BACK PAGE | PAGE 16 BRANDWAGON | PAGE 11 GenZ grievances real, says RSS chief Bhagwat INTERNATIONAL | PAGE 9 Cleartrip looks to rejig its revenue mix to fuel growth LUCKNOW, FRIDAY, AUGUST 7, 2026 Dealwith Oman on Hormuz ships agreed in principle: Iran FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL 19 NO. 207, 62 PAGES, `12 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: 78,954.76 ▲ 373.76 NIFTY: 24,636 ▲ 11.35 NIKKEI 225: 65,683.26 ▼ 617.18 HANG SENG: 25,530.28 ▼ 385.54 `/$: 95.23 ▼ 0.10 `/€: 109.87 ▼ 0.09 BRENT: $80.76 ▲ $1.31 GOLD: `147,981 ▲ `3,364 OILPRICES UP 4% AS IRAN REVIEWS BANNING US SHIPS OIL PRICES ROSE by more than $3 a barrel on Thursday on news that an Iranian parliament committee is reviewing a bill that would ban US and Israeli vessels from the Strait of Hormuz. Brent crude futures gained $3.09, or 3.89%, to $82.54 a barrel. —AGENCIES COMPANIES PAGE 4 SWIGGYTARGETS `10,000-CRORE EBITDA BY FY31 SWIGGY ON THURSDAY set out a five-year financial target of `10,000 crore in adjusted Ebitda by FY31, laying out a plan that requires its loss-making quick commerce arm Instamart to swing from a `3,512crore loss to a `4,000crore profit over the period, reports fe Bureau. » INSIDE « WHATIS ‘MEGA’ABOUTIPOS? WRITES CKG NAIR PAGE 10 THEALGORITHM SAYS SORRY, WRITES RISHI RAJ PAGE 10 RBI may ban NBFCs from offering revolving credit THE RBI ON Thursday proposed banning non-banking finance companies from offering revolving credit products, reports fe bureau. The RBI defines revolving credit as any fund-based credit facility, which does not meet the definition of a term loan. ■ PAGE 8 CENTRALBANKRETAINSTATAHOLDING FIRM IN UPPER-LAYERNBFC LIST Tata Sons listing fog stays after RBI classification ● CICderegistration REGULATORY HURDLES plea still under examination ■ Legal challenge possible if RBI rejects the application, experts say ■ RBI places 18 NBFCs URVI MALVANIA Mumbai, August 6 NEARLY FIVE YEARS after the Reserve Bank of India (RBI) introduceditsscale-basedregulatoryframeworkfornon-banking financial companies (NBFCs), the question of Tata Sons’ listing remains unresolved.While the central bank’s list of upper-layer NBFCs for 2026-27,releasedonThursday, continues to classify Tata Sons as a core investment company (CIC) subject to the listing requirement, a footnote effectively takes the matter back to square one. TheRBIsaidTataSons’inclu- ■ The latest list was prepared under the RBI's revised, principlesbased framework for identifying upper-layer NBFCs in upper layer; Tata Sons is the only unlisted entity ■ Tata Sons’ deregistration application remains pending ■ Decision on listing hinges on RBI’s ruling sion was without prejudice to the outcome of its application for deregistration, which remains under examination— the same position it had taken while releasing the previous list in January2025. Tata Sons’ ability to avoid a listing will, therefore, hinge on whethertheRBIallowsittosurrender its CIC registration. Under the framework,an NBFC placed in the upper layer remainssubjecttotheenhanced regulatory regime for at least five years, even if it ceases to meet the classification criteria in subsequent years.A CIC is an NBFC whose principal business isinvestingingroupcompanies. Regulationsrequireittoholdat least90%ofitsnetassetsinthe equityshares,preferenceshares, bonds,debentures,debtorloans of these companies. Continued on Page 9 CAS jitters ease as markets settle KUSHAN SHAH & KISHOR KADAM Mumbai, August 6 VOLATILITY IN THE markets, which had spiked after the rollout of the new closing auction session(CAS)forstocksonMonday, eased today, suggesting tradersarebecomingmorecomfortable with the mechanism. TheNSENifty50gained0.03% during the closing auction session,anindicationthatconcerns over the new system may be receding.The index ended the dayat24,636,up0.05%. The first weekly Sensex expiry after the introduction of the CAS also passed without major disruption,helping allay traders’ fears. The 30-share benchmark closed 0.48% higher at 78,954.75,just 0.2% aboveits3:15pmlevel,indicating relatively limited volatility. That stood in sharp contrast to Tuesday’s Nifty expiry, when traders were still unfamiliar with the new mechanism.The turbulence then had left many confused and reluctant to participate in the closing session. Unlike Tuesday’s Nifty expiry,Thursday’sSensexmovement was not mirrored in optionspremiums,brokerssaid. Reuters, citing derivatives analysts, reported that the market had already priced in the expectedvolatility,withoptions premiumshavingrisenaheadof the introduction of the closing auction mechanism. Continued on Page 9 VOLATILITY EBBS 24,636 Nifty Intra-day, August 6 24,641 CAS closing Open 24,627.95 Regular closing Nifty movement move Normal session closing se Aug 3 Aug 4 2026 IN THE NEWS Aug 5 Aug 6 CAS closing % chg 24,573.35 24,774.3 0.82 24,463.45 24,614.9 0.62 24,570.2 24,624.65 0.22 24,627.95 24,636 0.03 ● IN CONVERSATIONWITHTED SARANDOS Fewer than 10 customs slabsbyFY28Budget:FM FE BUREAU New Delhi, August 6 FINANCE MINISTER NIRMALA Sitharaman on Thursday said the government aims to completecustomstariffrationalisation by the 2027–28 Budget, with a reduction in the number of slabs to single digits. “At present,onlyaround 13 (slabs) remain. Ultimately, the number of tariff slabs will come down to single digits. The work is continuing,” she said,adding that rationalising Customs tariff is progressing well. The statement comes in the wake of a gradual reduction in India's common most favoured nation (MFN) tariffs across nearly 12,400 tariff lines in recent years,reversing anescalationwitnessedduring a brief period since 2016. According to analysts,the simple average tariff increased fromalowof13.4%in2026to 17% in 2023,before falling to a little over 16% in 2024 and to the current level of 15% or thereabouts. Continued on Page 9 NIRMALA SITHARAMAN, FINANCE MINISTER Reforms since 2014 strengthened India’s economic foundations. As a result, India did not allow external shocks to become an excuse for stagnation ‘Indiamustlead ‘Investmentskey in appliedAI’ toViksitBharat’ INDIA SHOULD FOCUS on becoming a global leader in applied artificial intelligence rather than competing in the capital-intensive race to build AI infrastructure, Infosys Cofounder and Chairman Nandan Nilekani said onThursday, writes Poulomi Chatterjee. HesaidIndia’sopportunitywas to makeAIwork formillions of people. ■ PAGE 2 INDIAMUSTFOCUS on boosting savings, investment and entrepreneurship while undertaking structural reforms to sustain long-term economic growth, Niti Aayog Vice Chairman Ashok Lahiri said on Thursday, reports FE Bureau.Lahiri stressed that economic growth depends on expanding productive capacity. ■ PAGE 2 EVscooterwait gets longer NARAYANAN V Chennai, August 6 BUYINGAN ELECTRICscooter isincreasinglybecomingawaiting game. Across leading brands, buyers are being asked towaitanywherebetweenthree weeks and more than two monthsforpopularmodelsand colourvariantsasdemandcontinues to outstrip production, leading manufacturers to step up capacityexpansion. The longer delivery timelines, once largely associated withpopularpassengervehicles, are now becoming common in the fast-growing electric twowheeler market. Dealerships acrosscitiessaylimitedinventoriesandstrongbookinginflows DEMAND SURGE ■ Demand outpaces production, extending delivery timelines ■ TVS Motor's iQube, Orbiter wait exceeds two months ■ Ather Energy's Rizta Z delivery delayed by one month ■ The company posted 158% year-on-year jump in quarterly pre-orders to 150,000 units are leaving customers with a choicebetweenwaitingfortheir preferred variant or opting for what is immediatelyavailable. AtoneofTVSMotor'slargest dealerships in Chennai, the waiting period for several variants of the iQube and Orbiter electric scooters has stretched to overtwo months. Continued on Page 12 Microsoft unveils fourth cloud region in India MICROSOFT ON THURSDAY announced the general availability of its India South Central cloud region in Hyderabad, marking the launch of its fourth cloud region in the country as it seeks to meet rising demand for artificial intelligence (AI) and cloud services from enterprises, reports Ashutosh Mishra. Netflix Co-CEO Ted Sarandos in conversation with Anant Goenka, Executive Director, Indian Express Group, at Express Adda in New Delhi on Thursday RENUKA PURI ■ PAGE 4 SECRECY, SPEEDANDASMALLINITIALOFFER HELPEDTHE CENTRE MORETHAN DOUBLE THE SIZE OF INDIA’S BIGGESTSECONDARYSHARE SALE Inside LIC’s `31,000-crore surprise sale FY24 FY25 FY26 (` crore) INSURER SEES LIMITED IMPACT FROM PROPOSED DISTRIBUTION REFORMS P8 FY27 Note: 2026-27 collections include funds raised via LIC state sale launch date a secret to prevent traders from taking positions ahead of the sale and pushing the stock lower before the government could sell its shares, according to people familiar withthematter.Eventhebanks advisingonthedealweretoldat LIC PROFIT CLIMBS 23% ON GROUP PREMIUM GROWTH P8 80,000 52,200 47,000 16,800 FY23 50,000 10,100 FY22 Disinvestment collection 51,000 16,500 65,000 35,200 FY21 Disinvestment target 1,75,000 13,500 2,10,000 THE CENTRE’S PLAN to sell more shares in its insurance giant was no secret. But the government surprised the market by how much it raised and the pace of the deal.Keeping details closely held until the final hours—even from some advisers—and moving quickly allowed the government to more than double its initial sale plan of Life Insurance Corporation of India (LIC) shares, raising $3.3 billion (approximately `31,000 crore). That’s the nation’s biggest secondary offering through a stock exchange. Officials in the Department of Investment and PublicAsset Management(DIPAM)keptthe »INSIDE« CENTRE RAMPS UP STAKE SALES 32,800 RAJESH MASCARENHAS August 6 differenttimes,withonelearning about the decision shortly before the stock exchanges were informed on Monday,the people said. Hours before the sale was launched, one of the four bankersadvisingonthedealwas Source: Government of India, Bloomberg summoned to the DIPAM’s office in New Delhi without being told why, one of the peoplesaid.There,officialssaidthat the LIC stake sale would start that evening and asked the bankerto prepare the exchange filing.Onlythe core team knew, with the remaining advisers brought in after the close of market hours,the person said. The deal also stood out because none of the advisers charged an advisory fee, the people said. During the request-for-proposal process, oneinvestmentbankagreedto work forfree,which ultimately led to all fourforgoing the fees, theyadded. Continued on Page 12 Lucknow