COMPANIES | PAGE 4 AI@WORK | PAGE 6 Smaller electric 2-wheeler brands kick into high gear BACK PAGE | PAGE 22 Finding the blueprint for business value NEW DELHI, TUESDAY, SEPTEMBER 15, 2026 China rejects calls for AI ‘fearmongering' FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM VOL LII NO. 170, 22 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 READ TO LEAD SENSEX: 74,781.76* ▼ 120.83* NIFTY: 23,398.10* ▼ 79.70* NIKKEI 225: 63,492.99 ▼ 518.35 HANG SENG: 24,917.60 ▲ 111.97 `/$: 95.56* ▼ 0.11* `/€: 110.81* ▲ 0.24* BRENT: $108.85 ▲ $4.24 GOLD: `1,51,549* ▼ `1,212* *Prv close INDIAAND CHINA have signalled a renewed push to stabilise economic ties, with Chinese Commerce Minister Wang Wentao meeting Commerce and Industry Minister Piyush Goyal in New Delhi, reports Mukesh Jagota. » INSIDE « DBTTRANSFERS CROSS `2 LAKH CR SO FAR IN FY27 PAGE 2 WITHDRAWALOF MONSOON LIKELYTO STARTSEPT19 PAGE 3 Flipkart may cap restaurant fees, ad spend at 15-20% FLIPKART IS WORKING on a cap on the costs restaurants incur on its upcoming food delivery platform — at 1520% of order value covering commission as well as any advertising spend — sources said. The ceiling would be a first in India’s food delivery market., reports Anees Hussain. ■ PAGE 4 Focused funds stay on the fringes despite MF boom EVENAS INVESTORS pour record sums into mid- and small-cap funds amid a broader mutual fund boom, one equity category continues to remain on the fringes — focused funds. Designed to give fund managers the freedom to make high-conviction bets across market capitalisations, focused funds can hold a maximum of 30 stocks, reports Kushan Shah. ■ PAGE 7 RISING PRICES SHUBHAM RANA New Delhi, September 14 RETAIL INFLATION, AS measured by the Consumer Price Index(CPI),rosetoa20-month high of 4.82% in August, driven by a broad-based increase in prices.The acceleration was led by food items, particularly edibleoilsandsugar,according to data released by the statistics ministry on Monday. With the inflation outlook turning slightlymorevulnerable due to the recent bout of volatility in prices of crude oil and assorted metals, expectations have risen that the Reserve Bank of India’s Monetary Policy Committee will raise interest rates as soon as October. The threat to kharif crops from uneven monsoon distribution has clouded the outlook on food inflation. August marked the third consecutivemonthofCPIinflation staying above the RBI’s medium-term target of 4%. It was also the 10th month in a row that retail inflation has risen.Higherfood and fuel prices led the rise in prices in Inflation (y-o-y, %) 7 CPI Food Core Core 6 6.0 4.8 5 4 4.2 3 2 Jan Aug »INSIDE« FOOD INFLATION SURGES TO 5.95% PAGE 2 August and are expected to push inflation higher during the rest of the year. CPI inflation inAugustwas higherthan the 4.45% in July but was in line with the 4.8% estimated by economists in an FE poll. Industries have surged nearly 60% over the past six months SAURAVANAND New Delhi, September 14 SOLAR INDUSTRIES INDIA is set to acquire South Africa’s Omnia Holdings for $1.355 billion (around `12,951 crore) in an all-cash transaction, significantly expanding its international mining and explosives platform as the Nagpur-based company seeks to emerge as a global leader in blasting solutions. SolarSAInvestmentsProprietary, a wholly owned stepdownsubsidiaryofSolarIndustries, has signed definitive agreements to acquire all outstanding shares of Johannesburg-listedOmnia.Theacquisitionisexpectedtobecompleted in earlyto mid-2027,subject to customary conditions, including competition approvals in relevant jurisdictions. ■ Omnia operates in 23 countries, serving customers across 40-plus markets ■ Omnia generated Continued on Page 10 Continued on Page 10 ■ Transaction is expected to close in early to mid2027, subject to approvals MACQUARIE BUYS MAPLE STAKE PAGE 4 Following completion, Omnia will be delisted from the Johannesburg Stock Exchange and A2X Markets securities exchange. The transaction gives Solar accesstoasizeableinternational business. Omnia reported revenue of around $1.41 billion (approximately `13,307 crore) in FY26 and remained net cash positive.The 73-year-old companyhasapresencein23countries,serves customers in more WITHTHE NATIONALStock Exchange’s `22,562-cr IPO, total fundraising through mainboard IPOs is set to cross the `1 lakh cr mark. So far in 2026, 76 companies have raised `81,456 cr through mainboard IPOs, as ofSept 11. NSE & four other firms are set to raise another `24,328 cr from nextweek, taking the cumulative fundraising to `1,05,784 cr fundraising in ‘26 is also likely to surpass the record `1.76 lakh cr raised in ‘25 --Kishor Kadam Fundraising (` crore) Nos Continued on Page 7 2021 2022 2023 2024 2025 2026* 63 40 57 91 103 81 *till September so far Source: Prime Database, NSE CoforgeturnstoEgonZehnderforboardhires POULOMI CHATTERJEE Bengaluru, September 14 COFORGE HAS HIRED global executive search firm Egon Zehnder to identify two independentdirectorstoreplaceformer chairman OP Bhatt and NominationandRemuneration Committee (NRC) chair DK Singh, who recently stepped down.CEOandExecutiveDirectorSudhirSingh reiterated that no other directors had been questioned over gaps in the board evaluation process and said the recent developments would not alter the company’s strategyorpriorities. The mid-tier IT services company sought to project a united front at an investor call on Monday, attended by five directors—Vivek Sharma, John Speight, Beth Boucher, Anil Chanana and Sudhir Singh— alongwithChiefFinancialOfficerSaurabh Goel. “Our near term, medium term, and long term outlook remains unchanged and our FY27guidanceremainsintact,” Goel reaffirmed. Coforge expects a consolidated Ebitda marginbetween20.5-21%and consolidated Ebit margin of minimum 15.5% with a free cash flow conversion of above 100% of PAT in the current financial year. “The four-year guidance of around $5 billion revenue generated remains intact,” he added. Vivek Sharma, appointed interimchairperson,saidhehad optedoutoftheraceforthepermanent position to ensure objectivity. Both internal and externalcandidateswith“extraordinary capabilities”and deep professional expertise and governance experience would be considered,he said. The seven-member board had sought explanations from Bhatt and DK Singh after they were found to have omitted Bhatt’s low performance rating from the Board Evaluation Report (BER).The issue came to lightfollowinganannualinternal audit by KPMG Assurance and Consulting Services LLP, which found that the chairman and the NRC chair had not disclosed the details to the other boardmembers.Bhattresigned on September 8, followed by Singh two days later. “All seven of us on the CoforgeBoardwishtostatethat the issues under consideration are not personal.All of us hold ourtwotransitiondirectorswho are no longer on the Board in high regard,and we wish them the very best,”Singh said in his openingremarks. FollowingDKSingh’sdeparture,Coforge has reconstituted its NRC and Stakeholders’Relationship Committee. Beth Boucher, the longest-serving independent director on the board, has been appointed the newNRC chair. Continued on Page 10 PLATFORMS SUCHAS MADVERSE, DAMROOTAPGROWING DEMAND FOR STREAMLINED MUSIC DISTRIBUTION Indie artists find theirlabel-free groove S SHANTHI Bengaluru, September 14 FOR DECADES, AN independentmusician’sroadtolisteners ran through a record label's door—and the toll was steep, often the ownership of the music itself. A new crop of music-tech startups is now dismantling that toll booth. Platforms such as Madverse and Damroo are building,brick by digital brick, the infrastructure that labels once monopolised — pushing indie tracks onto Spotify, Apple Music, JioSaavn and YouTube, while handling everything from royalty collection and rights administration to marketing and audience-building. The pitch is simple and seductive: STRIKING THE RIGHT NOTE ■ Non-film music could 30-40% capture of India’s streaming market ■ Artists can distribute globally while retaining ownership of their masters label-grade muscle, without signing away your masters or yourcreative soul. The opportunity springs from India’s exploding independentmusicscene.Hindifilm ■ Madverse has crossed 200,000 independent artists and labels across 45-plus countries ■ Platforms now bundle royalties, publishing, sync, marketing and analytics ■ Subscription fees, royalties and valueadded services fuel the business model ■ Damroo offers distribution, publishing, YouTube growth, marketing and financing support music still towers over streamingwithan80%share,butnonfilm artists are closing the gap fast — their slice is projected to swell to 30-40% in the coming years.More than 40,000 active music creators now churn out tens of thousands of original non-filmtrackseveryyear,powered by cheap data, affordable production tools and listeners hungry for regional and inde- pendentsounds. “The rise of music-tech platforms like Madverse and Damroo reflects a shift by which independent artists no longer need a traditional label to reach audiences at scale,” said Rajesh Sethi, partner and leader-media, entertainment and sports,PwC India. Whatartistsdoneedisaprofessional support system that guards their rights — and that, until recently,barely existed.“It became obvious to us early on that the tools available to these artists were obsolete,” Rohan Jain, founder and CEO of Madverse Music Group, an AI-first platform,toldFE.Royaltycollectionwasbrokenorsimplymissing for most independent creators, he said, while sync and OTTopportunitieswent onlyto those who knew the right people at a label."Going the traditionallabelroutemeantsigning away ownership of your work,” Jain said. The growth curve tells its own story. Madverse crossed 100,000 artists within two years of launch, topped 150,000byearly2026,andhas now onboarded over 200,000 independent artists and labels acrossmorethan45countries. It releases music on all major platformsworldwide—Spotify, Apple Music, YouTube Music, AmazonMusic—andletsmusicians keep up to 100% ownershipoftheirmasters. Distribution is just the opening act. Continued on Page 10 Ahead of festiveseason, Amazonramps upnetwork PRESS TRUST OF INDIA New Delhi, September 14 E-COMMERCE MAJOR AMAZON on Monday announced an expansion of its operations network across India ahead of the upcoming festive season, launching 20 fulfilment centres, 6 sort centres, and 150 last-mile delivery stations. The expansion is part of the company's announced investment of over `2,800 crore to bolster its pan-India operations and infrastructure,Amazon said in a statement. Theexpansionwillincrease Amazon's total storage capacity in India by 50% to 64 million cubic feet. The facilities will be operated and managed by third-party logistics service providers. All 6 new sort centres situated in Chikkaballapur, Hassan, Meerut, Ramanagar, Raipur and Varanasi,as well as seven of the 20 newfulfilment centres are coming up in nonmetro cities. Trusts’grip on Tata Sons faces its first real test URVI MALVANIA Mumbai, September 14 Mainboard IPOs from 9.78% in July,was primarily driven by higher fuel prices, reports Shubham Rana. Wholesale food inflation also rose in August but was lower than the headline print, while core inflation eased slightly. ■ PAGE2 RAGHAVENDRA KAMATH Mumbai, September 14 than 40 countries and operates over 70 distribution centres across Southern and Western Africa and other international markets. Shares of Solar Industries have surged nearly 60% over the past six months, with the stock closing at `22,290,near its 52-week high.The rally has been backed by strong earnings growth. $1.41 bn revenue in FY26 and remained net cash positive »INSIDE« Essar’sEET RetailbuysUK forecourt SGN EET RETAIL, THE retail arm of Essar Energy Transition Fuels, has acquired UK-based petrol stationoperatorSGNRetail,creating the UK’s second-largest backward-integrated forecourt operator. Thedealisestimatedat£400 million-£450million($540million-$607million),accordingto sources.A company spokespersondeclinedtocommentonthe transaction value. The acquisition will be funded through a combination of cash and a new £250-million senior debt facility arranged by an eight-bank group comprising First Abu Dhabi Bank, Macquarie Bank, Mizrahi Tefahot Bank, Natixis, andothers,EETsaid. IPO FUNDRAISING SETTO CROSS `1-LAKH-CR MARK WPIinflationrisesto 9.92% WHOLESALE PRICE INDEX (WPI) inflation in India rose to 9.92% in August, staying near the 10% mark for the fourth consecutive month, data released by the Commerce Ministry on Monday showed. The rise in wholesale inflation last month, ■ Shares of Solar 105,784 INDIAAND CHINA MOVETOADDRESS TRADE CONCERNS energyprices,kharif cropconcerns cloudoutlook GLOBAL PUSH 175,914 PAGE 3 ● Volatilityinglobal expandAfrica mining footprint 159,784 ECONOMY hits 20-mth highof4.82% ● All-cash deal to 49,436 THE GOVERNMENT ON Monday notified changes in the Payment And Settlement Act, specifying that banks cannot impose charges on payments via Unified Payments Interface transactions of up to `2,000. 59,302 NO BANK FEE ON UPI PAYMENTS UP TO `2,000 SolarIndustriessettoacquire Aug inflation SouthAfricanfirmfor$1.3bn RATEHIKESMAYSTARTFROM OCT 118,723 IN THE NEWS THE TATA GROUP’S absolute sway over its companies has never been questioned before. That may be about to change. The Reserve Bank of India’s (RBI's)rejection of Tata Sons’ application to surrender its CoreInvestmentCompanyregistration has brought the conglomerate’s long-delayed listing back into focus. Observers say a listing could also trigger closer scrutiny of the special governance rights Tata Trusts enjoys through the holding company's Articles of Association (AoA)—control that goes well beyond its roughly 66% shareholding and has so far operated outside publicview. Corporatelawyerssayatthe heart of the matter are provisions giving the Trusts extraordinary powers over Tata Sons. Under Article 104B, the Trusts can jointly nominate one-third of the Tata Sons board while they hold at least 40% of ordinary share capital. More significantly,Article 121 requires that any matter decided by a majority of directorsmust alsoreceive theaffirmative vote of a majority of Trust-nominateddirectors—in effect, a veto. The AoA also requires at least one Trust nominee for board quorum, WHAT'S AT STAKE ■ Article 121 veto most vulnerable — could hinge on 5-yearly shareholder nod post-listing ■ Right to pick the Tata Sons chairman via 3-of-5 panel also under a cloud ■ Articles blocking free share transfer, new investors can't survive a listing and gives them three of five seats on the chairman-selection committee. These rights would not automatically lapse on listing. They would have to be tested against the Companies Act, Sebi's Listing Obligations and Disclosure Requirements (LODR) regulations and other securities laws, according to Yash Joglekar, advocate, Bombay High Court. Continued on Page 10 Oil prices soar over 4%to16-weekhigh REUTERS New York, September 14 OIL PRICES JUMPED over 4% to a 16-week high on Monday afternewstrikes on SaudiArabian energy infrastructure and attacks on ships in the West Asia compounded energysupplyconcerns.Brent futures rose $4.68,or4.5%,to $109.29 per barrel at 1415 GMT, while US West Texas Intermediate (WTI) crude rose $4.21, or 4.2%, to $104.26. Arab states in the Gulf called off a meeting with Iran planned for Monday, while Yemen’s Iran-backed Houthis launched a new attack on Saudi Arabia after fighting that has extended the West Asia war to another theatre and furtherjeopardised global oil supplies. The Houthis said they fired dozens of missiles and drones on Monday at a Saudi military New Delhi CRUDE SHOCK ■ Gulf talks off: Arab Gulf states scrapped a planned Monday meeting with Iran ■ Attacks on Saudi energy infra intensified fears of further supply disruptions ■ US diesel futures approached a record, lifting heating-oil refining margins to all-time highs airbase in Khamis Mushait, neartheborder,hittingaircraft hangars, radar systems, runways and ammunition depots. Continued on Page 10