Top of the Morning

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, thi...

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 advance...

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. Accor...

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 lozen...

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...

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 beac...

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 ambition...

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...

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...

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 ₹3,00...

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, M...

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 expulsio...

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 quickl...

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 Ho...

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...

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 launc...

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 inflat...

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 S...

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...

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 bee...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Flat Start for Markets, All Eyes on RBI

Indian markets are bracing for a cautious open this Monday. Global cues are mixed—Japan’s Nikkei and Topix dipped, while US indices closed steady after clocking their best monthly gains since Nov 2023. Gift Nifty hints at a flat open.

The big domestic trigger? The RBI’s monetary policy decision on Friday, with markets pricing in a 25-bps rate cut. Investors will also track May auto sales...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

India’s Growth Engine Still Roaring, Says RBI

The Reserve Bank of India’s annual report is cautiously optimistic. It warns of global headwinds—rising input costs, protectionist trade policies, and tariff risks—but says India remains the fastest-growing major economy. Domestic demand, strong exports, and a thriving farm sector powered momentum in FY25. Inflation eased to a six-year low of 3.16% in April, raising expectations of a 25 bps repo rate cut in June.

Forex...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. Lokpal Clears Ex-SEBI Chief in Adani-Linked Allegations

India’s anti-corruption ombudsman, Lokpal, has dismissed all complaints against former SEBI chairperson Madhabi Puri Buch. The allegations—based on a Hindenburg Research report—claimed Buch and her husband held offshore stakes linked to the Adani Group. The Lokpal, led by Justice A.M. Khanwilkar, concluded the complaints were based on “presumptions and assumptions” with no verifiable evidence. Buch, who completed her SEBI tenure in February 2025, had strongly denied the cla...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Tax Deadline Extended: More Time, More Disclosures

Taxpayers not requiring audits now have until 15 September to file returns for FY 2024-25. The CBDT extended the deadline from 31 July due to significant changes in ITR forms, which now require detailed disclosures on tax-saving investments, capital gains, TDS on non-salary income, and HRA. Experts call the move a relief amid increased compliance.Budget 2025-26 sweetened the deal for middle-class taxpayers, raising the no-tax threshold to ₹12 lakh...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. IndiGo’s Gangwal Plans ₹6,831 Cr Stake Sale

In a major move, IndiGo co-founder Rakesh Gangwal and his family trust are set to sell up to ₹6,831 crore worth of shares in the airline through a block deal. The sale, expected to happen Tuesday, involves up to a 3.4% stake at a floor price of ₹5,175 per share. Gangwal and his trust together own nearly 13.5% of the company. With shares up 461% over five years and near 52-week highs, investors are watching clo...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

Markets Cool Off After 4-Week Rally

After weeks of surging highs, Indian markets finally took a breather. The Sensex and Nifty slipped 0.7% each as foreign investors sold off in three out of four sessions. Sectors like realty and metals held up well, but autos, IT, and FMCG lagged. Midcaps dipped while smallcaps stayed afloat. Technical resistance at Nifty’s 25,200 level held firm, with support seen at 24,500. Analysts suggest a cautiously bullish stance, with Bank N...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. The Lodha Truce, ₹5,000 Cr Feud SettledAfter nine rounds of mediation and a mother’s public plea, warring brothers Abhishek and Abhinandan Lodha have settled their ₹5,000-crore trademark dispute. As per the court-filed terms, Abhinandan can no longer use ‘Lodha’ in isolation for real estate. Instead, he must use the full ‘House of Abhinandan Lodha’ with clear disclaimers. Both parties waived financial claims and agreed to strict separation, including no shared employees or premises. Violations could trigger a ₹1 lakh...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

India Seizes Crude Opportunity Amid Geopolitical Tensions

With Brent crude trading at a four-year low near $65 per barrel, India is moving fast to refill its Strategic Petroleum Reserves (SPR). Current reserves cover just 9.5 days—far below the IEA’s 90-day norm. The urgency is amplified by recent border tensions and Operation Sindoor. The Centre, which had deferred a ₹5,000 crore SPR budget in FY24, now plans to reallocate funds in FY26. Two new storage sites at C...

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

1. India on Covid Alert Again

India’s health agencies have reactivated surveillance mechanisms amid rising Covid-19 cases in Hong Kong and Singapore. Genome sequencing and wastewater tracking in Bengaluru are already picking up early signals. With 257 active cases—the highest in a year—authorities stress there’s no need to panic yet. “Covid hasn’t vanished,” warns Dr. Soumya Swaminathan, citing the emergence of Omicron sub-variants LF.7 and NB.1.8. No hospitalizations have been reported in India, but experts are wa...

Welcome to Top of the Morning by Mint, your weekday newscast that brings you 5 major stories from the world of business.

It's Monday, May 19th, 2025. This is Nelson John.

1. Q4 Earnings Storm: Over 660 Companies Line UpIt’s a blockbuster week on Dalal Street as over 660 companies, including market giants like Power Grid, ONGC, Hindalco, and ITC, prepare to report Q4 results. The Nifty 500 has already surprised positively with 10.5% earnings growth, signaling a mid-cap revival. Investors will closely track results starting Monday from firms like DLF and Pfizer, followed by Hi...

1. India Becomes the World’s Fastest-Growing Oil Consumer

OPEC’s latest report crowns India as the top driver of global oil demand growth through 2025 and 2026.Oil demand in India will rise from 5.55 million bpd (2024) to 5.99 million bpd (2026), growing faster than China’s and the US’s.
Diesel is the main growth driver, with road expansion, infrastructure, and industrial growth boosting demand.
March saw record crude imports (5.4 million bpd), with Russia leading at 36% of India’s crude intake.
Despite geopolitical headwinds like US tariffs, OPEC sees India’s fiscal policy and strong economy cushioning any impact.

1. Tata Power’s ₹25,000 Cr Surge - 00:38:02 - 01:53:715

Tata Power is charging ahead with a massive ₹25,000 crore capital outlay for FY26, focusing half of it on renewables. CEO Praveer Sinha revealed the company plans to add up to 2.7 GW of capacity, with long-term wind turbine deals in the pipeline. Tata Power is also eyeing two UP discoms—Purvanchal and Dakshinanchal—as they head for privatisation. Meanwhile, its nuclear ambitions hinge on legal reforms expected in the Monsoon Session. The company posted a strong Q4 with net profit up 25% to ₹1,306 crore, riding on strong performance across renewables, generation, and distribution...

India vs. US:

Trade Tensions Heat UpIndia is ready to hit back with $1.91 billion in tariffs on key US goods—like almonds, petrochemicals, and medical devices—if steel and aluminium duties aren’t withdrawn by June 8. The trigger? Trump’s extension of safeguard duties. Commerce Minister Piyush Goyal heads to Washington on May 16 to try and broker a deal. With $7.6B in exports on the line and a 90-day tariff pause set to expire on July 8, India’s playing hardball while still betting on a Free Trade Agreement.

Airtel’s Q4 Rings Loud

...

Market Roars Back:

Ceasefire & Tariff Pause Spark ₹16 Trillion RallyPeace on the borders and a tariff truce overseas gave Indian markets their best day in over four years. With India-Pakistan tensions cooling and US-China easing trade friction, the Nifty soared 3.8% and Sensex jumped 3.7%, adding ₹16 trillion to investor wealth. IT, banking, and blue-chip stocks led the charge, as FIIs and DIIs poured in over ₹2,600 crore. “We’re in a sweet spot,” said Marcellus’ Saurabh Mukherjea, flagging optimism ahead of earnings and a potential EM bull run in 2025.

Trump’s Drug Price Bombshell Rattles Indian Pharma

Do...

Operation Sindoor: “We Struck Where It Hurt”India’s top military brass revealed the impact of Operation Sindoor, launched after the April 22 Pahalgam terror attack. Air Marshal AK Bharti said strikes targeted key Pakistani airbases like Chaklala and Rahim Yar Khan. Over 100 terrorists, including high-value targets like IC-814 hijacker Yusuf Azhar, were eliminated. India also lost five defence personnel. Despite a brief ceasefire request by Pakistan via hotline, violations resumed within hours, including drone attacks and civilian targeting. India made it clear—further provocations will be met with decisive force.

D-Street Wobbles Amid Border HeatIndi...

India Shoots Down F-16 in Escalating Air Conflict

In a dramatic escalation, India’s air defence systems went full throttle Thursday night, downing a Pakistani F-16, two JF-17s, and a Pakistani AWACS inside Punjab province. The air battle followed Islamabad’s coordinated strikes on Indian military locations in Jammu and Punjab. Drones were also intercepted in J&K and Rajasthan, with one striking Jammu Airport. India’s S-400 systems thwarted eight incoming missiles across key border areas. The Integrated Defence Staff confirmed no casualties, calling the response “by the book.” The attacks came just days after India’s Op...

As missiles struck terror targets across the border in ‘Operation Sindoor’, India’s cyber command braced for a digital warfront. Just hours after the strikes, top cyber experts and government officials warned of a heightened risk of cyberattacks targeting India’s critical infrastructure. Banks, telecom networks, and public utilities have been put on alert. The Indian Computer Emergency Response Team (CERT-In) issued advisories to financial institutions, while the Department of Telecommunications (DoT) ordered telcos to boost network security, especially in sensitive border regions. “Cyber sabotage today can be as destructive as a missile,” warned Rakesh Bhatnagar of VoICE, highlighting risks from f...

1.⁠ ⁠Operation Sindoor: India Strikes Back

In a dramatic pre-dawn move on May 8, India launched Operation Sindoor, striking nine terror camps across Pakistan and Pakistan-occupied Kashmir, including key Lashkar and Jaish hubs in Bahawalpur, Kotli, and Muzaffarabad. The operation was a direct response to the Pahalgam terror attack that killed 26 civilians on April 22.

Executed using fighter jets, loitering munitions, cruise missiles, and tri-service precision, the strikes were conducted entirely from Indian airspace and targeted only terrorist infrastructure. India described the operation as “focused, measured, and non-escalatory,” avoiding Pakistani military installations while sh...

India Gears Up for Worst-Case Scenarios

As Indo-Pak tensions soar post the deadly April 22 Pahalgam terror attack that claimed 26 lives, India’s Ministry of Home Affairs has ordered nationwide civil defence mock drills on May 7. These include air raid sirens, crash blackouts, evacuation rehearsals, and camouflaging critical infrastructure—measures not seen at this scale since the Kargil conflict. The drills follow India’s sweeping diplomatic retaliation: suspension of visas for Pakistani nationals, revocation of the Indus Waters Treaty, sealing the Attari border, and banning Pakistan Airlines. Pakistan hit back by halting all trade and closing its airspace. PM Mod...

Buffett to Step Down

Greg Abel Steps UpIn a surprise announcement at Berkshire Hathaway’s AGM, Warren Buffett, 94, revealed he will retire as CEO by end-2025. His successor: Greg Abel, 62, Berkshire’s vice-chair overseeing its vast non-insurance businesses like BNSF Railways and Dairy Queen. Abel, a low-profile Canadian known for strategic thinking and integrity, has been the designated successor since 2021. The board is expected to formalize his appointment. Buffett’s children won’t lead the company—son Howard will become non-executive chairman, while their $140B stake goes to philanthropy. Abel now prepares to helm the $1 trillion giant, with a cle...