With the last MiG-21s getting phased out, IAF will have almost the same number of fighter squadrons as Pakistans air force. And it can get worse. Heres why

India-UK free trade deal: In a landmark move, India and the UK have formalized a free trade agreement aimed at boosting bilateral trade to $120 billion by 2030. The agreement, signed by key ministers and witnessed by both Prime Ministers, will reduce tariffs on various goods, benefiting both nations' economies.

The Supreme Court expressed strong displeasure with the Karnataka High Court's handling of actor Darshan's bail in the Renukaswamy murder case. Justice Pardiwala questioned the High Court's approach. He suggested the bail order resembled an acquittal. The Karnataka government sought cancellation of Darshan's bail. Renukaswamy was allegedly abducted and murdered in Bengaluru.

The Monsoon Session of Parliament is facing disruption as the Opposition protests the rejection of adjournment notices, particularly regarding the sudden resignation of former Vice President Jagdeep Dhankhar. Opposition leaders are questioning the circumstances surrounding Dhankhar's departure, alleging potential government pressure. Meanwhile, speculation is rife about his successor, with Revanth Reddy suggesting Bandaru Dattatraya.

US President Donald Trump has signaled a potential shift in trade strategy, suggesting a baseline tariff of 15% for most nations, potentially reaching 50% for countries with strained relations. This move marks a departure from pursuing individual trade agreements, with Trump indicating tariff letters as completed deals.

The DGCA has issued a stern warning to Air India, threatening action over safety violations, including crew fatigue management and training protocols. The regulator cited 29 violations, such as insufficient pilot rest, poor simulator training compliance, and inadequate crew on international routes. This follows Air India's self-reporting of issues after a plane crash in Ahmedabad.

Amidst opposition protests, the Election Commission defended its intensive revision of Bihar's electoral rolls, emphasizing its commitment to fair elections and a strong democracy. The commission highlighted discrepancies found, including deceased and shifted electors, asserting the exercise's aim to purify the electoral process by removing ineligible voters. Opposition leaders, however, condemned the move as an attempt to manipulate elections.

Midcap mutual funds have historically provided superior long-term returns for SIP investors compared to smallcap funds. Over 10 and 15-year periods, the Nifty Midcap 150 TRI outperformed the Nifty Smallcap 250 TRI, showcasing better risk-adjusted returns and stronger business fundamentals. Despite trading at a premium, midcaps exhibit greater stability and lower drawdowns than their smallcap counterparts.

The upcoming India-UK Free Trade Agreement is poised to significantly benefit Indian farmers by granting duty-free access to the UK's premium markets. Agricultural exports are projected to increase by over 20% in three years, encompassing items like spices, processed foods, and seafood.

The Enforcement Directorate conducted raids across Mumbai, investigating a Rs 3,000 crore money laundering case allegedly involving Anil Ambani's Reliance Group companies and loans from Yes Bank. The probe focuses on alleged fund diversions and breaches in loan approvals, with scrutiny on connections between payments to Yes Bank promoters and loan disbursements.

Congress leader Rahul Gandhi has accused the Election Commission of enabling electoral fraud in Karnataka, claiming to possess 100% proof of voter manipulation. He alleged voter deletions, unauthorized additions, and suspicious new voters. Gandhi also targeted the Standardisation of Electoral Rolls drive in Bihar, warning the Election Commission of consequences.

Despite warnings of potential US sanctions, an Indian firm exported $1.4 million worth of HMX, a military-grade explosive, to Russia in December. India maintains its historical military and economic partnerships with Moscow whilst strengthening its alliance with the United States.

The Trump administration's new policy introduces a $250 visa integrity fee for non-immigrant visa applicants, impacting tourists, students, and business travelers from countries like India and China. This fee, in addition to the existing $185 application cost, raises concerns within the tourism industry, with leaders fearing it will deter international visitors.

Punjab chief minister Bhagwant Mann announced the development of modern sports grounds in villages across the state to combat drug abuse among youth. The initiative aims to channelize their energy positively, with plans to develop 4,000 grounds in the first phase, involving international medalists in coaching.

IEX shares plummeted 15% following CERC's approval of market coupling in India's power sector, raising investor concerns about the company's future. The implementation from January 2026, aims to standardize price discovery but could impact IEX's revenue. Analysts have mixed reactions, with some reducing price targets due to potential market share loss, while others remain optimistic.

The Air India Flight AI 171 crash is under investigation, focusing on ten critical seconds in the cockpit. A Bloomberg report highlights unexplained actions, including the simultaneous cutoff of engine fuel switches shortly after takeoff from Ahmedabad. Confusion and delays in resetting the switches, coupled with the aircraft's low altitude, prevented engine reignition.

US President Donald Trump considered breaking up Nvidia to foster competition in the AI chip sector, but ultimately decided against it after advisors highlighted the complexities involved. Nvidia's CEO, Jensen Huang, has praised Trump's AI strategy, and the company recently received permission to resume chip sales to China.

Alphabet's second-quarter earnings surpassed expectations, fueled by artificial intelligence advancements across its divisions. The company reported a profit of $28.2 billion on revenue of $96.4 billion. To meet the rising demand for cloud services, Alphabet plans to increase capital spending by $10 billion this year and projects $50 billion in annual revenue from its cloud computing division.

Tesla reported disappointing Q2 results, with revenue and profits declining due to reduced government support and softening demand. Despite launching a refreshed Model Y, deliveries dropped, and regulatory credit revenue plummeted. CEO Elon Musk anticipates a few challenging quarters ahead, attributing it to reduced EV tax credits.

The BJP has strongly criticized RJD leader Tejashwi Yadav's suggestion of a possible election boycott in Bihar, viewing it as a sign of the Mahagathbandhan's fear of defeat. The BJP claims Yadav's opposition to the Special Intensive Revision of electoral rolls failed to gain public support.

Following Jagdeep Dhankhar's unexpected resignation as Vice President, the government refuted claims that he was compelled to immediately vacate his official residence. Opposition parties are questioning the circumstances surrounding his departure, suggesting potential pressure to step down despite the official reason being health concerns. The Election Commission has begun the process to elect a new vice president.

India has called for renewed dialogue and diplomacy to achieve peace in the Middle East, emphasizing that temporary pauses in hostilities are insufficient. Addressing the UN Security Council, Ambassador Harish Parvathaneni stressed the need for a ceasefire, release of hostages, and a two-state solution.

Karnataka CM Siddaramaiah has strongly criticized Goa CM Pramod Sawant's remarks regarding the Mahadayi river water project, deeming them an insult to the people of Karnataka. Karnataka vows to fight for its rightful share of the project legally, politically, and morally, emphasizing the project's importance for North Karnataka's drinking water needs.

Gold prices are predicted to potentially reach 101,700, fueled by bullish sentiment and a COMEX Gold breakout. Silver is also expected to continue its upward trend, possibly testing 120,000, supported by strong demand and positive global cues. Investors should monitor key support levels and global developments for both metals.

Marking its 70th anniversary, Bharatiya Mazdoor Sangh (BMS) has emerged as India's largest trade union, surpassing Left-leaning organizations. Rooted in RSS's philosophy of social harmony, BMS advocates cooperation over class conflict. Mohan Bhagwat highlighted the union's journey as a vindication of RSS's worldview, urging adaptation to modern challenges while upholding core principles and cautioning against hubris.

Stock market today: Nifty50 and BSE Sensex, the Indian equity benchmark indices, opened in red on Thursday. While Nifty50 was near 25,200, BSE Sensex was down over 100 points.

Asian markets surged, fueled by positive earnings reports and new trade agreements, with the Australian dollar hitting an eight-month high. Japan's Topix index reached a record peak following Wall Street's gains and optimism surrounding US trade deals with the Philippines, Indonesia, and potentially the EU. Alphabet's strong results boosted market sentiment, offsetting concerns from Tesla's sales decline.

Tilaknagar Industries is set to acquire Pernod Ricard India's Imperial Blue business for 4,150 crore, including a deferred payment. This acquisition, the largest in the Indian alcoholic beverage sector by an Indian company, enables Tilaknagar to enter the whisky market with a well-established brand. Pernod Ricard aims to concentrate on its premium brands with this sale.

Prime Minister Narendra Modi arrived in London for a two-day visit, commencing the first leg of his two-nation tour. He was warmly greeted by the Indian community and expressed gratitude for their support. Discussions with UK leaders, including Prime Minister Keir Starmer, will focus on the Free Trade Agreement, extradition of fugitives like Vijay Mallya, and concerns regarding Khalistani groups.

Top stock market recommendations: Aakash K Hindocha suggests a consolidation phase for Nifty between 24800 and 25320, anticipating a potential breakout led by Nifty IT. Bank Nifty's breakout above 57100 indicates continued outperformance with targets set for new all-time highs. Top stock picks include Balkrishna Industries, Sona BLW Precision Forgings, and Hindalco, each exhibiting bullish patterns and breakout confirmations.

Bill Gates, the Microsoft co-founder, recently took on a customer service role at Phia, his daughter Phoebe's AI-powered fashion startup. Phoebe and her co-founder Sophia Kianni developed Phia, a platform that helps users compare prices across numerous online retailers. Gates emphasized the importance of directly engaging with users to understand a product's functionality and potential issues.

India and Israel have agreed to strengthen their defence cooperation with a long-term vision, following discussions in New Delhi. Israel condemned the Pahalgam terrorist attack, reaffirming support for India's counter-terrorism efforts. Both nations are committed to developing an institutional framework to deepen bilateral defence ties, marking a significant step in their strategic partnership.

As the opposition seemingly prepares to leverage Jagdeep Dhankhar's unexpected resignation against the government, the ruling party is poised to counter with reminders of the opposition's past criticisms of the former Vice President, including accusations of bias and acting as a government spokesperson.

A Mumbai court granted bail to a teacher accused of sexually assaulting a male student, citing evidence of a subsequent consensual relationship after the victim turned 17 and the teacher resigned. The court acknowledged the victim's fears of manipulation but imposed strict conditions, forbidding the teacher from contacting or threatening the victim or witnesses.

The Supreme Court has sought a response from the Karnataka government regarding the death of five tigers in the MM Hills sanctuary. The incident, attributed to villagers poisoning a carcass consumed by the tigers, highlights the escalating human-animal conflict. The court directed the Union environment ministry to formulate a policy, in consultation with states, to address this issue.

The Supreme Court has refused to halt undergraduate medical admission counselling based on NEET-UG 2025, despite agreeing to hear a plea from two students. These students claim a power outage disrupted their exam at a Madhya Pradesh test center. The court listed the petition for Friday, ensuring counselling proceeds without interruption.