Business Today

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Business Today

DOMESTIC DOMINANCE • For years, India’s capital markets moved in step with foreign portfolio investors (FPIs). Their flows alone were enough to set the tone. But early 2026 hinted at a quiet shift. Domestic mutual funds, powered by millions of Indians backing their monthly SIPs, have been steadily taking over. Even as global investors pulled back sharply, mutual funds stepped in and kept the market steady

THE BUZZ

‘‘Will benefit from consolidation in real estate sector” • Pirojsha Godrej, Chairperson-designate of Godrej Industries Group, on how the group has been delivering 20% sales and earnings growth

AIMING FOR THE SUN • SUN PHARMACEUTICAL INDUSTRIES HAS STRUCK ITS LARGEST GLOBAL DEAL TO ACQUIRE US-BASED ORGANON FOR $11.75 BILLION. THIS DEAL EXPANDS SUN PHARMA’S FOOTPRINT TO 150 MARKETS. WILL IT PAY OFF?

WHEN ‘LOW PROFILE’ IS ‘HIGH VALUATION’

GIFT’S MOMENT OF TRUTH • GIFT CITY IN GUJARAT IS FAST EMERGING AS A HUB FOR CROSS-BORDER CAPITAL. IT IS OPENING ST ACROSS MARKETS. CAN IT COMPETE WITH OTHER REGIONAL OFFSHORE FINANCIAL CENTR NEW DOORS FOR INDIANS AS WELL AS NRIs TO INVE ES SUCH AS DUBAI?

GIFT CITY AT A GLANCE…

“GIFT LINKED TO THE INDIA GROWTH STORY” • K. Rajaraman, Chairman, IFSCA, throws light on initiatives driving growth, and the vision for IFSC

“THE IDEA IS TO CATER TO 25-30 MARKETS” • V. Balasubramaniam, MD and CEO, NSE IX, says the exchange is scaling to become a debt and equity platform for companies across Asian, African and smaller European markets

CRICKET’S NEW GLOBAL ORDER • ONCE THE PLAYGROUND OF BOLLYWOOD CELEBRITIES AND VANITY BUYERS, IPL FRANCHISES HAVE GRADUATED INTO BLUE-CHIP ASSETS, ATTRACTING SOVEREIGNT WEALTH FUNDS, COMMANDING RECORD VALUATIONS, AND ANCHORING A CROSS-CONTINENT, YEAR-ROUND CRICKET ECONOMY

THE NEW SPACE ODYSSEY • INDIA’S $13-BILLION SPACETECH SECTOR AIMS TO HIT $40 BILLION BY 2030. BUT WITH JUST 1.3% OF GLOBAL CAPITAL AND NO MAJOR EXITS YET, CAN IT TRULY SCALE?

AI IS A LEADERSHIP, NOT A TECHNOLOGY QUESTION • Business consultant, advisor, and author Ram Charan on AI challenges, succession planning, and more

SAVE BIG WITH OUR ANNUAL OFFER

REIMAGINING COAL • COAL CAN B E AS CLEAN AS ANY OTHERENERGY SOURCE AND MAKEINDIASELF-RELIANT IN FERTILISER AND OIL&GAS, AS CHINA AND SOUTH AFRICAHAVE PROVED. BUT FOR THAT, THE COUNTRY WILL HAVETO PURSUE COAL GASI FICATIONR ELENTLESSLY

INDIA’S THORIUM BET • INDIA’S PROTOTYPE FAST BREEDER REACTOR HAS ACHIEVED CRITICALITY, ADVANCING THE THREE-STAGE NUCLEAR STRATEGY. IS THE COUNTRY CLOSE TO USING ITS VAST THORIUM RESERVES TO BECOME ATMANIRBHAR IN NUCLEAR POWER GENERATION?

SEARCHING FOR THE NEXT LEADER • SUCCESSION PLANNING IS NOW A BOARDROOM PRIORITY, BUT LEADERSHIP PIPELINES ARE STILL STRUGGLING TO KEEP UP WITH DISRUPTION, SHIFTING SKILLS, AND UNPREDICTABLE EXITS

From Bean to Bottle • FROM ARTISANAL ROASTERS TO BOUTIQUE DISTILLERS, A NEW WAVE OF HOMEGROWN LABELS IS REDEFINING COFFEE LIQUEURS

BEST Management advice • NAINA LAL KIDWAI, CHAIRPERSON, ROTHSCHILD AND COMPANY INDIA, FORMER CHAIRPERSON, HSBC INDIA, AND FORMER EXECUTIVE DIRECTOR, BOARD OF HSBC ASIA PACIFIC