US blockade strikes third ship with Indian crew

An Indian crew-manned, Guinea-Bissau-flagged asphalt tanker, MV Jalveer, was attacked by the American military off the coast of Oman. This is the third ship with an Indian crew to be targeted in the last four days. While there were no casualties on Thursday, an earlier attack killed three Indian seafarers.

The government said it has strongly taken up the matter with the US. This is the first public acknowledgement of the US Navy targeting ships with Indian crew.

A Palau-flagged oil tanker, Marivex, carrying 24 Indian seafarers, was disabled by US forces on June 8. All crew members were safely rescued. On June 10, the US struck another Palau-flagged tanker, Settebello, killing three of the 24 Indian sailors on board. Following the attack on Wednesday, the External Affairs Ministry (MEA) summoned US Charge d’Affaires Jason Meeks and handed him a demarche, or diplomatic note of protest.

75 IPOs unlock $31 billion worth of shares by Sept-end

Shareholder lock-ins in 75 recently listed companies are set to expire between June and September, opening a fresh window for private equity (PE) and venture capital (VC) investors to monetise holdings through block deals, with exits expected to be staggered amid volatile market conditions.

Data compiled by Nuvama Alternative & Quantitative Research show shares worth about $31 billion becoming eligible for trading by September 28. The lock-ins for Meesho expired this week, opening up 3,083 million shares, equivalent to 68 per cent of its outstanding equity. Aequs’s lock-in expiry opened 146 million shares on Tuesday.

Next week, 923 million shares of Vishal Mega Mart and 344 million shares of ICICI Pru AMC become eligible to trade. Other unlocks for June include Wakefit Innovations, Corona Remedies, Nephrocare Health Services, Oswal Pumps and Sai Life Sciences.

These expiries come at a time when volatility in equity markets has slowed the pace of fresh listings, making secondary transactions a key exit route for pre-IPO investors. While half of these companies are still trading at a premium, almost all are in the red from their highs since listing.

Petrol blended with 22-30% ethanol exempted from central excise

Petrol with ethanol blending between 22-30 per cent will be exempted from Central Excise Duty. Finance Ministry has issued multiple notifications for that. However, Oil Ministry said that roll out of higher blends will only be done after extensive testing and consultation.

As on date, petrol with blending up to 10 per cent is exempted from Central Excise Duty. For unbranded petrol, Central Excise Duty is ₹11.90 per litre, while for branded it is ₹13.10 per litre. The price of petrol (including ethanol blended petrol) has been market determined with effect from June 26, 2010. Since then, oil marketing companies (OMCs) take appropriate decisions on pricing of petrol based on, inter alia, international product prices and domestic market conditions.

According to a notification, there will be NIL duty for 22 per cent ethanol blended petrol consisting, by volume, of 78 per cent motor spirit, (commonly known as petrol), on which the appropriate duties of excise have been paid and of 22 per cent ethanol on which the appropriate Central tax, State tax, Union territory tax or Integrated tax, have been paid. It should conform to the Bureau of Indian Standards specification Similar provision will be made for 25 per cent, 27 per cent and 30 per cent ethanol blended petrol.

Automakers move to cut prices on British-built luxury cars ahead of India-UK FTA implementation

Luxury automakers are beginning to pre-empt the proposed India-UK free trade agreement by slashing prices on British-built imported cars, creating expected customer savings ranging from about ₹8 lakh on the MINI Cooper S to ₹75 lakh on the Range Rover SV, and as much as ₹3.32 crore on the McLaren 750S Spider as companies move early to capture demand ahead of a formal treaty implementation.

For brands such as Bentley, Aston Martin and Rolls-Royce, the agreement could potentially trigger price reductions ranging from ₹1 crore to more than ₹3 crore depending on engine size and model specifications.

But the proposed pact is also creating an unusual inversion in India’s premium automobile market: while some of the country’s most expensive petrol-powered supercars and luxury SUVs are suddenly becoming dramatically cheaper, premium electric vehicles and hybrids remain excluded from the benefits and will continue attracting steep import duties for years.

(Research and VO: Siddharth Mathew Cherian)

Published on June 12, 2026