Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. SpiceJet Scare Mid-Air A SpiceJet Goa-to-Pune flight sparked safety concerns after an interior window frame came loose mid-air. A passenger posted a video of the dislodged panel on social media, questioning the aircraft’s airworthiness. SpiceJet clarified it was a cosmetic issue, not impacting cabin pressure or safety. The aircraft, a Bombardier Q400, continued its journey to Jaipur after landing in Pune. However, the incident has reignited scrutiny over SpiceJet’s maintenance standards, especially with visuals now circulating online. The DGCA has yet to comment. China’s Fertiliser Curbs Hit India China’s clampdown on fertiliser exports is squeezing global supplies—and India’s feeling it hard. Imports of DAP, a key crop nutrient, have slowed significantly just as farmers begin sowing summer crops. Prices have shot up from $630 to over $800 per tonne, with importers now leaning on countries like Jordan. While government reports claim “adequate” stocks, June levels were 42% lower than last year. Farmers are shifting to alternative mixes, but the pressure on food security is real—and growing.  Microsoft’s Biggest Layoff Since 2023 Microsoft is cutting over 9,100 jobs, about 4% of its workforce, in its biggest layoff round in two years. This follows 6,000 job cuts in May and comes as the company pushes deeper into AI and automation. The layoffs coincide with CCO Judson Althoff’s two-month sabbatical, stirring speculation of deeper restructuring. Reports also hint at upcoming cuts in the Xbox division. Microsoft’s stock slipped slightly on the news, reflecting market nerves over the tech giant’s ongoing reset. Quad Counters China’s Mineral Might In a direct challenge to China’s dominance in critical minerals, Quad members—the US, India, Japan, and Australia—have launched the Quad Critical Minerals Initiative. The goal: build secure, diversified supply chains for essential materials used in EVs, defense, and tech. “Reliance on any one country exposes us to coercion,” the group said, clearly referencing Beijing. India is stepping up with mineral talks during PM Modi’s five-nation tour and its National Critical Mineral Mission. Experts say this is a bold geopolitical signal—but execution is key. Nykaa’s Early Backers Exit Again Harindarpal and Indra Banga are selling a ₹1,200 crore stake in Nykaa via a block deal, offloading 2.1% at a 5.5% discount to the market price. The couple, among Nykaa’s earliest investors, have been steadily reducing their holdings since last year. Despite the exit, Nykaa’s stock is up nearly 29% this year. The company has delivered strong growth, tripling profits and expanding aggressively through physical stores and influencer partnerships. With plans to double its store count and boost delivery infrastructure, Nykaa’s next phase looks ambitious—even as early investors quietly bow out. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.  Paint Wars: Asian Paints Under CCI Lens India’s Competition Commission has launched a formal probe into Asian Paints over alleged abuse of market dominance. The complaint, filed by Grasim Industries—makers of Birla Opus—claims Asian Paints pressured dealers with exclusivity deals, including perks like foreign trips, to block out new players. CCI’s initial findings suggest anti-competitive behavior, prompting a 90-day investigation. With the decorative paint market heating up and Grasim eyeing ₹10,000 crore in 3 years, this could be a defining moment for how competition plays out in India’s ₹14.4 billion paint sector. Bike Taxis Cleared, But It’s a State-By-State Ride The Centre has issued fresh guidelines allowing private two-wheelers to be used for passenger services via aggregators like Rapido, Ola, and Uber. It’s a long-awaited move toward legitimizing bike taxis, which have largely operated in a legal grey zone. States can now regulate, charge fees, and enforce safety compliance—but adoption is optional. While Maharashtra is on board (for EVs only), Karnataka’s recent ban shows the battle is far from over. For Rapido, where bike rides account for half its revenue, it’s a potential game-changer—if states come onboard. Trump Pushes for Gaza Ceasefire Deal Donald Trump has claimed a breakthrough in the Gaza conflict, announcing that Israel has agreed to a 60-day ceasefire—pending Hamas’ approval. The deal, brokered with support from Qatar and Egypt, aims to stop the 20-month war that has claimed over 56,000 lives in Gaza and 1,200 in Israel. Trump, who recently mediated a separate Israel-Iran truce, urged Hamas to accept the deal, warning that “it will not get better.” The announcement comes just days before Israeli PM Netanyahu’s visit to the US, adding diplomatic weight to the offer. Trump’s Big Bill Squeaks Through Senate In a midnight drama, the US Senate passed Trump’s massive tax and spending bill—The One Big Beautiful Bill Act—thanks to a tie-breaking vote from VP JD Vance. The bill locks in permanent tax cuts from Trump’s first term, adds new breaks for seniors and tipped workers, and allocates $350 billion for border enforcement. But it slashes $1.2 trillion from Medicaid and food aid, and could balloon the deficit by $3.3 trillion. With only a narrow GOP majority in the House, the final vote—expected this week—could be Trump’s biggest domestic policy test yet. India’s ₹2 Trillion Policy Push: Jobs, Innovation & Sports The Union Cabinet has cleared three landmark initiatives: ₹1 Trillion ELI Scheme to generate 35 million jobs, targeting first-time employees and incentivizing employers up to ₹3,000 per hire. ₹1 Trillion RDI Scheme to supercharge private-sector research in strategic sectors with long-term, low-cost funding. National Sports Policy 2025, with a bold goal: get India into the Top 5 sporting nations, promote leagues, and attract global events. Bonus: Tamil Nadu also gets a ₹1,853 crore greenlight for a major highway project to boost southern connectivity. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 1. Tata vs Tower: The Chip Fab Face-Off India’s semiconductor revival just got serious. Tata Semiconductor and Israel’s Tower Semiconductor have been shortlisted to modernize the government-run Semi-Conductor Laboratory (SCL) in Mohali, under a ₹4,000 crore project. While it won’t chase bleeding-edge tech, the revamp will upgrade SCL’s 180nm line—crucial for defence, space, and medical tech. Production is set to triple from 500 to 1,500 wafers per month, and this upgrade could lay the groundwork for more advanced nodes like 65nm and 28nm. Tower, notably, is already a tech partner at SCL, giving it an inside track. According to IESA President Ashok Chandak, this isn’t just about chips—it’s about strategic autonomy, deep-tech R&D, and skilling India’s semiconductor workforce for the future. With India’s chip demand projected to touch $103 billion by 2030, this throwback node may be the start of a futuristic leap. 2. Reliance Defence’s Big MRO Bet Anil Ambani’s Reliance Defence is gunning for India’s ₹20,000 crore defence MRO (maintenance, repair, overhaul) market—and it’s bringing in American reinforcements. In a joint venture with US-based Coastal Mechanics Inc., the company will set up a facility in Mihan, Maharashtra to upgrade over 200 military assets, including Jaguars, MiG-29s, Apaches, and L-70 guns. The plan is to shift from buying new to extending the lifecycle of existing gear—more efficient, more economical. Analysts say this tie-up opens doors to US defence contracts and puts Reliance on the path to becoming one of India’s top three defence exporters. With exports already hitting ₹24,000 crore and the geopolitical heat rising post Operation Sindoor, MRO might just become India’s next defence growth engine. 3. RBI Flags Debt Storm Ahead The Reserve Bank of India is waving a red flag. In its June Financial Stability Report, it warns of three key risks: soaring public debt, overvalued assets, and rising geopolitical tensions. India’s public debt is set to exceed ₹196 lakh crore by March 2026. Meanwhile, NBFCs are being scrutinized for risky lending behavior. While India’s economy remains resilient—with growth and cooling inflation offering a cushion—external shocks and diverging global monetary policies could spill into emerging markets. The RBI says it’s stepping up reforms to tackle digital lending risks, curb fraud, and protect retail investors—aiming to future-proof the financial system before the next big tremor hits. 4. Trump-Modi Pact Nears the Finish Line India and the US are on the brink of sealing a major trade deal. White House press secretary Karoline Leavitt confirmed that final touches are underway, calling India a “strategic ally” and highlighting President Trump’s “very good relationship” with Prime Minister Modi. The announcement comes as EAM Jaishankar visits Washington for the QUAD meet, and just weeks before the US enforces new tariffs on Indian goods. Negotiators are aiming for an “early harvest” pact to defuse tensions and pave the way for a full-scale Free Trade Agreement by year-end. With Trump accepting Modi’s invite to the next QUAD Summit in Delhi, the Indo-US alliance may soon move from handshake to hard numbers—$500 billion in trade, to be exact. 5. Agni Goes Underground: India’s Bunker Buster Era India’s missile arsenal is getting a powerful upgrade—literally underground. DRDO is developing new Agni-5 variants designed to penetrate fortified bunkers, much like the US did in its June 22 strikes on Iranian nuclear sites. Unlike the American model, which relies on massive bombers, India’s missile-based approach offers flexibility and speed. Two versions are in development: an airburst warhead for surface targets and a bunker-buster variant with an 8-tonne payload capable of piercing up to 100 meters underground. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Torrent’s ₹11,917 Cr Pharma Power Play India’s pharma space just witnessed a bold move. Torrent Pharmaceuticals is acquiring a 46.39% stake in JB Chemicals from KKR for ₹11,917 crore, valuing the company at ₹25,689 crore. The deal includes an open offer and a future merger. The strategy? Gain control of JB’s chronic care brands like Cilacar and Nicardia and break into the CDMO (contract development and manufacturing) market. JB’s presence in 40+ countries, and expertise in medicated lozenges, brings global heft. Torrent’s chairman Samir Mehta calls it a “long-term growth runway.” Meanwhile, KKR exits with a 5X return and a 36% IRR—making it one of India’s top private equity wins.  Russia’s Most Brutal Barrage Yet In its deadliest aerial assault since the Ukraine war began, Russia launched 537 drones and missiles overnight. Ukraine shot down nearly half, but many penetrated defenses—killing at least 10 civilians and igniting major infrastructure damage, including a blaze in Lviv. A Ukrainian F-16 crashed during defense ops, killing its pilot. The strikes reached near Poland’s border, triggering NATO alerts. All this, ironically, followed Putin’s latest peace-talk proposal, which Ukraine dismissed. On the ground, Russia claimed a minor gain in Donetsk, while Ukraine controversially withdrew from the landmine ban. Analysts warn this could be the start of a summer offensive before Western F-16s arrive. Anant Ambani Joins Reliance Board with ₹20 Cr Role It’s official—Anant Ambani has stepped into executive leadership at Reliance Industries. The 29-year-old has been appointed Full-Time Director for five years, with an annual compensation package ranging from ₹10–20 crore. Perks include housing, utilities, medical, and even reimbursed travel for his wife and attendant. He’ll also receive performance-linked profit shares. This solidifies Anant’s growing role in Reliance’s energy and petrochemicals business and marks a major step in Mukesh Ambani’s well-scripted succession plan. Sabotage Angle in Air India Crash Being Probed Authorities are now investigating sabotage in the deadly Air India Dreamliner crash on June 12 in Ahmedabad. Flight AI 171 plunged seconds after takeoff, killing 241 people, including nine students and their families on the ground. Only one person survived. A “Mayday” call was issued by the pilot moments before impact. Minister Murlidhar Mohol confirmed the black boxes are being decoded in Delhi and denied reports of sending them abroad. All 33 Air India Dreamliners have since cleared safety checks. With CCTV footage under review and multiple agencies involved, the investigation is taking no chances. Tata Steel Faces ₹1,007 Cr Tax Notice Tata Steel is under the tax scanner for alleged irregularities in input tax credit (ITC) between FY2018-19 and 2022-23. The GST department has raised a ₹1,007 crore demand. Tata Steel counters that it has already paid ₹514 crore in GST and disputes the remaining ₹493 crore under review. The company called the notice baseless and is preparing to respond within the 30-day window. Financially, the company insists there’s no operational impact. Investors agree—shares closed higher at ₹161.40 and are up nearly 18% YTD. Over five years, Tata Steel has delivered a massive 388% return. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Kim Goes Coastal From missiles to mini-golf, North Korea’s Kim Jong Un just flipped the script. The Wonsan Kalma resort, seven years in the making, is finally open—with 54 hotels, waterparks, arcades, pubs, and even a ski extension. Ditching his usual military garb for a sharp suit, Kim attended the launch with his wife and daughter, showcasing a softer image. While domestic tourism kicks off July 1, a select group of Russians are set to test the beach vibes on July 7. This isn’t just a tourism play—it’s a carefully curated global image reset. Trump Teases ‘Very Big’ India Deal Just after shaking hands with China on a trade pact, US President Donald Trump is turning east again—this time towards India. Hinting at a “very big” trade deal, Trump said, “We’re going to open up India.” While no details were given, momentum is building. US Secretary of Commerce Howard Lutnick recently confirmed that both sides are closing in on a mutually beneficial agreement. If signed, it could redefine trade ties between the world’s two biggest democracies. Rajnath Singh Says No Deal India’s Defence Minister Rajnath Singh made headlines by refusing to sign the SCO joint statement. Why? The document failed to address cross-border terrorism. At the summit in Qingdao, Singh didn’t mince words: “There can be no double standards.” He cited the April Pahalgam terror attack, blamed on Pakistan-backed groups, and India’s military response under Operation Sindoor. The message: India is done tiptoeing around terror. Acme Solar’s Big Battery Win Acme Solar is powering up for the future. On June 26, it won NHPC’s battery storage tender in Andhra Pradesh to build a 275 MW / 550 MWh system across Kuppam and Ghani. The project includes significant viability gap funding and adds a clean spark to India’s renewable push. Acme’s stock, while only slightly up, could see brighter days ahead. With a ₹14,954 crore market cap and clean energy tailwinds, Acme is becoming a major storage player. Apollo HealthCo Eyes DMart Dreams “I want a valuation like DMart. Why not?” said Shobana Kamineni, chairperson of Apollo HealthCo. With eyes on a ₹30,000 crore business in the next 5–6 years, Apollo is blending its retail pharmacy strength with digital power via Apollo 24|7. After raising ₹2,475 crore last year and merging with Keimed, the company hit ₹9,093 crore in revenue in FY25, with three straight profitable quarters. A digital GMV of ₹3,000 crore and disciplined growth put it on track for Q4 FY26 profitability. Apollo isn’t just growing—it’s redefining healthcare retail. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. India’s Return to Space: Shukla Makes History At 12:01 PM IST on Wednesday, India reached a milestone in its space journey. Group Captain Shubhanshu Shukla became the second Indian to travel to space—and the first to reach the International Space Station. Launching aboard SpaceX’s Falcon 9 from Kennedy Space Center, Shukla’s flight symbolizes a new era of commercial space collaboration for India. His mission, Axiom-4, includes 60 scientific experiments from 31 countries, reflecting India’s expanding space ambitions. As his voice crackled over radio—“Kya kamaal ki ride thi”—cheers erupted back home. “This is not just my journey, it’s the start of India’s human space program,” Shukla said. With Gaganyaan and a homegrown space station on the horizon, India isn’t just returning to space—it’s preparing to lead. Gaza Truce ‘Very Close,’ Says Trump Fresh off brokering a ceasefire between Israel and Iran, US President Donald Trump says progress is being made on a Gaza ceasefire as well. “Gaza is very close,” he told reporters, crediting his envoy Steve Witkoff. Qatar and Egypt have intensified mediation efforts, while Hamas confirmed the talks but said no concrete proposal is on the table yet. Meanwhile, Israel remains firm on its goals: dismantle Hamas, recover hostages, and control Gaza. The war, triggered by Hamas’ October 7, 2023 attack, has led to over 56,000 Palestinian deaths. With famine worsening and diplomacy heating up, all eyes are on Trump’s next move in the Middle East. India Expands Oil Reserves Amid Global Volatility India is adding six new Strategic Petroleum Reserves (SPRs) to bolster energy security. With 85% of its crude oil imported, and threats like the Strait of Hormuz blockade looming, the government aims to raise reserve capacity to match IEA’s 90-day import standard. Current strategic reserves only cover 9.5 days. Proposed sites include Mangalore SEZ and Bikaner’s salt caverns, with Engineers India Ltd conducting feasibility studies. The goal? Build resilience against price shocks and supply disruptions, especially as demand for petrol and diesel is expected to rise for at least 15 more years. The investment is high—₹2,500 crore per million tonnes—but so is the payoff: national energy safety.  FASTag ₹3,000 Pass: Relief for Commuters, Risk for Toll Operators From August 15, private vehicle owners can buy an annual ₹3,000 FASTag pass covering 200 highway trips—a game-changer for frequent drivers. Crisil Ratings estimates the pass could cut per-trip costs by 80%. But there’s a catch: a 4–8% dip in toll revenues is expected, and toll operators will need timely compensation under their agreements. Crisil says 40 rated projects can absorb short-term cash flow impacts thanks to strong liquidity and NHAI’s payment track record. Still, the move tests how India balances commuter convenience with private investor confidence in infrastructure. Nvidia Tops the World—Again Chipmaker Nvidia has officially reclaimed the title of the world’s most valuable company. Its shares surged 4.33% to $154.31, pushing its market cap to $3.77 trillion—ahead of Microsoft ($3.66T) and Apple ($3.01T). CEO Jensen Huang’s AI-focused keynote at the shareholder meeting fueled the rally, calling this “just the beginning” of the AI infrastructure boom. Loop Capital hiked Nvidia’s price target to $250, citing its leading role in what it calls the “Golden Wave” of AI. The stock is up 17% in 2025, following a 170% rise in 2024 and 240% in 2023. Despite the meteoric rise, its forward P/E remains relatively modest at 30—proof that the AI boom is feeding real earnings, not just hype. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Ceasefire Cheers, Markets Rally Wall Street bounced and gold slumped as President Donald Trump brokered a surprise ceasefire between Israel and Iran—bringing an end to what he called the “12-Day War.” Investors cheered the cooling conflict, triggering a selloff in safe-haven assets. On the Multi Commodity Exchange (MCX), gold futures dropped sharply by ₹2,606 per 10 grams, while global gold prices echoed the dip. But the peace proved shaky—new explosions were reported in Tehran, adding fresh uncertainty. Analysts now expect continued volatility in bullion, with technical indicators flashing a bearish outlook. Trump Nominated for Nobel Peace Prize In a bold political twist, US Congressman Buddy Carter nominated Trump for the Nobel Peace Prize for his “extraordinary and historic” efforts in ending the Israel-Iran standoff. Carter praised Trump’s “courage and clarity” in averting a broader war and halting Iran’s nuclear momentum. While the prize remains far from guaranteed, the nomination adds a headline-grabbing chapter to Trump’s presidency—and could influence the global political narrative. DGCA Flags Grim Safety Lapses India’s skies are under scrutiny. In the wake of the June 12 Air India crash, the Directorate General of Civil Aviation (DGCA) launched a nationwide audit—and found alarming lapses. From repeated aircraft defects to worn-out tyres and faded runway markings, the audit revealed deep cracks in aviation safety protocols. Ground equipment was unserviceable, simulators didn’t match actual aircraft, and obstruction data hadn’t been updated in three years—despite ongoing construction near airports. The DGCA has ordered urgent fixes within a week and vowed continuous monitoring. With air traffic surging, the need for a full-scale aviation safety overhaul is more urgent than ever. Wegovy Enters India’s Obesity Fight Novo Nordisk has officially launched Wegovy in India—a once-a-week injectable weight loss drug targeting adults battling obesity and cardiovascular risks. Priced between ₹17,345 and ₹26,050, Wegovy enters a space already heating up with Eli Lilly’s Mounjaro, launched earlier this year. Unlike diabetes drug Ozempic, Wegovy is FDA-approved specifically for weight loss. The drug mimics appetite-suppressing hormones and boosts insulin sensitivity. Novo Nordisk says it’s focusing on awareness and accessibility rather than immediate sales numbers. As India’s obesity challenge deepens, a pharma face-off is brewing—one pen injection at a time. Hindalco Buys Into High-Tech Alumina Hindalco is going deeper into advanced materials. The Aditya Birla Group’s metals major has announced a $125 million acquisition of U.S.-based AluChem Companies Inc., adding 60,000 tonnes of specialty alumina capacity. AluChem’s products power EVs, semiconductors, and precision ceramics—critical segments in a fast-changing global supply chain. This marks Hindalco’s third U.S. metals acquisition after Novelis and Aleris. MD Satish Pai says the deal is part of a long-term plan to double Hindalco’s specialty alumina output to 1 million tonnes by FY30. “As clean-tech demand rises, AluChem’s chemistry will help us lead,” he said. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Trump Declares Ceasefire: “12-Day War Ends” In a dramatic twist, US President Donald Trump announced a “Complete and Total CEASEFIRE” between Israel and Iran via Truth Social, calling time on what he dubbed the “12-Day War.” The phased truce begins with Iran halting fire, followed by Israel 12 hours later, and full peace declared at the 24-hour mark. Trump credited both nations for their “Stamina, Courage, and Intelligence,” while downplaying Iran’s earlier missile strike on a US base in Qatar as a “very weak response.” With no casualties reported, analysts believe Iran’s restraint signals a desire to de-escalate—but the question remains: is this peace or just a pause? Air India’s CEO Gets ₹27 Cr—Days Before Crash Two weeks before India’s deadliest air tragedy in decades, Air India handed its CEO Campbell Wilson a 46% pay hike, raising his package to ₹27.75 crore. The board approved the raise on May 27; on June 12, an Air India flight crashed, killing over 240 people. The optics have stirred quiet outrage—even as some defend the hike, citing Air India’s 61% revenue growth and halved losses in FY24. The airline now faces regulatory inspections, shaken passenger trust, and social media backlash. Wilson’s biggest challenge? Not growth—but rebuilding public confidence. India’s Economy Hits 14-Month High India’s growth story just added a new chapter. HSBC’s Flash PMI for June surged to 61—the highest in 14 months—signalling strong expansion in both manufacturing and services. Fueled by rising demand, export orders, and tech investments, manufacturing PMI rose to 58.4, while services hit 60.7. “Hiring is up, inflation’s softening, and backlogs are building,” said HSBC’s Pranjul Bhandari. While business confidence dipped slightly, the economy’s overall momentum remains strong. Final numbers drop next month—but for now, it’s full throttle ahead. Aditya Birla Lifestyle Bets Big on Fashion Fresh off its market debut, Aditya Birla Lifestyle Brands Ltd (ABLBL) is swinging for the fences—aiming to double revenue and triple profits by FY30. Backed by a ₹300 crore annual investment plan, the company will expand to 4,500 stores and chase billion-dollar valuations for brands like Van Heusen, Allen Solly, and Peter England. More than 70% of stores already follow an asset-light, franchise-led model. But the road ahead is crowded—Reliance Retail and Tata’s Zudio are fierce competitors. Still, with India’s $2 trillion retail market on the horizon, ABLBL is betting big on fashion—and youth. Flying for ₹694: Electric Jet Makes History Beta Technologies just redefined short-haul flying. Its all-electric Alia CX300 successfully flew four passengers from East Hampton to JFK—130 km—for just ₹694 ($8). Quiet, clean, and cost-efficient, the 30-minute flight offered a near-silent ride with zero emissions. “Charging this thing cost $8,” said Beta’s CEO Kyle Clark. With a 463 km range and FAA certification expected by year-end, the CX300 is a game-changer. Beta’s also working on a vertical takeoff model for city travel. With competitors like Archer Aviation prepping for the 2028 LA Olympics, the electric air taxi race is officially airborne. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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 Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 🇮🇱 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 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. Learn more about your ad choices. Visit megaphone.fm/adchoices

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. 🚨 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. Learn more about your ad choices. Visit megaphone.fm/adchoices