Commercial LPG cylinders just got ₹993 more expensive overnight. A 19-kg cylinder now costs ₹3,071.50 in Delhi, ₹3,024 in Mumbai, and over ₹3,200 in Kolkata and Chennai.

This is the third hike since March—₹144, then ₹200, and now ₹993. That’s a sharp escalation in just eight weeks, landing squarely on restaurants, dhabas, caterers and other businesses that rely on cooking fuel.

The trigger lies in West Asia. The ongoing conflict has choked shipping through the Strait of Hormuz, rattling global energy markets and sending prices spiralling. Bulk diesel and jet fuel have also been revised upward.

The government, for now, has drawn a clear line: household cylinders remain unchanged, as do petrol and diesel. The burden this time is on commercial users, not households. The question is how long businesses can absorb the hit before passing it on to consumers.

Alongside the price hike, new OTP-based delivery rules also kick in from today, so expect some changes the next time you order a refill. Read the full report by Eshita Gain and Rituraj Baruah.

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MARKET WATCH

India’s stock market was closed today on account of Maharashtra Day.

• India recorded its highest-ever GST collection of ₹2.43 trillion in April—a strong start to FY27 even as the government targets a slightly lower full-year haul of ₹10.2 trillion after the GST rate cuts in September 2025.

BEST OF MINT

• Can HUL’s price hikes offset looming margin pressure?

• Dr Lal Path Labs needs volume growth to clear FY27 tests

• Why Reliance Retail is backing loss-making celebrity brands

• Inside Burgundy Brand Collective’s bet on India’s rising luxury appetite

In tomorrow’s Lounge edition:

• How Mario Miranda became Goa’s best-loved chronicler

• If there's a queue, it has be ‘benne dosa’

• A curated edit where fashion meets art

• Meet Marcellus the Octopus, the newest Netflix star

Weekend recommendations

• What to watch this week: ‘The Devil Wears Prada 2’, ‘Glory’ and more

MINT MONEY

Are you paying active fees for a passive fund?

There is a tendency to think of mutual funds in binary terms: either actively managed or passive index funds. In reality, it’s a spectrum. Some active funds diverge sharply from their benchmark, making concentrated bets the index barely touches. Others look largely index-like, with only marginal differences.

Both, however, charge active management fees. And disclosures rarely make that distinction obvious. So how do you tell what you are actually paying for?

This is where active share comes in. It puts a number on how differently a fund’s portfolio is constructed relative to its benchmark, helping you spot whether a fund is genuinely active or simply hugging the index. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

“Heightened geopolitical tensions have led to commodity and currency volatility,” Chief Executive Officer Priya Nair said in a statement. While that didn’t affect growth in the March quarter, she acknowledged the company is navigating a tough environment that needs cost savings and price tweaks.

As a result, HUL is raising prices by 2-5% to counter rising input costs linked to the Iran war, setting up a near-term trade-off between volume growth and the need to protect margins.

“For consumers in the short-term, we may see some rebalancing between volume and price growth,” Chief Financial Officer Niranjan Gupta said in a post-earnings briefing on Thursday. “However, our categories are relatively inelastic or face low elasticity given that we’re talking about daily consumption essential categories.”

Despite the pricing actions, India’s largest FMCG player reported its strongest volume growth in 15 quarters, at 6% in Q4 FY26. HUL reiterated FY27 will be better than FY26, with margins expected in the 22.5–23.5% range. Read more.

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MARKET WATCH

Indian equities came under pressure today, with widespread selling across sectors dragging benchmarks lower — the S&P BSE Sensex fell 0.75% to 76,913.50 points while Nifty 50 ended the day 0.74% lower at 23,997.55. The midcaps and small caps also weakened, falling 1% and 0.50%, respectively.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• EV sales face speed bumps as four key states exhaust subsidies

• Centre pushes fee transparency, standardised clinic norms

• Bajaj Finance crosses ₹5 trillion AUM – Cleaner growth ahead?

• BSNL sets ambitious Arpu goal of ₹150 in FY27

In tomorrow’s print edition:

• Mint Markets: M-Cap-to-GDP nears 2007 peak. Is it a bubble yet?

• Mint News: At 94, Dinshaw’s Dairy bets on a Gen Z glow-up

• Mint News: Why India’s hotels are looking to shrug off global woes

• Mint M2M: Will renewables spoil Coal India’s summer party?

MINT MONEY

It’s noisy out there. How to cut through it?

As headlines grow louder with war and AI fears, financial stress is creeping into everyday life. But reacting impulsively may do more harm than good.

This is not the time to overhaul portfolios or panic-sell. Instead, build solid emergency buffers, stay disciplined with SIPs, and keep liquidity ready for opportunities. The real risk isn’t markets falling, but investors losing patience.

The message is clear: tune out the noise, stick to your plan, and prepare quietly for uncertainty rather than react to it. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

IRDAI Chairman Ajay Seth is planning a distribution reform, with a discussion paper expected in about six weeks. The target? A sector that’s become too expensive, too opaque, and frankly, too comfortable selling products that suit agents more than customers

India’s insurers collected ~₹12 trillion in premiums in FY25, yet insurance penetration has actually fallen to 3.7%. More money coming in, fewer people covered. Something’s clearly broken.

Banks are also in the crosshairs. IRDAI is coordinating with the RBI to crack down on mis-selling through the bancassurance channel, the same channel Finance Minister Nirmala Sitharaman flagged just months ago.

The GST exemption on retail life and health policies since September 2025 was a good start. But Ajay Seth knows the harder fix of making insurance genuinely affordable and accessible still lies ahead. Read the full interview by Harsh Kumar.

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MARKET WATCH

India’s stock market ended higher today, Sensex at 77,520 and Nifty at 24,164, but surrendered most of their intraday gains to profit-booking in the second half. Brent crude at $115 a barrel and a weakening rupee at 94.85/$ capped the upside. Eyes are now on the US Fed’s policy decision, with volatility likely to persist amid global uncertainty and ongoing earnings season.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• Embassy’s FY27 growth targets look doable unless GCC demand falters

• Options data hint at limited upside after sharp recovery this month

• Vedanta F&O contracts expire ahead of demerger. What happens next?

• Can India escape the misery of jobless economic growth?

In tomorrow’s print edition:

• Mint News: Infosys secures largest GCC deal

• Mint Primer: Mythos — AI’s watershed moment or a security nightmare?

• Plain Facts: How the Iran war changed EM ranks

• Mark to Market: Why are investors ignoring Maruti’s profit dip in Q4?

MINT MONEY

Is your home-loan rate keeping up with repo?

The RBI cut the repo rate by 1.25 percentage points in 2025, but whether that relief reached your EMI depends largely on who you borrowed from.

Bank borrowers on repo-linked loans have seen around 87 basis points passed on; NBFC borrowers? A mere 12 basis points, since their rates follow internal benchmarks rather than the repo rate.

Meanwhile, many bank borrowers are quietly absorbing rate hikes through tenure extensions rather than EMI hikes, a practice that inflates total interest paid without touching monthly outflows. The bottom line is, don't wait for your lender to act. If you're in the early years of your loan, a balance transfer or rate renegotiation could save you lakhs. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

The standout was Blinkit. The net order value of the quick commerce unit rose 95% year-on-year to ₹14,386 crore, with EBITDA swinging to a positive for the first time. That signals improving unit economics.

The growth was driven by rapid dark store expansion (216 added in just one quarter), 273.9 million orders fulfilled, and a relentless push into new cities and categories. Group CEO Albinder Dhindsa said Blinkit could grow fourfold over the next three years.

Meanwhile, Zomato’s core food delivery business held steady, growing 33% to ₹2,737 crore. Lowering the free-delivery threshold to ₹99 for Gold members was a smart move, pushing monthly transacting customers to 25.4 million.

Can Blinkit outrun its competition in Instamart to Zepto and JioMart, while staying profitable? Read the full report by Sowmya Ramasubramanian.

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MARKET WATCH

India’s stock market ended lower today, with equity benchmarks BSE Sensex and NSE Nifty 50 declining half a percent. The drag was brought on by bank stocks after the Reserve Bank of India confirmed its expected credit loss framework, triggering provisioning concerns. The public-sector banks bore the brunt, with the Nifty PSU Bank index tanking 2.15%.

The mid- and small-cap stocks bucked the trend, ending marginally higher. Sentiment remained fragile amid stalled US-Iran talks, Brent crude jumping 3% to above $111 a barrel, a weakening rupee at 94.56/$, and caution ahead of the US Fed’s policy decision.

🔗 Key factors that moved India’s stock market today

• India’s industrial growth moderated to a five-month low of 4.1% in March, down from 5.1% in February, as rising input costs, supply disruptions, and a contraction in several manufacturing sectors weighed.

EARNINGS CORNER

BEST OF MINT

• Peak XV fully exits MobiKwik after RBI nod for NBFC licence

• WishCare in early talks for a sale at ₹3,000 crore valuation

• Metals rally masks growth hurdles at Hindustan Zinc

• Diet Coke shortage gives D2C beverages a summer opportunity

In tomorrow’s print edition:

• Plain Facts: The ₹5 trillion question: Is India’s gender budget delivering for women entrepreneurs?

• Mark to Market: Can UltraTech’s capacity muscle, cost leash help overlook inflation concerns?

• Mint News: Why Sun Pharma’s audacious bet is winning over investors while Lupin, Biocon took time

• Mint Opinion: Is China the big winner of the US-Iran conflict? Seen from the prism of a 21st century cold war, plausibly

MINT MONEY

Teaching kids the value of a Rupee

Summer spending on camps and hobby classes needn't just drain your wallet, it can double as your child's first real money lesson.

From helping an 11-year-old run a paid movie screening to giving a nine-year-old ₹100 and watching her think twice before buying ice-cream, parents are turning seasonal budgets into financial classrooms.

The key is shifting kids from passive spenders to active decision-makers, understanding not just cost, but value and return on investment. Experts suggest starting small and early, with age-appropriate choices, while being mindful that children absorb far more from watching how parents behave around money than from any formal lesson. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

Organon, a strong women’s health franchise and biosimilars platform, brings scale, helping Sun Pharma diversify in key markets and move up the value chain. The merged entity will become one of the Top-3 global women’s health players, rank among the Top-7 biosimilars companies, and lift the share of innovative medicines from 20% to 27%.

But the deal comes with trade-offs. It flips Sun Pharma from a net-cash company to a leveraged one, with integration risks and slower growth likely in the near term. While margins may improve, execution will be key, writes Ananya Roy in her analysis of the Sun Pharma-Organon deal.

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MARKET WATCH

📈 A rebound on value buying: Indian equities snapped a three-day losing streak today, supported by bargain hunting and hopes of renewed US–Iran peace talks, which lifted investor sentiment.

🚀 A smart recovery: Sensex jumped 639 points (🔺0.83%) to 77,304, while Nifty 50 gained 195 points (🔺0.81%) to 24,093, led by gains in Reliance, Sun Pharma, and select banking and IT stocks.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• Which Indian sectors face most risks from Iran war?

• Acko lines up bankers for $2 billion IPO

• RIL investors need clarity on Jio IPO timeline

• Has the aluminium rally hit its melting point?

In tomorrow’s print edition:

• Third Wave to Starbucks look beyond coffee to lift margins

• Eyeing global heft, India Inc. loosens purse strings for buyouts

• The end of coding-first learning? AI forces a rewrite in upskilling

• India sets norms for offshore wind turbines, blades, towers

MINT MONEY

Health insurance faces its own version of the “impossible trinity”: affordable premiums, quality care, and insurer sustainability. All three cannot be maximised at once.

As medical costs rise and customers demand better coverage, tensions are intensifying across the system. The answer lies not in one-sided fixes, but coordinated action, insurers enabling care, hospitals controlling costs, and customers engaging responsibly. Without cooperation, the system risks becoming costlier and less effective for everyone. Read on.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

Air India Express was among the worst hit, underscoring its heavy reliance on gulf routes. IndiGo too saw a steep fall as it scaled back long-haul flights. Air India saw a relatively smaller impact, even as SpiceJet suffered and Akasa Air managed to hold its own.

Overall, international departures by Indian airlines declined 40% year-on-year, while passenger traffic dropped over 36%, according to DGCA data.

The disruption is largely supply-driven, with airspace closures, curbs by gulf countries, and longer rerouted flights due to restricted airspace adding to operational strain. At the same time, pricier jet fuel has squeezed margins.

With nearly half of India’s international capacity linked to West Asia, airlines are bracing for prolonged volatility, elevated fares and continued pressure on profitability. Read on.

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MARKET WATCH

📉 Third day of declines: India’s stock market fell for a third straight trading session, with heavy selling dragging equity benchmarks lower by over 1%.

🔻 IT sector a drag: The Sensex tumbled 1,000 points (🔻 1.29%) to 76,664, while the Nifty 50 fell 275 points (🔻1.14%) to 23,898. Infosys Ltd., whose earnings failed to impress investors, dragged Nifty IT down 5.29%.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• Indian telcos assess risks posed by Claude Mythos

• Hope for IT revival in FY27 is a pie-in-the-sky

• Trent’s Q4 shines amid incoming demand headwinds

• Indian telcos assess risks posed by Claude Mythos

In tomorrow’s print edition:

• Are Indian men dressing sexier?

• A guide to eating your way through Laos

• Has dancing become performative now?

• Rohit Brijnath: The enduring thrill of anticipation

What to watch this weekend: ‘Apex’, ‘This is a Gardening Show’, & more

MINT MONEY

After weeks of volatility triggered by the Iran war, investors are reassessing their strategy as mid- and small-cap stocks swing sharply.

Edelweiss MF’s Trideep Bhattacharya remains cautiously optimistic, pointing to resilient macros, limited earnings impact, and improving valuations. Historically, markets rebound after geopolitical shocks, he notes. He favours financials, power, and defence, while advising staggered investments and a long-term view. Mid- and small-caps, now cheaper, could offer opportunity, though volatility may persist in the near term. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

The National Company Law Tribunal (NCLT) has taken a clear stance, ruling that foreign sanctions, including those by the US, are not a valid ground to deny payment if the transaction is otherwise legal under Indian law. But the National Company Law Appellate Tribunal (NCLAT) has hit pause, offering interim relief and leaving the final word open.

The implications could be significant. If the ruling stands, companies may be forced into an uncomfortable trade-off: honour payments and risk breaching international sanctions, or withhold them and face insolvency action at home. That tension could become more common as more Indian firms find themselves caught in global sanction networks.

Lawyers warn this may also embolden operational creditors to use the IBC as a pressure tactic in payment disputes. At the same time, the case exposes a regulatory gap, with little clarity on how India’s insolvency framework should handle cross-border compliance conflicts, leaving companies navigating an increasingly complex legal tightrope. Read more.

MARKET WATCH

📉 Sell-off deepens: India’s stock market extended losses on 23 April 2026, with continued selling pressure dragging benchmarks lower for a second straight session.

🔻 Benchmarks slide further: Sensex fell 852 points (🔻1.09%) to 77,664, while Nifty 50 dropped 205 points (🔻0.84%) to close at 24,173.05.

🔗 Key factors that moved India’s stock market today

EARNINGS WATCH

BEST OF MINT

• Mint Explainer | How long will the steel price rally last?

• India’s power demand spikes even before peak summer

• FY26 done, will FY27 be any better for Havells India?

• Mint Explainer | Is India’s wheat export push a good idea?

In tomorrow’s print edition:

• Mark to Market: As Tech Mahindra chases profitability, cost-cutting alone may not suffice

• Mint Markets: NSE eyes MCX turf with market-making push for Brent futures

• Mint Earnings: Axis Bank Q4 preview: Modest margin pressure to linger, asset quality seen improving

• Mint Earnings: Reliance Jio Q4 preview: Subscriber additions seen steady, tariff delay may cap growth

MINT MONEY

AI layoffs are real. Is your emergency fund ready?

Layoffs triggered by AI and automation are no longer distant fears—they are reshaping careers in real time. Tech layoffs have affected 81,000 jobs globally since the beginning of 2026, with ripple effects felt in India as well.

But beyond the numbers lies an even harsher truth: many professionals are financially unprepared. As EMIs mount and incomes vanish, survival often depends on emergency savings. The old rule of a 3-6 months buffer is being questioned, with experts now urging at least a year’s cushion. In a volatile job market, financial resilience is quickly becoming a necessity, not a choice. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.

West Bengal has a habit of sticking with one political force for long stretches. Mamata Banerjee’s Trinamool Congress is now aiming for a fourth straight term, riding on the legacy of continuity.

Meanwhile, Tamil Nadu thrives on change, with power typically swinging between the DMK and AIADMK. That makes M.K. Stalin’s re-election bid a test of whether that pattern is shifting.

For the BJP, this is a tale of two very different battles. Its presence in Tamil Nadu remains limited, but in West Bengal, it’s looking to convert momentum into power after strong gains last time.

The divergence isn’t just political. Tamil Nadu has surged ahead economically, while West Bengal has lagged, creating a visible income gap. Yet on the campaign trail, both states look surprisingly similar with welfare promises, cash transfers, and subsidies dominating the pitch. Read more.

MARKET WATCH

📉 Markets snap winning streak: India’s stock market fell today, ending a three-session rally as profit booking and cautious sentiment dragged equity benchmarks lower.

🔻 Broader market resilient: The BSE Sensex declined 757 points (🔻0.95%) to 78,516.49 and Nifty 50 fell 199 points (🔻0.81%) to 24,378.10. Midcaps and smallcaps outperformed, rising 0.19% and 1.13%, respectively.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• Centre plans revenue cover to de-risk barrier-free toll rollout

• M2P Fintech brings in CFO Vivek Seshadri as IPO groundwork begins

• India’s college incubators have little to show for a decade of govt push

• OTT revenues jump 55% as platforms crack India’s prize puzzle

In tomorrow’s print edition:

• Mint M2M: HCLTech’s growth premium is vanishing. Can AI help win it back?

• Mint Explainer: Why automakers are pushing back against Delhi EV policy

• Mint M2M: Nestlé India delivers in Q4 FY26, but FY27 cooldown looms

• Mint Lifestyle: Why trekking is the new budget-friendly weekend escape

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

Pirojsha Godrej has a $5 trillion ambition

Pirojsha Godrej, the chairman designate of Godrej Industries, is rewriting a 129-year legacy. With a ₹5 trillion target, two IPOs on the horizon, and a firm ‘no’ to 70-hour work weeks, discover how the leader is crafting the group’s tomorrow. Read on.

MINT MONEY

Your portfolio isn’t as local as you think

Think your investments are shielded by India’s growth story? Think again. As retail participation surges and stock market deepens, Indian portfolios are increasingly moving in sync with global forces—from US interest rates to foreign capital flows. Even strong domestic inflows and economic resilience can’t offset this shift.

Correlations with global markets are rising, diversification is weakening, and currency movements are adding to hidden risks. The takeaway: what looks like a domestic portfolio is now deeply tied to the global financial cycle. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.

At the lower end, the pressure is immediate. Higher costs of essentials like cooking gas are squeezing budgets, forcing households to cut back. At the top, the anxiety is more forward-looking. The household incomes are stable, but concerns around jobs, inflation and global uncertainty are making affluent consumers more cautious.

This split is showing up clearly in spending patterns. Big-ticket purchases are being postponed, while smaller, practical buys are gaining traction. Think induction cooktops and electric kettles instead of TVs and ACs. Even so, this shift may not sustain demand for long.

The slowdown is visible across sectors. FMCG has cooled sharply, with both urban and rural demand losing pace. India Inc. is also dealing with high input costs, but weak demand is limiting their ability to pass them on. Read more.

MARKET WATCH

📈 A Crude Rally: India’s stock market rose today as sentiment improved after crude oil prices cooled on expectations of a favourable outcome of US-Iran peace talks in Islamabad.

💰 Mixed Bag: S&P BSE Sensex increased 753 points (🔺0.96%) to 79,273.33 and Nifty 50 rose 212 points (🔺0.87%) to 24,576.60. The mid and small caps saw modest gains. Investor wealth increased by about ₹3 lakh crore.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• Apple names new CEO: Decoding Cook’s tenure, Ternus’s prospect

• In charts: How mutual fund investors responded to the March volatility

• SEBI crackdown on options frenzy is bearing fruit, NSE data shows

• A six-year wait for CEO is set to delay launch of Noida Airport

In tomorrow’s print edition:

• India Inc chooses margins over volumes in crude-led cost storm

• Chaayos in talks to raise $50-70 million, appoints banker

• Suzlon eyes Europe comeback with next-gen wind turbines

• A clutch of PE firms make a beeline for $100-million Giva stake

THIS WEEK, ON MINT TICKER

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

Tamil Nadu Elections 2026

Two Dravidian parties—DMK and AIADMK—have been dominating Tamil Nadu’s politics since the late 1960s. The state, for the first time in history, is seeing a strong four-cornered contest. This makes the electoral outcome difficult to predict. Read more.

MINT MONEY

India’s home-loan boom runs into a wall of paperwork

A home loan is rite of passage for home buyers in India but the process is anything but smooth. From excessive paperwork to unclear requirements and privacy concerns, borrowers face hurdles at every stage. Even closing a loan can bring fresh complications.

While lenders cite risk checks, the lack of standardisation adds to the friction. As home ownership rises in India, the real cost of a loan isn’t just interest, it’s the time, complexity and uncertainty that come with it. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.

The gap has widened again amid the Iran war. RBI surveys show rising short- and medium-term expectations despite inflation at 3.4%. Anxiety is sharper among lower-income and retired groups, who are more exposed to food and fuel costs.

Even if prices are partly cushioned by policy, second-order effects are feeding concern. Food and fuel dominate perceptions, rising quickly but easing slowly. This creates a disconnect: While policymakers expect inflation near 4.5%, households increasingly brace for much higher levels, shaping spending and saving behaviour. Read more.

MARKET WATCH

⚖️ A flat trading session: India’s stock market was little changed today as a surge in crude oil prices and persistent US-Iran tensions kept investor sentiment cautious.

📊 The broader market lags: Sensex added 27 points (🔺0.03%) to 78,520.30 and Nifty 50 gained 11 points (🔺0.05%) to 24,364.85. Midcaps and smallcaps underperformed, falling 0.18% and 0.45%, respectively..

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• GIFT-Wrapped: AMCs offer 60% salary hike to fund managers to leave BKC and move to GIFT City

• ICICI Bank’s strong Q4 revives re-rating hopes despite cost pressures

• Power transmission stocks rally—but are Hitachi, GE still good buys?

• Jaypee lenders flag ‘leak’ that may have aided Vedanta bid

In tomorrow’s print edition:

• Vedanta vs Adani: Jaypee case to test limits of ‘commercial wisdom’

• Alivaa Hotels bets on unbranded market for growth in FY27

• Will rising costs stall Bajaj Consumer’s strong recovery?

• Tata Trusts move to allow non-Zoroastrians won’t validate current trustees: Mehli Mistry

THIS WEEK, ON MINT TICKER

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

A taste of the terrain

From the sacred forests of Jharkhand to urban shelves, the mahua tree is getting a makeover. So are heirloom rice varieties. Discover how niche food brands are tapping into consumer demand for authenticity and purity while delivering foods from hinterland India. Read on.

MINT MONEY

UPI vs E-Rupee: Which is safer?

An unintended fallout of the proliferation of UPI is fraud. Scamsters exploit instant payments and user behaviour to siphon away cash. The e-rupee, meanwhile, is closer to digital cash with fewer leaks. Does that make it safer? Not entirely. While risks shift, they don’t disappear. As both systems evolve, the real question isn’t just convenience, but how India balances speed, trust and security in its digital payments future. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

The move comes amid rising interest in India’s B2B commerce space, where digital platforms are expected to unlock a $200-billion opportunity by 2030 as supply chains formalise.

JSW One has seen rapid scale-up, reporting gross merchandise value (GMV) of ₹12,567 crore in FY25—a 240% jump year-on-year. It is targeting breakeven in FY26. The company positions itself as a full-stack platform for MSMEs, combining e-commerce, logistics and embedded finance through its NBFC.

MARKET WATCH

📈 A second week of gains: Strong, broad-based buying helped India’s stock market end higher today, with the benchmarks extending gains for a second straight week.

🚀 The outperformance: Sensex rose 505 points (🔺0.65%) to 78,493.54 and Nifty 50 gained 157 points (🔺0.65%) to 24,353.55. The midcaps and smallcaps outshone, climbing 1.27% and 1.48% to signal improved risk appetite.

🔗 Key factors that moved India’s stock market today

BEST OF MINT

• SEBI asks top brokers to share Q4 P&L data of F&O clients

• Microsoft aims to do a Azure to win long-term AI deals

• Your Cibil score could update faster. Here’s what changed

• Wipro’s biggest buyback fails to mask the growth problem

In tomorrow’s Lounge edition:

• Asha Bhosle’s empire of desire

• Inside an exhibition documenting South India’s silk legacy

• Whatever happened to good old ‘urraca’?

• What to watch this weekend: ‘Euphoria’, ‘Jaws’ and more

MINT MONEY

A real-time credit score

Cleared a loan but still stuck with a low credit score? That lag may soon shrink. The Reserve Bank of India has asked lenders to update credit data every week instead of fortnight to make scores more real-time. The new score may now reflect in about two weeks instead of over a month.

For you, that means quicker rewards for repayments but faster penalties for missed EMIs. For lenders, better risk assessment and faster approvals. Your credit behaviour is set to matter more than ever, almost in real time. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

Trade with key Gulf partners such as the United Arab Emirates, Saudi Arabia and Qatar has fallen steeply, dragging overall flows lower.

Exports to the UAE fell over 60%, while imports from major oil suppliers like Iraq and Qatar shrank steeply. The trigger? The escalating conflict in West Asia, disruptions in oil infrastructure, and the closure of critical routes such as the Strait of Hormuz.

Strip out these Gulf nations and the picture looks less grim. Is this a broader slowdown or a region-specific shock? India’s heavy reliance on West Asia, for both energy and trade, makes it highly vulnerable to geopolitical shocks. Read the full report by Manjul Paul.

MARKET WATCH

India’s stock market edged lower today, weighed down by profit booking in heavyweights such as HDFC Bank Ltd., ICICI Bank Ltd., and Bharti Airtel Ltd.

The Sensex and Nifty 50 slipped marginally, though gains in mid- and small-cap stocks kept broader sentiment positive. Investor mood was tempered by uncertainty around US-Iran talks.

Despite the decline in equity benchmarks, overall market capitalisation rose, supported by strength in the broader market.

🔗 Key factors that moved India’s stock market today

EARNINGS CORNER

BEST OF MINT

• Bosch faces a valuation question after in-house M&A deal

• CtrlS Datacenters weighs $300 million India IPO amid AI boom

• Indian women turn to weight-loss wonder for PCOS relief

• Mehli Mistry wants an administrator to run Tata Trusts

In tomorrow’s print edition:

• Mint Explainer: The shift in India’s state-wise farm roadmap

• Mint News: India plans revamp of cold chain storage regulations

• M2M: Nuvoco Vistas turns to price hikes as cost headwinds intensify

• Mint Auto: Bajaj Auto begins to fix KTM, one cost at a time

MINT MONEY

A test of conviction, not a signal for exit

Market corrections may feel unsettling, but they are often where real opportunities lie.

According to Aditya Birla Mutual Fund MD A. Balasubramanian, recent market dips are “conviction tests” for investors, not exit signals. The fund house used the March correction to deploy cash, especially in mid- and small-cap stocks where valuations turned attractive.

While SIP stoppages have risen, experts see this as a temporary reaction from newer investors, not a structural concern. The advice remains consistent: stay invested, or even increase exposure during dips to benefit from long-term compounding. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

Latest IMF estimates show India fell to the sixth place in global GDP rankings, behind the UK, after holding the fifth position for three years. The decline reflects two key factors: a revised GDP base year that trimmed the size of the economy, and a nearly 10% depreciation in the rupee that reduced dollar-denominated estimates.

Even so, the broader trajectory remains intact. India is still projected to move up to fourth place by 2027, potentially overtaking both the UK and Japan. That outlook, however, depends on sustained growth momentum and currency stability.

The shift also revives a familiar question: How much weight should global rankings carry, compared with underlying economic strength and per capita prosperity? Read the full explainer with charts by Payal Bhattacharya and Rupanjal Chauhan.

MARKET WATCH

India’s stock market had its best day in a little over a month, with benchmarks S&P BSE Sensex and NSE Nifty 50 rising roughly 1.5% each. That added nearly ₹9 trillion to investor wealth in a single session.

The rally was driven by hopes of renewed US-Iran talks, easing geopolitical tensions, and a sharp fall in crude oil prices. Positive global cues and gains across sectors, especially mid- and small-caps, further boosted sentiment. A slightly stronger rupee also supported the upward momentum in equities.

🔗 Key factors that moved India’s stock market today

• India’s wholesale inflation rate surged to a three-year high of 3.88% in March, due to surge in prices of fuel, metals and manufactured goods.

BEST OF MINT

• Beyond metros, India bets big on specialised investment funds

• Ports may extend export relief till April-end amid Iran war

• ICICI Pru Life still doesn’t justify rosy outlook embedded in valuation

• Owning the screen: Why film celebrities are backing cinemas

In tomorrow’s print edition:

• Mint Explainer: Weather & War: Twin storms spell trouble for Indian farming

• Plain Facts: Can India’s ₹11 trillion non-profit economy reach those who need it most?

• Mint New Economy: Edtech taps AI to bring learning just the way you want it

• M2M: Sub-par monsoon, dearer crude: Is benign inflation a thing of the past?

MINT MONEY

Old vs New Income Tax Regime

Just when the new income tax regime seemed to be taking over, Income Tax Rules, 2026, have brought the old regime back into contention. Enhanced exemptions, like higher HRA limits and increased allowances for education and hostel expenses, have made the old system more attractive again.

The choice now depends on your expense profile. Those with high rent, school fees, and deductions may benefit from the old regime, while others may still find the simplicity of the new regime appealing. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

From engineering colleges to top B-schools, students are being warned about delayed onboarding and revised internship terms. The signals are telling. Fewer roles, renegotiated perks, and cautious hiring timelines. Sound familiar? It echoes the uncertainty seen during the pandemic.

But is this a full-blown slowdown or just a phase of recalibration? For now, placement cycles remain largely intact, but the mood has shifted to caution. Will AI-led efficiency and global tensions permanently reshape campus hiring? Read the full story by Pratishtha Bagai and Devina Sengupta.

MARKET WATCH

India’s stock market was closed today on account of Ambedkar Jayanti.

BEST OF MINT

• FPI shift: Out of IT, into Infra in FY26—What’s in store for FY27?

• India’s waste-to-energy firms are on investor radar—but risks temper the outlook

• Ignore the noise, focus on consumers, says Zydus Wellness CEO amid stock rally

• Innomotics to deepen India play post acquisition of Siemens’ motor business

In tomorrow’s print edition:

• Mint Explainer: Will labour unrest accelerate automation in India?

• Plain Facts: How Vietnam has emerged as a China+1 beneficiary

• Mint News: Indian economy can weather Iran war but crude shock looms

• M2M: Headwinds gather for ICICI Prudential AMC after Q4 earnings

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in the morning edition.

The algorithm of a cry

In India’s $28 billion parenting market, startups are decoding every cry and blink. From AI cribs to cry-analysing apps, data is replacing guesswork. But as algorithms enter the nursery, can technology truly replicate a parent’s instinct? Read more.

MINT MONEY

AYUSH insurance

India is pushing to globalise Ayurveda and other traditional systems, but insurance coverage still comes with caveats. While AYUSH treatments are covered under health policies, cashless claims are limited to recognised network hospitals, and the ecosystem is still evolving.

Crucially, only medically necessary treatments with 24-hour hospitalisation are typically eligible, but wellness therapies and outpatient care are mostly excluded.

With unclear rules around day-care procedures and strict documentation requirements, policyholders must tread carefully to avoid claim rejections. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.

What’s changed? For years, easy EMIs kept premium phones within reach. But rising living costs—from fuel to home essentials—are forcing consumers to reassess discretionary spending. Even monthly instalments are beginning to feel heavier, pushing some buyers towards repairs or refurbished devices..

Global uncertainty and higher component costs are adding to the strain, with pressure building across the ecosystem—from handset brands to contract manufacturers.

Whether this marks a temporary slowdown or a deeper shift in consumer behaviour remains unclear. For now, companies are watching and waiting for stability in prices and sentiment. Read the full report by Shouvik Das.

MARKET WATCH

India’s stock market extended losses today, with the BSE Sensex and the Nifty 50 falling nearly 1% each, wiping out about ₹2 trillion in investor wealth.

The decline was driven by failed US-Iran talks in Islamabad, rising geopolitical tensions, and a sharp surge in crude oil prices to more than $100 per barrel.

New tariff threats by US President Donald Trump against China and weak cues from global peers further dampened sentiment. A weakening rupee added to the cautious mood.

🔗 Key highlights from India’s stock market today.

• India’s retail inflation rose to 3.4% in March, driven by higher food and energy prices amid the Iran war, but remains below RBI’s 4% medium-term target.

BEST OF MINT

• Q4 preview: Earnings fragile as margins crack under cost pressures

• PMS firms seek SEBI nod to expand into unlisted, IPO anchor deals

• Is Anand Rathi’s FY26 growth solely market-driven?

• Viral today, gone tomorrow: The uncertain life of music in India

In tomorrow’s print edition:

• Mint Explainer: Why India Inc.’s climate pledges rise, but execution and credibility lag

• Plain Facts: Rainfall below normal? How accurate are predictions by Skymet, IMD?

• Mint News: India unveils new security standards for digital payments to drive global adoption

• Mint M2M: Realty firms have cushions amid this economic shock. Can those salvage stocks?

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in the morning edition.

The unexpected second purpose of India’s financial hub

A gleaming but barely-noticed financial district in Gujarat is quietly becoming the most convenient gateway for ordinary Indians who want a slice of the world’s biggest companies. But can it deliver?

MINT MONEY

Market dip or reset? Looking beyond the fall

Indian equities have taken a sharp hit in early 2026, with benchmark indices down 13-15% in just three months, leaving many portfolios bruised.

But zoom out, and the story changes. Over five years, markets, especially mid- and small-caps, have delivered strong gains, meaning recent losses are more of a valuation reset than wealth destruction. This correction is largely macro-driven, with global risk-off sentiment and FPI selling leaving little room to hide. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

“As I have stated earlier, we would like to reiterate that a timely listing of Tata Sons is not merely a regulatory compliance but a necessary evolution. One that will reinforce corporate governance, deepen transparency and accountability.” — SP Group Chairman Shapoor Mistry

Mistry’s renewed push is timely, for it comes during a week when two Tata Trusts vice chairmen—Venu Srinivasan and Vijay Singh—broke ranks to call for Tata Sons listing.

Tata Trusts is an umbrella of 15 philanthropic entities that together own two-thirds of Tata Sons. The SP Group holds 18.37% stake.

At the heart of the issue is regulatory pressure. Under the Reserve Bank of India’s scale-based framework for non-banking financial companies, Tata Sons was classified as an upper-layer NBFC, requiring it to list by September 2025. The company missed that deadline and has yet to present a clear case to stay private. Read more.

MARKET WATCH

📈 Markets rebound sharply: India’s stock market rallied today, with the equity benchmarks gaining over 1% each, recovering from the previous session’s decline amid improved sentiment.

💰 Broad-based gains boost: The Sensex climbed 919 points (🔺1.20%) to 77,550.25 and the Nifty 50 rose 276 points (🔺1.16%) to 24,050.60. Investor wealth surged by about ₹6 trillion in a single session.

🔗 Key highlights from India’s stock market today.

BEST OF MINT

• How new IBC gives firms a fresh start, voids old debt claims

• US sales may drag pharma firms’ Q4, even as India holds up

• Why TCS’s recipe for revenue revival is not inspiring confidence

• Jio-bp starts rationing diesel amid supply crunch

In tomorrow’s Lounge edition:

• ‘The Drama’ review: Jittery comedy can’t face up to its dark secret

• Why you should add some ‘sabja’ in your summer pantry

• How surveillance is used as a means to monitor trans bodies and lives

• The wristwatches of Artemis II astronauts

MINT MONEY

Use volatility, ignore noise: Rajeev Thakkar

PPFAS Mutual Fund’s Rajeev Thakkar used March’s market volatility to deploy cash and pick opportunities, even as investors fretted over war headlines and global uncertainty.

In this interview, he explains why geopolitical events rarely matter for long-term investing, how valuations are becoming more reasonable, and why disciplined asset allocation is key.

Thakkar also shares his take on AI’s impact on IT stocks, shifting global trends like energy transition, and why current pessimism in equities, especially in mid and smallcaps, could present opportunities for patient investors.

Edited by Lokesh Yadav. Produced by Tushar Deep Singh.

EV sales surged 84%, adding over 91,000 units, with both domestic players benefiting the most due to their strong portfolios. For Mahindra and Tata, EVs drove up to 30% of incremental growth.

The trend highlights how EVs are becoming a key growth lever even as global momentum slows. Maruti Suzuki India Ltd. and Hyundai Motor India Ltd. have been slower to scale, but plan to ramp up.

As competition intensifies, EV strategy could increasingly decide who gains market share in India’s evolving auto landscape. Read more.

EARNINGS WATCH

TCS Q4 Results: Revenue of India’s largest IT services firm rose 5.4% over the previous three months to Rs 70,698 crore in the quarter ended 31 March 2026. In constant currency terms, it was up 1.2% sequentially. Read more.

• Revenue up 5.4% QoQ at Rs 70,698 crore

• EBIT up 5.8% QOQ at Rs 17,870 crore

• EBIT margin up 10 bps QoQ at 25.3%

• Net profit up 29% QoQ at Rs 13,718 crore

MARKET WATCH

📉 Markets slip on global jitters: Indian equities came under selling pressure as fading hopes of an Iran ceasefire and rising crude prices reignited inflation concerns, triggering a gap-down open and weak close.

🔻 Investor wealth erodes: Nifty 50 dropped 222 points (🔻0.93%) to 23,775, while Sensex lost 931 points to end at 76,631. Bank Nifty also slid sharply, with investor wealth shrinking by over ₹90,000 crore in a single session.

🔗 Key highlights from India’s stock market today.

BEST OF MINT

• Why US bond yields at 4.28% won’t unlock a forex wave into India

• Food takes centre stage in Ikea India’s growth strategy

• NMDC’s rally may be about more than iron-ore price hikes

• Phoenix Mills offers a cheaper retail proxy. Real estate in the risk

In tomorrow’s print edition:

• Mint Explainer: Inside Anthropic’s Project Glasswing

• Deals Corner: Cycle Pure buys into Satvik for online ‘spiritual’ play

• IPO Watch: Ozone Overseas to raise up to ₹1,500 cr via IPO

• Mint M2M: NMDC’s rally may be about more than iron-ore price hikes

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

The hard reset

The ban on real-money gaming in October 2025 brought a booming industry to a halt. Six months on, the surviving companies are testing new products. Do they have viable and scalable business models? Read on.

MINT MONEY

Investing in times of War

Markets hate uncertainty more than war itself. Geopolitical crises often trigger sharp sell-offs as investors price in worst-case scenarios, but history shows recoveries follow once risks become clearer. For India, crude oil is the key vulnerability, shaping inflation and growth. For investors, the lesson is simple: stay disciplined, stay diversified. Read more.

Edited by Zaheer Merchant. Produced by Tushar Deep Singh.

Because if the RBI did little by way of action, it did a great deal through communication. Governor Sanjay Malhotra’s commentary was a masterclass in calibrated central banking—demonstrating how, in periods of heightened uncertainty, words themselves can become a powerful policy instrument.

The backdrop to today’s decision could hardly have been more fluid. Just hours before the policy announcement, a tentative ceasefire between the US and Iran sent crude oil prices sharply lower.

Yet, the durability of this truce—and critically, the uninterrupted functioning of the Strait of Hormuz—still remains in question. The global economy may have stepped back from the brink, but it is unclear whether it is out of the woods yet.

Against this shifting landscape, the RBI chose patience over reaction. Read on.

MARKET WATCH

🚀 A blockbuster rally: India’s stock market saw massive buying today, with benchmarks jumping nearly 4% in a broad-based rally that signalled strong risk-on sentiment.

📊 Sensex up, VIX down: Sensex soared 2,946 points (🔺3.95%) to 77,562.90 and Nifty 50 jumped 874 points (🔺3.78%) to 23,997.35. The mid and small cap indices rallied over 4% each, while India VIX plunged over 20%.

🔗 The key highlights from India’s stock market today

BEST OF MINT

• No systemic risk, says RBI on HDFC Bank chairman’s sudden exit

• Demat growth slows as market volatility spooks retail investors

• Anthropic biotech bet and AI impact on Indian pharma

• Paint firms get a breather, but will it suffice?

In tomorrow’s print edition:

• Plain Facts: Iran war, Oracle layoffs, El Niño: What’s keeping the world on edge

• Mint Auto: Electric car makers urge Karnataka to reconsider new 5-10% tax

• Mint Markets: NSE kicks off IPO process, targets June-July filing

• From India Inc: Why Adani lawyers want US bribery case dismissed

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

How Kerala’s fiscal mess is looming over the ballot box

Opposition leaders say Kerala is a “ventilator” economy—the state’s ability to raise taxes has declined while its debt has grown. Worse, its consumption could now be hit because of the war in West Asia. Can populist policies survive a dwindling treasury? Read on.

MINT MONEY

From ‘Goldilocks’ to Balancing Act

India’s “Goldilocks” phase is fading. With oil shocks, rising inflation and slower growth, the RBI now faces a tougher balancing act.

For investors, the message is reassuring. Rates may stay steady, inflation remains manageable, and growth is still solid, suggesting no need for drastic portfolio changes just yet. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.

New registrations rose 31% year-on-year in FY26 to over 247,500, with IT firms leading the charts every single month, according to government data. About 11–13 out of every 100 new companies are in technology, underlining how central the sector has become to new business creation.

But the bigger shift is AI moving into the mainstream. The number of firms using “AI” in their names has risen sharply, and that’s is no longer limited to core tech startups. Businesses across healthcare, education and consulting are now positioning themselves as AI-led, signalling how deeply the technology is embedding itself into everyday operations.

This trend reflects a broader move towards digital-first business models, where automation, data and intelligence are key differentiators from day one. While wholesale-retail trade continues to contribute significantly to new company registrations, it’s technology—especially AI—that is setting the direction of growth. Read on.

MARKET WATCH

📈 On a winning streak: Indian equities rose for the fourth straight session on 7 April, showing resilience despite the ongoing US–Iran war, elevated crude prices, and continued FII selling.

📊 Benchmarks outperform: Sensex gained 510 points (🔺0.69%) to 74,616.58 and Nifty 50 rose 155 points (🔺0.68%) to 23,123.65, while midcaps and smallcaps lagged with marginal gains of 0.03% and 0.16%.

🔗 The key highlights from India’s stock market today

BEST OF MINT

• How trans-shipment shielded Adani Ports from war headwinds

• How AI avatars are redefining celebrity business

• AWL Agri’s Q4 update suggests worst is over

• Vinci set to re-enter India with $1.7 billion Macquarie toll roads deal

In tomorrow’s print edition:

• Air India begins search for a new CEO

• Can IndiGo fly out of this perfect storm?

• SIM-binding gets more time—but will it curb fraud?

• India’s new proposals for IT rules need a rethink

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

In Assam’s election, welfare and infra take centre-stage

There is much at stake both for the ruling Bharatiya Janata Party (BJP) and the main opposition Congress, as well as for the two state leaders leading these respective camps.

MINT MONEY

Why profitable MSMEs still run out of cash

A Surat trader’s cash crunch, despite strong sales, reflects a wider problem across India’s MSME sector. From confusing revenue with cash flow to poor tax compliance and over-reliance on informal credit, many small businesses undermine their own access to finance.

As digital lending grows, financial discipline is becoming critical. The next phase of MSME growth will depend less on capital availability and more on how well entrepreneurs manage cash, records and risk. Read more.

Edited by Rashmi Sanyal. Produced by Tushar Deep Singh.

Vedanta, which bid higher, argued lenders ignored value and fairness. Creditors countered that Adani’s plan offered faster payouts and better execution. Courts have so far backed this “commercial wisdom” under insolvency law.

At stake is more than one deal. The case highlights how resolution plans are judged, balancing headline value with timelines and feasibility. With assets like land banks and cement capacity in play, the outcome could shape how future insolvency battles are fought. Read more.

MARKET WATCH

📈 Markets rally for third straight session: Indian equities extended gains today, supported by easing crude oil prices, a recovering rupee, and resilient sentiment despite mixed global cues.

🚀 Broad-based buying lifts indices: Sensex surged 787 points (🔺1.07%) to 74,106.85, while Nifty 50 jumped 255 points (🔺1.12%) to 22,968.25. Midcaps and smallcaps also advanced, gaining 1.30% and 1.10%, respectively.

🔗 The key highlights from India’s stock market today

BEST OF MINT

• India’s aviation growth to stay muted in FY26 amid global, local headwinds

• India’s service economy grows at slowest pace in 14 months amid Iran war

• Matter Motor eyes $50 million in fresh funding at $300 million valuation

• Wipro clinches $1-billion Olam deal for agri-tech pivot

In tomorrow’s print edition:

• Auto dealers warn of the US-Iran war-driven supply chaos ahead

• From soft drinks to supplements: IPL’s ad mix gets a health push

• SEBI plans JV with corporates to boost independent director framework

• How quick service restaurants are riding the India growth story

SNEAK A PEEK

Long Story, a much-loved Mint feature, is published every weekday. Before the next piece hits the stands, here’s your exclusive glimpse into what’s brewing on our desk. Catch the story in tomorrow’s print edition.

Has the mad rush to invest in IPOs lost momentum?

The era of easy gains from public listings appears to be nearing its end. A year after listing, only four mainboard IPOs were trading above their issue price in 2025. Read on.

MINT MONEY

How the Iran war could hit your wallet

With the Iran war dragging on, worries around inflation, interest rates and growth are rising. In this Money Guru interview, Bank of Baroda’s Madan Sabnavis breaks down what it means for the economy, jobs and household finances, and whether recession fears are justified. Read more.

Edited by Madhumita Sen Choudhury. Produced by Tushar Deep Singh.