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 G7
3. MakeMyTrip Cuts Chinese Stake
4. Coralogix Goes All-In on India
5. Hindustan Zinc’s Mega Expansion

G7 Fractures Over Israel-Iran Conflict As missiles fly between Israel and Iran, G7 leaders are pushing for calm—but unity is cracking. A draft joint statement calls for deescalation and backs Israel’s right to defend itself, while vowing to safeguard energy market stability. But former U.S. President Donald Trump is yet to sign off. “They should talk and they should talk immediately,” Trump said, urging dialogue. UK PM Keir Starmer warned of global consequences if tensions spiral. Germany is drafting a communique demanding Iran be barred from acquiring nuclear weapons-capable materials. Trump, meanwhile, reignited debate over Russia’s expulsion from the G7, blaming it for today’s wars and even floated adding China to the bloc. “Putin speaks to me,” Trump said. “He doesn’t want to talk to anybody else.”

Netanyahu: Kill Khamenei to End War Israeli PM Benjamin Netanyahu made his boldest claim yet: assassinating Iran’s Supreme Leader Ayatollah Ali Khamenei would end the war—not escalate it. “The regime is very weak,” he said, calling Iran the architect of a “forever war.” Meanwhile, the battlefield widened. Israeli airstrikes hit Iran’s state-run TV building in Tehran during a live broadcast, disrupting coverage. Israel says it has destroyed nearly a third of Iran’s missile launchers and gained “full aerial superiority” over Tehran. Iran responded with another barrage of 100 missiles. The death tolls are climbing—224 in Iran, 24 in Israel—and hundreds more injured. With diplomacy frozen, fears of a wider regional war are intensifying.

Boeing Faces the Heat After Air India Tragedy Four days after the deadliest air crash in India in over a decade, Boeing’s leadership flew into crisis mode. Stephanie Pope, head of Boeing Commercial Airplanes, met with Air India Chairman N. Chandrasekaran in Gurugram. Executives from GE Aerospace, maker of the aircraft’s engines, also joined. The London-bound Dreamliner crashed seconds after takeoff in Ahmedabad, killing 241 of 242 people onboard. “This is the most heartbreaking crisis of my career,” Chandrasekaran told Air India staff, vowing to build a safer airline.With 33 Dreamliners already in its fleet and over 200 Boeing aircraft on order, Air India is at the epicenter of a global aviation reckoning.

Insurance Shock: ₹39,400 Cr Claim Rocks Industry India’s biggest aviation disaster is also one of its costliest insurance events. A $475 million (₹39,400 crore) claim is expected—$125 million for aircraft damage and $350 million in liability. “This could be one of the biggest aviation claims India has ever seen,” said Ramaswamy Narayanan of GIC Re, which insured Air India. Most of the financial burden, however, will fall on global reinsurers—since Indian firms offload 95% of aviation risk. Analysts warn the reinsurance market will harden, pushing premiums up across the industry.

IFC Backs India’s Mid-Market Rise India’s mid-cap dreams just got a $60 million boost. The World Bank’s investment arm, IFC, is investing in Motilal Oswal Alternates’ fifth fund—its largest bet yet on the PE firm—with an equal amount set aside for co-investments. The India Business Excellence Fund V G aims to raise $750 million and focus on growth-stage companies in financial services, consumer, manufacturing, and life sciences—including in tier-2 and tier-3 towns. “This is a strong signal to institutional investors,” said MO Alternates CEO Vishal Tulsyan. MO Alternates has delivered a 26.8% IRR on its first fund and backed notable names like Kreditbee, SK Finance, and Niva Bupa. IFC’s backing could supercharge both credibility and capital.

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

Markets, Modi, Gold & Grief: A Week That Shook India

Markets on Edge

It was a volatile week for Indian equities. With Israel-Iran tensions escalating and Brent crude spiking over 12%, investors dumped risky assets. The Nifty 50 closed down 1.14% at 24,718, while the Sensex slipped 1.30%. Market heavyweights like HDFC Bank, Reliance, and SBI led the decline.

Vinod Nair of Geojit said early optimism from US–China trade talks faded quickly. “Global risk-off sentiment took over. Safe havens like gold and US bonds rallied.”

5 Big Market Triggers This Week:

1. Israel-Iran conflict – with US and UK now militarily involved.

2. US Fed Meet (June 17–18) – No rate cut expected, but Powell’s tone will matter.

3. Crude Oil Surge – Could reignite inflation, hurt margins.

4. FPI Outflows – ₹4,812 crore pulled out in June so far.

5. 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.

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?

1. Middle East tensions
   

2. Confusion over the US-China trade deal
   

3. Global growth fears (World Bank slashed forecasts)
   

4. Rate cut doubts due to tariff turmoil
   

5. Overstretched market valuations
   

Analysts warn of more volatility ahead.

EU Puts India in Steel Trouble

India just got downgraded in the EU’s steel export game. From July 1, Indian steelmakers will compete in a “pooled quota” with countries like China and Vietnam for key product categories. Exceed the 12,500-tonne limit—and a 25% tariff kicks in.

Meanwhile, countries like the UK, South Korea, and Türkiye get exclusive duty-free quotas. With India’s $1.83B worth of steel exports to the EU at stake—and FTA talks nearing the finish line—this move could become a crucial pressure point.

India’s New Eye in the Sky

India is setting up its first satellite constellation to monitor space-based threats. The ₹150 crore-a-year project will track foreign satellites potentially spying on India. It will build on ISRO’s “Netra” program but go further with real-time surveillance.

The mission is being led by Bengaluru-based startup Digantara—marking India’s biggest private space defence contract yet. The system will be operational by 2026, signalling India’s growing focus on space-based national security.

US Cancels Parole, Orders Mass Deportation

In a major immigration policy reversal, the US has begun terminating the legal status of thousands under the CHNV parole program (for Cuba, Haiti, Nicaragua, and Venezuela). Work permits are revoked immediately.

This comes after a Supreme Court decision greenlit the rollback. DHS claims the program lacked vetting and hurt American workers, echoing Trump’s “America First” line. But critics say it punishes law-abiding migrants who followed all protocols.

Industries like construction and healthcare—already stretched—could face staffing crises.

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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.