🔥 PVC, Tariffs & XR Tech—Your Monday Masala

☀️ Good Morning!

Happy Monday!

As England heads to Lord’s looking dazed and confused, we’re diving into a Monday brew packed with everything from Adani’s plastic empire to tariff deadlines, startup moves, market mood, and a sprinkle of XR magic. Time to chai things up! 🍵🇮🇳

🫖 Chai Shots

• 🤝 India and US may finalise mini trade deal in 48 hours: Sources say the two sides are close to a limited-scope deal with average tariffs around 10%. A broader FTA will take more time, but both want to avoid letting tensions boil over before July 9’s deadline.

• 👨‍💼 Aditya Mangla becomes Zomato’s new food delivery CEO: After two years at the helm, Rakesh Ranjan has stepped down. Replacing him is Aditya Mangla, a long-time Zomato/Eternal insider who’s held roles across product, supply, and customer experience. With the board’s approval in hand, Mangla’s two-year term kicks off as Eternal aims to sharpen its food delivery game in a crowded market.

• 📊 India could hit $9.82T economic activity by 2035, says PwC: A new report urges Indian businesses to go beyond traditional sector playbooks and adopt a domain-led approach to growth (think: how we build, live, move, etc.). If done right, India’s GVA could triple by 2035, powered by manufacturing, infrastructure, and tech-driven transformation.

• 🧪 Adani dives into PVC wars: Gautam Adani's group is setting up a massive ₹1 million tonne-per-year PVC plant in Mundra, Gujarat, taking direct aim at Reliance’s turf in petrochemicals. This marks Adani’s big entry into a sector where Ambani has long ruled. More in the Big Brew 👇

📊 Market Masala

• 🛣️ Hotels see surge as Indians embrace spontaneous road trips: Whether it's Haridwar, Coorg, or Lonavala—travel platforms say last-minute bookings are booming, despite luxury prices. Improved highways and a love for quick getaways are turning boutique stays into weekend hotspots. Even abroad, Indians are opting for self-drive adventures in Australia and NZ.

• 👷 Staffing firms ask for 5% GST to boost formal hiring: The Indian Staffing Federation wants the GST Council to reduce GST on employment services from 18% to 5%, arguing it will spur job creation and formalisation. They say the move won’t dent revenue much, but will significantly ease burdens on MSMEs.

• 🌍 IndiGo picks Amsterdam as gateway for Europe and US: The airline has launched direct flights from Mumbai to Amsterdam and Manchester, with more EU destinations to come. CEO Pieter Elbers says Amsterdam will become a major IndiGo hub for long-haul expansion, including future links to London and Athens.

🗓️ Looking at the Week Ahead:

• ⚖️ Trump’s July 9 tariff deadline looms large

• 💹 Midcap action to remain stock-specific as Q1 earnings kick off

• 🕵️ SEBI’s regulatory scrutiny may spook derivatives traders

🌍 Global Masala

• 📦 Tariffs return August 1 if trade deals don’t materialize, says US Treasury Secy: Scott Bessent confirmed Trump’s 90-day pause on April’s massive tariffs ends soon. Countries not in compliance will "boomerang" back to previous rates. Letters go out Monday—cue nervous glances in trade ministries from Paris to Tokyo.

• 💉 China fires back at EU with medical import bans: In response to the EU banning Chinese firms from public health tenders, China is now blocking EU-origin medical device imports over ¥45 million—and devices using >50% EU components. Brussels may want a truce, but Beijing's playing hardball.

• 🛢️ OPEC+ to meet midweek amid crude chaos: Oil ministers and energy CEOs gather in Vienna starting Wednesday. With prices volatile and demand forecasts shaky, another output adjustment may be on the cards.

🗓️ Looking at the Week Ahead:

• 📆 July 9: Deadline for US-EU deal

• ⛽ July 10–11: OPEC Seminar in Vienna

• 🌍 Tariff, oil, and trade cues to shape global sentiment

🫖 The Big Brew: Adani vs Reliance—PVC Edition

What do pipes, power cables, vinyl flooring, and credit cards have in common? The answer: PVC, or polyvinyl chloride. And Adani just announced it’s getting into the PVC game in a big way—setting up a 1 million tonne-per-year plant in Gujarat’s Mundra by FY28.

Here’s the brew:

• 💥 Big ambitions: The Adani Group’s flagship, Adani Enterprises, is building a full-fledged petrochemical cluster in Mundra, with plans to manufacture not just PVC, but also chlor-alkali, calcium carbide, and acetylene. The aim? Create a self-sufficient domestic production hub that eats into India’s current PVC import bill.

• 🏗️ Closing the gap: India currently consumes about 4 million tonnes of PVC every year, but domestic capacity is less than 1.6 million tonnes. Reliance alone holds nearly half of that. Adani’s project would significantly cut down on imports—and could even expand to 2 million tonnes down the line.

• ♻️ Comeback after controversy: This project was briefly stalled in 2023 after the Hindenburg report rocked the group, but Adani bounced back. It raised $5 billion, cleared all share-backed debt, and has now received environmental approvals to proceed.

• 🛳️ Logistics advantage: Adani’s ports, land holdings, and integrated logistics across Mundra give it a serious edge in moving raw materials and finished goods efficiently—whether to Indian cities or global buyers.

👷‍♂️ Execution muscle: With a seasoned team of engineers and a track record in mega infra—from ports to power—the Adani Group is betting big on executing this PVC push without hiccups.

🚀 Startup Scoop

• 👓 Lenskart invests in Ajna Lens for XR-powered smart glasses: Eyewear meets innovation—Lenskart is backing Ajna Lens, a Mumbai-based startup building AI-driven XR wearables. The two aim to combine style with cutting-edge tech, marking Lenskart’s bold move beyond traditional eyewear.

• 💄 Nykaa sees mid-20% revenue growth in Q1 FY26: The beauty giant is seeing strong traction in its core segment, with offline, online, and B2B channels firing together. Fashion, meanwhile, is recovering slowly. The brand is also going all-in on AI, with 40+ generative initiatives underway for personalization and backend automation.

🤯 Chai Break Trivia

🧠 Did you know: Shubman Gill just rewrote Indian cricket history—twice!

With 430 runs in one match and a second-innings knock of 161, he’s now scored the most runs by an Indian captain in a debut Test series. That record? Previously held by none other than Virat Kohli.

🔮 What’s Brewing Next?

• 📜 US tariff letters hit inboxes today—brace for reactions

• ✍️ India-US mini deal could be announced before Tuesday

👋 Until Tomorrow…

India may have needed 9 tries to win at Edgbaston—but when they did, they won big. From swing kings to startup bling, Monday’s brew had it all.

We’ll see you tomorrow with more trade drama, market vibes, and startup spice. Until then—bowl straight, sip slow, and keep your chai strong 💪☕🇮🇳