COMPANIES | PAGE 4 BACK PAGE | PAGE 24 INTERNATIONAL | PAGE 10 Harley’sIndia-USduty gainsmostlyonpaper BCCI annual contracts: Virat, Rohit demoted to Grade B JimmyLai,aChinacritic, sentencedto20yrsinjail NEW DELHI, TUESDAY, FEBRUARY 10, 2026 FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 294, 34 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: 84,065.75 ▲ 485.35 NIFTY: 25,867.30 ▲ 173.60 NIKKEI 225: 56,363.94 ▲ 2,110.26 HANG SENG: 27,027.16 ▲ 467.21 `/$: 90.77 ▼ 0.10 `/€: 107.68 ▼ 0.76 BRENT: $67.82 ▼ $0.23 GOLD: `1,54,262 ▲ `2,585 New-agetechfirms deepenfocuson profit inDecquarter MANY NEW-AGE TECH firms reported improving profitability in Q3FY26, underscoring a continued shift away from growth-at-all-costs strategy, reports Ayanti Bera. ■ PAGE 4 Continued on Page 6 2,997 0 2,879 1,000 830 2024 Russia Iraq Saudi Arabia (*In thousand barrels) Trump signed an executive order asserting that“India has committed to stop directly or indirectly importing Russian Federation oil”, warning that tariffs on Indian goods could be raised if purchases resume. While New Delhi has confirmed a broaderinterim trade framework with Washington, 2025 Dec 4,000 Jan 2026 8,000 Oct 12,000 Vadinar refinery monthly crude imports* 13,437 8,164 Aug 16,000 Jun AS INDIA MOVES to scale downRussiancrudepurchases under mounting pressure from US President Donald Trump,one refineryhas found itself at the centre of an uncomfortable geopolitical spotlight: Nayara Energy’s Vadinar complex in Gujarat. Fresh refinery-level data show that while state-run and private refiners have sharply reduced spot purchases of Russian oil, Nayara continues to run almostentirelyon Russianbarrels—makingitthesingle largest remaining conduit for Moscow’s crude into India. According to analytics firm Kpler, Nayara imported over 36 million barrels of Russian crude between November 2025 and January 2026 — roughly 390,000400,000 barrels per day(bpd). Russian inflows dipped in December but surged again in January, underscoring the refinery’s deep dependence on Urals-grade crude. The data come days after VADINAR UNIT STANDS ALONE Apr SAURAVANAND New Delhi, February 9 Feb INDIA’S REAL GDP growth is pegged at 6.4% in FY27, making it the fastest-growing G-20 country, Moody’s Ratings said, adding the momentum underpins a stable outlook for its banking system, reports fe Bureau. ■ PAGE 3 INDIA’S ENERGY IMPORT strategywill continue to prioritise affordability,reliability and supplysecuritywithdiversification across multiple sourcing geographies, Foreign Secretary Vikram Misri said on Monday, amid sustained US pressure to moveawayfromRussiancrude. “Ourapproachistomaintain multiple sources of supply and diversifythemasappropriateto ensure stability.Therefore, the more diversified »EDIT« we are,the more secure we are,” COSTLY ENERGY Misrisaid.Hewas responding to a PIVOT question on the PAGE 8 purchaseofRussian oil after US President Donald Trump said that India had “committed to stop directly or indirectly”importing it as part of a trade deal.He said national interest would guide both governmentandbusinessdecisions on crude sourcing. “We are a developingeconomy.Wehaveto beconsciousaboutourresource availability.Naturally,whenyou are dependent to the extent of 80-85% on an imported resource,you have to have concerns aboutthepossibilityofinflation driven byenergycosts,” he said. Trump’s squeeze tightens on Rosneft-backed Nayara Dec Moody’sestimates India’sFY27GDP growthat6.4% SAURAVANAND New Delhi, February 9 Oct THE INCOME TAX department has proposed to significantly raise the threshold for mandatory Permanent Account Number (PAN) quoting for cash deposits & withdrawals and vehicle purchases under the draft Income Tax Rules, reports fe Bureau. India remains firm on multiple oil sources Aug DRAFT I-T RULES RAISE THRESHOLD FOR QUOTING PAN Jun PAGE 2 Apr ECONOMY AFFORDABILITY,RELIABILITYAND SUPPLYSECURITYKEYFACTORS Feb IN THE NEWS it has not spelt out anyexplicit crude commitments.The ministry of external affairs reiterated that India’s energy security remains its “supreme priority” and that sourcing decisions are driven by commercial considerations. Continued on Page 6 Tide turns: DIIs eclipse FIIs in Nifty50 holdings LOCAL PUSH ANANYA GROVER Mumbai, February 9 THE SHARE OFdomesticinstitutionalinvestors(DIIs)inNifty 50companiesoutstrippedthat of foreign institutional investors(FIIs)forthefirsttime in the December2025 quarter. The change came at a time when FIIs have been net sellers intheIndianstockmarketsand retail investor participation, directly or through systematic investment plans (SIPs), has witnessed a sharp growth. As of the Decemberquarter, DIIs held 24.8% of the Nifty50 indexcomparedwith24.3%by FIIs, according to a report by Motilal Oswal. It said domestic investors have remained key bidders,pumping $23.4 billion in the quarterand $90.1 billion in 2025 — aided by steady SIP inflows into domestic mutual funds.“Thisstrongparticipation hasnotonlyhelpedmitigatethe Trends in FII/DII holdings in Nifty 50 (in %) 28 25 22 25.0 19 16 12.7 13 24.8 FIIs DIIs 10 Dec 2015 24.3 Dec 2025 Source: Motilal Oswal effectsofaspikeinFIIoutflows, which totalled $18.8 billion in 2025,but has also absorbedthe continued surge in primary market issuances, with IPOs (initial public offerings) and FPOs (follow-on public offers) amounting to `1.95 lakh crore fortheyear,” it added. HimanshuSrivastava,prin- cipal,managerresearch,Morningstar Investment Research India, said this dominance of domestic investors provides a more stable, long-term source of liquidity, and could help cushion markets during global risk-off phases. Continued on Page 6 India to need $22.7 trn NHAI’s public InvIT all for net-zero target: Niti set for IPO this month INDIAWILLREQUIREcumulative investments of $22.7 trillion to achieveitsnet-zeroemissionstarget by2070,the NitiAayog said in a report on Monday, flagging a financing gap of $6.53 trillion thathastobemetbydevelopedcountries,reports FE Bureau.The report stated the net-zero scenariodemandsunprecedentedcapitalmobilisation,rapid deployment of clean energy and sustained policy reforms across sectors. On the financing side,the report stated that India could mobilisearound$16.2trillionby2070.■ PAGE 11 THE NATIONAL HIGHWAYS AuthorityofIndia(NHAI)willraise `9,500 crore through monetisationoffivefunctionalhighwaysin thefirstroundofassetacquisition byitspublicinfrastructureinvestmenttrust(InvIT)—RaajmargInfraInvestment Trust (RIIT) — reports Mukesh Jagota.The initial public offering (IPO) of RIITis expected later this month with retail share at 10% of the total equity units. 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