli Mistry had challenged the appointment and continuation of Srinivasan and Singh before the Maharashtra CharityCommissioner.According to top sources in the Tata Group,TataTrustshadaskedthe duo to step downvoluntarily. Tata Trusts Chief Executive Siddharth Sharma did not respond to a mail on the development. Srinivasan and Singh did not respond to calls and messages seeking clarification. Mistry has contended that thetrustmandatestrusteestobe permanent residents of Mumbai, and to belong to the Parsi Zoroastrian faith. He claimed that the two of them do not satisfy these criteria and sought regulatoryintervention,including a formal inquiry and sworn declarations from all trustees confirming their eligibility.Bai Hirabai Jamsetji Tata Navsari CharitableInstitutionwasestablished by a deed of trust dated December 7,1923,and has had the same Board of Trustees as thatofSirRatanTataTrust. Continued on Page 11 CHETAK SCREENAWARDS:ALIALEADS SHOWSTOPPERS RETAIL PARTNER STYLE PARTNER STRENGTH PARTNER INDUSTRY PARTNERS CELEBRATION PARTNER STATE PARTNER RADIO PARTNER BROADCAST PARTNER IN PARTNERSHIP WITH CRAFTED BY OOH PARTNER SCRIPTED & DIRECTED BY Bollywood actor Alia Bhatt performs at the opening show for the Chetak Screen Awards 2026 at Yash Raj Films Studios in Mumbai on Sunday. The awards celebrated cinematic excellence across 31 categories, in both theatrical releases and RENUKA PURI OTT films Replacement demand and premium features drive next phase of growth Earbuds find a newrhythm ANEES HUSSAIN Bengaluru, April 5 THE WIRELESS EARBUDS market is entering a slower growth phase as first-time demand weakens and replacement purchases begin to dominate, altering the basis of competition. Shipments grew just 1% in 2025, according to Counterpoint Research, marking a sharp moderation afterseveral yearsofrapidexpansiondriven by sub-`1,000 devices. Industryexecutivesandanalystssaid the pool of first-time buyers has largely been exhausted, withincrementaldemandnow coming from existing users upgrading their devices. “We are seeing a transition,” saidAnshika Jain,principal analystatCounterpoint.“First-time usershavedeclined.Thedemand now is from replacement users, and theywant sound optimisa- SOUND RESET ■ Devices with active noise cancellation grew 24% in 2025, while spatial audio shipments rose 67% ■ OnePlus alone accounted for 31% of shipments in the above- `5,000 category, ahead of Apple at 19% and Samsung at 14% ■ In the premium segment, Chinese brands expanded 45% tion, active noise cancellation (ANC),comfortandfit.” Theshiftisvisibleinfeature adoption. Devices with active noise cancellation grew 24% in 2025, while spatial audio shipments rose 67%. Openwear stereo products, which rest on the ear rather than inside it, expanded sharply from a low base. The premium segment, defined as devices priced above `5,000,increaseditsshareoftotal shipmentsfrom3.4%to5.4%. The changing demand mix is benefiting brands positioned in the mid-to-premium segment.OnePlus and realme recorded their highest annual shipments, growing 21% and 22%, respectively. In the premium segment, Chinese brands expanded 45%. OnePlus alone accounted for 31% of shipments in the above`5,000 category, ahead of Apple at 19% and Samsung at 14%, supported by featurerich offerings,including active noise cancellation, spatial audio and advanced codecs. Thetransitionismorechallenging for domestic brands that built scale in the entrylevel segment. Continued on Page 11 Lucknow