Trump Targets BRICS | Another Medal for Modi | India’s Warship Power Play | Apple’s New COO: Sabih Khan

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. “We Want a Deal, Not a Steal” — India Holds Firm on Trade India and the US have pushed their trade deal deadline from July 9 to mid-July, even as President Trump enforces steep retaliatory tariffs on 14 other nations. India, however, isn’t on that list yet. The deal is awaiting Trump’s final sign-off, but Indian negotiators are in no rush. “Vietnam signed too quickly—we’re drawing red lines,” said a senior official, referring to contentious issues like agriculture, dairy, GM seeds, and digital trade. India currently faces a 26% tariff, and with Trump’s August 1 tariff trigger looming, the stakes are high. Trade experts warn these deals reflect pressure, not parity. Apple’s New Ops Boss is India-Born Sabih Khan After nearly 30 years behind the scenes, Apple veteran Sabih Khan has been named Chief Operating Officer, taking over from Jeff Williams. Born in Moradabad, Khan moved from Singapore to the US, earning degrees in economics and mechanical engineering. Joining Apple in 1995, he’s been instrumental in shaping its global supply chain, driving sustainability, and expanding US manufacturing. CEO Tim Cook praised Khan’s values-driven leadership, calling him “a brilliant strategist” and “central architect of Apple’s supply chain.” Khan officially steps into the role later this month. India’s Warship Surge to Counter China India is arming up at sea. Over the next year, the Navy will induct six homegrown stealth frigates—Udaygiri, Taragiri, Mahendragiri, Himgiri, Dunagiri, and Vindhyagiri—under Project 17A. These 6,670-tonne vessels, with 75% indigenous content, are armed with BrahMos missiles and cutting-edge tech. The ₹45,000-crore project marks a significant upgrade over earlier Shivalik-class ships. INS Udaygiri has already been delivered, and the rest will follow by August 2026. PM Modi, at a rare tri-commissioning earlier this year, called it a step toward a self-reliant Navy. By 2047, the Navy aims to be fully ‘atmanirbhar’ with 60 warships under construction. Modi Bags Brazil’s Top Civilian Honour In Brazil, PM Modi was awarded the Grand Collar of the National Order of the Southern Cross—the country’s highest civilian honour—for deepening India-Brazil ties and advancing global cooperation. “This is a moment of immense pride for 140 crore Indians,” Modi said, calling President Lula the “architect” of the strategic partnership. This is Modi’s 26th international award since 2014. Just days earlier, he received Trinidad and Tobago’s top honour—the Order of the Republic—making him the first foreign leader to earn it. Trump Targets BRICS with 10% Tariff Threat Donald Trump has launched a fresh broadside against BRICS. Calling the bloc an attempt to “destroy the dollar,” Trump warned that all BRICS nations—including India—will face a 10% tariff if he returns to office. “If they want to play games, I can play too,” he said. Trump claimed BRICS is not a “serious threat,” but accused it of trying to dethrone the dollar as the world’s standard. He slammed President Biden’s handling of the dollar’s global status, saying losing it would be like “losing a world war.” Trump added, “The dollar is king. We’re going to keep it that way.” 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. 25 Crore Workers Strike: Bharat Bandh Takes Centre Stage India is witnessing one of its biggest labour uprisings. On Wednesday, over 25 crore workers across banking, insurance, coal, postal, and transport sectors are expected to join a nationwide strike—Bharat Bandh—led by 10 central trade unions. The unions are protesting what they call the Modi government’s “anti-worker, anti-farmer, pro-corporate” policies. The flashpoint? The four new labour codes, which unions say erode workers’ rights, extend working hours, weaken collective bargaining, and decriminalize violations by employers. Farmers’ unions, including the Samyukta Kisan Morcha, are also backing the strike. “This isn’t just about wages,” said Harbhajan Singh Sidhu of Hind Mazdoor Sabha. “It’s a fight for the soul of India’s workforce.” China Fumes Over Modi’s Dalai Lama Wish A SEBI study has revealed a brutal truth—91% of retail traders in equity derivatives lost money in FY2025, with net losses ballooning to ₹1.05 lakh crore, up 41% from the previous year. Retail participation in F&O also dropped 20% year-on-year, reflecting rising disillusionment. Despite some pullback in volumes, India still sees intense activity in index options. The data comes as SEBI tightens its oversight of the derivatives market, with new risk-monitoring and transparency norms introduced this year. “The house still wins,” the study suggests, “and most traders are paying—not playing—the market.” Trump Tariff Tsunami Hits Asia—India Spared, For Now China has issued a formal protest to India after PM Narendra Modi wished the Dalai Lama on his 90th birthday and Union ministers attended celebrations in Dharamshala. Beijing labelled the Tibetan leader a “separatist” and accused India of violating past commitments on Tibet, which it refers to as “Xizang.” Chinese officials also reignited the reincarnation debate, asserting that the centuries-old process is under Chinese jurisdiction—not the Dalai Lama’s. India maintained that it doesn’t comment on religious matters and supports freedom of belief. The Dalai Lama, meanwhile, declared his reincarnation will be decided outside China, reinforcing the deep spiritual-political divide between the neighbours. Trump Nominated for Nobel After Iran Strikes President Donald Trump has announced steep new tariffs—up to 40%—on imports from 15 countries, including key Asian economies like Thailand, Cambodia, Indonesia, and South Korea. But India is notably exempt, amid pending talks on a bilateral trade agreement. Trump says the move is part of his Reciprocal Tariff Policy to counter “unfair trade barriers.” Laos and Myanmar face the steepest duties (40%), while Japan and South Korea are hit with 25%. India’s absence from the list gives it a temporary export edge in sectors like textiles, toys, and electronics. “Indian products may gain a pricing edge,” said FIEO’s Ajay Sahai. But with a July 9 deadline for the tariff pause and the trade deal still unsigned, India’s free pass may not last long. In a high-stakes moment of international optics, Israeli PM Benjamin Netanyahu nominated Donald Trump for the Nobel Peace Prize—just two weeks after the U.S. bombed Iranian nuclear sites. Netanyahu called it a “historic victory” and praised Trump’s Middle East strategy. Trump, meanwhile, revealed Iran has approached the U.S. for talks and compared the bombings to the atomic strikes on Japan in World War II. Trump also claimed Hamas is now seeking a ceasefire in Gaza and floated the idea of Palestinian relocation. He sidestepped a two-state solution question, deferring to Netanyahu, who said peace is possible only with Palestinian neighbours who “don’t want to destroy Israel.” With Assad gone in Syria, Netanyahu believes new alliances can be forged in the region. Peace talk, power plays, and posturing—it’s diplomacy, Trump-style. 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 on Edge: Five Triggers to Watch India’s stock markets cooled off last week, snapping a two-week rally. Both the Sensex and Nifty 50 fell 0.7%, amid global trade tension and FPI outflows (₹5,773 crore in July so far). Mid and small caps stayed resilient. What’s Next? Five key signals will shape this week: India-US Trade Deal: With the July 9 deadline looming and Commerce Minister Piyush Goyal standing firm, uncertainty lingers. Q1 Earnings Kick Off: TCS and Tata Elxsi report July 10. Monsoon Progress: Above-normal rains = boost for kharif sowing. FPI Flows: Still in withdrawal mode, eyes on earnings and trade talks. US Fed Minutes: Could hint at when rate cuts might come. Modi in Rio: Trade, Terror & Teamwork At the BRICS Summit in Brazil, PM Modi met Cuban President Miguel Díaz-Canel to push ties in Ayurveda, biotech, pharma, and digital payments. The leaders agreed on strengthening cooperation on global issues like pandemics and climate change. Modi also took a hard line on terror, calling for sanctions after the Pahalgam attack. “Backing terrorists for political gain should never be acceptable,” he said. UAE’s Golden Gateway for Indians A lifetime UAE Golden Visa is now within reach for Indians—without needing to buy property. What’s new? Nomination-based entry. One-time fee: AED 1,00,000 (~₹23.3 lakh). No Dubai visit needed for pre-approval. Includes family, business, and job rights. Launched under UAE’s CEPA strategy, this pilot includes India and Bangladesh first, with China and others to follow. Applicants will undergo intense vetting—criminal checks, social media scrutiny, and potential economic value to the UAE. Yes Bank CEO Search Paused Amid Japan Deal Yes Bank has paused its CEO search as it awaits RBI’s green light on a ₹13,482 crore investment from Japan’s SMBC Group, which plans to acquire a 20% stake—the largest cross-border banking deal in India. The board felt it prudent to wait for SMBC’s input before appointing a new chief. Current CEO Prashant Kumar has been given a six-month extension, and the search firm has been told to stand down. Fitch calls the SMBC deal a potential game-changer for foreign investment in Indian banks—if RBI opens the door. Bengaluru Startup’s 12-Hour Days Spark Debate Work from 10 to 10. Six days a week. Sometimes Sundays too. That’s the reality at mobile gaming startup Matiks, where founder Mohan Kumar says it’s not a job, it’s a mission. His post on X set off a firestorm—some admired the grind, others slammed it as burnout in disguise. Critics questioned equity sharing, mental health, and the ethics of glorifying extreme hours. Kumar insists no one is forced. “We’re not here for paychecks—we’re chasing a dream,” he said, calling his all-under-25 team co-builders, not employees. Beds in the office, dinners at desks—is this startup grit or toxic hustle? What do you think? Driven dreamers or burnout in disguise? 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.  “30 Seconds to Doomsday”: Pakistan’s Nuclear Scare In a startling disclosure, Rana Sanaullah, aide to Pakistan PM Shehbaz Sharif, revealed that during Operation Sindoor, Pakistan had just 30–45 seconds to assess whether an incoming Indian BrahMos missile was nuclear-armed. The missile had struck Pakistan’s Nur Khan airbase following a deadly terror attack in Pahalgam that killed 26 civilians. India’s swift tri-service retaliation targeted JeM and LeT camps in Pakistan and PoK. The near-crisis, which ended with Pakistan requesting a ceasefire, underscores how close the region came to nuclear conflict. Sanaullah also questioned former U.S. President Donald Trump’s role in the standoff, hinting at vague international mediation. The episode highlights the razor-thin margins on which Indo-Pak ties rest. 2. Markets Calm, But Tariff Tempest Ahead? With the Nifty 50 up 4% this month and India’s VIX sliding to 12.44, investor nerves seem soothed—for now. But volatility could return swiftly as Trump’s 90-day tariff pause ends on July 9. Shrikant Chouhan of Kotak Securities warns the VIX could spike to 19–20 if tariffs return. Globally, too, fear gauges have cooled—the Cboe VIX has dropped from 51 to under 17. While over 50 IPOs, including HDB Financial’s ₹12,500 crore listing, are riding this wave of calm, events like TCS’s July 10 earnings and the FOMC meet on July 29-30 could shake things up again. Russia has become the first country to officially recognize the Taliban regime in Afghanistan, ending nearly four years of diplomatic isolation for the group. In Kabul, Russian Ambassador Dmitry Zhirnov handed over formal recognition papers to Taliban foreign minister Amir Khan Muttaqi, who called it a “courageous step.” 3. Russia Recognizes Taliban Government Russia’s move follows its decision in April to remove the Taliban from its terror list, and it now views the group as an ally against ISIS-K. Economic motives also drive this pivot—Russia sees Afghanistan as a transit hub for energy routes into Southeast Asia. Western nations remain cautious. The U.S. condemned the move as dangerous legitimization, and others like Germany, France, and Britain continue to demand progress on women’s rights before engaging further. The Taliban, now backed by Russia, is eyeing a UN seat—but that path remains fraught. 4. Tata’s Grocery Ambitions Get Serious Noel Tata believes Star—Trent Ltd’s grocery venture—could soon outshine fashion brands Zudio and Westside. Why? “The food market is just so much bigger than clothing,” he said at Trent’s AGM. Led by Neville Tata, Star posted a record revenue of ₹8,854 crore in FY25, growing 25% YoY, now contributing over 15% of Trent’s revenue. Despite past losses of ₹1,000 crore, the group is investing ₹2,000 crore this year alone—nearly 3x the total invested in the past two decades. The secret sauce? Private labels—72% of Q4 sales came from in-house brands. But challenges remain, including competition from Blinkit, Zepto, and Instamart. For now, the Tatas are betting big on your grocery basket. 5. SBI’s Mission: Lead Every District As it celebrates 70 years, State Bank of India has a bold new target—become the market leader in all 787 Indian districts. Currently, it holds 22.5% in deposits and 19.3% in advances. Chairman C.S. Setty outlined a three-pronged strategy: defend dominance in strong markets, expand aggressively in metros, and close “white spaces” where SBI has no presence. Specialized branches will be rolled out in areas with deposit strength but low loan penetration. SBI is also pursuing strategic tie-ups with fintech, agrotech, and digital platforms while rolling out a massive 104-zone outreach to align its workforce. The message is clear: from a 1955 legacy to a digital-first future, SBI wants to own the next decade of Indian banking. 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. 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

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. 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. 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