🛻 Reverse engineering

Good morning. Yesterday, at just 14, Vaibhav Suryavanshi smashed a 35-ball century for Rajasthan Royals, becoming the second-fastest in IPL history after Chris Gayle’s iconic 30-ball ton.

An explosive 101 off 38 balls 🔥 

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

•  🛻 Reverse engineering

•  🇨🇳 Chinese companies rush to India - on India’s terms

• 🗞️ Bite-sized summaries

  • 🇮🇳 India ranks 5th in global military spending

  • 🤑 Zepto gears up for IPO with ₹1,500 Cr. push

• 🧑‍🍳 What else is cookin’?

• 🍿 Entertainment, Entertainment, Entertainment

MARKETS

🇮🇳 India

• Indian stocks surged. The rally was led by Reliance Industries, which jumped over 5% on strong earnings, while infrastructure, energy, auto, and banking sectors also outperformed. Nifty IT was the only sector to end in the red.

🌍️ International

• US stocks closed higher for a fifth straight session as investors looked ahead to a busy week of major earnings and economic data. The rally was supported by optimism that tariff pain may be easing, though uncertainty over US trade policy remains.

EV

 🛻 Reverse engineering

Move over, Tesla — a new kind of electric vehicle is rolling in. Slate Auto, a Bezos-backed startup, has just debuted its first model: a no-frills, deeply customizable EV pickup that's designed to be simple, affordable, and yours.

Revealed at an event in Long Beach, Slate’s "Blank Slate" pickup throws out the tech-heavy playbook.

No giant touchscreens, no power windows — not even paint.

Instead, buyers get a stripped-down truck they can personalize with wraps and over 100 accessories, from roof racks to infotainment add-ons.

The base model promises a sub-$20,000 price tag after federal tax credits and offers 150 miles of range on a 52.7kWh battery (with an optional upgrade to 240 miles).

It’s smaller than a Ford Maverick and has a modest 1,000-pound towing capacity — but that's not the point. Slate is building a modular vehicle that can morph from a two-seater pickup into a five-seater SUV, all without a mechanic.

Customization is central to Slate’s strategy.

Want to upgrade later? Slate’s DIY-friendly platform and "Slate University" will guide you through easy installs. Prefer someone else do it? Certified partners have you covered.

With more than $111 million raised and big names like Jeff Bezos backing the vision, Slate is betting that affordability, flexibility, and personalization can rewrite the EV playbook — at a time when most startups are struggling just to survive.

CEO Chris Barman summed it up best: “We believe vehicles should be affordable and desirable. This is a vehicle people are actually going to love and be proud to own.”

Read more: Economic Times

INTERNATIONAL TRADE

 🇨🇳 Chinese companies rush to India - on India’s terms

Under growing pressure from US tariffs, Chinese firms are recalibrating their expansion plans, and India is emerging as a prime destination. But this time, New Delhi is dictating the rules.

Chinese giants like Haier and Shanghai Highly Group are now more willing to dilute their stakes and partner with Indian companies. Reliance Industries is in talks for a major stake in Haier India, while Tata-owned Voltas has revived joint venture discussions with Shanghai Highly.

Both moves mark a shift: Chinese companies, once reluctant to give up control, are now accepting minority ownership to secure a foothold in India.

The Indian government is playing it tough. Officials are reportedly capping Chinese equity stakes in electronics joint ventures at 10%, insisting on strong Indian board control and mandatory technology transfers to boost domestic manufacturing. Supply chain firms from China are being welcomed - but brand ownership will remain largely Indian.

The shift also aligns with India’s broader manufacturing push. Production-linked incentives (PLI) are leveling the playing field, making it cost-effective for global firms to invest in India instead of China. For Chinese companies squeezed by US tariffs, adapting to Indian terms is becoming a necessity rather than a choice.

Overall: Meanwhile, some Chinese exporters are quietly seeking Indian firms to route their goods to the US. Trade bodies are warning exporters against shortcuts, urging genuine value addition to avoid regulatory blowback and build long-term credibility.

The tariff war may have opened a rare window for India to strengthen its manufacturing ecosystem - but success will hinge on staying vigilant, strategic, and self-reliant.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

🇮🇳 India ranks 5th in global military spending - In 2024, India spent nine times more on defence than Pakistan, according to a SIPRI report. India’s military spending rose 1.6% to $86.1 billion, ranking fifth globally, while Pakistan spent $10.2 billion. The top five spenders—United States, China, Russia, Germany, and India—accounted for 60% of global military expenses. China's defence budget grew 7% to $314 billion, making up half of Asia's military spending. Russia’s military budget surged 38% to $149 billion, driven by the ongoing Ukraine war. Ukraine also increased defence spending by 2.9%. Europe overall saw a 17% rise, with Germany and Poland making major spending hikes.

🤑 Zepto gears up for IPO with ₹1,500 Cr. push - Zepto founders Aadit Palicha and Kaivalya Vohra are raising ₹1,500 crore through structured debt to boost Indian ownership ahead of their IPO. Edelweiss and other investors are backing the deal, which offers returns of up to 18%. The funds will help buy shares from foreign investors and increase domestic shareholding to over 30%. This move ensures Zepto meets India’s FDI rules for inventory-led ecommerce. Zepto is also closing a $250 million secondary sale to clean up its cap table. The company, growing fast in quick commerce, aims to achieve operating break-even soon while facing rising sector competition.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Russian attack on Kyiv kills 12, prompting Trump to rebuke Putin.

• Dr Reddy's to introduce Sanofi's novel drug in India.

• Urgent need to upskill workers on cybersecurity tools in retail, BFSI sectors.

• Global giants P&G to PepsiCo look to India for growth while small rivals speed ahead.

• Make in India initiative to get boost with Direct-to-Mobile phones.

CULTURE

🍿 Entertainment, Entertainment, Entertainment

• Harry Potter actor Rupert Grint welcomes second daughter with Georgia Groome.

• Baahubali 2 to be re-released in October, confirm makers.

• IPL 2025: 

  • RR beat GT by 8 wickets. Leaderboard here.