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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
Markets Resilient, But Oil’s the Wildcard
Despite the chaos, Indian markets are holding their ground. Since the Israel-Iran conflict flared up, Nifty and Sensex have climbed 1.59%, even as Brent crude rose 2.19% to $76.57/barrel. But the calm may not last.
Alok Agarwal of Alchemy Capital warns of a crude spike beyond $100/barrel — a red flag for India, which imports over 80% of its oil. Aniruddha Sarkar of Quest adds that sectors like paints, aviation, and OMCs could feel the squeeze if oil keeps climbing. However, a non-escalatory response from Iran could trigger a market rally, says IIFL’s Nirmal Jain.
Strait of Hormuz: The Oil Chokepoint
Iran’s top security council may close the Strait of Hormuz — a move that would threaten 20% of the world’s oil flow. Revolutionary Guards commander Esmail Kosari has confirmed it’s “on the agenda.” Since June 13, when Israel struck Iran, Brent has already surged over 10%. Maersk says its ships still sail, but they’re monitoring risk closely.
Flashbacks to the 1980s “Tanker Wars” and fears of a new US naval buildup are surfacing. If Hormuz shuts down, prices could jump to $120–130 — or even $400 in a worst-case scenario.
India’s Oil Strategy Shift
Oil Minister Hardeep Singh Puri says India has significantly reduced its dependence on Hormuz. In June 2025, India’s Russian oil imports are expected to hit a two-year high of 2–2.2 million barrels/day — more than from Saudi or Iraq. US oil imports are also up nearly 57%.
With reserves in place and alternative shipping routes via the Suez, Cape of Good Hope, and Pacific, India is positioning itself to weather supply shocks. Still, if Iran closes Hormuz, freight costs and volatility could rise fast.
Trump’s Big Strike — and the Fallout
Trump called Iran’s nuclear program “completely obliterated” after US strikes on Fordow, Natanz, and Isfahan. But Pentagon officials are backpedaling, confirming only “severe damage.” Satellite images show Fordow took direct hits, but not total destruction.
Worse, Israeli intel reveals Iran removed 400 kg of uranium days before the attack. IAEA chief Rafael Grossi confirmed the fuel is now unaccounted for — a worrying development. The world waits for Iran’s next move.
Mayday Over Bengaluru
Just days after a deadly Air India crash, an IndiGo flight from Guwahati to Chennai issued a Mayday call over low fuel. The pilot aborted landing in Chennai and diverted to Bengaluru, where the plane landed safely. No injuries were reported, but the scare — coupled with the earlier Air India tragedy — has sparked renewed scrutiny over aviation safety. IndiGo has grounded both pilots.
Markets Hold Steady as Oil Threat Looms Amid US-Iran Escalation
Nifty’s immediate support lies at 24,850; resistance around 25,250, says SBI’s Sudeep Shah. The India VIX is down 9% since June 13, suggesting subdued volatility — for now. Experts advise staggered investments as markets remain sensitive to geopolitical headlines.
Experts say India is better placed than ever to absorb shocks. “We’re in a stronger position than previous crises,” said Kenneth Andrade of Old Bridge Capital. Asian markets closed strong on Friday, signaling hope — but all eyes remain on Iran’s response.
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
Fed Hits Pause—Again
For the fourth time this year, the US Federal Reserve kept interest rates steady at 4.25%–4.5%, citing “diminished but elevated” economic uncertainty. Fed Chair Jerome Powell pointed to the lingering effects of Trump-era tariffs, noting that while uncertainty peaked in April, it hasn’t fully cleared.
FASTag Freedom: ₹3K Toll Pass from Aug 15
India’s road warriors, rejoice! Starting August 15, a ₹3,000 FASTag-based annual toll pass will be available for private vehicles. It covers 200 trips or a full year—whichever comes first. The aim? Reduce travel costs, cut long waits at toll booths, and simplify payments.
Announced by Transport Minister Nitin Gadkari, the pass is part of a bigger push toward seamless highway travel. The pass will be available via the Rajmarg Yatra App and NHAI’s website. It comes amid rising toll charges—up over 3% in FY25 and expected to rise further.
To complement the effort, a GNSS-based tolling system is also on the way, allowing for distance-based tolling without physical toll plazas. The government will absorb any revenue shortfall to keep concessionaires whole.
Trump Thanks Pakistan’s Army Chief for Restraint
In an unusual diplomatic move, US President Donald Trump hosted Pakistan Army Chief General Asim Munir at the White House, thanking him for “not going into the war” with India. The lunch meeting was notable for its absence of senior civilian officials.
Trump called it “a win” that two nuclear powers—India and Pakistan—chose peace. He also revealed they discussed Iran, adding, “They know Iran very well… and he agreed with me.”
Back home, Pakistan’s leadership is walking a tightrope. PM Shehbaz Sharif has publicly supported Iran amid its escalating conflict with Israel, and Foreign Minister Ishaq Dar said Iran is open to talks—if Israeli strikes stop.
Want a US Student Visa? Hand Over Your Social Media
The US has resumed student visa processing—but there’s a catch. All applicants must now make their social media profiles public for review. Posts that appear hostile to the US, its institutions, or culture could be grounds for rejection.
The State Department warns that refusing to comply may be seen as “an attempt to hide behavior.” Critics say the move chills free speech and brings back Cold War-era ideological vetting. “This turns consular officers into censors,” said Columbia’s Jameel Jaffer.
With academic sessions around the corner, international students are scrambling to comply, while legal experts raise red flags over digital privacy and First Amendment concerns.
SEBI’s Market Makeover: Esops, PSUs & AIFs Get a Lift
SEBI is on reform overdrive. In just his second meeting as chair, Tuhin Kanta Pandey cleared a raft of changes aimed at boosting market efficiency, startup incentives, and investor participation.
Founders of listed startups can now retain Esops—a game changer that aligns long-term incentives. For public sector undertakings, a new framework for voluntary delisting could fast-track strategic disinvestments.
Alternative Investment Funds got more room to maneuver, with greenlights for co-investment vehicles and broader advisory services. Foreign investors in Indian sovereign debt will also benefit from simplified compliance norms.
Meanwhile, the long-pending NSEL broker case may be resolved through a new settlement scheme. In short, SEBI is opening the doors wider, and smarter.
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.1. Trump Flexes Muscle in Middle East
The Iran-Israel conflict has entered a dangerous sixth day, and the U.S. is rapidly reinforcing its military posture. President Donald Trump warned Iran that America’s “patience is wearing thin,” claiming full control of the skies over Iran—signaling potential U.S. strikes on Iran’s underground Fordow nuclear site.
B-2 stealth bombers carrying GBU-57 bunker-busters remain on standby, while destroyers and carrier groups are repositioned across the Red Sea, Mediterranean, and Arabian Sea. Fighter jets and refueling tankers are active across the Middle East and Europe.
U.S. forces intercepted multiple Iranian missile strikes targeting Israel, while Israel pounded oil depots near Tehran. Death tolls are rising—224 civilians in Iran and 24 in Israel. Trump has demanded Iran’s “unconditional surrender” but stopped short of targeting the Iranian leader “for now.”
After years of tension, PM Modi and newly elected Canadian PM Mark Carney hit the reset button in Kananaskis, Canada, during the G7 Summit.
This was their first meeting since Carney took office and follows the diplomatic fallout over the 2023 killing of separatist Hardeep Singh Nijjar. Both leaders emphasized shared values of democracy and cooperation on AI, energy, and counterterrorism.
They also agreed to restore full diplomatic representation, signaling a thaw in bilateral ties. Modi called Canada an important partner and highlighted growing investments on both sides.
MakeMyTrip is raising up to $3 billion to buy back shares from Chinese backer Trip.com, aiming to slash its voting power from 45.34% to below 20%.
The Indian travel platform will raise funds via equity and convertible senior notes—14 million shares are on offer, possibly rising to 16.1 million.
In a world increasingly wary of Chinese stakes in Indian tech, MMT’s move is both strategic and symbolic—asserting independence while positioning itself as an investor-diversified digital travel leader.
Israeli data analytics startup Coralogix is doubling down on India, deploying most of its $115M Series E funding to scale R&D, cybersecurity, and AI operations in the country.
India now ranks among Coralogix’s top three global markets. The company is expanding its Gurgaon HQ, planning a new Bengaluru office, and staffing aggressively in BFSI, edtech, and fintech sectors.
Its cybersecurity unit, SnowBit, already has its global HQ in India. With a projected $3.3B cybersecurity market in 2025, Coralogix is betting on India as both a tech talent hub and a revenue engine.
Hindustan Zinc Ltd (HZL) is investing ₹12,000 crore to add 250 ktpa of zinc production in the first phase of its plan to double output to 2 million tonnes.
The expansion includes a new smelter in Debari, mine upgrades, and a sharp focus on cutting production costs to below $950/tonne in three years.
Beyond zinc, HZL is eyeing India’s rare earth opportunity, seeking permission to tap monazite reserves. With global supply chains shifting, HZL is positioning itself at the heart of India’s critical mineral strategy.
2. India, Canada Reset Ties at G73. MakeMyTrip Cuts Chinese Stake4. Coralogix Goes All-In on India5. Hindustan Zinc’s Mega Expansion
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G7 Fractures Over Israel-Iran Conflict
As missiles fly between Israel and Iran, G7 leaders are pushing for calm—but unity is
cracking. A draft joint statement calls for deescalation and backs Israel’s right to defend
itself, while vowing to safeguard energy market stability. But former U.S. President
Donald Trump is yet to sign off. “They should talk and they should talk immediately,”
Trump said, urging dialogue.
UK PM Keir Starmer warned of global consequences if tensions spiral. Germany is
drafting a communique demanding Iran be barred from acquiring nuclear
weapons-capable materials.
Trump, meanwhile, reignited debate over Russia’s expulsion from the G7, blaming it for
today’s wars and even floated adding China to the bloc. “Putin speaks to me,” Trump
said. “He doesn’t want to talk to anybody else.”
Netanyahu: Kill Khamenei to End War
Israeli PM Benjamin Netanyahu made his boldest claim yet: assassinating Iran’s Supreme
Leader Ayatollah Ali Khamenei would end the war—not escalate it. “The regime is very
weak,” he said, calling Iran the architect of a “forever war.”
Meanwhile, the battlefield widened. Israeli airstrikes hit Iran’s state-run TV building in
Tehran during a live broadcast, disrupting coverage. Israel says it has destroyed nearly a
third of Iran’s missile launchers and gained “full aerial superiority” over Tehran.
Iran responded with another barrage of 100 missiles. The death tolls are climbing—224 in
Iran, 24 in Israel—and hundreds more injured. With diplomacy frozen, fears of a wider
regional war are intensifying.
Boeing Faces the Heat After Air India Tragedy
Four days after the deadliest air crash in India in over a decade, Boeing’s leadership flew
into crisis mode. Stephanie Pope, head of Boeing Commercial Airplanes, met with Air
India Chairman N. Chandrasekaran in Gurugram. Executives from GE Aerospace, maker
of the aircraft’s engines, also joined.
The London-bound Dreamliner crashed seconds after takeoff in Ahmedabad, killing 241
of 242 people onboard. “This is the most heartbreaking crisis of my career,”
Chandrasekaran told Air India staff, vowing to build a safer airline.With 33 Dreamliners already in its fleet and over 200 Boeing aircraft on order, Air India is
at the epicenter of a global aviation reckoning.
Insurance Shock: ₹39,400 Cr Claim Rocks Industry
India’s biggest aviation disaster is also one of its costliest insurance events. A $475
million (₹39,400 crore) claim is expected—$125 million for aircraft damage and $350
million in liability.
“This could be one of the biggest aviation claims India has ever seen,” said Ramaswamy
Narayanan of GIC Re, which insured Air India. Most of the financial burden, however, will
fall on global reinsurers—since Indian firms offload 95% of aviation risk. Analysts warn
the reinsurance market will harden, pushing premiums up across the industry.
IFC Backs India’s Mid-Market Rise
India’s mid-cap dreams just got a $60 million boost. The World Bank’s investment arm,
IFC, is investing in Motilal Oswal Alternates’ fifth fund—its largest bet yet on the PE
firm—with an equal amount set aside for co-investments.
The India Business Excellence Fund V G aims to raise $750 million and focus on
growth-stage companies in financial services, consumer, manufacturing, and life
sciences—including in tier-2 and tier-3 towns. “This is a strong signal to institutional
investors,” said MO Alternates CEO Vishal Tulsyan.
MO Alternates has delivered a 26.8% IRR on its first fund and backed notable names like
Kreditbee, SK Finance, and Niva Bupa. IFC’s backing could supercharge both credibility
and capital.
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
Markets, Modi, Gold & Grief: A Week That Shook India
Markets on Edge
It was a volatile week for Indian equities. With Israel-Iran tensions escalating and Brent crude spiking over 12%, investors dumped risky assets. The Nifty 50 closed down 1.14% at 24,718, while the Sensex slipped 1.30%. Market heavyweights like HDFC Bank, Reliance, and SBI led the decline.
Vinod Nair of Geojit said early optimism from US–China trade talks faded quickly. “Global risk-off sentiment took over. Safe havens like gold and US bonds rallied.”
5 Big Market Triggers This Week:
Israel-Iran conflict – with US and UK now militarily involved.
US Fed Meet (June 17–18) – No rate cut expected, but Powell’s tone will matter.
Crude Oil Surge – Could reignite inflation, hurt margins.
FPI Outflows – ₹4,812 crore pulled out in June so far.
Macro Data Watch – WPI, trade numbers, Eurozone CPI, and US jobless claims on radar.
Throw in the G7 summit in Canada and it’s a headline-heavy week ahead.
Air India Crash: A Nation Mourns
A high-level probe begins into the devastating Air India Flight AI-171 crash that killed 270 people, including former Gujarat CM Vijay Rupani. The Boeing 787 crashed just after takeoff from Ahmedabad on June 12. Only one passenger, Vishwashkumar Ramesh, survived.
A committee led by the Union Home Secretary has three months to recommend new aviation safety protocols. The second black box has been recovered, and DNA identification of victims is underway. Authorities praised the swift rescue response, but the nation now waits for answers.
Gold’s Glimmer Grows
Gold is closing in on the ₹1 lakh mark. On June 13, 24K gold hit ₹99,058 per 10g, buoyed by geopolitical fears, a soft dollar, and a weakening rupee.
Experts say don’t sit this out. Naveen Mathur of Anand Rathi recommends gold ETFs via SIPs as a smart hedge. Devang Shah from Axis MF says more upside is possible. Meanwhile, central banks are hoarding gold amid what some call “global de-dollarization”. Gold ETF assets are up 88% year-on-year, now near ₹59,000 crore.
Modi’s Global Pitch: India Means Business
At the India–Cyprus CEO Forum, PM Modi showcased India’s digital and economic might. “Fifty percent of the world’s digital transactions happen through India’s UPI,” he said, adding Cyprus may soon join India’s UPI network.
Fresh off a rare third-term win, Modi underlined India’s path to becoming the world’s third-largest economy, with over $100 billion in annual infrastructure investment.
The new Manufacturing Mission aims to turn India into a hub for electronics, semiconductors, biotech, and green tech. Maritime development, civil aviation, and startups are also key pillars. “Our 100,000+ startups sell solutions, not dreams,” Modi declared.
Savings Shrink, But Capex Soars
India’s gross domestic savings dropped to 30.7% of GDP in FY24, down from 32.2% in FY15. More worryingly, household savings fell to 18.1% of GDP, while household debt surged to 6.2%—almost double in a decade.
But there’s a silver lining: public capital expenditure is booming. FY25 capex hit ₹10.5 trillion, and FY26 is set to hit ₹15.5 trillion, a 17% jump. April alone saw 14.3% of the Centre’s budgeted capex already deployed.
Non-petroleum exports hit $374 billion in FY25, up 6%, led by electronics and pharma. Though FY26 may see a slight dip, rural demand looks solid—thanks to good agri prospects and rising wages. Urban sentiment, however, still lags.
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🇮🇱 Israel Hits Iran, Global Tensions Soar
Tehran woke up to airstrikes as Israel launched a surprise assault targeting suspected nuclear and military sites. While exact targets weren’t confirmed, smoke was seen in western Tehran. Defense Minister Israel Katz declared a nationwide emergency and closed schools.
This strike follows the UN nuclear watchdog censuring Iran for the first time in 20 years. Iran retaliated with plans to expand uranium enrichment. President Trump, seen mingling on the White House lawn during the strike, later admitted advising Israel to wait, citing ongoing negotiations. Brent crude prices jumped over 2%, reflecting market fears of a wider conflict.
Markets Bleed: ₹6 Lakh Cr Wiped Out
Thursday was brutal for Indian markets. Sensex tanked 823 points, Nifty lost 253, and midcaps & smallcaps dropped over 1.3%. The total hit to investor wealth? A whopping ₹6 lakh crore.
What triggered it?
Middle East tensions
Confusion over the US-China trade deal
Global growth fears (World Bank slashed forecasts)
Rate cut doubts due to tariff turmoil
Overstretched market valuations
Analysts warn of more volatility ahead.
EU Puts India in Steel Trouble
India just got downgraded in the EU’s steel export game. From July 1, Indian steelmakers will compete in a “pooled quota” with countries like China and Vietnam for key product categories. Exceed the 12,500-tonne limit—and a 25% tariff kicks in.
Meanwhile, countries like the UK, South Korea, and Türkiye get exclusive duty-free quotas. With India’s $1.83B worth of steel exports to the EU at stake—and FTA talks nearing the finish line—this move could become a crucial pressure point.
India’s New Eye in the Sky
India is setting up its first satellite constellation to monitor space-based threats. The ₹150 crore-a-year project will track foreign satellites potentially spying on India. It will build on ISRO’s “Netra” program but go further with real-time surveillance.
The mission is being led by Bengaluru-based startup Digantara—marking India’s biggest private space defence contract yet. The system will be operational by 2026, signalling India’s growing focus on space-based national security.
US Cancels Parole, Orders Mass Deportation
In a major immigration policy reversal, the US has begun terminating the legal status of thousands under the CHNV parole program (for Cuba, Haiti, Nicaragua, and Venezuela). Work permits are revoked immediately.
This comes after a Supreme Court decision greenlit the rollback. DHS claims the program lacked vetting and hurt American workers, echoing Trump’s “America First” line. But critics say it punishes law-abiding migrants who followed all protocols.
Industries like construction and healthcare—already stretched—could face staffing crises.
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Red Alert: North India in a Heatwave Grip
North India is reeling under a severe heatwave, with Delhi, Punjab, Haryana, and Rajasthan placed under a red alert. Temperatures are soaring 5°C above normal, with Delhi’s heat index touching 45.5°C and Rajasthan’s Ganganagar hitting a blistering 48°C, the highest in the country.
The India Meteorological Department blames the heat on a lack of thunderstorms and an anti-cyclonic system parked over the region. Relief is expected only after June 14, with light rain and gusty winds likely to bring a 2–4°C dip.
Meanwhile, the south is facing the opposite extreme—Karnataka and coastal Maharashtra are under red alert for heavy rains, and Kerala and Tamil Nadu are bracing for extremely heavy downpours from June 14 to 17.
India’s Big Nuclear Bet: Small Reactors, Big Goals
India’s nuclear journey just took a strategic leap—with Bharat Small Reactors (BSRs) leading the charge. Heavyweights like Reliance, Adani, Vedanta, Indian Railways, and JSW are onboard, powering a plan to build compact 220-MWe reactors for captive industrial use.
The government’s pitch: private players fund it, NPCIL runs it, and post-commissioning, the plant is handed to NPCIL for ₹1—while the user keeps the power. At least five BSRs are targeted by 2033, as India aims to scale nuclear capacity from 8.78 GW to 100 GW by 2047.
Why now? Rising power needs from AI, crypto, and industrial growth demand low-carbon, stable energy. Nuclear fits the bill—and India is betting big on going small.
Wheat Stays Home: India Stands by Export Ban
Even with a record wheat harvest of 115.4 million tonnes expected this season, India is keeping its wheat export ban in place. In a WTO submission, the government cited food security concerns for itself and neighbouring nations.
Imposed in May 2022, the ban has sharply reduced exports—from 4.7 million tonnes in FY23 to just 2,749 tonnes this fiscal. Only diplomatic and humanitarian shipments have been allowed.
The government says global volatility, inflation risks, and upcoming festivals and state polls demand price stability. Critics argue it disrupts supply chains, especially after the Russia-Ukraine war hurt global grain flows. But for now, India’s wheat isn’t going anywhere.
Adani’s ₹2.5 Trillion Playbook
“We only do two things—energy and logistics,” says Sagar Adani, and that’s exactly where the Adani Group is putting its money. The conglomerate plans to raise ₹2.5 trillion ($30 billion) over the next five years to fund a $100-billion capex spree.
Even as the group navigates US investigations and controversies, it’s doubling down with ₹1.3–1.7 trillion in annual investments, largely in infrastructure and clean energy.
Adani Green, copper and aluminium expansions, a planned demerger of the airports business by FY28, and a mega cement merger are all part of the game plan.
With low-cost power and transport as their advantage, and 20% of India’s private capex under their belt, the Adanis are clearly not slowing down—they’re powering through.
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Gaganyatri Launch Delayed Again
India’s much-anticipated moment in space will take a bit longer. The Axiom-4 (Ax-4) mission—meant to carry the first Indian Gaganyatri to the ISS—has been postponed due to a liquid oxygen (LOx) leak found during Falcon 9’s booster test. SpaceX confirmed the issue via X, while ISRO announced that the launch will only proceed after thorough repairs and validation tests. This is the second delay, following an earlier weather-related rescheduling. No new launch date has been set.
India-US Trade Talks Hit a Roadblock
Trade talks between India and the US are entering a tense final phase. The US is demanding greater access to Indian markets in dairy, agriculture, shrimp, and digital services. But India is pushing back, citing food security and rural livelihoods. With a July 8 deadline looming, paused tariffs could soon return. Dairy remains a key sticking point, with India insisting on vegetarian feed standards for US imports. Despite the friction, Indian officials say a balanced deal is still within reach.
₹5,400 Cr Boost for Battery Storage
India is ramping up its clean energy game with a fresh ₹5,400 crore push for battery energy storage systems (BESS). Announced by Power Minister Manohar Lal, the scheme aims to build 30 GWh of capacity, attracting ₹33,000 crore in investments. It builds on an earlier ₹3,700 crore initiative supporting 13.2 GWh. With peak power demand expected to hit 270 GW this summer, BESS will help stabilize the grid and support the 2070 net zero target. Undersea transmission lines to the UAE and Saudi Arabia are also in the works, with ₹90,000 crore earmarked for the project.
Your AC May Soon Stop at 20°C
The government plans to cap air conditioner temperatures at a minimum of 20°C as part of a national energy-saving initiative. Power Minister Manohar Lal said the new rule would apply to homes, hotels, and even cars. Air conditioners account for about 20% of peak power load. Raising the minimum temperature could save up to 3 GW during peak hours. With 100 million AC units already in use and demand rising, the move could cut ₹7.5 trillion in energy costs by 2035.
RCB Sale Rumors and Parade Tragedy
Just after winning their first IPL title, Royal Challengers Bengaluru (RCB) found themselves in the spotlight again—this time over rumors of a $2 billion sale. Diageo, the team’s owner, denied the speculation in a filing with the BSE. But a deeper crisis unfolded on June 4, when a stampede at RCB’s victory parade in Bengaluru left 11 dead and 56 injured. The tragedy has sparked criticism of event planning and crowd control. Meanwhile, India’s health ministry is pushing to curb alcohol advertising in sports, putting further pressure on Diageo’s branding strategies.
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
1. RBI in the Spotlight: Will Growth Trump Caution?
All eyes are on RBI Governor Sanjay Malhotra today as the central bank gears up to announce its second bi-monthly policy decision of FY26. A 25 basis point cut is widely expected—bringing the repo rate down to 5.75%—marking the third straight rate reduction this year. With inflation easing within the 2–4% comfort zone, the focus shifts to fuelling India’s growth engine. The bigger test lies in Malhotra’s tone on inflation outlook, GDP expectations, and global headwinds. This policy pivot could shape the economic narrative for the rest of 2025.
2. Tesla Tanks as Trump-Musk War Escalates
Tesla shares nosedived over 14%, wiping out $150 billion in value, after Elon Musk and Donald Trump clashed publicly over federal subsidies and EV policies. The tipping point? Trump’s threat to cut all government contracts with Musk’s firms, including NASA-linked SpaceX, following Musk’s claim that Trump “owes him” for the 2016 win. Investors fear political blowback could derail Tesla’s robotaxi rollout. Analyst Dan Ives warned, “If Trump hits pause on autonomy, it could delay Tesla’s next big bet.”
3. Musk Calls for Trump’s Impeachment
In a dramatic twist, Musk endorsed a social media post calling for Trump’s impeachment and backed JD Vance as a replacement. Then came another bombshell: Musk claimed Trump’s name is in the unreleased Epstein files, suggesting political motives for withholding them. Responding to Trump’s threat of terminating contracts, Musk declared SpaceX would begin decommissioning its Dragon spacecraft—NASA’s key ride to the ISS. As political theatrics spiral, the tech-White House feud is now playing out on the world’s biggest stage.
4. OpenAI Academy Launches in India
OpenAI has chosen India for the global rollout of its first-ever OpenAI Academy in collaboration with the IndiaAI Mission. Training content will be delivered in English, Hindi, and four regional languages, alongside the IndiaAI FutureSkills portal. With India now hosting data residency for enterprise tools and 34,000 affordable GPUs available, the stage is set for inclusive AI innovation. Eleven nonprofits in India will also receive $150,000 in API credits under OpenAI’s AI for Impact Accelerator, empowering AI for social good.
5. Cognizant’s Billion-Dollar Win Signals Momentum
Amid a tough deal-making climate, Cognizant has quietly clinched a $1 billion contract—likely with UnitedHealth Group—spanning renewal, expansion, and new AI-led work. This marks its second mega-deal in two months, with CEO Ravi Kumar’s Infosys-era ties to UHG’s Sandeep Dadlani possibly playing a role. With healthcare forming nearly a third of its revenue, the deal offers fresh momentum and showcases Cognizant’s edge in closing deals without formal RFPs. While rivals struggle, Cognizant may be scripting a quiet comeback.
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
1. China’s Magnet Freeze Jolts Indian Auto Industry
India’s auto sector is on edge as China stalls rare earth magnet exports to Indian firms—even while approving shipments to other countries. These magnets, essential for EV and auto component manufacturing, are now in short supply. Major players like Bosch and Mahle have seen export approvals for their German and U.S. arms, but not for their Indian subsidiaries.
Industry bodies ACMA and SIAM raised the red flag in a May 29 meeting with the heavy industries ministry, warning production could halt by July. Bajaj Auto has already sounded the alarm.
With no short-term fixes, automakers may be forced to import full motors from China, undermining the ‘Make in India’ initiative and risking incentives under the PLI scheme. Experts warn this is not just a trade glitch—it’s a geopolitical chess game that needs urgent diplomatic moves.
2. Trump Bans Harvard-Bound Foreign Students
In a sweeping move, Donald Trump has barred foreign students from entering the U.S. if they’re enrolled at Harvard University, citing national security concerns. This comes just weeks after a federal court blocked an earlier attempt to restrict international students.
At the core of the issue is a data-sharing dispute—Washington claims Harvard failed to fully comply with requests regarding misconduct by foreign students, which the university denies.
Adding fuel, an internal State Department cable has instructed embassies to scrutinize all visa applicants bound for Harvard. The message is clear: the U.S. may no longer be the academic haven it once was.
3. GST Shake-Up May Scrap 12% Slab
The GST Council is eyeing a major rate revamp—eliminating the 12% tax slab and shifting to a simplified 3-tier structure: 5%, 18%, and 28%. A near consensus is forming around the idea, with officials saying the 12% slab has lost relevance.
Essential goods may drop to 5%, while the rest may rise to 18%—a move that could pinch pockets if not handled carefully.
Experts caution the shift must be phased, revenue-neutral, and come with clear guidance to avoid chaos. With GST collections booming—₹22 lakh crore in FY25—the timing may be ripe for reform.
4. Amul Milk Makes European Debut
India’s dairy pride, Amul, has officially launched fresh milk in Spain through a partnership with leading Spanish co-op COVAP. The rollout begins in Madrid and Barcelona, and will soon expand to cities across Spain and Portugal—eventually reaching Germany, Italy, and Switzerland.
At the Madrid launch, Amul MD Jayen Mehta called it a landmark in PM Modi’s vision to globalize Indian brands. COVAP’s president hailed the deal as a win-win for farmers in both nations.
As the UN marks 2025 as the International Year of Cooperatives, this launch is symbolic of how Indian agri-brands are going global.
5. Musk Withholds $100M, Trump Ties Fray
Elon Musk is making headlines again—but this time for holding back $100 million from a promised $300 million pledge to Donald Trump’s reelection campaign, reports The Wall Street Journal.
The fallout reportedly began when Musk found out Trump met privately with OpenAI’s Sam Altman—Musk’s tech rival. Trump’s team even delayed an event to avoid Musk’s ire.
Inside sources also claim Trump grew tired of Musk’s erratic leadership at the Department of Government Efficiency (DOGE), appointing someone to monitor his moves.
Tensions worsened after Musk publicly slammed Trump’s “Big Beautiful Bill” for slashing green energy funding. With Musk’s White House visits dwindling and his political capital fading, the billionaire may be quietly exiting the Trump orbit.
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1. IndiGo Goes Global with Mega Airline Pact
India’s largest airline IndiGo has signed a landmark agreement with Delta Air Lines, Virgin Atlantic, and Air France-KLM, building a deeper network to connect India with Europe and North America. This formalized MoU, which extends beyond passengers to cargo, loyalty, and engineering, comes as IndiGo prepares to induct its first Airbus A350s in 2027. Flights to Manchester, Amsterdam, London, and Copenhagen are in the pipeline, opening up connections to 30+ European cities and beyond. Amid criticism over its short-term Turkish Airlines lease, the move hints at a future European hub—reminiscent of Jet Airways’ Amsterdam play.
2. Hyundai, Kia Exit Ola Electric Amid EV Turmoil
In a major shake-up, Hyundai and Kia sold their entire stakes in Ola Electric, cashing out ₹690 crore in total. Hyundai offloaded its 2.47% stake for ₹552 crore, while Kia exited with ₹137 crore. Citigroup Global Markets picked up a 1.95% stake for ₹435 crore. The timing is critical: Ola’s stock tumbled 8% this week, down 42% year-to-date. Financials aren’t pretty either—Q4 losses hit ₹870 crore, with annual losses crossing ₹2,276 crore. Once a darling of India’s EV sector, Ola now faces regulatory heat, slumping sales, and shaken investor confidence.
3. Carlyle Trims Yes Bank Stake as Japan’s SMBC Moves In
Global PE firm Carlyle sold a 2.6% stake in Yes Bank worth ₹1,775 crore, reducing its holding to 4.22%. This follows SBI and seven other banks announcing the sale of 20% of their combined stake to Japan’s Sumitomo Mitsui Banking Corporation (SMBC) for ₹13,483 crore. Once complete, SMBC will become Yes Bank’s largest shareholder. Despite a stellar performance—Q4 profit up 63% and FY25 net profit doubling to ₹2,406 crore—Yes Bank’s shares fell over 10% after Carlyle’s exit. It’s a turning point for a bank that was in crisis mode just five years ago.
4. India’s Travel Boom Needs a Louder Global Pitch
India’s tourism sector is back in full swing, contributing ₹21 trillion to GDP in 2024 and supporting 46.5 million jobs. The World Travel & Tourism Council (WTTC) projects the sector will grow to ₹42 trillion and 64 million jobs by 2035. But WTTC CEO Julia Simpson warns: India must invest in marketing and infrastructure to keep up. International visitor spend hit a record ₹3.1 trillion in 2024, while domestic travel surged to ₹15.5 trillion. However, India’s global marketing spend remains worryingly low at just ₹3 crore. A new WTTC-India MoU could help raise India’s global visibility.
5. India to Build First Polar Research Vessel
In a landmark move, India will build its first-ever Polar Research Vessel (PRV), thanks to a new partnership between GRSE and Norway’s Kongsberg. The vessel, to be built in Kolkata, will support deep polar and ocean research for India’s National Centre for Polar and Ocean Research. This comes alongside plans for two ₹1,000 crore deep-sea exploration vessels as part of the Deep Ocean Mission. Each vessel will be equipped for 6 km-deep explorations with cutting-edge scientific gear. Minister Sarbananda Sonowal, on a maritime diplomacy trip to Norway, pitched India as a global hub for green and resilient shipbuilding.
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🚨 Adani in the Hot Seat—Again
Gautam Adani is once more facing legal heat—this time from the U.S. Justice Department. The Wall Street Journal reports that Adani Group is under investigation for potentially importing Iranian liquefied petroleum gas (LPG) through its Mundra port, possibly violating U.S. sanctions. Suspicious tanker movements from the Persian Gulf to Gujarat have drawn scrutiny.
Adani Group denies any wrongdoing, stating there’s been no deliberate sanctions evasion nor awareness of a U.S. probe. Earlier this year, U.S. prosecutors also alleged that Gautam Adani and his nephew were involved in bribery and misleading investors—claims the group calls “baseless.”
If these new allegations hold, secondary sanctions could escalate Adani’s troubles on the global stage.
💸 Infosys CEO’s ₹80 Cr Payday Raises Eyebrows
Salil Parekh, CEO of Infosys, took home ₹80.62 crore last year—a 22% jump. Of this, ₹49.5 crore came from cashed-in shares. That places him just behind HCLTech’s C. Vijayakumar in India’s IT pay leaderboard.
However, while leadership is being richly rewarded, the average Infosys employee got a 9.63% raise—and TCS employees, just 7.5%. As Chairman Nandan Nilekani put it, “We are in an era of uncertainty.” With shrinking deals and slowing growth, companies are betting big on proven leaders.
✈️ India’s Aviation Sector Soars with 2,000+ Jet Orders
India’s aviation market is flying high. Speaking at the IATA AGM in Dubai, PM Narendra Modi said Indian carriers have placed orders for more than 2,000 aircraft. Calling it “just the beginning of a transformative journey,” Modi highlighted India’s leap from 74 airports in 2014 to 162 today.
Passenger numbers have surged to 240 million annually—and could hit 500 million by 2030. Key to this growth? The UDAN scheme, which has made flying accessible to over 15 million citizens. Modi positioned India as an investment-ready aviation hub backed by reforms and robust demand.
🌍 India Inc Goes Shopping Abroad
India Inc is looking global. JP Morgan says Indian companies are ramping up overseas acquisitions, backed by strong balance sheets and high market valuations. “Listed securities are a valuable currency,” says JP Morgan’s Nitin Maheshwari.
Big deals are already rolling in—Infosys bought two tech firms in Australia and the U.S., Intas Pharma snapped up U.S.-based Coherus Biosciences for $558 million, and Ceat acquired Camso for $200 million. The next hotspots? Manufacturing, auto components, and specialty chemicals.
As global supply chains realign, Indian firms are poised to plug the gaps—with capital, tech, and ambition.
🏦 Hindujas Eye Bigger Stake in IndusInd Bank
The Hinduja Group is plotting a deeper play in IndusInd Bank. Its holding firm, IIHL, is in talks with global funds to raise capital and boost its stake from 15% to 26%. The raise will also help repay debt from its ₹9,650 crore Reliance Capital acquisition earlier this year.
This comes as IndusInd Bank deals with a ₹2,100 crore derivatives accounting mess, the exit of top leadership, and a 9% drop in share price. Chairman Ashok Hinduja calls it “an opportune time” to increase ownership.
With RBI’s nod already secured, the group is readying for a bold move—putting its own skin in the game to stabilize sentiment.
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Flat Start for Markets, All Eyes on RBI
Indian markets are bracing for a cautious open this Monday. Global cues are mixed—Japan’s Nikkei and Topix dipped, while US indices closed steady after clocking their best monthly gains since Nov 2023. Gift Nifty hints at a flat open.
The big domestic trigger? The RBI’s monetary policy decision on Friday, with markets pricing in a 25-bps rate cut. Investors will also track May auto sales, foreign fund flows, and the fallout from Trump’s move to double US steel tariffs to 50%.
India’s GDP grew 7.4% in Q4, even as FY25 growth slowed to 6.5%. GST collections stayed strong at ₹2 lakh crore+, and crude oil prices are heating up again.
“Stay diversified,” says PL Capital’s Vikram Kasat. “Macro resilience is intact, but global uncertainty looms.”
🛠️ US-India Metal Clash Intensifies
It’s steel vs steel. On May 9, India notified the WTO of its intent to hit back at US tariffs on metals. Washington’s response? “These aren’t safeguard tariffs—they’re national security measures.” With no scope for talks, the US doubled its steel and aluminium tariffs to 50% starting June 4.
India exported $4.56 billion worth of metal products to the US in FY25—now at risk. Retaliation could come via higher duties on US almonds, walnuts, and metals. A first-phase bilateral trade deal could still soften the blow—but for now, tensions are high.
“If the US won’t play ball, tariffs are coming,” say trade insiders.
💹 Rupee May Rise on Growth Surprise, Rate Cut Buzz
The Indian rupee could see a boost this week, helped by stronger-than-expected Q4 GDP and a widely anticipated RBI rate cut. Markets expect a 25-bps cut to 5.75%.
MUFG says inflation remains in check, with CPI forecast to stay below 4%, giving the central bank room to ease. Bond markets are already moving—5-year yields continue to outperform, showing “extreme bullish positioning,” according to IndiaBonds’ Vishal Goenka.
But globally, Trump’s tariff blitz and upcoming US jobs data could stir fresh volatility. The rupee is expected to hover between 84.80–86 in the near term.
⛏️ NMDC Bets ₹70,000 Cr on Mining Expansion
State-owned mining giant NMDC is going global and going big—with a ₹70,000 crore capex push over the next three years. CMD Amitava Mukherjee says the firm will explore 10 minerals including lithium, cobalt, and gold across Africa, Australia, Southeast Asia, and South America.
₹43,000 crore worth of projects are already in the pipeline, with another ₹30,000 crore to be cleared this fiscal. Domestically, NMDC is building slurry pipelines and expanding operations in Chhattisgarh and Andhra Pradesh.
The company is also setting up a new international subsidiary at GIFT City in Gujarat to anchor its global ventures. It aims to generate at least 10% of revenue from non-iron ore and overseas operations.
“We’re agnostic about the model,” says Mukherjee. “JVs, equity, acquisitions—everything’s on the table.”
☁️ Sovereign Cloud: India’s New Digital Gold Rush
India is going full steam ahead on digital self-reliance—and sovereign cloud services are at the heart of it. Tech giants like TCS and Google India are leading the race, with offerings that keep all data, processing, and infrastructure entirely within Indian borders.
TCS has launched its fully indigenous SovereignSecure Cloud, while Google is hosting sensitive workloads on its Google Distributed Cloud, featuring Gemini AI—all within India.
Early adopters like Ayushman Bharat, EPFO, Passport Seva, and UIDAI are setting the pace. Individual contracts may be modest at $2–5 million annually, but over the next five years, this could balloon into a multi-billion-dollar market.
“This isn’t about replacing global giants,” says a govt official. “But for ultra-sensitive data, sovereign is the future.”
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India’s Growth Engine Still Roaring, Says RBI
The Reserve Bank of India’s annual report is cautiously optimistic. It warns of global headwinds—rising input costs, protectionist trade policies, and tariff risks—but says India remains the fastest-growing major economy. Domestic demand, strong exports, and a thriving farm sector powered momentum in FY25. Inflation eased to a six-year low of 3.16% in April, raising expectations of a 25 bps repo rate cut in June.
Forex reserves are healthy, fiscal discipline is holding, and public capex continues to drive growth. On the radar: stress tests, cyber risk reviews, and climate risk evaluations for banks and NBFCs. A record ₹2.69 trillion surplus transfer to the Centre also boosted RBI’s balance sheet credibility.
Bottom line? Global chaos may persist, but India’s economic engine looks well-fueled and storm-ready.
Covid Creeps Back, But Experts Say: Stay Alert, Not Alarmed
With new Covid variants NB.1.8.1 and LF.7 emerging, and over 1,000 active cases reported across cities like Delhi and Bengaluru, India is reactivating its Covid response. A high-level panel is reviewing vaccine stocks, testing readiness, and hospital capacity.
Experts say the virus is currently mild. Hybrid immunity—vaccine plus natural infection—is widespread, and booster doses aren’t necessary for most. But vaccine makers are being urged to update formulations in case a new, more dangerous variant emerges.
Dr. Soumya Swaminathan and other health leaders advise vigilance over panic. WHO hasn’t flagged the variants as serious threats. For now, the focus is on monitoring—not mass vaccinations.
India, US Sprint to Seal Trade Deal Before Tariff Clock Expires
India and the US are racing to close a long-pending bilateral trade pact before a crucial 8 July deadline, when Trump-era reciprocal tariffs could make a comeback. American negotiators arrive in Delhi next week for what could be the final round.
India’s chief negotiator Rajesh Agarwal said this deal is a strategic play—not just about tariff relief. It covers agriculture, autos, digital trade, and market access, with potential to reframe global supply chains.
Even though a US court recently ruled Trump’s baseline tariffs illegal, India is pressing on, seeing the agreement as key to long-term trade stability and its $30 trillion economic ambition by 2047.
Sebi Tightens the Screws on F&O Market Risk
Come 1 July, Sebi is rolling out sweeping reforms in the equity derivatives market. The big change? A smarter, risk-sensitive metric called delta-adjusted open interest. This will offer a clearer view of traders’ exposure based on price movements of underlying assets.
Limits are being introduced—₹1,500 crore net exposure and ₹10,000 crore gross—for index options. For single-stock derivatives, Sebi is tying position limits to cash market liquidity starting October.
Retail traders lost ₹1.89 trillion in F&O bets between FY22 and FY24, prompting Sebi to act. With earlier steps like raising lot sizes and capping weekly expiries already in motion, the message is clear: the F&O free-for-all is ending. Trade smart—or step aside.
Trump’s Tariffs Get Court Stay—For Now
Donald Trump’s controversial “Liberation Day” tariffs live to see another day. A federal appeals court has temporarily allowed the former US president to keep imposing broad-based tariffs under emergency powers, despite a lower court ruling that declared them illegal.
The court cited national security concerns, giving the Trump team more time to fight the legal challenge. Critics argue the tariffs were arbitrary, hurting global trade and spooking markets.
White House adviser Peter Navarro insists the administration will push on—via courts or alternative methods. “It’s not over,” he said. “We have other tools.”
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1. Lokpal Clears Ex-SEBI Chief in Adani-Linked Allegations
India’s anti-corruption ombudsman, Lokpal, has dismissed all complaints against former SEBI chairperson Madhabi Puri Buch. The allegations—based on a Hindenburg Research report—claimed Buch and her husband held offshore stakes linked to the Adani Group. The Lokpal, led by Justice A.M. Khanwilkar, concluded the complaints were based on “presumptions and assumptions” with no verifiable evidence. Buch, who completed her SEBI tenure in February 2025, had strongly denied the claims. With Hindenburg itself shutting shop in January 2025, the watchdog ruled the report could not serve as grounds for a corruption probe.
2. SAIL Posts Q4 Growth, Announces Dividend
Steel Authority of India Ltd (SAIL) delivered a solid close to FY25, reporting an 11% rise in Q4 net profit to ₹1,251 crore. Revenue grew 4.8% year-on-year to ₹29,316 crore, with gains led by its IISCO and Alloy Steels plants. The Maharatna PSU announced a final dividend of ₹1.60 per share. SAIL stock, which has delivered a 325% return over five years, gained 13.5% year-to-date despite a 21% dip over the past year. With India’s infra buildout gaining momentum, SAIL hopes to carry the steel into coming quarters.
3. US Cracks Down on Global Censorship with Visa Ban
In a bold move defending free speech, US Secretary of State Marco Rubio has introduced visa restrictions targeting foreign nationals who attempt to censor expression within the US. The policy aims to block those who threaten legal action against US citizens for social media posts or pressure tech platforms to follow global censorship norms. Rubio didn’t name countries, but the message is clear: foreign governments trying to police American speech or platforms will now face consequences. “We will not tolerate encroachments on American sovereignty,” Rubio said.
4. TCS Dividend Dip Signals Strategic Shift?
Tata Sons has seen its dividend income from Tata Consultancy Services (TCS) drop for the first time since the IT major’s 2004 listing. In FY25, Tata Sons earned ₹32,718 crore—₹1,333 crore less than the previous year. While TCS’s revenue rose 3.8% to $30.18 billion and net profit by 2%, the payout ratio dipped to 93.9%, the lowest in six years. Analysts suspect the company is conserving cash for strategic investments in AI and tech. Adding to concerns, TCS skipped its usual annual salary hike, citing macro uncertainty.
5. Govt Hikes MSP, Extends Farm Loan Relief Ahead of Polls
With elections on the horizon, the Centre has hiked Minimum Support Prices (MSP) for 14 kharif crops, with tur dal seeing the steepest rise of ₹450 to ₹8,000 per quintal. The government also extended the Modified Interest Subvention Scheme into FY26, offering farmers loans up to ₹3 lakh at subsidized rates via Kisan Credit Cards. Critics, however, note that the 3% hike in paddy MSP is below inflation. The Cabinet also cleared ₹7,000 crore worth of infrastructure projects, including a major rail corridor in Andhra Pradesh—part of a ₹4.5 trillion push to boost connectivity and cut logistics costs.
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Tax Deadline Extended: More Time, More Disclosures
Taxpayers not requiring audits now have until 15 September to file returns for FY 2024-25. The CBDT extended the deadline from 31 July due to significant changes in ITR forms, which now require detailed disclosures on tax-saving investments, capital gains, TDS on non-salary income, and HRA. Experts call the move a relief amid increased compliance.Budget 2025-26 sweetened the deal for middle-class taxpayers, raising the no-tax threshold to ₹12 lakh, and simplifying TDS norms. Direct tax collections hit ₹22.26 trillion, a 13.57% jump, reinforcing India’s push toward a digital-first, transparent tax regime.
North-East India Bags ₹4.32 Trillion in Investments
India’s North-East is emerging as an economic powerhouse. At a recent investment summit, the region attracted ₹4.32 trillion in deals across agriculture, hydropower, IT, tourism, and bamboo. Union minister Jyotiraditya Scindia confirmed that each state is preparing tailored incentive packages and logistics policies.With Guwahati and Agartala poised to become international gateways, and 70% of the India-Myanmar-Thailand highway complete, the region’s 12–13% decadal growth rate is set to soar even higher. Described as India’s ‘Ashta Lakshmi’, the North-East is becoming central to trade, diplomacy, and inclusive growth.
Vodafone Idea Faces Financial Cliff as AGR Relief Denied
Vodafone Idea’s troubles deepen after the Supreme Court rejected its plea for AGR dues relief. Its survival now hinges on whether the ₹6,000 crore in bank guarantees it submitted to the government will be invoked.If the DoT calls in the guarantees, lenders like SBI and PNB will be on the hook—turning those into high-interest loans. With a ₹2 trillion debt pile and limited cash flow, analysts fear this could cripple the already fragile telecom sector.The telco has urged government intervention to avoid a market duopoly, especially since the Centre owns a 49% stake in the company.
CEAT Reroutes US Expansion Amid Trump Tariff Threat
CEAT’s $225 million acquisition of Canadian brand Camso aimed to crack the US tyre market. But Donald Trump’s threat of 44% tariffs on Sri Lankan exports—where Camso manufactures—has thrown a wrench in the works.CEO Arnab Banerjee says the company will now shift US-bound production to India, though that too may face a 26% reciprocal tariff.Despite the uncertainty, CEAT’s stock is up 18% this year, as investors remain bullish on its global expansion. But with nearly one-third of Camso’s revenue coming from the US, analysts say the deal’s long-term value now hangs in the balance.
NMDC Mines Profit, But Faces Price Pressures
Mining major NMDC posted a solid 5% jump in Q4 profit to ₹1,483 crore, with annual net profits rising 17% to ₹6,539 crore, powered by strong iron ore and pellet sales. Revenue for FY25 crossed ₹25,000 crore.Chairman Amitava Mukherjee reiterated the company’s goal of hitting 100 MTPA production in five years, citing visible gains from ongoing initiatives.However, average iron ore prices dipped and JSW Steel—a major client—expects further softness. Despite that, NMDC announced a ₹1 per share dividend, adding to its earlier ₹2.30 payout.Eyes are now on how NMDC sustains growth amid falling ore prices and global demand shifts.
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1. IndiGo’s Gangwal Plans ₹6,831 Cr Stake Sale
In a major move, IndiGo co-founder Rakesh Gangwal and his family trust are set to sell up to ₹6,831 crore worth of shares in the airline through a block deal. The sale, expected to happen Tuesday, involves up to a 3.4% stake at a floor price of ₹5,175 per share. Gangwal and his trust together own nearly 13.5% of the company. With shares up 461% over five years and near 52-week highs, investors are watching closely—this could mark a strategic exit or just profit booking.
2. NSE vs BSE: Expiry Day Showdown Begins
Sebi’s new circular limiting equity derivative expiries to either Tuesday or Thursday has kicked off a turf war. NSE wants to shift its Nifty expiry to Tuesday—the very day BSE had claimed earlier for its Sensex contracts. If approved, NSE could see a 5% boost in market share, while BSE may have to move to Thursday or risk losing volumes. The final decision is due by June 15, but until then, it’s a race to lock in the more lucrative day.
3. Starlink Set to Launch in India at ₹850/month
Elon Musk’s satellite internet service, Starlink, is close to entering India after securing a Letter of Intent from the DoT. Plans may start at just ₹850 per month with unlimited data—among the cheapest globally. The goal? Ten million subscribers. But urban surcharges, spectrum charges, and licensing levies could raise prices. Even so, Starlink hopes to bridge India’s digital divide, particularly in rural areas with poor connectivity.
4. Leela Hotels Launches ₹3,500 Cr IPO
Luxury hotel chain Leela is making its market debut with a ₹3,500 crore IPO—the largest ever in India’s hospitality sector. Backed by Brookfield, the IPO is priced attractively but comes with baggage: ₹2,567 crore in debt. Most of the proceeds will go toward deleveraging. With new properties planned and EBITDA margins at 50%, Leela hopes to ride the luxury upcycle, though rivals like Taj and Oberoi still lead in occupancy and brand recall.
5. India Pushes US to Ease Fruit Import Rules
India is lobbying hard to get better market access for fruits like mangoes, pomegranates, and guavas under a proposed trade deal with the US. After 25 tonnes of mangoes were destroyed at US ports, India wants faster approvals and localized certification. Despite a 28% rise in exports to the US over two years, regulatory bottlenecks remain. Exporters say the deal could be a game-changer—but time, and cold storage, are running short
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
Markets Cool Off After 4-Week Rally
After weeks of surging highs, Indian markets finally took a breather. The Sensex and Nifty slipped 0.7% each as foreign investors sold off in three out of four sessions. Sectors like realty and metals held up well, but autos, IT, and FMCG lagged. Midcaps dipped while smallcaps stayed afloat. Technical resistance at Nifty’s 25,200 level held firm, with support seen at 24,500. Analysts suggest a cautiously bullish stance, with Bank Nifty holding strong and poised for a breakout above 56,000. Traders are advised to focus on banking, metals, and energy, while keeping tight stop-losses amid high volatility.
India Becomes World’s 4th-Largest Economy
India has officially overtaken Japan to become the fourth-largest economy, with a GDP of $4.19 trillion, according to the IMF. “We are now bigger than Japan,” announced NITI Aayog CEO BVR Subrahmanyam. The data shows India is just behind Germany and could climb to third place within three years. The IMF projects India will grow at 6.2% in 2025 and 6.3% in 2026—making it the world’s fastest-growing major economy, powered by rural demand and resilient consumption despite global headwinds
Forex Reserves Slip Amid Gold Dip
India’s foreign exchange reserves fell by $4.9 billion to $685.7 billion, dragged down by a steep $5.1 billion drop in gold reserves. The fall comes weeks after hitting a 7-month high. Gold holdings dropped to $81.2 billion, likely due to easing geopolitical tensions and softer gold prices. Interestingly, foreign currency assets edged up by $280 million, showing relative dollar stability. With the rupee trading at ₹85.17 to the dollar, RBI’s reserve moves signal ongoing efforts to curb volatility and balance market swings.
LIC Smashes Guinness World Record
LIC made global headlines by issuing 588,107 life insurance policies in just 24 hours—earning it a Guinness World Record. The massive feat was achieved on January 20, 2025, with the help of 452,839 agents across India. Dubbed “Mad Million Day,” the initiative was the brainchild of CEO Siddhartha Mohanty, who motivated every agent to close at least one policy that day. LIC called it a reflection of their agents’ dedication and a milestone in customer outreach and productivity.
India’s Trade Talks Shift East After US, EU Deals
With trade agreements with the US and EU nearing conclusion, India is preparing to refocus on partners in Asia-Pacific—namely Japan, Australia, ASEAN, South Korea, Sri Lanka, and Peru. India-ASEAN FTA reviews are ongoing, and an upgrade to the Japan deal is under discussion. Meanwhile, India’s FTA with the UK, finalized in May, has already slashed tariffs on 99% of goods and aims to double bilateral trade to $100 billion by 2030. A US deal is expected before the 8 July tariff deadline, potentially shielding India from retaliatory trade measures. Once done, India will turn to its next wave of strategic trade alignments to strengthen its supply chains and global reach.
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1. The Lodha Truce, ₹5,000 Cr Feud SettledAfter nine rounds of mediation and a mother’s public plea, warring brothers Abhishek and Abhinandan Lodha have settled their ₹5,000-crore trademark dispute. As per the court-filed terms, Abhinandan can no longer use ‘Lodha’ in isolation for real estate. Instead, he must use the full ‘House of Abhinandan Lodha’ with clear disclaimers. Both parties waived financial claims and agreed to strict separation, including no shared employees or premises. Violations could trigger a ₹1 lakh/day penalty. Legal experts call it a rare, detailed resolution setting a precedent for intra-family brand disputes in India.
2. ITC’s Record Profit Powered by Hotel DemergerITC reported a Q4 consolidated net profit of ₹19,807 crore, largely due to a one-time exceptional gain of ₹15,145 crore from the demerger of its hotel business. Adjusted net profit fell to ₹4,662 crore, down from ₹5,190 crore a year ago. Revenue rose 10% YoY to ₹20,376 crore, led by cigarettes and FMCG. EBITDA grew 3.7%, but margins slipped to 33.5%. A final dividend of ₹7.85 per share was announced, taking the full-year payout to ₹14.35.
3. Sun Pharma Profit Dips, But Margins Expand
Sun Pharmaceutical Industries posted a 19% YoY decline in Q4 profit at ₹2,154 crore, even as revenue rose 8% to ₹12,959 crore. Strong domestic sales and global speciality drugs helped EBITDA grow 22% with margins expanding to 28.7%. US sales declined, but India sales grew 13.6%. The company declared a final dividend of ₹5.50 per share, taking FY25’s total to ₹16. CMD Dilip Shanghvi highlighted promising global pipeline and recent acquisitions to strengthen the speciality segment.
4. Sensex Shake-Up: Trent, BEL In; Nestle, Indus
Ind OutThe BSE Sensex is getting a facelift—Tata-owned Trent and defence PSU Bharat Electronics will replace Nestle India and IndusInd Bank from June 23. The reshuffle reflects shifting investor sentiment toward domestic consumption and defence stocks. Other key changes across indices: Dixon, Coforge, and Indus Towers will enter BSE 100; InterGlobe Aviation and Shriram Finance join the Sensex 50. IDFC First Bank replaces Canara Bank in the BSE Bankex.
5. De Beers Sees India’s Diamond Market Doubling
India’s natural diamond market is set to double in five years, says De Beers Group CEO Al Cook, during his first visit to the country. India has overtaken China to become De Beers’ second-largest market, after the US. De Beers is ramping up marketing spend, opening four new stores, and partnering with major players like Tanishq and GJEPC. While lab-grown diamonds (LGDs) are gaining ground, Cook emphasized their future lies in tech, not jewellery. De Beers has closed its LGD brand Lightbox amid a 90% fall in LGD prices.
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India Seizes Crude Opportunity Amid Geopolitical Tensions
With Brent crude trading at a four-year low near $65 per barrel, India is moving fast to refill its Strategic Petroleum Reserves (SPR). Current reserves cover just 9.5 days—far below the IEA’s 90-day norm. The urgency is amplified by recent border tensions and Operation Sindoor. The Centre, which had deferred a ₹5,000 crore SPR budget in FY24, now plans to reallocate funds in FY26. Two new storage sites at Chandikhol and Padur are in the pipeline. Officials are hoping to mirror 2020’s success, when India bought crude at $19/barrel, saving ₹700 crore. JP Morgan expects Brent to dip further to $58 by 2026—offering a window India won’t want to miss.
NHPC Powers Up Profits, Expands Clean Energy Push
NHPC reported a 52% jump in Q4 net profit to ₹919.63 crore, with operational revenue more than doubling year-on-year. Shareholders get a total FY25 dividend of ₹1.91 per share. The hydropower giant also added 800 MW from the Parbati-II project and 107 MW solar capacity in April, deepening its clean energy portfolio. However, a High Court-mandated ₹589 crore payment to staff dented profits, with ₹301.97 crore booked as unbilled revenue. Despite this, NHPC’s momentum across hydro, solar, and wind cements its leadership in India’s energy transition.
Blackstone Clinches Billion-Dollar Healthtech Deal
In a competitive bidding war, Blackstone secured AGS Health for $1.2–1.3 billion—quadrupling its 2019 value. The Chennai-headquartered RCM (revenue cycle management) firm serves over 150 US healthcare providers and generates over ₹500 crore in EBITDA. The deal, managed by JP Morgan and BofA, reflects growing global investor appetite for tech-driven, dollar-generating health services. It also signals Blackstone’s strong bet on compliance-focused platforms amid rising healthcare digitization.
Trump’s ‘Golden Dome’: Sci-Fi Meets Strategy
Donald Trump has revived Reagan’s Star Wars dream—announcing a $175 billion missile-defense initiative named “Golden Dome.” The system, featuring space-based and ground interceptors, aims to defend against threats across all four missile phases—including launches from space. Trump vows it will be operational by 2029, with Gen. Michael Guetlein leading the charge. Congress has begun with a $25 billion ask. While the tech is still untested, the plan could transform modern defense and reshape global security architecture.
India-EU Trade Talks Enter Final Lap
India has dispatched a delegation to Brussels for the next round of FTA talks with the EU. This follows the 11th round held in Delhi on May 16. The deal covers 23 chapters, including trade in goods and services, IP, sustainability, and dispute resolution. India is hoping for a two-phase closure model, similar to its Australia and US strategies, amid tariff uncertainties under President Trump. The EU seeks steep duty cuts on automobiles, medical devices, and alcohol, while India aims to boost exports in pharma, steel, and textiles. With $137 billion in bilateral trade and strong political backing from both sides, the long-pending FTA may finally be within reach.
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