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🇮🇳 India-Pakistan tensions
PLUS: Prosus doubles down on India
Good morning and Happy Friday. Hope everyone is staying safe and taking care of themselves and those around you during this time đź«¶
Ruchirr Sharma & Shatakshi Sharmaa
TABLE OF CONTENTS
🇮🇳 India-Pakistan tensions spike after drone attacks and precision strikes
🤑 Prosus doubles down on India
🗞️ Bite-sized summaries
🇪🇺 EU x USA trade
📜 Bond ratings
🧑‍🍳 What else is cookin’?
🍿 Entertainment, Entertainment, Entertainment
MARKETS
🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 08/05/2025
Indian equity markets closed sharply lower in their most volatile session in a month, as escalating India-Pakistan tensions triggered widespread selling. Metal stocks led sectoral declines, while IT stocks offered some support. The Indian rupee weakened to ₹85.59 per dollar, and broader indices underperformed as concerns over potential conflict and capital outflows weighed on sentiment.
🌍️ International

Stock data as of market close 08/05/2025
US stocks closed higher on Thursday as investors cheered the announcement of a new trade agreement between the US and Britain, while chip stocks surged on hopes of relaxed export curbs for AI semiconductors. Semiconductor leaders like Nvidia, Broadcom, and AMD posted strong gains, helping propel Wall Street to its third straight positive session. The rally came despite the Federal Reserve maintaining interest rates and warning of increased risks from inflation and unemployment, with traders now expecting rate cuts later in the year.
INDIAN ARMED FORCES
Tensions between India and Pakistan reached a new high on Thursday night as both sides engaged in a series of aggressive military maneuvers following India’s Operation Sindoor. What began as a retaliatory strike on terror camps in Pakistan and PoK after the Pahalgam attack has rapidly escalated into a broader regional standoff.
On May 8, Pakistan reportedly targeted the Jammu region, including its airport, using loitering munitions - a form of self-destructing drone designed to hover and strike with precision.
In response, Indian Air Defence units returned fire, and sirens blared across Jammu and Kashmir, signaling an elevated state of alert.
The situation grew even more intense with blackouts imposed in Kishtwar and Amritsar, as well as parts of Rajasthan and Punjab.
These precautionary measures came after Pakistani drones and missiles attempted to hit multiple Indian cities, including strategic military installations in Srinagar, Jammu, Pathankot, Amritsar, Chandigarh, and Bhuj, among others.
India's defence forces quickly activated the S-400 'Sudarshan Chakra' missile system, which successfully intercepted several incoming threats. Debris from downed aerial objects was recovered, providing physical evidence of Pakistan’s cross-border aggression.
In a calibrated counter-offensive, India struck back early Friday by targeting key Pakistani air defence infrastructure. Notably, one of Pakistan’s radar systems in Lahore was reportedly neutralised in the operation.
The escalation comes weeks after the April 22 terrorist attack in Pahalgam, which killed 26 civilians and prompted Operation Sindoor. Defence Minister Rajnath Singh has reiterated India's resolve to respond forcefully to any provocation.
Meanwhile, India’s National Security Advisor Ajit Doval has been in close communication with global counterparts, stressing that while India does not seek escalation, it is fully prepared to retaliate if provoked.
Overall: With both sides now actively engaging across multiple fronts and major cities under heightened alert, the situation remains volatile - and the world watches closely.
Read more: Times of India
FDI
Prosus, the Dutch tech investment giant, remains bullish on India even after enduring a $500 million write-off from the Byju’s debacle. In a shareholder letter released Thursday, CEO Fabricio Bloisi reiterated that India remains one of Prosus’s “most important markets globally,” with a total investment exceeding $8.6 billion to date.
Key Highlights:
Swiggy IPO Windfall
Swiggy’s public listing in November 2024 was a major success for Prosus. The firm offloaded a 5% stake for $500 million, recovering more than half of its original $1 billion investment. Its remaining 25% stake is now valued at $2.2 billion, validating its early bet on the food delivery unicorn.New Bets and Pipeline IPOs
Prosus invested $30 million in Rapido, India’s fast-growing bike taxi platform, which now clocks 3 million daily rides with 100% YoY growth.
It is also backing upcoming IPOs from jewelry platform Bluestone and home services marketplace Urban Company, both considered marquee names in India’s consumer tech landscape.Strategic Exits, Fresh Focus
In fiscal 2025, Prosus generated $2.4 billion from partial exits, including Swiggy, Udemy, and payment businesses in Latin America and Africa.
Now, it is shifting focus to generative AI, online marketplaces, and startups catering to India’s next 300 million users.
Despite the cloud of Byju’s losses, Bloisi emphasized Prosus’s “long-term commitment” to Indian entrepreneurship—from early to late-stage investments—and believes the region is primed for “sustained digital growth.”
Read more: Economic Times
GENERAL OVERVIEW
🗞️ Bite-sized summaries

🇪🇺 EU x USA trade - The European Union has announced a detailed plan to retaliate if trade negotiations with the U.S. under President Trump fail, signaling a sharp escalation in trade tensions. The European Commission outlined potential tariffs on $107 billion worth of American goods—targeting agricultural products like soybeans and bourbon, as well as manufactured items like car parts and airplane components. Simultaneously, the EU plans to initiate a World Trade Organization dispute against U.S. tariffs, especially on cars and metals. While immediate implementation is not expected, EU governments will consult over the next month. Officials maintain hope for a negotiated resolution but are preparing for long-term trade rebalancing if talks falter.
📜 Bond ratings - Crisil Ratings has placed IndusInd Bank’s long-term debt instruments on rating watch with negative implications, citing senior management exits and an internal audit of its microfinance (MFI) business. The move follows a ₹1,979 crore loss from mis-accounted derivative trades and rising concerns over internal controls. While ₹5,500 crore worth of bonds remain rated AA+, the short-term rating stays at A1+. The bank’s MFI portfolio, comprising 9% of total advances, saw a 16% decline and a spike in NPAs to 7.05%. Crisil awaits clarity from an ongoing EY audit before deciding on any rating action, closely watching governance and profitability risks.
HEADLINES
🧑‍🍳 What else is cookin’?
What’s happening in India (and around the world 🌍️)
India closes 25 flight routes to Pakistan from Indian airspace.
Telangana: Comprehensive mock drill conducted in Hyderabad's Golconda.
Punjab: Authorities conduct mock drill in Amritsar, urge residents to stay alert.
Jaishankar to hold talks with Iranian counterpart on Thursday.
India's wireless subscriber base hits 1.16 billion in March, grows 0.28% monthly: TRAI.
CULTURE
🍿 Entertainment, Entertainment, Entertainment

Source: Netflix
The Royals is out now on Netflix and we are excited đź‘‘
IPL 2025: PBKS vs DC match halted amidst geopolitical tensions. Leaderboard here.
Mason Mount ends 20 months of torment with a brilliant second half double as Manchester United enters the Europa League final.
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That’s all for today folks - have a lovely day and we’ll see you next week.