Apple just lost $310B in a day 😳

GOOOOOD morning, chai lovers!

It's Friday—and after a week as spicy as extra-masala pav bhaji, you're due a strong cup of Chai (and a stronger newsletter). While the world watched markets crash, startups cash in, and trade tensions tighten, we've got everything simmered and served for you, just right. Let's get into it! 🔥

☕️ Chai Shots

• 🍎 Apple’s record meltdown: Apple just lost $310 billion in market value in one day—its worst since March 2020. Why? Trump’s mega-tariffs, especially the 54% hit on Chinese imports. More on this steaming mess in today’s Big Brew! 🍵

• 🏗️ India puts local steel first: In a fresh push to protect domestic steelmakers, India rolled out new procurement rules favoring homegrown steel for government projects. Foreign bidders from non-reciprocal countries? Sorry, you’re benched.

• 🛣️ Toll revenues hit new highs: India collected ₹72,931 crore in tolls in FY25—a 12.5% bump. FASTag adoption, new highways, and events like Kumbh Mela gave collections a nice lift.

• ✈️ Ola revs up same-day delivery: Ola Electric launched ‘HyperDelivery’ in Bengaluru, promising same-day registration and vehicle delivery. A nationwide rollout is coming soon.

📈 Market Masala

• 📉 Sensex and Nifty dip on tariff jitters: Markets stayed on edge Thursday with the Sensex down 322 points and Nifty shedding 82, both falling 0.35%-0.42%. Auto and IT stocks led the slide, while pharma names like Sun Pharma bucked the trend.

• 🧐 Eyes on the RBI: With Trump’s 26% tariff on Indian imports (half of what India charges the US), rate watchers are keenly awaiting the MPC meet next week. A 25bps rate cut is widely expected.

• 💰 HDFC Bank sees deposits outpace loans: India’s largest private bank reported a 5.9% rise in deposits for Q4 vs a 4% jump in advances. It’s now racing to grow deposits faster post its HDFC merger.

• 🧵 Textiles: India gains an edge: While Indian textiles will face a 27% US duty, competing nations like Vietnam and Bangladesh are hit with even steeper tariffs, making India more competitive—at least for now.

• 💊 Pharma breathes easy: Indian drugmakers dodged the tariff bullet. Exemptions mean continued access to the US market without price hikes. Stocks rallied as a result.

🌎 Global Masala

• 📉 Global markets get tariff-shocked: Trump’s massive reciprocal tariffs—up to 54% on China—sent US markets spiraling. Dow plunged 1,400 points, Nasdaq dropped 5%, and even oil tumbled 7%.

• 🍔 McDonald's defies the downturn: While tech stocks tanked, fast food majors like McDonald’s, Yum Brands, and Burger King parent RBI saw gains as investors flocked to “tariff-proof” domestic business models.

• 🇪🇺 Europe hits the brakes: European stocks slid 2.7% with auto, retail, and tech firms reeling under US tariff shocks. Adidas tumbled 11%, Maersk sank 9.5%, and banks bled across the board.

• 🐧 Trump tariffs reach… penguins? The US slapped a 10% import tariff on the uninhabited Heard and McDonald Islands (yes, really). With no humans and thousands of confused seals and penguins, this one’s just wild.

🍵 The Big Brew: Apple’s $310 Billion Meltdown

🍎 Apple just had a rotten Thursday. The tech giant saw its biggest drop since the COVID market crash—over 9%—wiping out a jaw-dropping $310 billion in value. And the culprit? Tariffs, baby.

📦 Here’s the chai:

• Trump’s new trade policy slammed a 34% tariff on Chinese goods—on top of the existing 20%—bringing China’s effective rate to 54%.

• 85% of iPhones are made in China, and investors took one look and bolted.

• The places Apple has been trying to shift its manufacturing to—India, Vietnam, Taiwan? Yep, they got hit with tariffs too.

💸 So what’s the fallout?

• Apple tanked 9% in one day.

• Meta and Amazon also slid 9%, Nvidia dropped 8%, and Tesla dipped 5%.

• Together, the “Magnificent Seven” tech stocks lost over $1 trillion in market cap.

🤔 What does this mean?

• Tech giants are now walking a tightrope. India could benefit in the long run with more production moving here—but in the short term, expect turbulence.

• iPhones might soon come with a side of sticker shock.

🚀 Startup Scoop

• 🍪 Sweet Karam Coffee raises $8M: The South Indian snack brand backed by Peak XV and Fireside Ventures is going omnichannel and eyeing 2.5x growth this year. It already delivers to 32 countries and sits in 2,500 dark stores.

• 💳 Scapia lands $40M Series B: The travel credit card startup is soaring on Gen Z demand. With zero joining fees and no forex markup, its co-branded Federal Bank card is becoming a millennial must-have.

• 🛰️ Tonbo Imaging raises ₹175 Cr: The defense tech firm backed by Exim Bank and Florintree Advisors is making gear for militaries across 30+ countries and plans to IPO soon.

• ♻️ Attero hits ₹450 Cr in revenue: The e-waste recycler saw 54% growth in FY24. But a rise in material costs dented profits. It’s still India’s go-to for recycling old gadgets and batteries.

• 💰 Kissht eyes IPO by June: The digital lender is prepping a ₹1,800+ Cr public issue, targeting a valuation of up to $1.1B. ICICI Securities, UBS and Motilal Oswal are on banker duty.

🧠 Chai Break Trivia

☕️ Did you know? Uttar Pradesh topped all Indian states in toll revenue collection for FY25, raking in a whopping ₹7,060 crore. That’s more than any other state in India!

🔮 What’s Brewing Next?

• 📢 Watch for RBI’s rate call: All eyes on April 9, when the RBI could slash rates further and tweak its liquidity stance.

That’s a wrap for this Friday! Until next time, keep sipping, keep questioning, and remember—when the world gets too bitter, there's always chai.

And don’t forget to enjoy your weeeeekend!!