ECONOMY | PAGE 2 MARKETS | PAGE 6 Nominal GDPmay grow by 11.5% in FY27: EAC-PM chair INTERNATIONAL | PAGE 7 BHIM looks to scale beyond legacy role Bessent,Powellwarnbank CEOsaboutAnthropicrisks KOLKATA, SATURDAY, APRIL 11, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 35 NO. 137, 18 PAGES, `12 (NORTH EAST STATES `13 & 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: 77,550.25 ▲ 918.60 NIFTY: 24,050.60 ▲ 275.50 NIKKEI 225: 56,924.11 ▲ 1028.79 HANG SENG: 25,893.54 ▲ 141.14 `/$: 92.73 ▼ 0.07 `/€: 108.61 ▼ 0.43 BRENT: $95.67 ▼ $0.25 GOLD: `149,646 ▲ `223 INVESTORWEALTH UP`29 LAKH CRORE IN THE NEWS Benchmarks’weeklygains at5-yrhighontrucehopes EQUITY INFLOWS AT 8-MONTH HIGH OF `40,450 CR IN SPITE OF the rout in the markets, equity inflows into mutual funds hit an 8-month high of `40,450 crore in March, marking the 61st straight month of inflows, reports Kushan Shah. (% gain*) 10.28 10.24 9.87 Net equity investment in ` crore FPIs Bajaj Finance Trent Bajaj Finserv Titan 956 Axis Bank DIIs *between April 2 and 10 Sensex 73,319.55 Apr 2 5.77% Apr 6 Apr 7 Apr 8 672 410 11.86 4,168 12.79 Apr 9 Apr 10 »INSIDE« BOND YIELD SEES BRIEF SPIKE BEFORE CLOSING AT 6.91% PAGE 6 week while domestic institutional investors bought shares worth `21,602.32 crore. On Friday, the Sensex gained 918.60 points, or 1.20%, to close at 77,550.25, recovering the entire losses from the previous session.The Nifty rose 275.50 points, or 1.16%, to end above the 24,000 mark at 24,050.60. While several top brokerages have pared their Sensex targets for 2026,others antic- ipate a recovery,on the back of resilient domestic economic fundamentals and attractive valuations following the recent correction. Continued on Page 7 AmbiguityoverTataSonsIPOstays underRBI’sdraftNBFCframework ADB raises FY27 India growth estimate to 6.9% ● `1lakh-crasset THE ASIAN DEVELOPMENT Bank (ADB) on Friday raised India’s GDP growth estimate for 2026-27 by 40 basis points to 6.9%, citing stronger consumption and investment momentum, reports fe Bureau. It also projected growth to pick up further to 7.3% in FY28. thresholdfor UpperLayerNBFCs FE BUREAU Mumbai, April 10 ■ PAGE 2 Jaypee Group founder backs Adani's JAL bid JAYPEE GROUP FOUNDER Jaiprakash Gaur backed lenders’ decision to select the Adani Group as the successful bidder for Jaiprakash Associates, reports Urvi Malvania. The endorsement came even as the matter was contested before the National Company Law Appellate Tribunal (NCLAT). ■ PAGE 4 POLITICS Top Sensex gainers (Weekly) -2,064 PAGE 6 MARKETS 77,550.25 Apr 10 -1,396 BENCHMARK EQUITY INDICES surged by nearly 6% during the week, marking their best weekly gains in five years, following a 2-week ceasefire in the US-Israel-Iran hostilities.Investorsentiment was further buoyed by optimism around the outcome of peace talks scheduled to be held in Islamabad over the weekend. The Sensex gained 4,230.70 points, or 5.77%, while the Nifty put on 1,337.50 points, or 5.89% — the best weekly performance since February 2, 2021, when the benchmarks had delivered returns of 9.61% and 9.46%, respectively. The rally added `28.86 lakh crore to investor wealth during the week, of which `6.44 lakh crore was added on Fridayalone.Foreign portfolio investors sold shares worth `18,234.16 crore ($1.96 billion) during the WELCOME RESPITE 7,980 ANJANA THERESE ANTONY & KISHOR KADAM Mumbai, April 10 -6,810 MARCO RUBIO, THE US Secretary of State, is expected to visit New Delhi next month after a "productive meeting" with Foreign Secretary Vikram Misri on a range of issues, including trade and the Quad, reports PTI. Misri, who is on a threeday visit to Washington, met Rubio at the White House on Thursday. 8,089 RUBIO EXPECTED TO VISIT INDIA NEXT MONTH -8,637 ECONOMY PAGE 11 MAHATMAJYOTIRAO PHULE:ALIGHTTHAT STILLSHOWS INDIA THEWAY,WRITES NARENDRAMODI THE RESERVE BANK of India’s (RBI) draft guidelines for NBFC-Upper Layer (NBFCUL)haveshiftedtheregulatory framework from a parametric scoring model to one that is strictlyasset-based.Theguidelines, however, have failed to clear the air over the uncertaintyonTataSons'listingthat has been hanging fire since September last year. In the draft guidelines released on Friday,the RBI has proposed that any NBFC with assets of `1 lakh crore ormore willautomaticallyqualifyasan NBFC-UL,replacing the earlier mix of the top-ten-by-size list and a parametric scoring model. RBI said this change is aimed at making the process “transparent, simple and objective,” eliminating the ambiguity that surrounded the earlier methodology. With Tata Sons’ FY25 asset base estimated at around `1.75 lakh crore, the holding company comfortably meets thenewthresholdandwillcontinue to fall under the upper regulatory layer,experts said. Hormuz,Lebanoncloud overSaturdaymeetinPak ● Vance leaves for Islamabad; Iranian team expected Friday AGENCIES April 10 THE US AND Iran prepared for direct talks in Pakistan with the Strait of Hormuz still effectively shut and Israel and Hezbollah exchanging fire, complicating efforts to turn a fragile truce into lasting peace. Vice President JD Vance, who is leading the US delegation, told reporters as he left for Pakistan that US President Donald Trump had given “clear guidelines”for the talks and urged Iran to take the negotiations seriously. “As the president of the United States said, if the Iranians are willing to negotiate in good faith, we’re certainly willing to extend the open hand,” Vance said. “If they’re going to try to play us, then they’re going to find the negotiating team is not that receptive.” The Iranian delegation is expected to arrive in Islamabad on Friday night, officials in Pakistan’s capital said, ahead of crucial peace RBItopushfor reporting ofoffshore rupeetrades TO AID TRANSPARENCY Shifting the regulatory framework Earlier framework Two-pronged methodology for identifying NBFC-UL Proposed framework Single asset-size criterion for identification Top 10 eligible NBFCs by asset size automatically Any NBFC with `1L crore and above asset size qualifies NIMESH VORA & GOPIKA GOPAKUMAR Mumbai, April 10 Scope of additional parametric scoring methodology No scoring model; purely absolute threshold-based State-owned NBFCs placed in Base or Middle Layer Eligible govt-owned NBFCs to be considered for UL amove,”hesaid. “The listing of Tata Sons is fundamentally in the public interest.Apubliclylistedholding company strengthens board accountability, broadens the investor base,and secures longterm value for all stakeholders,” Mistrywrote. Headdedthatlistingwould unlock value for retail shareholdersofTatacompanies,who are indirect stakeholders in TataSons,whilealsoenablinga more defined and predictable dividend framework for Tata Trusts. THE RESERVE BANK of India (RBI) plans to move ahead with a proposal mandating that banks report offshore rupee derivative trades despite objections from lenders, two sources familiar with the matter said, in an attempt to bring transparency to a market that has amplified pressure on the currency. In February, RBI proposed that banks report rupee foreign exchange derivative transactions undertaken globally by their related parties, arguing it would support more efficient price discovery. The RBI wants lenders to start sharing data on at least 70%ofsuchderivativetransactions,starting February2027. Domestic banks are already required to report all derivative transactions,including by their overseasoffices.Foreignlenders currentlyonlyreportderivatives traded by their India units and not those executed by offshore ones. Continued on Page 7 Continued on Page 11 ...SPGrouprenewslistingcall URVI MALVANIA Mumbai, April 10 THE SHAPOORJI PALLONJI (SP)Group,whichholdsaround 18% stake in Tata Sons, has renewed its push for a public listing of the firm, positioning it as a necessary step to strengthen gov- ernance, transparency and accountability at the Tata Group’s holding company. In a statement on Friday, Shapoorji Pallonji Mistry said a listingshouldbeseennotmerely as regulatorycompliance but as a structural progression. “No substantive, evidence-backed casehasbeenmadeagainstsuch SHAPOORJI PALLONJI MISTRY, CHAIRMAN, SP GROUP ...welooktowardstheReserveBank ofIndiaforadecisivedirection withregardstothelisting Continued on Page 7 Sooryavanshi’s IPLfireworks could make him the next big breakout star for brands GenZ’snewMVP:Themakingofateenagebrand CHRISTINA MONIZ New Delhi, April 10 IN A TOURNAMENT built on noise and spectacle, it is often the loudest who get noticed. Yet, in the swirl of the Indian PremierLeague,it is a 15-yearold who has quietly, and then suddenly, become impossible to ignore. Since his debut season in 2025, marked by the second-fastest century in the league, Vaibhav Sooryavanshi has not just announced himself as a cricketer; experts say he has arrived as a star brand in the making. Still in only his second season with the Rajasthan Royals, Sooryavanshi has already ticked off a milestone that usually takes years: his first WHIZKID ■ Nutrition drink brand Complan moved early, signing Sooryavanshi just ahead of this IPL season and, in doing so, securing a valuable firstmover advantage ■ This season, he has picked up where he left off, most recently hammering a 39 off 14 balls against the Mumbai Indians He has roughly 3.3 mn followers on Instagram and an engagement rate of 8.54% ■ His endorsement fee—currently in the `75–80 lakh range—is modest by the standards of the game’s biggest names, who command `7–8 crore per day endorsement deal. Nutrition drink brand Complan moved early, signing him just ahead of this IPL season and, in doing so, securing a valuable first-mover advantage in what could become one of the most sought-after young properties in Indian sport. For Complan, the fit is almost intuitive. Arijit Sengupta, CMO at Zydus Well- ness,frames it as a meeting of journeys. The brand’s consumers—growing children and their aspirational parents—are themselves in a phase of building and becoming. “Vaibhav reflects that reality,” he says. It is not just about performance, but progression. That idea of progression is increasingly central to how young audiences define inspiration. The era of distant, untouchable perfection is giving way to something more relatable: visible growth, setbacks, and comebacks. Sooryavanshi,still early in his arc and visibly evolving, fits neatly into this cultural shift. For brands,he is not a finished product to be polished, but a story unfolding in real time— one that audiences can grow with. The cricket, of course, provides the spark. This season, he has picked up where he left off,most recentlyhammering a 39 off 14 balls against the Mumbai Indians. What stood out was not just the scoring rate,but the audacity—taking on bowlers like Jasprit Bumrah and Trent Boult with a fearlessness that belies his age. It is the kind of early imprint that invites comparisons with the breakout moments of SachinTendulkar and Virat Kohli —even if such parallels remain, for now, aspirational. Continued on Page 7 Kolkata US Vice President JD Vance boards Air Force Two on Friday at Joint Base Andrews in Maryland for expected departure to AP Pakistan for talks on Iran »INSIDE« STRAIT STILL SHUTAS LEBANON STRAINS TRUCE PAGE 7 talks with the US. Iran’s Foreign Minister Abbas Araghchi and Parliament Speaker Mohammad-Bagher Ghalibaf will lead the delegation, one of the people said, asking not to be identified because the discussions are private. Iran said that blocked Iranian assets must be released and that a ceasefire must take hold in Lebanon before peace talks can proceed, throwing lastminute doubt over negotiations. Qalibaf said on X that the two measures had been previously agreed with the US and warned that negotiations would not start until they are fulfilled. His post was echoed by Araqchi, who also called for the Israeli airstrikes on Lebanon to stop. The ceasefire announced by Trump earlier this week was broadly holding across the West Asia on Friday, with Kuwait’s report of attacks overnight the most recent evidence of hostilities. 12-GWstranded RE capacitymay find buyers soon SAURAV ANAND New Delhi, April 10 HIGH PRICING A SIZEABLE SECTION of 43 gigawatt (GW) renewable energy capacity that has gone begging for want of buyers at the “high prices” discovered under competitive tenders floated in recentyears mayget operational in the first half of the current fiscalyear.According to a seniorofficial from the Ministry of New and Renewable Energy (MNRE), the government and intermediary agencies are looking to execute power sale agreements (PSA) with distribution entities (discoms) for at least 1012 GW of the stranded capacity over the next few weeks. To encourage the buyers, the government and the Solar Energy Corporation of India (SECI) may rework the pricing and contractual terms, without jeopardising the projects' commercial viability for the developers.The move will also be in line with the MNRE's strategy to ensure efficient absorption of RE through grid integration, storage deployment and market reforms. As of September 30, 2025, RE implementing agencies had issued Letters of Award (LoAs) for43,942 megawatt of capacity where PSAs with end procurers (discoms) remained unsigned. Each megawatt entails investments of `4-5 crore; capital investments in the stranded capacities have been to the tune of over `2 lakh crore.The MNRE move is aimed at clearing a backlog of 43 gigawatt (GW) ■ A sizeable section of RE capacity has remained unsold due to the “high prices” ■ Govt and intermediary agencies are looking to execute power sale agreements (PSA) with discoms for at least 10-12 GW » RELATED « POWER DEMAND TO GROW 5.5–6.5% IN FY27 GOVT READIES BUFFER TO AID INDUCTION PUSH projects that have already secured LoAs but are yet to tie up buyers, a key hurdle slowing execution despite record capacity additions. “About 42 GW of renewable energy projects have unsigned PSAs…we are hopeful that 10–12 GW of such agreements will be signed in the next three to four months,”the official said,signalling a push to accelerate deal closures. Continued on Page 11 QUICK PICKS Street sees steady Q4 TCS outlook TATA CONSULTANCY SERVICES’ March quarter performance has led brokerages to retain a broadly constructive stance, with analysts pointing to stable execution and healthy deal momentum, even as they flagged limited triggers for a sharp acceleration in growth, reports Urvi Malvania. ■ PAGE 4 Nandan Reddy, co-founder of Swiggy, resigns CO-FOUNDER SWIGGY NANDAN Reddy has quit the online food and grocery delivery major with immediate effect, the company said in an exchange filing, reports fe Bureau. Reddy is set to start his own venture and will spend more of his time building the new startup. ■ PAGE 4