COMPANIES | PAGE 4 BRANDWAGON | PAGE 9 Why FIFArights deal in India entered extra time INTERNATIONAL | PAGE 7 Swiggyretainsmarginfocus; Blinkitwidensq-commlead AHMEDABAD, WEDNESDAY, MAY 13, 2026 TrucehopesdimasTrump rejects'garbage'Iranoffer FOLLOW US ON TWITTER & FACEBOOK. APP AVAILABLE ON APP STORE & PLAYSTORE WWW.FINANCIALEXPRESS.COM READ TO LEAD VOL NO. XX 290, 34 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 A TA , 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: 74,559.24 ▼ 1,456.04 NIFTY: 23,379.55 ▼ 436.30 NIKKEI 225: 62,742.57 ▲ 324.69 HANG SENG: 26,347.91 ▼ 58.93 `/$: 95.63 ▼ 0.32 `/€: 112.35 ▼ 0.20 BRENT: $107.99 ▲ $3.78 GOLD: `1,51,181 ▲ `1,174 IN THE NEWS ECONOMY PAGE 2 MOODY’S CUTS INDIA GROWTH FORECASTTO 6% MOODY’S RATINGS ON Tuesday downgraded its GDP growth projection for India to 6% from a previous estimate of 6.8% for 2026, citing the economic fallout from the ongoing West Asia conflict, reports fe Bureau. ECONOMY PAGE 2 ROYALTY RATES FOR OILAND GAS PRODUCERS CUT THE CENTRE HAS reduced effective royalty rates on crude oil and natural gas production in a move aimed at boosting domestic exploration. Following this, the share prices of ONGC, Oil India and Vedanta rose, reports Saurav Anand. » INSIDE « EXIM BANK PLANSTO RAISE `1L-CR DEBTIN FY27 PAGE 6 DOMESTICTOURISM SEES BOOM IN PM’SAPPEAL PAGE 24 NEET-UG SCRAPPED AFTER LEAK; CBI TO PROBE PAGE 3 Sebi mulls raising position limits on farm derivatives SEBI PROPOSED HIGHER position limits (maximum number of contracts that can be held by a client) in agri commodity derivatives at 2% of the deliverable supply, a move aimed at improving liquidity, depth & price discovery in the commodities market, reports fe Bureau. ■ PAGE 10 Fundraising plans: Voda Idea board to meet on May 16 THE VODAFONE IDEA board will meet on May 16 to consider raising funds through a preferential issuance of shares or warrants, according to a stock exchange filing. MINISTRIESTO CUTFUEL,FOREX SPENDING Austerity call: Govt to show theway PRASANTA SAHU New Delhi, May 12 COPING MECHANISM CLOSE ON THE heels of Prime Minister Narendra Modi’s appealtocitizenstoadoptpractices thatwould curb the country's foreign exchange outflow and energy use, the governmentispreparingabroadsetof austeritymeasures foritself. Accordingtoofficialsources, given the deepening economic falloutoftheongoingWestAsia conflict,ministries and departments have been instructed to significantlycutadministrative expenditure by rationalising fuel consumption, restricting officialtravel,reducingceremonial spending, and shifting meetings and government functions to digital platforms whereverpossible. “All ministries and departments have been asked to identify immediate measures to curbunnecessaryforeigntravel and fuel use,” a senior official said,addingthecurbswillapply to both ministers and officials. Orders on these austerity measures are expected to be issuedshortlybytherespective ministries and departments, sources said.The Department Government is preparing a broad set of austerity measures for itself These include ministries & depts sharply cutting administrative spends by rationalising fuel consumption, restricting official travel, reducing ceremonial spending ■ Prime Minister Narendra Modi recently urged citizens to adopt austerity measures They have also been told to shift meetings and functions to digital platforms when possible Focus is on containing fuel demand amid concerns over global supply disruptions, rising import costs of Expenditure will also issue a similar order,which may have an impact on spending priorities. The focus of all this, officials indicated,is primarily on containing fuel demand amid growing concerns over global supply disruptions and rising import costs. The closure-related uncertaintyaroundtheStraitofHormuz has emerged as a major concern for policymakers,as it threatens energy supplies and pushes up crude oil prices. Officials acknowledged that fuelavailabilityandaffordability have become the government’s biggest worry. Concerns have also intensifiedoverthepossibilitythatthe United States may not extend sanctions waivers related to purchases of Russian oil and gas, adding to anxiety within the government. Continued on Page 7 »INSIDE« INDIA IS FACING LIVE BALANCE OF PAYMENT STRESS TEST: CEA PAGE 2 INDIA MUST BRACE FOR A MAJOR ECONOMIC SHOCK, SAYS UDAY KOTAK PAGE 2 WEIGHING HOW LONG OIL FIRMS CAN ABSORB COST IMPACT: PURI PAGE 2 KULDEEP SINGH New Delhi, May 12 RATE CHECK o-y % chg, y-o-y HEADLINE RETAIL INFLATION rose to a 14-month high of3.48%year-on-yearinApril, but the rate was below what most econo»INSIDE« mists estimated, as FOOD price presINFLATION RISES TO sures were yet 4.2% to build up in most nonPAGE 3 food items, except precious metals, despite the risks posed by the West Asia war. April inflation was only marginally higher than the 3.4% recorded in March. The median inflation forecast for April, based on a poll of 10 economists by FE was 3.85%. None of them estimated the inflation to be below 3.5%. According to data released by the Ministry of Statistics Core Cor CPI BRUISED & BATTERED 2% as US-Iran deal hopes fade ASIAN CURRENCIES PERFORMANCE South Korean Won Philippine Peso -1.15 -0.55 % change on May 12 Indonesian Rupiah Indian Rupee -0.50 KISHOR KADAM Mumbai, May 12 -0.33 May 12 (close) EXTENDING THEIR LOSSES forthe fourthconsecutivesession, benchmark indices slumpednearly2%onTuesday as the lack of progress in USIran negotiations continued to keep global markets on edge. Rising Brent crude oil prices, which surged to hit $107.6 per barrel amid uncertainty surroundingtheWestAsiaconflict, remained a keyconcern. Therupeealsoweakenedtoa newrecordlowof95.63against thedollaramidfearsofawidening import bill and rising infla- 74,559 1.92% SENSEX May 11 (close) 76,015 -4.11 -0.31 BRENT CRUDE PRICES ($ per barrel) 110 108 108 106 TOP SECTORAL LOSERS Realty Singapore Dollar IT Consumer durables -3.73 tionary pressures. The Sensex plunged 1,456.04 points, or 1.92%, to end at 74,559.24, while the Nifty fell 436.30 points, or 1.83%, to close at -2.18 -2.28 -3.59 104 (% loss) Auto 102 Financial services 104 May 12 8 pm IST May 11 (close) Source: Bloomberg 23,379.55.TheBSEMidcapand BSE Smallcap slumped 2.60% and3.04%,respectively. »INSIDE« RISING OIL, OUTFLOWS STRAIN RUPEE PAGE 6 Continued on Page 10 OpenAI fears spook ITstocks ● Nifty ITfalls 4% asAI major unveils enterprise biz URVI MALVANIA & POULOMI CHATTERJEE Mumbai/Bengaluru, May 12 DOMESTIC IT STOCKS came undersharpsellingpressureon Tuesday after OpenAI announced a new enterprisefocused deployment business, triggering concerns that artificial intelligence (AI) firms are beginningtomovedirectlyinto areas long dominated by tech- nologyservices companies. The Nifty IT index closed 3.73% lower after falling as much as 4.1% intraday, as investors worried that the rise of AI-native implementation firms could weaken the traditional outsourcing model that helped local IT companies build scale overthe last three decades. The sell-off was broadbased across large- and midcap firms. LTM, formerly LTIMindtree, fell 4.79% while Persistent Systems declined 4.33%. HARD TIMES % fall at close -4.79 -4.33 -4.43 -3.87 -3.12 -4.11 -3.98 -3.62 -2.49 -2.48 -3.73 LTIMindtree Persistent Systems Tech Mahindra TCS Infosys HCL Tech Coforge Wipro Mphasis Oracle Financial Nifty IT Index Source: NSE Continued on Page 7 Food Foo 2.74 3.21 3.4 3.48 3.31 3.34 3.7 3.31 2.13 3.47 3.87 4.2 Jan Feb F b Mar M Apr A 2026 and Programme Implementation (MoSPI) onTuesday,theyo-y rise in consumer price index (CPI) was largely driven by higher food and precious metal (gold and silver) prices. Core inflation, which excludes food and fuel segments, remained steady at 3.31% in April. The rural and urban inflation stood at 3.74% and 3.16%y-o-y,respectively. Start Your Investment Source: MoSPI The headline inflation figure remained below the RBI’s medium-termtargetof4%for the 15th consecutive month. Some economists have projectedapauseinratecutsamid the upside risks in view of the West Asia crisis, while others see a rate hike cycle around the corner as inflation risks loom. SUNIL D'SOUZA, SAUGATA GUPTA, MD & CEO, MARICO MD & CEO, TATA CONSUMER NS SATISH, PRESIDENT, HAIER APPLIANCES INDIA In a crisis, scale becomes a clear advantage, as larger players are better positioned to manage working capital and supply chain needs Larger companies are better placed as they have stronger supply chains and logistics capabilities. We saw that during Covid In ACs, we took 10-12% price hikes since Jan...But we have seen 1-2% market share gains in last twothree months told FE that organised players are already gaining market share as smaller brands find it harder to absorb rising input costswithout passing them on aggressively to consumers. “In a crisis,scale becomes a clear advantage,” said Saugata Gupta,managing director and CEO of Marico.“Larger players are better positioned to manageworkingcapitalandsupply chain needs.” The shift is particularlyvisible in consumer durables, where the Iran conflict has added fresh pressure on imported components, logis- INVESTING KA EASY BUTTON Passive Fund No stock-picking. No guesswork. Just your money, spread across the market automatically. Continued on Page 7 CrisiswidensIndia’sbranddivide GEOPOLITICAL CRISES MAY unsettle consumers, squeeze supply chains and rattle markets.ButforIndia’slargestconsumer companies, they also tend to revive an old business truth: when costs rise sharply, scale becomes a superpower. As tensions in West Asia push up crude prices, disrupt shipping routes and raise freight and packaging costs, large companies across sectors—from fast-moving consumer goods to consumer durables—are steadily pulling ahead of smaller rivals strugglingtocopewithinflationand thinnermargins.The result is a marketplacewhere deep pockets, stronger supply contracts and bigger inventories are becoming decisive competitive advantages. From soaps and edible oils totelevisions,refrigeratorsand air-conditioners, executives ● Indices plunge Retail inflation inches up to 3.48% inApril Iran war boosts the big boys, hurts smaller rivals VIVEAT SUSAN PINTO Mumbai, May 12 Benchmarks on crash course What is a Passive Fund? A passive fund (Index Fund or ETF (Exchange Traded Fund)) mirrors a market index like Nifty 50 Index or Sensex Index. It doesn’t try to beat the market, it simply follows it. Your money is spread across all companies in the index, in the same proportion. Simple, transparent, low-cost. HARSH V AGARWAL, VICE-CHAIRMAN & MD, EMAMI Large players have the advantage of brand power. So, passing on inflation is easier compared to smaller brands tics and commodity prices. “In air-conditioners, we took price hikes of around 1012% since January because of energy table revisions and elevated commodity costs,” said NS Satish of Haier India. Lower Cost Full Transparency Diversification within Index/ Sector Since the fund tracks an index, it typically carries a lower expense ratio, keeping your investment costs transparent. You always know exactly what you own. No surprises, no black boxes. One fund. Many companies. Many sectors in a single step. You don't need to find the best stock. Sometimes, owning the whole market is the smartest move. Curious about passive investing? Mutual Fund investors need to complete the Know Your Customer (KYC) process, which can be done by submitting completed KYC Form along with the required documents at any AMC's branch Office or Official Points of Acceptance. Please refer https://www.licmf.com/kyc-redressal to know about KYC documentary requirement, procedure for change of address, phone number, bank details etc. The investors are cautioned to invest only with SEBI registered Mutual Funds, the details of which canbe verified on SEBI's website under 'Intermediaries/Market Infrastructure Institutions' (https://www.sebi.gov.in/intermediaries.html.) For any complaints and grievance redressal, investors can contact the Investor Relations Officer of the respective AMC and if not satisfied with the resolution given by the AMC, he/she can approach SEBI by registering the complaint on SEBI SCORES Portal (https://scores.sebi.gov.in/) and/or escalate the complaint through Online Dispute Resolution Portal (https://smartodr.in/login). Continued on Page 7 Ahmedabad