Good morning. It is a quiet Tuesday on the calendar but not in the markets, where the quick-commerce wars just produced a number too big to ignore, and a Bengaluru brokerage just signalled how far it wants to grow beyond trading. Add a major US Supreme Court ruling reshaping how independent regulators answer to the White House, and there is plenty to get through before your second cup.
In today's newsletter: Amazon and Flipkart's quick-commerce blitz erases $15 billion from Swiggy and Eternal, Zerodha's bid to become an investment bank, and the US Supreme Court's ruling that hands presidents more power over regulators.
SENSEX
76,728.37 -372.10 (-0.48%) |
NIFTY 50
23,946.25 -109.75 (-0.46%) |
USD/INR
94.25 +0.20 (rupee firmer) |
BRENT CRUDE
$72.01/bbl +0.03% |
Equities slipped on broad profit-booking while the rupee firmed slightly in early trade, helped by a steady Brent that has barely moved over the past session.
Amazon and Flipkart's rapid-delivery push wipes $15 billion off Swiggy and Eternal
The two companies that built India's 10-minute delivery habit are now watching its biggest beneficiaries circle their turf. Eternal, the parent of Blinkit, and Swiggy have together shed more than $15 billion in market value as Amazon and Flipkart expand aggressively into quick commerce, the category Blinkit and Swiggy Instamart effectively invented in India.
Eternal's stock is down 28% from its October high, and Swiggy has fallen roughly 47% from its September peak. Meanwhile, Amazon Now is scaling from 15 Indian cities to more than 300, backed by a fresh $13 billion India investment commitment, while Flipkart Minutes has already built 1,000 dark stores across 130 cities in under two years and is targeting 1,500 stores in 180-plus cities soon.
Quick commerce in India was a two-horse race for years, with Blinkit and Instamart fighting Zepto for share while building investor confidence around fat margins at scale. That story only works if deep-pocketed rivals stay out. Amazon and Flipkart entering with balance sheets several times the size of either incumbent changes the unit economics of the entire category, not just market share.
This rout has nothing to do with either company's actual quarterly results. It is a pure re-rating on competitive threat, which means it could reverse quickly if Amazon or Flipkart's expansion stumbles on dark-store economics, or it could deepen further if either incumbent is forced into a costly discounting war to defend share.
Zerodha wants to become an investment bank
India's largest stockbroker is done being just a broker. Zerodha has applied to SEBI for a Category I merchant banking licence through its subsidiary Zerodha Corporate Advisors, a move that would let it manage IPOs, advise on capital raises, and compete directly with the likes of Kotak Mahindra Capital and ICICI Securities.
The application was filed back in April and is still under SEBI review, with more than a dozen other firms also waiting on similar approvals. The push comes as Zerodha looks past its core broking business, which has come under pressure from SEBI's tighter derivatives rules and a slower equities market, even after the company posted Rs 8,847 crore in FY25 revenue.
US Supreme Court hands presidents more power over independent regulators
A 90-year-old legal shield just came down. The Supreme Court overturned its 1935 Humphrey's Executor precedent, ruling 6-3 that the president can remove the heads of independent agencies without cause. The decision lets Trump proceed with his firing of FTC commissioner Rebecca Slaughter and clears the way for similar removals at other regulators.
Notably, the ruling carves out an explicit exception for the Federal Reserve, preserving its independence even as it strips protection from agencies like the FTC and SEC. For a country whose own central bank independence is a recurring policy debate, the distinction the US court chose to draw is itself the story.
Breaking.exe
Space consolidation. Rocket Lab agreed to acquire satellite operator Iridium for $8 billion in cash and stock, creating a vertically integrated launch-and-satellite rival positioned squarely against SpaceX. |
AI in government. California became the first US state to put Claude in the hands of every state and local agency after Anthropic struck a deal offering roughly half-price access plus free workforce training. |
Chip mega-bets. South Korea confirmed that Samsung and SK Hynix are pouring fresh capital into AI and memory-chip mega-projects, racing to keep pace with explosive AI-driven demand for high-bandwidth memory. |
Banking data exposed. A security review found that 223 vulnerabilities in RBI's bank.in domain registry left sensitive banking data exposed for 13 months, raising fresh questions about the central bank's own cybersecurity oversight. |
Pangaea Revisited
South Africa exodus. Ahead of a contested June 30 "deadline," thousands of foreign nationals have left South Africa under pressure from anti-immigrant groups, even as the government insists no official deadline exists. |
Japan-China standoff. Tokyo lodged a formal protest after Chinese coast guard vessels entered Japan's exclusive economic zone near Yonaguni island, calling the move near its westernmost inhabited territory unacceptable. |
UK's North push. In his first major address as Britain's prime minister-in-waiting, Andy Burnham proposed a Manchester-based second seat of government called No. 10 North, drawing immediate pushback over how it sidelines Scotland, Wales and Northern Ireland. |
Putin rejects truce. Vladimir Putin said Russia will not accept Ukraine's proposal to limit long-range missile strikes, even as fresh Russian attacks killed at least 12 people and wounded dozens more across Ukraine. |
Also, Also, Also
India's T20 exit. At Lord's, Australia chased down a record 171 to knock India out of the Women's T20 World Cup, with Ellyse Perry and Ashleigh Gardner sealing the highest successful chase in the tournament's history. |
Wimbledon begins. The 139th edition of Wimbledon got underway at the All England Club, with Indian tennis legend Vijay Amritraj calling this year's wide-open doubles draw a real opportunity. |
Late World Cup drama. Brazil avoided a major upset as substitute Gabriel Martinelli struck in the 96th minute to beat Japan 2-1 and reach the round of 16. |
Scholar's passing. Lucknow-based Islamic scholar Maulana Salman Husaini Nadwi, known for his efforts at Ram Temple mediation, died at 72, drawing condolences from across India's religious and civic leadership. |