Zepto valuation cut, US tariffs on Russian oil target India

Foreign investors are only willing to back Zepto at about $4.5 billion pre‑money, while domestic funds see $3‑3.5 billion, far below the $7 billion peak. The lower valuation, paired with an $850 million raise, underscores tightening capital markets for India’s quick‑commerce players and raises questions about the company’s path to profitability.

BHEL posted a ₹382 cr profit in Q1 FY26‑27, its first in eight financial years, with revenue up 40% YoY to ₹7,698 cr and EBITDA swinging to a ₹735 cr gain. The stock surged to a 52‑week high of ₹4,446.50 before retreating, sparking split analyst views on sustainability amid slowing order inflows.

A bipartisan US Senate bill would impose 100 % tariffs on imports from the five biggest buyers of Russian oil and gas, India, China, Slovakia, Hungary and Azerbaijan. It seeks to cut Moscow’s war funding and would be the first use of tariffs as a geopolitical weapon. The proposal now moves to the House.

The Employees' Provident Fund Organisation is drafting a voluntary universal PF that lets gig workers, freelancers and other self‑employed contributors pool up to ₹2.5 lakh annually with tax breaks. Contributors could pick daily, monthly or annual payments, and may later withdraw via a systematic plan. If approved, the move could enrol millions outside the formal workforce into a regulated retirement net.

India and Russia will ink a memorandum through Rosatom to use the Northern Sea Route, promising up to 40% distance cuts and nearly two weeks faster shipments to northern Europe. The move gives India a Suez‑Canal alternative and pushes Moscow’s aim to widen Asian trade beyond China as bilateral trade targets $100 bn by 2030.

Rakesh Mohan, former RBI deputy governor, says US trade policy volatility forces India to diversify and attract Chinese capital for labor‑intensive manufacturing. He urges New Delhi to revisit RCEP, consider CPTPP membership and target sectors such as textiles and footwear to create jobs, boost exports and embed India in Asian supply chains.

Prime Minister Narendra Modi flagged off India’s first hydrogen‑fuel‑cell train on the 89‑km Jind‑Sonipat route. At 3,200 hp it’s the world’s most powerful hydrogen train and offers zero‑emission service, showcasing domestic engineering and reducing dependence on diesel amid global fuel‑supply risks.

C‑DAC is racing to deliver India’s first indigenous AI inference chip, slated for a 2029‑2030 debut. The effort is under the $1.27 trillion Semicon 2.0 mission, meant to cut dependence on foreign GPUs and power domestic servers and public AI services.

ONGC Energy Centre finished drilling two 1,000‑meter wells at 14,000‑foot Puga Valley, clearing the way for a 1 MW pilot geothermal plant. The wells hit 135 °C at 400 m depth, promising a renewable power source for carbon‑neutral Ladakh and a template for India's net‑zero push.

MoSPI will launch India’s first monthly Index of Services Production in July 2026, releasing trial data for 2025‑26 and April 2026 on July 14. The index covers 19 formal sub‑sectors, about 60% of the services economy, giving investors and policymakers a real‑time gauge to complement the industrial production index.

More than 100 firms have approached JPMorgan to set up banking and payment services for treasury ops in India's GIFT City, a tax‑holiday‑driven financial hub. The surge signals multinational demand for foreign‑currency accounts and liquidity‑management tools, boosting GIFT’s push to rival Dubai or Hong Kong.

Global creditors have filed a winding-up petition in the Singapore High Court against Udaan’s offshore holdco after it failed to pay $170 million of compulsory convertible notes that fell due on June 30. The move threatens the B2B ecommerce firm’s planned IPO and leaves its Indian operations insulated but under pressure from withdrawing lenders.

India’s regasification capacity hit 52.5 mtpa in 2025, pushing it past Spain to the world’s fourth‑largest market. The latest Chhara terminal and Dabhol expansion delivered 5 mtpa, while four under‑construction projects will add another 11.3 mtpa by 2028, reshaping Asian LNG demand.