🤝 Jio + BlackRock = SEBI-Certified Money Moves

🌞 Good morning, Masala Crew!
Turns out, even AI can't dodge a phishing link, defence deals now come with a competitive edge, and Rapido may be dreaming bigger than its delivery fleet can handle. It’s Thursday aka FRIDAY JUNIORRRR, and while the midweek slump is real, today’s headlines are anything but flat. From spiked edible oil duties to robot-run factories and DNA deletions gone viral, this brew is full of punch.

Let’s stir it up 👇

☕ Chai Shots

• 📶 TRAI Probes Jio & Airtel on AirFiber Data Game: India’s telecom regulator has raised red flags over how Jio and Airtel are counting users on their 5G-based AirFiber services. The issue? Millions of wireless home broadband users may be reported as "fixed-line" subscribers, potentially distorting national connectivity stats and altering license fee obligations. A reclassification could change how India tracks digital growth and how telcos pay up.

• 🍾 Maharashtra’s Boozy Budget Just Got Pricier: The state has hiked excise duties on alcohol, affecting everything from desi daaru to imported whiskeys. To tighten tracking, an AI-powered surveillance system will be introduced to monitor distillery output and spot revenue leaks in real time. Your next peg might just cost more, but it’ll be traceable.

• 📊 Jio-BlackRock Gets SEBI Go-Ahead to Launch Advisory Biz: The financial JV has received SEBI approval to begin investment advisory services. Riding on a digital-first strategy and led by ex-BlackRock exec Marc Pilgrem, the firm aims to democratize wealth planning in India. They’ll offer AI-led, customized guidance with a focus on long-term financial goals—think retirement, not just returns. More in the Big Brew 👇

• 🛡️ US Rejects India’s WTO Complaint on Auto Tariffs: The U.S. has refused India's request for consultations over its steep 25% auto import duties, claiming the tariffs are tied to national security, not trade protection. The diplomatic pushback comes amid ongoing negotiations for a broader bilateral trade agreement between the two nations.

• 📢 Publicis Wins Mars’ ₹14,000 Cr Ad Account From WPP: In a major blow to WPP, French ad giant Publicis has scooped up Mars Inc.’s $1.7B global ad business—including M&M’s, Snickers, and Pedigree. The move follows a leadership shakeup at WPP and reflects advertiser interest in data-driven, digital-first agencies with global reach.

📈 Market Masala

• 📈 Sensex & Nifty Inch Up in Choppy Trade: Indian benchmark indices ended marginally higher after a rollercoaster session, lifted by optimism around US-China trade talks. The Sensex added 123 points to close at 82,515, while the Nifty gained 37 points to settle at 25,141.

• 💻 Tech & Oil Shine, But Banks and FMCG Lag: Sectoral performance painted a mixed picture—Nifty IT rallied 1.26%, riding high on hopes of improved global demand, while oil & gas stocks jumped 1.47% amid steady crude prices. On the flip side, Nifty Bank, FMCG, and Financial Services were under pressure, with big names like HDFC Bank and Hindustan Unilever dragging. Mid- and small-cap indices also slipped into the red, showing some fatigue after recent rallies.

• 🏦 BoB Highest Bidder for Jet’s BKC Office at ₹370 Cr: As part of Jet Airways’ insolvency process, Bank of Baroda offered ₹370 crore for the airline’s massive 83,000 sq ft Mumbai office. But Brookfield, which owns other floors in the building, holds the right of first refusal and may match the offer.

• 🛢️ Edible Oil Duty Slashed to Ease Prices: The Centre has cut the basic customs duty on crude sunflower, soybean, and palm oils from 20% to 10%, widening the gap with refined oils to 19.25%. The move aims to bring down retail prices, encourage local refining, and tame food inflation.

• 👗 Zara India’s FY25 Profit Rises 23%, Sales Flat: Zara’s India operations posted ₹2,782 crore in revenue (flat YoY), but profits climbed to ₹299 crore. Trent, Tata’s retail arm, also reduced its stake in the JV, and store count dropped from 23 to 22.

🌍 Global Masala

• 📉 US Stocks Cool as CPI Eases, Fed Hopes Rise: Softer-than-expected inflation data for May (just 0.1% MoM) boosted market hopes for rate cuts later this year. But major indices like the S&P 500 and Nasdaq took a breather after recent highs. Oil and platinum surged on geopolitical tensions and supply issues.

• 🧬 15% of 23andMe Users Request DNA Deletion Amid Sale Drama: Following its bankruptcy filing and a $256M acquisition bid from Regeneron, nearly 2 million users have asked 23andMe to erase their genetic data. With lawsuits piling up from U.S. states and data privacy questions mounting, the company is facing scrutiny over what happens when a biotech firm sells your biological blueprint.

• 🛒 Whole Foods Faces Stock-Outs After Cyberattack on UNFI: A cyber incident at United Natural Foods Inc. (UNFI), the main distributor for Whole Foods, has thrown logistics into chaos. With warehouse systems offline, product shipments have stalled across the U.S. The Amazon-owned grocer has warned staff that restocking could take several days, with visible gaps already showing up on shelves.

🫖 The Big Brew 💸 Jio + BlackRock Just Got SEBI’s Blessing 💸

The Mukesh Ambani–BlackRock bromance just levelled up. Their 50:50 joint venture, Jio BlackRock, has officially bagged SEBI approval to operate as an investment adviser in India.

Here’s what’s brewing:

• 🪙 Advisory Mode On: After greenlighting its mutual fund arm earlier, SEBI has now cleared Jio BlackRock to offer personalised investment advice—digitally and at scale.

• 🧠 Big Brains at the Helm: Marc Pilgrem (ex-BlackRock EMEA head) is in as CEO, ready to lead a digital-first revolution in wealth building—smart, simple, and jargon-free.

• 🔁 Global Muscle, Local Hustle: The ₹84.5 crore joint bet aims to bring BlackRock’s global investment tools to Jio’s massive Indian audience. Think Robinhood meets Reliance.

• 📲 Digital-First Everything: The advisory platform will be built ground-up for today’s investor—mobile-friendly, data-driven, and tailored to help you hit long-term goals like retirement, without needing a finance degree.

• 📈 Momentum Building: This marks Jio BlackRock’s second SEBI nod in weeks, following approval for mutual fund operations. The duo is clearly setting up a full-stack financial juggernaut—think advisory, funds, and more—all under one shiny app.

🚀 Startup Scoop

• 💰 Refyne Raises ₹35 Cr Debt to Scale Salary-on-Demand Model: The fintech startup raised fresh funds from Stride Ventures by issuing 3,500 debentures. Refyne lets employees access wages before payday and serves over 1 crore users. FY24 revenue hit ₹49 Cr, with losses narrowing to ₹33.9 Cr.

• 🏭 Leumas Raises $2.2M to Build Modular Robot Factories: Backed by Capital 2B and others, deeptech startup Leumas will use the funds to scale its AI-powered "factory-as-a-service" model for wellness and pharma brands.

• 🏸 Machaxi Nets $1.5M to Train Badminton Stars with AI: With backing from Rainmatter and Prakash Padukone, the sports-tech startup will set up 1,000 AI-supported coaching centers nationwide. The goal? Discover talent from every corner of India.

🤯 Chai Break Trivia

🪙 Did you know: India was the first civilization to mint coins using punch marks, dating back to the 6th century BCE?

These silver coins were used for trade during the Mahajanapada period and had no faces—just symbols like the sun, trees, and animals. Long before crypto, we had desi tokens!

🔮 What’s Brewing Next?

• 📦 Rapido’s Food Delivery Pilot Expands: Bengaluru’s test run may spread to other metros soon—though analysts remain skeptical of its long-term impact.

🫖 That’s a wrap for today!
Whether you're bullish on robot factories or just here for the Zara sale gossip, this chai’s brewed to perfection. We'll be back tomorrow with more headlines hotter than your tandoori roti.

Until then—sip safe and scroll smart😎☕
Masala Chai, signing off.