Voltas Hit With ₹265 Cr GST Storm 🌪️

Happy Thursday i.e Friday Juniorrrr! If this week feels like a rollercoaster 🎢 — markets, tech, food, AI, and even gold are throwing surprises. Whether you're team ETF or team AC (you’ll get the pun soon), we’ve got your morning chai fully spiced up.

Chai Shots ☕️

• ⚖️ Voltas receives ₹265 crore GST show-cause notice: The notice pertains to alleged GST shortfalls from 2018–2021 linked to Universal Comfort Products, which merged into Voltas. The company says it is evaluating the claim and will respond within the stipulated time.

• 🛍 Swiggy shuts down its B2B SaaS platform ‘Minis’: Launched in 2022 for small sellers and creators, ‘Minis’ allowed local businesses to create online stores with no commission. The service will wind down on August 10, as Swiggy doubles down on core food delivery and quick commerce.

• 💸 Kissht gears up for IPO, converts to public company
  Fintech firm Kissht has formally begun its IPO journey, converting into a public limited company. The filing hints at a $225 million IPO, with both fresh issue and offer-for-sale components. DRHP expected later this month.

• 🏛 Trump’s Vietnam trade deal lifts S&P 500 to a record high
  The S&P 500 hit a fresh intraday record after Donald Trump announced a new trade deal with Vietnam, including a 20% tariff on imports. Stocks like Nike jumped 4%, but gains were capped by a surprise dip in U.S. private payrolls — a drop of 33,000 jobs in June, marking the first fall since March 2023. More in the Big Brew 👇

Market Masala 📈

• 📉 Nifty forms bear candle; resistance seen at 25,640–25,740: Technical charts suggest profit-booking as Nifty struggled for the third straight session. Analysts say a decisive break below 25,300 could trigger deeper correction, while staying above 25,400 might fuel a rebound toward 26,000.

• 🏦 Bank Nifty also turns bearish, finds support near 56,800: Following strong gains, Bank Nifty faced selling pressure and is now testing key support levels. Holding above 56,800 could open the door to 58,000, while stronger support lies in the 55,500–56,000 zone.

• ⚠️ AI under scrutiny: Internal auditors raise red flags: A surge in AI adoption across India Inc has sparked concerns around biased outputs, data misuse, and lack of oversight. Auditors urge boards to adopt stricter AI governance and align with global standards like the EU AI Act and NIST to avoid legal and ethical fallout

• 🪙 India Inc bets big on gold ETFs as AUM hits ₹36,154 Cr: Institutional investors now control over 61% of total gold ETF assets, thanks to gold’s rise as a diversification hedge. Even retail folios are rising — just often routed through fund-of-funds, which are counted under corporate AUM in data reporting.

• 🤖 Zoho goes all-in on deeptech with Asimov Robotics acquisition
  Zoho has acquired Kerala-based Asimov Robotics as part of its R&D push. It’s also teaming up with Kerala Startup Mission (KSUM) to launch a deeptech studio and will collaborate with firms like IIT Bombay, Genrobotics, and more to solve cutting-edge tech challenges.

Global Masala 🌍

• 💥 Germany’s arms exports heat up amid booming defense industry: Germany, the world’s 5th-largest arms exporter (2020–2024), sent 80% of its Q1 2025 arms to "close partner countries," per official export data. Key defense firms are raking in global deals as geopolitical demand soars.

• 🥫 Del Monte files for bankruptcy after 139 years: Iconic U.S. food brand Del Monte is seeking bankruptcy protection, hit by a consumer shift toward healthier or cheaper food and higher steel tariffs that made packaging costlier. It will continue operations using a $912.5M bridge loan while seeking a buyer.

• ✈️ Qantas cyberattack affects 6 million customers: Australia’s flag carrier suffered a major data breach involving names, contact details, and frequent flyer numbers — but not payment info. Authorities are investigating. The breach comes as Qantas tries to rebuild its reputation post-COVID controversies.

The Big Brew 🔍 | Record Highs Meet Job Market Jitters

The S&P 500 hit a fresh all-time intraday high 📈 after Trump dropped a surprise—🇺🇸 is striking a new trade deal with 🇻🇳 Vietnam, including a 20% tariff on imports. That sent Nike stock up 4%, since it makes a chunk of its shoes in Vietnam and China.

But Wall Street’s cheer was cut short. A shock drop of 33,000 private-sector jobs in June, as per the ADP report, raised red flags 🚨. That’s the first decline in over two years, and far below economists’ expectations of a 100K gain.

📉 Why it matters:
A cooling job market could nudge the U.S. Fed toward cutting interest rates, especially with inflation relatively under control. Analysts say if Thursday’s official jobs report also disappoints, a July rate cut might be back on the table.

📬 What does this mean for India?
Lower U.S. rates = more foreign money could flow into Indian markets 💸. But it’s a double-edged sword—slower U.S. growth may hit exports and IT earnings. Either way, the ripple effects will reach Dalal Street.

Startup Scoop 🚀

• 🤖 CIMware raises $2.3M from Transition VC to build energy-efficient data center hardware: Founded by former CloudSimple India head Rajiv Ganth, the Bengaluru startup's Composable Infrastructure Module (CIM) merges compute, storage, and networking into a single unit — claiming 80% lower power use. The first 20 CIMs are slated to go live in Indian data centers by end-2025.

• 💍 Jewellery brand AMAMA sparkles with $1M funding from Mistry Ventures: Delhi-based AMAMA plans to use the capital to expand its retail footprint, boost design and backend teams, and open four new stores. The company is also looking at international expansion via exhibitions and partnerships, following a 36% growth in FY24.

What’s Brewing Next? 🔮

• U.S. non-farm payrolls report due Thursday could influence the Fed’s next rate move.

Chai Break Trivia ☕️

🫖 Did you know? The word ‘chai’ comes from the Mandarin word ‘chá’, meaning tea. But in India, it's so much more than just a beverage — it's a ritual, a conversation starter, and for many, a moment of calm in the chaos.

That's a wrap! 🫖

Thursday’s markets had all the masala—tariffs, trade deals, tech gains, and tax troubles. While the U.S. debates jobs and rate cuts, India is watching earnings and GST notices. Buckle up for more fireworks as the week closes. 🎆

See you tomorrow—with more chai, more chat, and no AI hallucinations (hopefully)! 😄