💰️ Urban Company’s IPO pops

Good morning. Jimmy Kimmel Live! is on pause. ABC suspended the show after Kimmel’s remarks about the killing of conservative activist Charlie Kirk drew sharp backlash from affiliates and even the FCC.

Looks like late-night just got later 🌙

Ruchirr Sharma & Shatakshi Sharmaa  

TABLE OF CONTENTS

• 💰️ Urban Company’s IPO pops

• 🇮🇳 Modi at 75: Doubling Down on Viksit Bharat

• Bite-sized summaries

  • 📈 Export growth optimism

  • 💵 SMBC deepens Yes Bank bet

• 🧑‍🍳 What else is cookin’?

MARKETS

🇮🇳 India

• Indian equities extended gains for a second straight day, supported by optimism on India-US trade talks and hopes for further US rate cuts. PSU banks and auto stocks outperformed after positive updates on sector reforms and festive demand; midcaps ended flat, smallcaps rose 0.5%. Metals and FMCG sectors saw mild profit booking, while IT and realty maintained strength amid bullish sentiment.

🌍️ International

• US stocks ended mixed after the Federal Reserve delivered a widely anticipated 0.25% rate cut while signaling limited further easing for 2025. Major indices fluctuated as Fed Chair Powell moderated expectations for aggressive easing, citing labor market concerns and inflation risks. Banks and industrials led gainers, with tech and utilities lagging.

MARKETS

💰️ Urban Company’s IPO pops

Urban Company, the home services unicorn, just pulled off one of the strongest stock market debuts of the year. Its shares listed at a 58% premium to the IPO price, briefly climbing as high as 74%. The blockbuster debut pushed its market cap to nearly ₹25,000 crore.

The backstory: 

• A few years ago, Urban Company was better known for its cash burn than its profits.

• Losses: ₹312 crore in FY23 → ₹93 crore in FY24.

• FY25: swung into the black with a ₹240 crore profit on revenues of ₹1,144 crore (38% growth).

• Translation: the company shifted from “growth at all costs” to proving it can actually make money.

The company raised ₹472 crore, with clear priorities: beefing up its tech infrastructure, locking in office leases, and investing in marketing. CEO Abhiraj Singh Bhal was quick to downplay the hype, saying the 100x subscription wasn’t a “victory lap” but a responsibility to deliver on future promises.

Overall: For India’s startup ecosystem, Urban Company’s listing is symbolic. After a rough few years of inflated valuations and investor skepticism, here’s a consumer tech company that’s managed to cross the profitability hump and still excite public markets. But as Bhal hinted, the real challenge isn’t day-one stock price—it’s whether Urban Company can balance growth bets (like InstaHelp) with sustained profitability.

Read more: Economic Times

GOVERNMENT

🇮🇳 Modi at 75: Doubling Down on Viksit Bharat

India’s Prime Minister Narendra Modi turned 75 this week, and instead of slowing down, he’s promising to hit the gas. On his birthday, Modi thanked Indians and global well-wishers for the flood of messages and said the affection only fuels his commitment to building a Viksit Bharat—literally, a “developed India.”

The status quo: For years, India has described itself as a rising economy with lofty growth ambitions. Modi has already rolled out campaigns like Make in India, Digital India, and Atmanirbhar Bharat (self-reliant India). But the dream of a fully “developed” India—one with universal healthcare, robust infrastructure, and equitable opportunities—remains a work in progress.

What’s new now: Modi framed the birthday wishes not as personal praise but as validation of a collective mission. True to his style of mixing symbolism with policy, he marked the day by launching a nationwide health and nutrition campaign for women and children from Madhya Pradesh. The BJP also used the moment to drive home service-oriented initiatives through its Sewa Pakhwada (fortnight of service).

Why it matters: In India’s political playbook, “Viksit Bharat” is more than a slogan. It’s becoming a north star for governance, elections, and global positioning. Modi’s message signals continuity—he’s not backing off but doubling down. For citizens, it means the government’s developmental pitch will remain front and center, from welfare programs to infrastructure pushes.

In other words, the birthday candles might be 75, but the energy Modi is signaling is anything but retiring.

Read more: Economic Times

GENERAL OVERVIEW

🗞️ Bite-sized summaries

📈 Export growth optimism - Commerce Minister Piyush Goyal projected a 6% rise in India’s exports in 2025, citing strong global demand, ongoing FTA negotiations, and India’s expanding economic strength. He emphasized India’s trajectory from a $4 trillion to $30 trillion-plus economy in the Amritkal era, positioning the country as an attractive trade hub. Goyal highlighted record-low unemployment of 5.1%, growing infrastructure projects, and consumer demand from GST 2.0 as drivers of job creation. He noted rapid progress in FTA talks with the EU and cited the UAE pact as a success, boosting trade and investment. Discussions with Peru, Chile, New Zealand, and Oman are also underway.

💵 SMBC deepens Yes Bank bet - Japanese lender SMBC will raise its stake in Yes Bank to 24.2%, acquiring an additional 4.2% from Carlyle Group for ₹2,850 crore, after earlier buying 13.18% from SBI for ₹9,000 crore. SBI will retain a 10% holding, while SMBC has RBI approval to lift its stake up to 24.99%. Two SMBC-nominated directors will join Yes Bank’s board, making it an equity affiliate of the group. The move signals SMBC’s long-term India commitment. Meanwhile, SMBC exited Kotak Mahindra Bank and is in talks to infuse ₹16,000 crore into Yes Bank through a mix of debt and equity.

HEADLINES

🧑‍🍳 What else is cookin’?

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

• Apollo Tyres to sponsor Indian cricket team's jersey following Dream11's exit.

• Google layoffs: Over 200 Google AI workers fired amid pay disputes and automation concerns.

• US tariff to slow down pace, scale of energy transition: Vedanta Resources CEO.

• We have only spent about Rs 10 lakh to develop Zerodha till date.

• ITC Foods, PE firms among dozen cos in race for around 10% stake acquisition in Balaji Wafers.