ECONOMY | PAGE 2 COMPANIES | PAGE 4 INTERNATIONAL | PAGE 7 Former CJI to mediate in Sunjay Kapur estate row Schoolkidsweakestinmaths, higherreasoning:NitiAayog PUNE, FRIDAY, MAY 8, 2026 China sentences ex-defence ministers to death over graft FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL XVI NO. 86, 30 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: 77,844.52 ▼ 114.00 NIFTY: 24,326.65 ▼ 4.30 NIKKEI 225: 62,833.84 ▲ 3,320.72 HANG SENG: 26,626.28 ▲ 412.50 `/$: 94.25 ▲ 0.36 `/€: 110.93 ▲ 0.49 BRENT: $97.64 ▼ $3.63 GOLD: `1,50,680 ▲ `312 IN THE NEWS AIR INDIA BOARD MEETS AMID HEADWINDS AIR INDIA'S BOARD of directors held a meeting on Thursday amid multiple headwinds, including high jet fuel prices, due to the West Asia conflict. It was not immediately known what transpired in the overthree-hour meet at the airline’s headquarters in Gurugram. MARKETS PAGE 6 `70K–80K CRORE CORPUS FOR ECLGS 5.0: SETTY STATE BANK OF India (SBI) has room to offer `70,00080,000 crore of credit facilities under the emergency credit guarantee scheme 5.0 for micro, small and medium enterprises, Chairman CS Setty said on Thursday, reports Kshipra Petkar. Food subsidy may surpass estimate by `20,000 crore RISING COST OF holding huge stockpiles of rice and wheat is seen to have already inflated the government's food subsidy expenses for FY27 by at least `20,000 crore above the budget estimate of `2.27 lakh crore, sources said, reports Sandip Das. ■ PAGE 2 BlackRock to invest in SP unit’s dollar bond BLACKROCK, THE WORLD'S largest money manager, is set to invest in a dollar bond to be issued by a unit of Shapoorji Pallonji Group this month, sources said, reports Reuters. ■ PAGE 6 » INSIDE « DABUR Q4 PROFITUP 15%, REVENUE RISES 7% PAGE 4 BRITANNIAREVENUETOPS `4,700 CRORE PAGE 4 OPINION PAGE 9 SOMNATH WILL CONTINUE TO STAND TALL IN ALL ITS GLORY, WRITES NARENDRA MODI TRUSTEES MAYDISCUSS LISTING MANDATE,REMOVALOFSRINIVASAN HCrefusesurgenthearingof plea to haltTataTrusts meet URVI MALVANIA Mumbai, May 7 THE BOMBAY HIGH Court on Thursday declined to grant an urgenthearingtoapublicinterestlitigation(PIL)seekingastay onkeyboardmeetingsoftheSir Dorabji Tata Trust and the Sir Ratan Tata Trust — the two principalcharitableinstitutions under the Tata Trusts umbrella — scheduled forFriday. The high court’s refusal to urgently list the petition clears thewayforFriday’smeetingsto proceed as scheduled. The meetings come against the backdropofmountingtensions within the Tata Trusts ecosystem after months of internal differences among trustees. Among the key agenda items expected to be discussed are the removal of Tata Trusts Vice-Chairman Venu Srinivasan from the Tata Sons board,the reappointment of N Chandrasekaran as chairman ofTata Sons fora third consecutive term, the proposed induction of former Titan managing director Bhaskar Bhat to the Tata Sons board, and the long-running issue of a potential Tata Sons listing. The petition to halt the meetingwasfirstmentionedon Wednesday,whenthepresiding HEAVY AGENDA Tata Sons listing among main agenda items. Noel Tata is believed to be against it ■ of Venu Srinivasan from Tata Sons board may be taken up ECONOMISTS KULDEEP SINGH New Delhi, May 7 HEADLINE RETAIL INFLATION is estimated to have edged higher in April, driven largely by rising prices in food and fuel segments. ConsumerPrice Index (CPI) inflation is pegged at a 15month high of 3.85%year-onyear for April, according to the median of an FE poll of economists.Headline retail inflation stood at 3.4% in March and 3.2% in February. If realised,thiswould mark the 15th consecutive month that inflation remains below the Reserve Bank of India’s (RBI) medium-term target of MD Bhaskar Bhat’s induction into Tata Sons board another key point 3.5 CPI (% chg, y-o-y) 3.0 2.5 2.0 3.4 0.49 1.5 1.0 0.5 0.0 trusts,while the petitionerwas represented byformerMadras HighCourtjudgeJusticeTRaja. The petition was filed by Suresh Tulsiram Patilkhede, a resident of Khopoli in Maharashtra’s Raigad district, who described himself as a person interested in the proper administrationoftheSirRatan TataTrust(SRTT),apublictrust governed by the Maharashtra Public Trusts Act,1950. Continued on Page 16 Nov Dec Jan Feb Mar 2025 2026 Source: MoSPI, FE Data 4%.The Ministry of Statistics and Programme Implementation is scheduled to release the officialApril inflation data on May 12. Estimates from 10 economists in the poll ranged between 3.55% and 4.1%. Continued on Page 16 Mehli Mistry Idoshedcrocodile tears:Mistry on votingagainst Srinivasan,Singh MEHLI MISTRY,WHO is challenging his removal from Tata Trusts,has said he stands byhis decision to oppose the reappointment of Venu Srinivasan andVijaySinghtotheTataEducation and Development Trust (TEDT).“I do agree and stand by my decision not to renew the reappointment /tenure of both VenuandVijayonTEDT.WhileI do shed crocodile tears for havingtotakesuchadecision,Iwas left with no other option,” he said in response to a letterfrom the trusts CEO. Mistry added that he had explained the reasons for his decision in his affidavit with regard to the Sir DorabjiTataTrust. ■ PAGE 4 US, Iran edging towards peace deal; oil slides ARIBA SHAHID, STEVE HOLLAND & NAYERAABDALLAH Islamabad/Washington/ Dubai, May 7 PRICE POINT FE POLL OF ■ Former Titan ■ Decision on third term for Tata Sons Chairman N Chandrasekaran may be reviewed Retail inflation seen higherat 3.85% inApril THE UNITED STATES and Iran are edging towards a temporary agreement to halt their war, sources and officials said on Thursday, with Tehran reviewing a proposal that would stop the fighting but leave the most contentious issues unresolved. Iran’s foreign ministry spokesperson said Tehran had not yet reached a conclusion on the emerging plan, which according to the sources centres on a shortterm memorandum rather than a comprehensive peace deal, underscoring deep divisions between the two sides. Hopes that even a partial deal could lead to the reopening of the Strait of Hormuz have already moved markets, with oil prices sliding again on bets that supply disrup- IRAN PREZ MEETS SUPREME LEADER Iran's President Masoud Pezeshkian (left) has said he met recently with Supreme Leader Mojtaba Khamenei, who suffered severe wounds at the start of the war and has not been seen in public since his appointment in early March. Pezeshkian has not revealed when and where their meeting took place tions could ease and global stocks largely holding onto record highs. Continued on Page 7 Shriram’sneworbit:Space-techunicorn WHEN RAM SHRIRAM first backed Google in 1998, the commercial internet itselfwas still an uncertain idea. Nearly three decades later,the Silicon Valley veteran has resurfaced at the centre of another frontiertechnologybet — this time in India’s private space sector — and instantlyhelped script a major headline: India gets its first space-tech unicorn in Skyroot Aerospace. The Hyderabad-based startup crossed a $1.1-billion valuation in the latest $60million funding round co-led bySingapore sovereignwealth fund GIC and Shriram’s Sherpalo Ventures, joining a small group of Indian startups to achieve unicorn status this year.Thefundingcomesweeks before Skyroot is expected to SHOOTING FOR THE SKY ■ Skyroot was founded in 2018 by former Isro scientists Pawan Kumar Chandana and Naga Bharath Daka ■ Skyroot Aerospace’s latest $60-million funding round was co-led by Singapore sovereign wealth fund GIC and Ram Shriram’s Sherpalo Ventures attempt the maiden orbital launch of Vikram-1, a rocket designed to place small satellites into low Earth orbit. For India’s startup ecosystem, the milestone reflects a shift in investor appetite from consumer internet businesses towards deep-tech sectors requiring longertimelines and ■ Born in Chennai, ■ Funding comes weeks before Skyroot is expected to attempt the maiden orbital launch ofVikram-1 heavier capital commitments. For Shriram, it marks another appearance in an industry still at an earlystage of commercial evolution,much like the internet business was when he first encountered Google founders Larry Page and Sergey Brin. Skyroot was founded in 2018 by former Isro scientists in maidenvisit; says retailer’s India sourcing at $40 bn Shriram worked in firms like Netscape and Junglee before becoming one of Google’s earliest investors and later a board member Pawan Kumar Chandana and Naga Bharath Daka, at a time when India’s private space ecosystem barely existed. The opening up of the sector after policy reforms and the creation of IN-SPACe changed that landscape, allowing startups access to testing facilities and launch infrastructure pre- INDIA REPRESENTS ONE of the most dynamic opportunities in global commerce and could emerge as a model for global retail as Walmart deepens its sourcing and digital commerce presence in the country,WalmartPresidentand CEOJohnFurnersaidonThursday,noting that the retailerhas already sourced goods worth more than $40 billion from India forits global operations. Furner later in the evening met Prime Minister Narendra Modi, after reviewing Walmart’s India operations, visiting its technology hub in Bengaluru and addressing separate town halls at Walmart-backed companies Flipkart and PhonePe during his maiden visit to the country since taking charge earlier this year. “India represents one of the most dynamicopportunitiesinglobal commerce,” Furnersaid,adding that Walmart remains focused onexpandingsourcing,exports and entrepreneur-led growth from the country. He also indicated that India’s mix of digital innovation, entrepreneurship and supply chain scale could shapeWalmart’sfutureglobally. TheBentonville-headquartered JOHN FURNER, PRESIDENT & CEO, WALMART Indiarepresentsone ofthemostdynamic opportunitiesin globalcommerce retailer,whichhadearliercommittedtosourcinggoodsworth $10billionannuallyfromIndia by 2027, said it is strengthening entrepreneur and supplier capabilities,improvingcomplianceandqualitystandardsand helping Indian manufacturers scale exports. “We have already sourced more than $40 billion in goods from India and are focused on strengthening entrepreneur and supplier capabilities, raising compliance and quality standards, and helping scale manufacturingsomoreIndian businessesarereadytoexport,” Furner said. Duringthevisit,Furnermet leadership teams of Flipkart and PhonePe one-on-one and also visited Walmart Global Tech India, the company’s global innovation and engineering hub in Bengaluru. According to sources, he stressed growth and speed during the Bengaluru town halls and expressed optimism around India’s fast-growing quick commerce segment, whose learnings could potentially be adapted for the US market as well. Continued on Page 7 NEW STATE GOVTs TAKING SHAPE TVK lacks numbers to form govt: Governor TAMILNADUGOVERNORRajendraVishwanath Arlekar on Thursday rejected TVK chief Vijay’s claim to form the government, stating that his party lacks the requisite numbers, adding another layer of political uncertaintyand prompting the single largest partyto step up efforts to seek support again from the Left parties,VCK and the IUML.Vijay visited the Lok Bhavan, based on an invitation from Governor Arlekar, for the second time in 24 hours. During the meeting, the governor“explainedthattherequisitemajoritysupport”hasnot been established, Lok Bhavan said in a statement. ■ PAGE 23 MostKeralaMLAswant VenugopalinCMchair AN“OVERWHELMING”MAJORITY of the Congress MLAs in Kerala, as well as MPs from the state, favour AICC General Secretary KC Venugopalforthepostofchiefminister.Sourcessaid this is what they have told central observers, leaving the Congress with a tricky and complicated problem.His selection may not go down well with Congress workers,who feelVD Satheesan has earned the CM’s post after leading the party’s fight against the Left. Apart from Venugopal and Satheesan, Ramesh Chennithala is in the race. ■ PAGE 23 Vision of Viksit Bharat @ 2047 Skyroot crosses $1.1-billion valuation in latest funding AYANTI BERA Bengaluru, May 7 ● Furnermeets PM FE BUREAUS Bengaluru/New Delhi, May 7 ■ Removal judge did not considerthe matter urgent enough for immediate listing. It was mentioned again on Thursday.“The judge said that since the matter had already been deemed nonurgent, it was not listed. The petitionernowhastheoptionof seeking a hearing before the vacationbench,”apersonfamiliar with the matter said. The highcourtwillremainclosedfor vacationfromMay11toJune7. Senior advocate Janak Dwarkadas appeared for the India could be a model for global retail:Walmart CEO viously controlled almost entirely by the state-run space programme. The company gained nationalvisibilityin2022after Vikram-S became the first privatelydeveloped Indian rocket to reach space.Since then,Skyroot has positioned itself around small satellite launches, a segment expected to see rising demand globally ascommercialsatellitedeployments expand across communication, Earth observation and defence applications. The latest funding round included participation from BlackRock-managed funds, Greenko Group founders, Arkam Ventures, Playbook Partners and the Shanghvi Family Office. With this, Skyroot’s total funding has touched around $160 million. The rich culture of Parsi community is an important and integral part of country's invaluable heritage. • Hon'ble Prime Minister Shri Narendra Modi Proud to Present Ashoi The Zoroastrian art of Success and Immortality y By Piruz Khambatta & The unveiling of the Youth h Entrepreneurship Program Prog Pro CHIEF GUEST Shri Kiren Rijiju Hon’ble Union Minister for Parliamentary Affairs and Minority Affairs, Government of India Shri Milind Deora Member of Rajya Sabha Book available on Amazon Profits from this book will go to charity Vada Dasturji Khurshed Dastoor High Priest, Iranshah Atash Behram, Udvada Mr. Berjis Desai Member, National Commission for Minorities, & Author of “Modi’s Mission” Justice (Retd.) Shahrukh J. Kathawalla BOOK LAUNCH • 9TH MAY • BY INVITE ONLY Email ID:akbt@rasnainternational.com Former Judge, Bombay High Court Watch on Telecast Partners Website:www.areezkhambattabt.com Continued on Page 7 Pune