BACK PAGE | PAGE 24 COMPANIES | PAGE 9 SpaceX-xAI merger talks in advanced stage INTERNATIONAL | PAGE 10 AI grounds Dreamliner over fuel switch concerns NEW DELHI, TUESDAY, FEBRUARY 3, 2026 Bad Bunny winsAlbum of theYear at Grammys FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 288, 38 PAGES, `12 (PATNA & RAIPUR `12, SRINAGAR `15) 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: 81,666.46 ▲ 943.52 NIFTY: 25,088.40 ▲ 262.95 NIKKEI 225: 52,655.18 ▼ 667.67 HANG SENG: 26,775.57 ▼ 611.54 `/$: 91.52 ▲ 0.47 `/€: 108.56 ▲ 0.98 BRENT: $66.49 ▼ $2.83 GOLD: `147,878 ▼ `16,511 USOFFICIALSAYS25%PENALTARIFFSONRUSSIANOILWILLALSOGO USCLEARSTRADEDEALWITH INDIA,TOCUTTARIFFTO18% ● India to buy $500 bn US goods, stop Russian oil purchases MUKESH JAGOTA New Delhi, February 2 with my dear friend President Trump today. Delighted that MadeinIndiaproductswillnow haveareducedtariffof18%.Big thanks to President Trump on behalfofthe1.4billionpeopleof India for this wonderful announcement. “When two large economies andtheworld’slargestdemocraciesworktogether,itbenefitsour people and unlocks immense opportunitiesformutuallybene- NARENDRA MODI, PRIME MINISTER Delighted that Made in India products will now have a reduced tariff of 18%. Big thanks to President Trump on behalf of the 1.4 billion people of India ficialcooperation. “PresidentTrump’s leadership is vital for global peace, stability,and prosperity.India fully supports his efforts for peace. I look forward to working closely with him to take our partnership to unprece- dented heights,”he added. “The Prime Minister also committed to “buy American” at a much higher level,in addition to over $500 billion of US Energy,technology,agricultural and coal and many other products,”Trump said.According to Trump,India has also agreed to stopbuyingRussianoilandbuy much more from the US and potentiallyVenezuela.Theywill likewise move forward to ● HigherF&OSTTa deterrentagainst excessspeculation, saysminister PRASANTA SAHU & KULDEEP SINGH New Delhi, February 2 FACED WITH WEAKER tax buoyancy that has constrained revenue growth, the government is preparing to rely more heavily on disinvestment and asset monetisation to support its fiscal consolidation path over the next two years. Finance Minister Nirmala Sitharaman on Monday indicated that proceeds from stake sales and public offerings in central public sector enterprises (CPSEs) will play a central role in maintaining the glide path for deficit and debt reduction, especially as the fiscal impact of the 8th Pay Commission award begins to surface in FY28. “Disinvestment should set the tone for revenue generation. Asset monetisation will also continue, and we are considering increasing public float in CPSEs,” Sitharaman said MarketsstagedastrongreboundonMonday,recoupingabouthalfofSunday’s losses,asinvestorsturnedtovaluebuying,reportsKishorKadam. PAGE 4 Sensex Feb2(close) 1.17% 81,666 (943points) IN ORDER TO push sales and attract buyers of combustion engine vehicles, Tesla has introduced EV Switch and Save Program where buyers exchanging in any petrol or diesel car can avail an exchange bonus of `3 lakh on the purchase of the Tesla Model Y RWD irrespective of the make, model or value of the existing vehicle. The exchange benefit can be combined with a finance scheme featuring a `6 lakh down payment and EMIs starting at `49,000. Additionally, the Model Y in India is being offered with a complimentary wall connector, enabling home charging at an estimated running cost of as low as `1 per km, according to the manufacturer. Feb1(close) 80,722 7.6 Top Sensex gainers (% gain) 4.8 3.3 3.3 3.0 RBI aids Re recovery 91.40 91.60 M&M Reliance Inds BEL 91.80 Power Grid (invertedscale) 92.00 92.20 91.52 6.766 6.780 6.696 6.740 91.99 0.51% Jan30 (close) Bond yield rises to one-year high 6.820 Feb2 (close) 7bps 6.700 6.660 Jan30 (close) Feb2 (close) BUDGET MAKERS EXPLAIN THE FINE PRINT: PAGE 2 Government is weighing 49% FDI in state-run banks Public sector banks collectively have raised `45,000 crore through various means, including QIP & OFS in the current financial year. They will be mobilising a similar amount in FY27 as well M NAGARAJU, SECRETARY, DEPARTMENT OF FINANCIAL SERVICES NIRMALA SITHARAMAN, FINANCE MINISTER DISINVESTMENT SHOULD SETTHE TONE FOR REVENUE GENERATION... THAT DOESN’T MEAN WE WILL NEGLECTTHE TAX SIDE.” BUDGET IMPACT responding to concerns about howtheCentreplanstomeetits debt-to-GDP reduction goals amid tax revenue pressures. Continued on Page 10 FULL COVERAGE: P2-5, 7-8 PROMOTERS MAY STILL OPT FOR BUYBACKS P4 REBOUNDATD-ST Tesla offers exchange bonus of `3 lakh Adani Ports THE US HAS agreed to reduce reciprocal tariffs on Indian goodsto18%from25%aspart of the larger trade deal which will see India buy $500 billion worth ofAmerican goods. The deal was announced by USPresidentDonaldTrumpina poston“TruthSocial”. “Out of friendship and respect for Prime Minister (Narendra) Modi and as per his request,effective immediately, we agreed to a trade deal between the US and India whereby the US will charge a reducedreciprocaltariff,lowering it from 25% to 18%.” Therewas no mention of the additional25%tariffsforbuying crude oil from Russia but news agency IANS, quoting a White House official,said these additional tariffs will be removed. Trump also claimed that India has agreed to reduce tariff and non-tariffbarriersagainsttheUS to zero. Shortly after the announcement, PM Modi tweeted: “Wonderful to speak reducetheirbarriersagainstthe US to zero.” “Our amazing relationship with India will be even stronger goingforward,”Trumpsaidwhile describing Modi as one of his greatest friends and a powerful andrespectedleaderofhiscountry.Gift Nifty soared 600 points immediately after Trump’s announcement.Reacting to the development,Nilesh Shah,MD, Kotak Mahindra AMC said: “India US trade deal has gone through ups and downs like a rollercoaster.Whiledevilisinthe details, it removes a hanging sword over rupee, equity and ratesmarket. “Let us hope that it is a win windealforboththecountriesas they have lot to gain through cooperation.” The buzz around the impending announcement of the trade deal gained ground as the US Ambassador to India Sergio Gor posted on‘X’:“President Trump just spoke with PrimeMinisterModi.Staytuned.’ The call followed two‘Truth Social’postsbyPresidentTrump, one sharing a magazine coverof him with Modi with the magazinecallingthemasnewsmakers of the year with a caption “The MoverandTheShaker”. The other post was a photo of India Gate with a caption: “India’s beautiful triumphal arch,ourswillbethegreatestof them all!” Public float in state-run firms to rise,says FM Don’texpectanysharpchangein inflationreadingwithnewseries Significant redemption pressure will explain (the higher) borrowings. We don't want bond yields to harden excessively... may resort to bond switches and buybacks ANURADHA THAKUR, SECRETARY, DEPARTMENT OF ECONOMIC AFFAIRS On-time release of funds has increased spending efficacy After the implementation of SNA SPARSH (single nodal agency), funds no longer lie idle in state treasuries or multiple bank accounts V VUALNAM, SECRETARY, DEPARTMENT OF EXPENDITURE Customs dutywaivers to make industry resilient Removal of import tariffs on capital goods and strategic industrial inputs will cut costs for domestic aviation, defence and nuclear power sectors VIVEK CHATURVEDI, CHAIRMAN, CBIC New Delhi THE BUDGETTHROUGH THE BROKERAGES’ LENS P7
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