MARKETS | PAGE 6 EFE | PAGE 9 INTERNATIONAL | PAGE 7 LimitedSMEaccesstomarket intermediariesforIPOs:Pandey HowBhashinitransformed itselftoanAIbackbone NEW DELHI, THURSDAY, FEBRUARY 12, 2026 Coveredinsecurityblanket, Bangladeshvotestoday FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL. L1 NO. 296, 44 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: 84,233.64 ▼ 40.28 NIFTY: 25,953.85 ▲ 18.70 NIKKEI 225: 57,650.54 ▲ 1,286.60 HANG SENG: 27,266.38 ▲ 83.23 `/$: 90.71 ▼ 0.13 `/€: 108.11 ▼ 0.20 BRENT: $70.18 ▲ $1.38 GOLD: `1,55,999 ▲ `353 COMPANIES PAGE 4 PRAVEENIYER, CO-FOUNDEROF AKASAAIR,QUITS AKASAAIR ON WEDNESDAY announced that its Chief Commercial Officer and Co-founder, Praveen Iyer, has resigned, reports Yaruqhullah Khan. Co-founder and Chief Information OfficerAnand Srinivasan will take over as CCO from May 1. ECONOMY PAGE 2 FALL IN FOOD’S WEIGHT IN NEW CPI: TWO-THIRDS DUE TO SPENDING SHIFT, SAYS MOSPI SECRETARY FPI investments in equities at $2.4 bn in 11sessions AFTER BEING NET sellers for a long time, foreign portfolio investors seem to be making a comeback. The 11-day rolling data of FPI net investments in equities in February so far show the highest inflow of $2.4 billion since October-end, report Anjana Therese Antony & Ananya Grover. ■ PAGE 6 ● Boards may be EASING INVESTMENTS, IMPROVING OVERSIGHT empowered to set internal FDI caps For listed firms, any holding below The proposed overhaul will take into account changes in investor profiles, deal structures, and capital markets PRASANTA SAHU New Delhi, February 11 THE GOVERNMENT IS examining a broad rationalisation of foreigndirectinvestment(FDI) rules, covering listed and unlisted companies,companylevel foreign holding caps, downstream investment norms, and pricing guidelines forcross-bordersharetransfers. The proposed overhaul is part of a comprehensive review of the Foreign Exchange Management (Non-debt Instruments) Rules,2019 to take into accountchangesininvestorprofiles,dealstructures,andcapital markets.Therejigisexpectedto ease foreign investments and capital inflows into the country while keeping regulatory over- 10% by an individual investor is classified as FPI A uniform, thresholdbased regime will be more consistent with international practice & economic logic, experts say Currently, any foreign investment in unlisted firms is treated as FDI sight intact and more pragmatic.“These are only a few of the representations that the government has received.Consultations will be done and all issues will be reviewed to bring more clarity and ease of doing business,” a seniorofficial said. At present, the FDI classification differs for listed and unlistedfirms.Inunlistedcom- panies,any foreign investment — even 1% — is treated as FDI. In listed companies, any holdingbelow10%byanindividual investor is classified as foreign portfolio investment (FPI), while 10% or more are treated asFDI.OnceclassifiedasFDI,an investmenttypicallycontinues to be treated as FDI even if it later falls below the 10% US softens claims:Trade deal note drops pulses,digital tax ● Nocommitment, QUICK CLIMBDOWN onlyintenttobuy $500-bnUSgoods ■ Revised document has also removed four paragraphs on tariff and non-tariff barriers by India MUKESH JAGOTA New Delhi, February 11 ■ It is not immediately clear what prompted Washington to revise the fact sheet quickly THE UNITED STATES on Wednesday revised the fact sheet on the trade deal with India released two days earlier, climbing down significantlyon its claims about concessions wrested from New Delhi. The modification allayed apprehensions caused by the February 9 version of the fact sheet, and gave more credence to the government’s claims that undue compromises haven’t been made. It is not immediately clear whatpromptedWashingtonto SBI outshines TCS STATE BANK OF INDIA’S market capitalisation surpassed that of Tata Consultancy Services (TCS) on Thursday, the first time in more than 15 years, reports Kishor Kadam. The country’s biggest lender turned in a strong show in the December 2025 quarter, reassuring investors of future performance. The lender has narrowed the m-cap gap with the third-placed Bharti Airtel to just `56,000 crore. Reliance Industries and HDFC Bank continue to hold the first and second positions, respectively. threshold.However,itisfeltthat the distinction can influence dealstructuring.Investorsmay deliberately stay below 10% in listed firms and invest through secondarymarketpurchasesas FPIs rather than through private placements that would triggerFDI classification. Continued on Page 7 RESULTS CORNER M&M profit revs up 33% MAHINDRA & MAHINDRA reported a 32.6% year-on-year rise in standalone net profit for the October-December 2025 quarter at `3,931 crore, marginallyaheadofBloombergestimate of `3,885 crore, reports AkbarMerchant. ■ PAGE 4 LG Electronics profit slumps ■ New fact sheet reverts to the language used in the joint statement with regard to digital trade go beyond the February6 joint statement issued by both countries in the first instance and then retract quickly. Continued on Page 7 LG ELECTRONICS INDIA on Wednesday saw a sharp drop of 61.6% on-year in consolidated netprofitinthethirdquarterof FY26,hit by weaker demand in home appliances, especially in the post-festive period,reports ViveatSusanPinto. ■ PAGE 4 THE TOP FIVE Reliance 19.87 HDFC Bank Bharti Airtel 11.48 SBI 10.92 TCS 10.53 14.27 M-cap on Feb 11 (in ` L cr) 18.0 16.0 14.0 12.0 10.0 8.0 6.0 4.0 in India’s interest, says Sitharaman FE BUREAU New Delhi, February 11 FINANCE MINISTER NIRMALA Sitharaman on Wednesday stronglydefended the India-US interim trade deal and the Union Budget for 2026-27 in the Lok Sabha, asserting that Prime Minister Narendra Modi “always acts in India’s interest.” Responding to Leaderof the Opposition Rahul Gandhi’s “Bharat Mata sold” remark attacking the trade pact, Sitharaman said the Centre’s approach to trade negotiations prioritisesnationalinterestand safeguards domestic sectors, including agriculture. “Prime Minister Narendra Modi will always act in India’s interest whereas it was the Congress which surrendered before the World Trade Organization (WTO), sold the poor, farmers duringitsregimewhenitsigned theBaliagreementin2013,”she said,referring to the first com- 10.92 7.08 SBI Jan 1, ‘25 Feb 11, ‘26 MOUNTING A SHARP attack on Prime Minister Narendra Modi, Leader of the Opposition Rahul Gandhi said in the LokSabhaonWednesdaythat the PM was under a “chokehold” and had “fully surrendered”totheUSbyacceptinga trade deal on its terms, compromising India’s energy securityand farm interests. Participating in a discussion on the Union Budget,Gandhi High-stakes India-Pakistan game sees TV spots surge to `35-40 lakh from `20 lakh Sundayblockbuster: U-turntriggersupturninad CHRISTINA MONIZ Mumbai, February 11 PAKISTAN IS SET to take the field against India on Sunday. But long before the first ball is bowled,the moneyhas already begun to roar. »INSIDE« ForadvertisTIE SENDS ers and broadAIRFARE TO caster JioStar, COLOMBO the India-PakSOARING istanshowdown is less a cricket PAGE 23 matchandmore acommercialsupernova.Industryestimatespegnearly`4,000 crore in total commercial value —spanningbroadcastrevenues, sponsorships, advertising and ticketing — riding on those three electric hours. Even though most ad MONEY MACHINE ■ For digital segment, pre-roll rates in 2025 were around `275 per 10 seconds, with India matches logging `500 per 10 second ■ TV ad rate: Rates for the 2026 T20 World Cup India-Pakistan clash are estimated at `35-40 lakh per 10-second spot ■ Revenue impact: The match is projected to generate a total revenue of around `4,000 crore inventory had been snapped up before Pakistan Cricket Board’s now-reversed decision toskipthematch,thedramatic U-turn has only stoked demand forthe last remaining slots. The result: a late scram- ■ Viewership: India-Pak clash in 2025 Champions Trophy registered 206 million TV viewers and a peak of 602 million ■ A year ago: For the 2025 Asia Cup, rates for India-Pak match were nearly `12–16 lakh per 10 seconds on TV ble and a sharp spike in rates. Ten-second TV spots have surged to `35-40 lakh from about `20 lakh at the start of thetournament.ConnectedTV (CTV) rates have climbed to `1,000 per CPM (cost per views on digital streaming mille), up from around `600 for other India games, while mobile advertising now commands `350–400 per CPM versus `300 earlier. The stakes are equally high for JioStar. Industry insiders say the broadcaster is eyeing `2,000 crore in ad revenue from the tournament. A cancellation of Sunday’s marquee clash could have shaved off more than 10% of that — a prehensive multilateral agreement concludedbytheWTO. “Those who wanted to negotiate with Pakistan...are now giving us suggestions on negotiations.It is the Congress which sold the government, farmers, the poor and the nation,” she said. She argued thatrecentagreementsarecalibrated to expand market access for Indian exporters while ensuring protections for vulnerable segments such as farmers and small producers. Continued on Page 10 ASAD REHMAN New Delhi, February 11 10.53 M-cap movement (in ` L cr) Reserve Bank of India Governor Sanjay Malhotra calls on Finance Minister Nirmala Sitharaman in New Delhi on Wednesday ANI Takeadvantage ofFTAs:Goyal tobusinesses COMMERCE AND INDUSTRY Minister Piyush Goyal told exporters on Wednesday to intensify efforts to penetrate newermarkets,upgradequality and become more competitive totakemaximumadvantageof recent trade agreements. He held a meeting with 35 export promotion councils and key industrybodies.—FE BUREAU Awholesalesurrender:RahulonUSdeal Returns (in %) SBI TCS 14.88 TCS ● PM always acts 10-year CAGR DIRECTTAX RECEIPTS after refunds recorded a year-on-year growth of 9.4% till February 10 of the current financial year, compared to a projected growth target of 9% (revised estimates) over FY25. The collections reached at `19.43 lakh crore, 80.2% of the FY26 target of `24.21 lakh crore (revised estimates), reports fe Bureau. FDIrulesresetintheoffing 5-year CAGR DIRECTTAXRECEIPTS RISE9.4%,REFUNDS DECLINE18.8% FM:Tradepactscalibrated tohelpexporters,farmers 1-year PAGE 2 43.52 -4.31 61.83 -26.61 24.84 -1.92 22.60 10.23 ECONOMY INVESTMENTS IN LISTED & UNLISTED FIRMSTO BETREATED ON PAR 6-month IN THE NEWS significantdentatatimewhen broadcasters are grappling with the hefty cost of ICC media rights. “Advertiser sentiment has displayed a seesaw-like momentum because of the uncertaintyaroundthisgame,” saidPrashantJoglekar,founder of SportsBiznet. “But that uncertainty has turned into a blessing in disguise. It has amplified the hype. In a T20 WorldCup,theweightageofan India-Pakistan clash is always far higher than an Asia Cup game.Brands are betting big.” TheSundayslotaddsfurther commercial muscle. So does India’s recent dominance over Pakistaninglobaltournaments. Continued on Page 10 Rahul Gandhi in the Lok Sabha on Wednesday ANI used a martial arts“grip”and “chokehold”analogytotarget the government: “You have sold our Bharat Mata… The interesting thing is that the PMwouldnotsellIndiaunder normal circumstances. You know why he has sold India? Becausethey(US)arechoking him… when a person is choked, there is fear in the eyes. You can see fear in the PM’seyes…Idon’tbelievethat an Indian PM, including Mr Modi, would sign the (US trade) deal unless there was a chokehold on him.” Continued on Page 10 BeallinonAIorout ofGoogle:Stafftold FE BUREAU New Delhi, February 11 DESPITE HAVING STARTED 2026in“astrongposition”,tech giant Google has now offered certain staffers in its global businessunitthevoluntaryexit routewith a severance package if they are not “enjoying the pace”ofAI transformation. In an email sent to staff on Tuesday, Chief Business Officer Philipp Schindler said everyoneintheglobalbusiness organization (GBO) needed to be “all in” on the mission and “embracing AI to have even greater impact”,according to a reportinBusinessInsider.GBO oversees operations such as sales and partnerships. “We’re starting theyearin a strong position thanks to everything you accomplished in 2025,” Schindler wrote in the memo, “But the game is dynamic, the pace is electric, and the stakes are high.” For employees who are not “enjoying the pace we need to operate in”orwho are“readyto move on from Google,”he said, the companywould offeravoluntary exit programme for certain roleswithin GBO in the US. This includes employees working on solutions teams, sales, corporate development, and others. Schindler added that America’s large customer sales teams and other customer-facing roles would not New Delhi HIGH-STAKES ■ In October last, Google laid off more than 100 employees in design-related roles ■ Google’s parent Alphabet posted a 30% on-year rise in profit for Oct-Dec quarter to $34.5 bn ■ Google posted more than 30% sales growth in data centre division be eligible for the programme. Google has made similar offers to employees in other organisations over the past year. In October last year, the tech giant laid off more than 100 employees engaged in design-related roles. Last week, Google’s parent Alphabetposteda30%year-onyear rise in profit for the October-Decemberquarterto $34.5 billion, while its revenue climbed 18% to $113.8 billion. It was Google’s third consecutivequarterofdigitaladgrowth ofmorethan10%.Italsoposted more than 30% sales growth in its data centre division.