COMPANIES | PAGE 6 BACK PAGE | PAGE 18 Assam, Kerala vote today in single-phase election EFE | PAGE 9 One in four cars sold by BMWare now electric Law firms recalibrate after rebukes on fake creations KOLKATA, THURSDAY, APRIL 9, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 135, 18 PAGES, `12 (NORTH EAST STATES `12 & ANDAMAN `20) 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: 77,562.90 ▲ 2946.32 NIFTY: 23,997.35 ▲ 873.70 NIKKEI 225: 56,308.42 ▲ 2878.86 HANG SENG: 25,893.02 ▲ 776.49 `/$: 92.58 ▲ 0.42 `/€: 108.13 ▼ 0.62 BRENT: $92.21 ▼ $17.06 GOLD: `150,464 ▲ `3,408 Cautious RBI holds rate, policy stance IRANCLOSESHORMUZHOURSAFTERTRUCEWITHUS Ceasefire collapses AGENCIES April 8 THE WORLD BANK ON Wednesday raised India’s growth estimate for FY27 to 6.6%, up 30 basis points from its earlier estimate, partly aided by free trade agreements amid headwinds from the West Asia crisis, reports fe Bureau. ■ PAGE 5 » INSIDE « SEBI BRINGS LOCK-IN NORMS FOR PLEDGED SHARES PAGE 10 US COURTACCEPTSADANIS’ PLEA TO DISMISS SEC CASE PAGE 6 OPINION PAGE 9 TOGETHER, LET US EMPOWER OUR NARI SHAKTI, WRITES NARENDRAMODI Apr 07, 2020 2,476.26 Feb 01, 2021 2,314.84 Jun 05, 2024 Feb 03, 2026 at 8:30 pm IST Brent crude futures prices ($ per barrel) Prev. close: 109.27 RE GAINS GROUND AGAINST DOLLAR Inverted scale (Intra-day, Jul 28) 92.62 HOW MAJOR GLOBAL EQUITY INDICES PERFORMED 92.58 Open Close (% gain on April 8, at 4:20 pm IST) 6.9 5.4 4.9 4.8 4.7 4.6 4.5 4.4 4 South Euro zone Vietnam France India Korea Japan Germany Taiwan Indonesia (Sensex) 50% duty on arms to Iran US PRESIDENT DONALD Trump said on Wednesday that imports from countries supplying Iran with military weapons will face immediate 50% tariffs with no exemptions, just hours after agreeing to a ceasefire, reports Reuters. P4 Centre hails $95-mn oil bet ceasefire plan timed to truce INDIA ON WEDNESDAY welcomed the two-week ceasefire between the US and Iran and called for unimpeded freedom of navigation and flow of commerce through the Strait of Hormuz, reports PTI. P2 INVESTORS PLACED AN approximately $950 million bet on oil prices falling just hours before the ceasefire, the latest large wager on the world's most traded commodity ahead of a major announcement by Trump, reports Reuters. 0.45% Prev. close: 93.00 »INSIDE« EDITORIAL: PATHWAY TO REPAIR P8 BOND YIELD SEES BIGGEST SLUMP IN 4 YRS P2 INVESTOR WEALTH SURGES BY `16.25 LAKH CRORE P2 MARINE COSTS LIKELYTO STAY ELEVATED P2 CARRIERS DELAY FULL RETURN TO WESTASIA P2 THE RESERVE BANK of India (RBI),initsfirstmonetarypolicy ofFY27onWednesday,keptthe policy repo rate unchanged at 5.25%,while warning of lower growth and higher inflation as the West Asia crisis reverses a “Goldilocksphase”fortheeconomy.Thesix-memberMonetary Policy Committee (MPC) voted unanimously to retain the neutral stance,signalling flexibility to respond to evolving conditions without committing to eithertighteningoreasingatthis stage. “Real GDP growth remains strong,butelevateduncertainty warrantedapausebeforetaking a call.With a neutral stance,the repo rate can move in either direction.It is possible that low ratesmaypersistforanextended period,” said RBI Governor SanjayMalhotra.Headdedthatwith the economy facing a supply shock,it is prudent to wait and watchhowthegrowth-inflation dynamicsevolve. The decision comes against the backdrop of heightened geopolitical tensions in West Asia, which have disrupted energy markets and global supply chains.Rising crude prices, freight costs and insurance premiums,alongwithsupplychain disruptions, are expected to weigh on growth momentum. March contraction hits FMCG amid Iran crisis NOT SO FAST MOVING VIVEAT SUSAN PINTO Mumbai, April 8 FAST-MOVING CONSUMER GOODS (FMCG) sector saw a sharpdecelerationingrowthin the March quarter of FY26, as weak urban demand and geopolitical tensions in West Asiaweighedonconsumersentiment, according to Bizom datasharedexclusivelywithFE. ValuegrowthintheJanuaryMarch quarter of FY26 fell to 3.6%, nearly a fourth of the 12.4%recordedintheyear-ago period, indicating a broadbased slowdown in consumption.Thedecelerationwasmore pronounced in March, which saw a contraction of 0.4% in value terms, compared with growth of 5.7% and 5.5% in January and February, respectively.The retail sales platform, which tracks FMCG categories in 8 million outlets, does not reportvolume growth. The data suggest a visible FMCG growth: Month-wise Feb 2026 (value growth) (in %) Jan 2026 All-India Source: Bizom Urban Mar 2026 Rural shift in consumption patterns, with consumers prioritising essentials such as food and staples while cutting back on discretionary categories. Segments such as packaged food, dairy, branded commodities and beverages continued to report value growth in the range of 7-10%, while home care declined 2.7% and personal care remained flat. Analysts attributed the slowdown to a combination of external and domestic factors. Geopolitical tensions in West Asia added to uncertainty during the quarter, while earlier pressures including an urban demand slowdown, GST-led price corrections and traderelateddisruptionshadalready weighedongrowththroughthe year. Continued on Page 4 Mumbai–Pune Missing Link opens May 1 with next-gen safety tech at its core Tunnelthatthinks&responds GEETA NAIR Pune, April 8 COME MAY 1, when traffic begins to flow through the long-awaited“MissingLink”on the Mumbai–Pune Expressway, commuters may barely notice the most remarkable part of the journey: a tunnel thatisquietlythinking,sensing and responding in real time. Insidethisengineeringmarvel, safetyisnotlefttochance—itis automated. If a car or bus were to catch fire, sensors embedded along the tunnelwallswould detect a spike in temperature within seconds. Even before emergency teams can react, a highpressure water mist system would kick in, drenching the vehicle and the surrounding area. Linear heat-detection cables run the entire length of the tunnel, triggering nozzles ENGINEERING MARVEL ■ If a car or bus were to catch fire, sensors embedded along the tunnel walls would detect a spike in temperature ■ Even before emergency teams can react, a high-pressure water mist system would kick in ■ Massive overhead jet fans, stretching nearly 200 metres and operating at 1,500 RPM, continuously track carbon monoxide & nitrogen oxide placed every four metres that release 36.5 litres of water per minute. Simultaneously, control rooms are alerted, digital signboardsflashwarnings,and traffic is regulated to prevent pile-ups. Air,too,is constantly monitored. Massive overhead jet fans—stretching nearly 200 metres and operating at 1,500 ■ Emergency buttons are placed every 60 metres, SOS call boxes every 150 metres RPM—continuously track carbon monoxide and nitrogen oxide levels.The system automaticallyadjustsairflow,pushing out toxic gases and maintaining breathable conditions even under stress scenarios. Layeredontothisaremultiple redundancies: emergency push buttons every 60 metres, SOS call boxes every 150 ■ The six-member ■ Proposed in 1995 and approved in 2017, the Missing Link has been years in the making metres,andadensenetworkof cameras that track traffic, enforce speed limits and relay real-time visuals to control centres. In effect, the tunnel functions as a self-aware corridor— one that can detect, respond and guide. Continued on Page 4 Kolkata ■ Core MPC voted unanimously to retain the neutral stance MAHESH NAYAK Mumbai, April 8 0.9 World Bank raises India FY27 growth forecast to 6.6% 2,507.47 Jun 03, 2024 16.25 16.15 13.79 13.23 12.11 94.88 Open STATUS QUO at 6.9% in FY27, inflation at 4.6% 7.7 6.5 IN THE NEWS Jun 03, 2024 May 12, 2025 -2.5 Apr 7 (close) 2,946.32 Apr 08, 2026 2.2 3.9 74,616 Apr 08, 2026 109.01 TOP MARKET CAP GAINS -0.4 SENSEX May 12, 2025 2,975.43 MONTH-LONG UPMOVE SUBSIDES (` lakh cr) 5.7 5.5 Continued on Page 4 TOP SENSEX GAINS (in points) 77,562 Apr 8 (close) « LESSTHAN 24 hoursafterthe deal was signed between USIsraelandIrantohalttheconflict in West Asia, Tehran has said that it has closed the Strait of Hormuz afterTel Aviv continued to strike Lebanonwhere over100 people have been killed on Wednesday. A two-week ceasefire was agreed upon by Iran and the USearlieronWednesday,with first in-person direct negotiations expectedtotakeplacein Islamabad. The new strikes threatened to scuttlewhat US Vice President JDVance called a"fragile"deal. "Aggression towards Lebanon is aggression towards Iran," Gen. Seyed Majid Mousavi,Iran's Revolutionary Guard aerospace commander,wrote on X. Stockssoar,Restrengthens, Brentsinksafterpeacedeal ● GDPgrowth seen inflation is estimated at 4.4% SANJAY MALHOTRA, GOVERNOR, RBI ...it’s quite possible that even in the short to medium term,we will continue to have low rates 7 6 5 5.25 Change 4.40 RBI repo rate (%) 4 0.40 0.50 May 04 3 Jun 08 0.50 0.50 0.35 Aug Sep 05 30 2022 Dec 07 »INSIDE« POLICYOFCAUTION,WRITES SOUMYAKANTI GHOSH P8 BANKS SETTO GET CAPITAL BOOST P7 Safe-havenflowshavestrengthened the US dollar, pressuring emerging market currencies, while equities and sovereign bondyieldshaveturnedvolatile. ForFY27,GDPgrowthisprojected at 6.9%,with downward revisionsforQ1andQ2to6.8% 0.25 0.25 Feb Feb 08 07 2023 0.50 0.25 Apr Jun 09 06 2025 Dec 05 0.25 Source: RBI and6.7%,respectively.CPIinflationisestimatedat4.6%forthe year,with quarterly variations rangingfrom4%inQ1to5.2% inQ3. Forthefirsttime,theRBIhas projected core inflation at 4.4% for FY27.“While core inflation hasalwaysbeenmonitored,this does not mark a shift in monetary policy. Headline CPI will remain the primary anchor,” Malhotrasaid. Continued on Page 4