Every dollar added to the price of oil adds roughly ₹18,000 crore to India’s import bill. That arithmetic explains why a 60-day US waiver on sanctions for Iranian oil caught attention in Mint’s Top of the Morning newsletter on June 24. India imports nearly 90% of its crude.
Oil and the Iran waiver
Global energy markets are strained by the conflict in West Asia, and the waiver has already pushed prices lower. Mint asked whether cheaper Iranian supplies could help tame inflation and support growth, and answered “possibly.” Indian refiners are expected to be careful and avoid long-term bets in a volatile market. Russia dominates India’s oil basket, and West Asian supplies are recovering slowly, so Iran could again become an important piece of the puzzle.
Kunal Shah goes to WhatsApp
Meta Platforms has picked Kunal Shah to lead WhatsApp globally. Chris Cox wanted someone who understood how people use the app every day and where its next big opportunities lie. Shah built Cred, the fintech brand run by Dreamplug Technologies Pvt. Ltd., into one of India’s most talked-about. He will continue to work mostly from Bengaluru, with trips to Meta’s Menlo Park headquarters as he begins the transition.
WhatsApp’s paid messaging business has passed a $2 billion annual run rate, and ads and subscriptions are becoming bigger growth engines. Meta is putting $900 million into Cred at a $4.5 billion valuation. Mint asked whether that means Meta sees India as more than a market, and said perhaps. The test for Shah is whether he can turn WhatsApp into a multi-utility platform without damaging the trust that made it indispensable.
IPO market and a language project
Filings for the NSE and Jio Platforms IPOs are reviving confidence in the primary market. Investment bankers sense better liquidity and calmer geopolitics, and they are preparing roadshows for a new batch of private equity-backed offerings. InCred, Integris Medtech and Dhoot Transmission are next in line. Private equity investors work to fixed exit timelines, and many had shelved listing plans during volatile markets and worries over valuation.
In Nandurbar, a tribal district, residents are working to get the Bhili language onto the AI map, since saving it means saving the culture it carries.
Corporate India
Noel Tata chaired his final AGM at Trent Ltd. on Tuesday. Trent grew from a single Westside store in Bengaluru in 1998 to over 1,200 outlets, and it is now a ₹2 trillion retail business built on Westside and Zudio.
At Infosys, shareholders pressed management on a stock that is down more than 35% over the past year and at a six-year low. Chairman Nandan Nilekani argued that AI is creating new opportunities. CEO Salil Parekh said the company still plans to hire 20,000 freshers this year.
Flipkart Minutes, owned by Walmart, says half of its new dark stores are going up in Tier II and III centres, where larger families and weekly stocking mean bigger baskets. The company thinks Arrah and Muzaffarpur could become the next quick-commerce hotspots.
