OPINION, P10 WELL BEING Poisoned arrows shot down NOT A CHUBBY FIGURE Ready, set, game! Why childhood obesity is becoming a cause for concern in a country that now ranks second globally for kids who are overweight Page 9 Gaming market abuzz with new launches, be it speedier mouses or cloud-based systems Page 6 ACROSS THE AISLE, P CHIDAMBARAM VOL. XXII, NO. 34 FE LINES LEISURE Follow us on Twitter & Facebook. App available on App Store & Play Store WWW.FINANCIALEXPRESS.COM JUSTASECOND (HAND), PLEASE! KOLKATA SUNDAY, APRIL 19, 2026 14 Pages, `12 (NE States `13 & Andaman `20) P U B L I S H E D FINANCIAL EXPRESS ON SUNDAY 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 , Pre-owned watches now finding a wider audience in India Page 7 READ TO LEAD H Y D E R A B A D , K O C H I , K O L K A T A , L U C K N O W , IRAN REIMPOSES CONTROL, ALLEGES CEASEFIRE VIOLATION WHAT'S INSIDE Hormuz closed again, Indian ships attacked US extends waiver on Russian oil till May 16 ● India summons Iran ambassador, seeks safe passage TREVOR HUNNICUTT, ARIBA SHAHID & MUHAMMAD AL GEBALY Washington/Islamabad, April 18 ■ SPOTLIGHT, P5 Kirana in a tight corner Amid a surge of app-based services, the neighbourhood convenience stores are battling shrinking sales and fading customer connections. What does the future hold for these small retailers? ■ WORDS WORTH, P4 Lupin & the man behind it A biography of Desh Bandhu Gupta also serves as a chronicle of India’s pharma industry Continued on Page 2 Pregnancy cited for anticipatory bail in TCS case Govt constitutes panel to aid AI governance group AFEMALE employee of the TCS unit in Nashik, accused in a case related to alleged religious conversion and sexual harassment, moved an anticipatory bail application, citing her twomonth-old pregnancy. Separately, a court extended the police remand of the two male accused in the case till April 20 to allow the police to question key witnesses and collect more evidence. ■ PAGE 3 THE MINISTRY of Electronics and Information Technology has constituted an advisory body to provide specialised technical, policy, and strategic expertise to support the functioning of the recently constituted AI Governance and Economic Group. The Technology and Policy Expert Committee brings together a carefully selected group of experts. ■ PAGE 3 Taiwan leads in Asia as markets rebound EQUITY INDICES IN Taiwan, South Korea, and Japan have led Asia in recovering war-driven losses as geopolitical tensions eased following US–Iran peace talks and a 10-day ceasefire between Israel and Hezbollah in Lebanon. South Korea, which had emerged as the worst performer with a 19.1% decline in its benchmark index since the onset of the US–Israel –Iran conflict in late February, has now fully recovered its losses, rallying 22.6%. Compiled by Kishor Kadam War driven losses* (%) *in March; #in April Recovery# (%) Taiwan US (S&P) South Korea Japan France Germany Hong Kong UK China India (Sensex) Indonesia Philippines 16.0 12.2 22.6 14.5 10.1 10.9 7.3 7.6 6.2 9.1 9.5 2.2 Source: Bloomberg In a photo released by the US Central Command on Saturday, an AH-64 Apache helicopter can be seen flying above the X Strait of Hormuz during a patrol 1 Indian vessel exits,4 return ONE INDIAN-FLAGGED OIL tanker crossed the Strait of Hormuz on Saturday, while at least four others turned back after Iran signalled the strategic waterwaywas closed again. Oil tanker Desh Garima appeared to have successfully crossed the Strait on Saturday, ship tracking data showed.The Shipping Corporation of India (SCI) tanker is the 10th Indiaflagged vessel to have crossed the strait since early March. MarineTraffic data showed oil tankers Sanmar Herald, Desh Vaibhavand Desh Vibhor, along with bulk carrier Jag Arnav, reversing course near the chokepoint, taking the numberof India-flagged ships in the Persian Gulf to 14. THE UNITED STATES administration has extended a sanctions waiver on Russian oil sales till May 16, allowing the purchase and transport of crude oil already loaded on vessels, in a move that offers temporary relief to global buyers amid tight energy supplies. The United States Treasury Department issued a fresh licence on Friday permitting transactions involving Russian-origin crude and petroleum products loaded onto ships as of April 17. The waiver replaces an earlier relief window that expired on April 11. Continued on Page 2 HDFC Bank Q4 profit rises 9.1% FE BUREAU Mumbai, April 18 HDFC BANK REPORTED steady March quarter results, with net profit rising 9.1% year-on-yearto `19,221 crore, driven bylowerprovisions and improved asset quality. Provisions and contingencies decreased to `2,609 crore, supporting the bottomline despite a modest increase in net interest income. The bank’s profit beat the Bloomberg projection of `19,053 crore for the quarter. Sequentially,the bank posted a 3% rise in profit from `18,664 crore in the December 2025 quarter.The bank’s net interest income (NII) grew 3.2% YoYto `33,081 crore (`32,066 crore), while the net interest margin (NIM) stood at 3.38%. Siddharth Rajpurohit,vicepresident, Systematix Institutional Equities,said,“Ex-lower provisioning, the results are broadly in line with expectations. With an LCR of 125%, the bank is well placed in terms of liquidityto growat orbetter than the industry going forward.” Other income rose to `13,199 crore, with fee and commission income rising to `9,220 crore from `8,530 crore a year earlier. Continued on Page 2 Major global equity indices -10.4 -7.8 -19.1 -13.2 -10.7 -11.8 -8.4 -9.3 -8.4 -11.5 -15.4 -11.2 IRAN SAID IT was tightening control over the Strait of Hormuz on Saturday, warning mariners that the energy lifeline was again closed, as shipping sources said vessels reported coming under fire while trying to transit the waterway. Two Indian-flagged vessels carrying crude oil were on Saturdayattacked while attempting to cross the Strait,the Ministry of External Affairs confirmed in a statement. Tehran’s ambassador to New Delhi, Mohammad Fathali, was called in for a meeting with India’s Foreign SecretaryVikram Misri. SAURAV ANAND New Delhi, April 18 Reappointment process on HDFC BANK ON Saturday said the reappointment processes for both Chairman Keki Mistry and Managing Director & CEO Sashidhar Jagdishan are underway,with the nomination and remuneration committee (NRC) and the board “seized of the matter”. Jagdishan’s term ends in Octoberthis year,while Mistry has received a temporary three-month extension from the Reserve Bank of India post the resignation of part-time chairman Atanu Chakraborty in March. Keki Mistry (left) and Sashidhar Jagdishan REPORT CARD Q4 FY25 ICICI BANK’S NET profit for the quarterended March grew 8.5% on year to `13,702 crore,due to a sharp fall in provisions and contingencies and an improvement in asset quality.The provisions and contingencies fell 89% on a year-onyear basis to `96 crore, reflecting healthy asset quality and higher recoveries and write-backs. According to Bloomberg estimates, the bottomline was pegged at `12,677 crore. For the financial year ended March, the private lender’s Q4 FY26 (` cr) Net interest income 21,193 22,979 y-o-y % growth Net profit 8.4 Operating profit 12,630 13,702 17,664 18,199 N E W D E L H I , P U N E Cabinet gives nod to $1.4-bn maritime insurance backstop FE BUREAU New Delhi, April 18 WITH INSURANCE BECOMING scarce amid the West Asia crisis,the Cabinet on Saturday approved a $1.4-billion (`12,980 crore) sovereign guarantee to back a new industry-led pool that will cover maritime risks, including hull and machinery,cargo, protection and indemnity (P&I),and war risk. The ‘Bharat Maritime Insurance Pool’will start with a corpus of about $100 million (`950 crore),funded bycontributions from the General Insurance Corporation of India (`400 crore),public sectorcompanies/ insurers (`280 crore), and private players, Information and Broadcasting Minister Ashwini Vaishnaw said. The pool will provide coverage to India-flagged vessels, Indiacontrolled ships, and those with India as theirorigin ordestination.The cover will run for 10 years,extendable to 15. “Even after the Strait of Hormuz was reopened, ships declined to operate there,” Vaishnaw said, pointing to persistent difficulties in securing reinsurance. The government-backed mechanism is expected to cut maritime insurance costs by about 25% immediately, he said. Rising geopolitical tensions have sharplyincreased risks to cargo and vessels, driving up premiums and disrupting the OTHER CABINET DECISIONS ■ Additional 2% DA to govt staff, pensioners ■ Nod to multitracking projects worth `24,815 crore ■ Continuation of Pradhan Mantri Gram Sadak Yojana–III availability of cover. Indian shipping has also relied heavily on the International Group of P&I Clubs forthird-partyliabilities,including oil pollution, wreck removal,cargo damage, crew injuries, and collisions. The new pool aims to ensure continuity of coverage and reduce vulnerability to sanctions or geopolitical shocks. Policies will be issued by memberinsurers using a combined underwriting capacityof around `950 crore. Continued on Page 2 RESERVATION BILL Opposition crushed women’s dreams: PM PRESS TRUST OF INDIA New Delhi, April 18 Continued on Page 2 ICICI Bank Q4 PATup 8.5% KSHIPRA PETKAR Mumbai, April 18 M U M B A I , 3.0 standalone net profit crossed the `50,000-crore milestone. The net interest income of the bank was up 8.4% on year to `22,979 crore for the quarter ended March. Net interest 8.5 margin (NIM) was 4.32% in Q4 as compared to 4.30% in Q3. For FY2026, NIM stood at 4.32%,similar to FY2025. Continued on Page 2 PM NARENDRA MODI on Saturday said opposition parties had ‘mercilessly crushed’ the dreams of women bynot allowing the women’s reservation bill to pass in Parliament despite the government’s best efforts. In an address to the nation,a day after a bill to implement women’s reservation in legislatures was defeated in the Lok Sabha, Modi said the self-serving politics of parties like the Congress, the DMK, the TMC, and the Samajwadi Party has come at the expense of the nation’s women, and that they had foiled efforts to grant 33% reservation to women in legislatures.“I seek forgiveness from all women of the country,” he said. The Prime Ministersaid opposition parties that opposed the Nari Shakti Vandan Adhiniyam in Parliament were taking women’s powerforgranted. NARENDRA MODI, PRIME MINISTER I seek forgiveness from all women of the country “Today, every citizen of India is witnessing how the march of India’s women has been halted.The dreams of the country’s women have been mercilessly crushed, and despite our utmost efforts,we could not succeed,”he said. Continued on Page 2 An electrifying revolution on three wheels ● Two-thirds of all SALES METRICS 3-wheelers sold in Electric FY27 to be electric VIKRAM CHAUDHARY New Delhi, April 18 WHILE TWO-WHEELERS AND cars—and their highprofile launches—get the most attention when it comes to electrification, the real change is happening on three wheels. As per retail sales data sourced from the Federation of Automobile Dealers’Associations (FADA), of the total 1,363,412 three-wheelers 30.67 26.49 CNG/ LPG 11.35 12.18 Diesel Petrol/ Ethanol 57.25 60.95 0.73 0.38 sold in FY26, a staggering 60.95% (830,819 units) were electric. This means that, for the first time, a major vehicle segment is no longer dominated bypetrol,diesel,orCNG. By fuel type, in units (%) FY25 FY26 Source: FADA Automotive analysts told FE that the electrification rate in three-wheelers crossed 50% in FY23, and has been steadilyincreasing—54.3% in FY24, 57.25% in FY25, and 60.95% in FY26.“At this rate, two of every three threewheelers sold in FY27 will be electric, and by 2030, electrification in three-wheelers is set to cross 75%,” they said. Som Kapoor, EY India Automotive, Future of Mobility leader (Consulting), and partner, said that the threewheeler segment seems to have reached a point of no return for fossil fuels. “The segments that will grow the most are those with the highest ‘asset sweat’—where vehicles are worked the hardest to generate maximum revenue. Growth also follows ‘circularity of motion,’ or predictable, repetitive routes that make electric charging simple and efficient.” He added that the economic logic for the driver/operator, centred on the lowest possible cost per kilometre, has decoupled the three-wheeler segment from the volatility of oil prices. The growth in electrification has come at the cost of CNG/LPG, whose share has dropped from 30.67% in FY25 to 26.49% in FY26,even as the share of diesel threewheelers marginally increased from 11.35% to 12.18%—unlike cars, petrol/ ethanol is a niche segment in three-wheelers, with a share of just 0.38% in FY26. Uday Narang, the founder of Omega Seiki Mobility, an EV-only player,said the faster electrification of threewheelers is driven by strong unit economics and realworld usability. Continued on Page 2