Miscellaneous
Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories. Trump’s Oil Deal with Pakistan, Tariff Shock for India “Who knows, maybe they’ll be selling oil to India someday.” That was Donald Trump’s surprise message on Truth Social as he unveiled a new U.S.–Pakistan energy partnership to develop Pakistan’s “massive oil reserves.” While no U.S. oil giant has been named yet, Trump signaled a selection is on the way. But the kicker? Just hours earlier, India was hit with a 25% tariff on exports to the U.S., along with vague threats of penalties over its oil trade with Russia. Trump also took aim at India’s place in BRICS, calling the 11-member bloc “anti-United States” and accusing it of attacking the dollar. Meanwhile, the U.S. struck a trade deal with South Korea, placing a 15% import tariff on Korean goods—while exempting American exports. Talks with India continue, with Trump suggesting more clarity “by the end of this week.” Markets React, Investors Watch Closely India’s stock markets felt the heat after the tariff news. Export-heavy sectors—textiles, pharma, and auto components—are expected to take a hit. Markets had anticipated a 20% tariff, but the extra 5% and mention of penalties jolted investor sentiment. Foreign Portfolio Investors (FPIs) pulled out ₹32,000 crore in July, spooked by the weakening rupee and high valuations. In contrast, domestic institutional investors have pumped in ₹4.12 trillion this year, helping cushion the blow. While the Nifty saw a small recovery to 24,855, experts warn of a short-term dip. Bank of Baroda’s Madan Sabnavis expects markets to stabilize quickly, but economists like ICRA’s Aditi Nayar caution the tariff could trim India’s GDP growth below 6.2% for FY26. NASA–ISRO’s NISAR Takes Off: Earth’s New Watchdog “A scientific handshake with the world.” That’s how Union Minister Jitendra Singh described the successful launch of NISAR, the world’s most advanced Earth-observing satellite, co-developed by NASA and ISRO. Launched aboard ISRO’s GSLV-F16 from Sriharikota, the $1.5 billion, SUV-sized satellite will track Earth’s surface changes—down to just 1 cm—from 743 km above. Over five years, it will scan the planet twice every 12 days, monitoring melting glaciers, earthquakes, groundwater levels, and carbon emissions from wetlands. Its powerful dual-radar system (L-band from NASA, S-band from ISRO) allows it to peer through clouds, fog, and even ice layers, aiding everything from climate science to disaster response and aviation safety. Operations begin by October-end, with data distributed via Alaska’s ASF and India’s Bhoonidhi platform. U.S. Sanctions Six Indian Firms Over Iran Oil Trade Adding more pressure to bilateral ties, the U.S. has sanctioned 33 global entities—including six Indian companies—for dealing in Iranian-origin petrochemicals. Those hit include: Alchemical Solutions Pvt Ltd – $84M in imports Jupiter Dye Chem – $49M worth of toluene Global Industrial Chemicals Ltd – $51M in methanol Ramniklal S. Gosalia & Co – $22M in mixed chemicals Persistent Petrochem – $14M in petrochemical shipments Kanchan Polymers – smaller but notable deals All were designated under Executive Order 13846 for “knowingly” engaging in prohibited trade. The sanctions, which also include 10 blocked vessels, extend to firms in China, UAE, Turkiye, and Indonesia. Though not market-moving yet, they further strain India’s trade talks with the U.S. While TCS Cuts 12,000 Jobs, Infosys Hires 20,000 As India’s IT sector reels from TCS’s record 12,000 layoffs, Infosys is making a contrarian move. Learn more about your ad choices. Visit megaphone.fm/adchoices