🇮🇳 A shift in India’s anti-terror doctrine

Good morning. Qatar’s royal family is gifting a Boeing 747-8 jet, registered as P4-HBJ, to the U.S. for President Trump’s use as Air Force One. The luxurious aircraft, dubbed a “palace in the sky,” is expected to be transferred to his presidential library after his term.

Despite criticism, Trump and his administration say they’re “willing” to accept the gift.

Jet diplomacy at its finest ✈️

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 🇮🇳 A shift in India’s anti-terror doctrine

• 🚚 Blinkit vs Instamart

• 🗞️ Bite-sized summaries

  • 🚗 Gensol MD’s retire

  • 📰 World’s first fully AI-generated newspaper edition

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities posted their strongest rally in nearly a year, driven by easing India-Pakistan tensions and positive global cues from the US-China trade deal. All sectoral indices ended in the green, with IT and realty leading gains-Nifty IT surged 6.7% and realty 5.9%. Infosys, HCL Tech, and Tata Steel were among the top performers, while broader indices also rallied as market volatility dropped sharply.

🌍️ International

• US stocks soared on Monday after the United States and China announced a 90-day truce in their trade war, agreeing to temporarily reduce most tariffs. The consumer discretionary sector led gains, rising over 5%, with major tech and retail stocks like Amazon, Tesla, Apple, and Meta all rallying more than 5%. The truce exceeded market expectations, easing fears of a recession and boosting risk appetite, while Treasury yields and the US dollar also strengthened on optimism that the Federal Reserve may not need to cut rates as aggressively.

INDIAN ARMED FORCES

🇮🇳 A shift in India’s anti-terror doctrine

In a powerful national address on May 12, Prime Minister Narendra Modi declared Operation Sindoor as India’s new policy framework in its fight against terrorism.

The operation, a direct and forceful response to the Pahalgam terror attack on April 22, marked a significant escalation in India’s posture against cross-border terrorism, especially from Pakistan.

• Calling the Pahalgam incident “the most barbaric face of terrorism” and a deeply personal pain, PM Modi emphasized that the attack, which targeted Indian civilians, particularly women, demanded more than condemnation—it required justice.

• "The enemy now knows the consequence of snatching sindoor from the foreheads of our women," he stated, underscoring the symbolic and emotional weight behind the operation's name.

Launched in the late hours of May 6 and continuing into May 7, Operation Sindoor saw India execute a series of precise strikes using drones and missiles to target nine terror camps inside Pakistan, neutralizing over 100 terrorists. Pakistan’s drone incursions were also intercepted and destroyed. The strikes reportedly inflicted significant damage on Pakistan’s air bases and terror infrastructure, prompting Islamabad to plead for a halt in hostilities.

The Prime Minister made it clear that India’s retaliation was calculated, resolute, and intended to draw a red line—one that redefines India’s tolerance toward terrorism. “This is not just an operation; it is a pledge of justice,” he said. While India has temporarily paused operations following Pakistan’s appeal and assurances, Modi warned that future action depends entirely on Pakistan’s behavior.

Overall: Rejecting the idea of nuclear blackmail and diplomatic hypocrisy, Modi reiterated that “terror and talks cannot go together.” He asserted that any nation supporting terrorism would ultimately face its own undoing.

Operation Sindoor, with its scale and symbolism, signals a decisive shift in India’s national security policy. It blends military strength with emotional resolve, sending a clear message: India will no longer absorb attacks—it will retaliate with purpose and power.

Read more: Times of India

DELIVERY

🚚 Blinkit vs Instamart

India’s quick commerce battle intensified in Q4 FY25, with Zomato’s Blinkit and Swiggy’s Instamart grappling with growing competition, expanding networks, and deepening losses. Despite Blinkit maintaining market leadership, both players are seeing profitability slip further out of reach.

• Zomato’s parent, Eternal, reported that Blinkit’s adjusted EBITDA margin dropped to -1.9% of Gross Order Value (GOV), widening from -0.9% a year ago.

• For Instamart, the decline was steeper—from -13.2% to -18%. The main reason? Aggressive expansion. Blinkit added 294 stores—its highest ever in a quarter—while Instamart added 316 dark stores, aiming to hit 1,000 by March 2025.

These investments have come at a cost. Blinkit’s adjusted EBITDA loss surged to Rs 178 crore, up from Rs 103 crore in the previous quarter. Swiggy’s Instamart fared worse, with losses ballooning to Rs 840 crore, compared to Rs 578 crore in Q3.

CEO Albinder Dhindsa of Blinkit acknowledged that increasing competition is pressuring margins. Higher delivery fees and premium category sales have become harder to push amid a crowded market. Still, Blinkit is betting big on expansion into tier-2 and tier-3 cities, expecting long-term gains despite short-term strain.

Analysts, however, remain cautious. Kotak and Motilal Oswal have pushed back their profitability forecasts, with the latter estimating Blinkit may not break even until FY27.

Meanwhile, Instamart is playing catch-up.

• Though Swiggy leads in food delivery, Blinkit continues to outpace Instamart in quick commerce—despite being twice its size—with lower cash burn and a wider network. Swiggy CEO Sriharsha Majety insists losses have peaked and aims for contribution margin breakeven in three to five quarters.

• Adding to the shake-up, Zomato recently shut down its 15-minute food delivery service (Quick) and Everyday meal platform, citing operational limitations.

• In contrast, Swiggy is doubling down with Bolt, its 10-minute offering, claiming stronger user retention.

As competition tightens, the quick commerce space is bracing for more consolidation, sharper strategy pivots, and a bumpy road to profitability.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🚗 Gensol MD’s retire - Gensol Engineering’s Managing Director Anmol Singh Jaggi and Whole-time Director Puneet Singh Jaggi resigned on May 12, 2025, following SEBI’s interim order barring them from the securities market. SEBI accused the Jaggi brothers of siphoning funds from a ₹978 crore loan meant for procuring electric vehicles for BluSmart Mobility, an affiliate of Gensol. Allegations include misuse of ₹262 crore on unrelated transactions, including luxury real estate. Gensol’s stock has plummeted nearly 60% in a month. The Securities Appellate Tribunal declined to stay SEBI’s order, and multiple regulatory investigations, including by the Ministry of Corporate Affairs, are now underway.

📰 World’s first fully AI-generated newspaper edition - In a bold experiment to explore the intersection of technology and journalism, Italian daily Il Foglio has begun publishing a fully AI-generated edition—an industry first. For one month, the newspaper is releasing a parallel four-page daily edition with 22 articles and three editorials crafted entirely by AI, primarily using OpenAI’s ChatGPT. Editor Claudio Cerasa emphasizes that the initiative aims to “revitalise journalism, not kill it,” by testing AI’s creative limits and learning how it might complement, not replace, human reporting. Despite some reader concerns, the experiment has spurred curiosity and boosted sales by 60% on its first day, demonstrating how AI can engage new audiences without undermining journalistic integrity.

HEADLINES

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• Virat Kohli retires from Test cricket.

• PhonePe UPI payments disrupted as new data centre fails to handle rush.

• Russian President Putin to visit India following PM Modi's invitation during bilateral talks.

• India, Pakistan DGMO talks completed for today.