Hello,
The fallout of Jane Street’s stock manipulations is only just beginning.
The National Stock Exchange played a pivotal role in detecting and tracing the New York-based hedge fund’s high-frequency trading patterns, which artificially inflated and crashed the prices of Bank Nifty constituent stocks. The resulting price distortions benefitted Jane Street’s parallel short positions in index options.
However, retail investors are nursing staggering losses as Jane Street’s sophisticated trading strategies helped it rake in profits exceeding an estimated Rs 43,000 crore. While SEBI has impounded a portion of the profits as ‘unlawful gains’, the spotlight is now on high-frequency trading platforms that use algorithmic-based strategies to drain retail wealth.
Zerodha founder and CEO Nithin Kamath has cautioned that retail trading activity could be impacted if proprietary trading firms like Jane Street, which contribute nearly 50% of options trading volumes, scale back their participation in the market.
In other news, deeptech startups are set to get a renewed boost as Union Minister Piyush Goyal announced a second tranche worth Rs 10,000 crore under the government’s Fund of Funds initiative. The fund is primarily designed to offer flexible support through equity, grants, and low-cost financing.
India’s deeptech story has only just begun.
In today’s newsletter, we will talk about:
- How Gen Z are ‘unbossing’ at work
- Why Hyderabad’s cafes are going OTT
- A journey through Philadelphia
Here’s your trivia for today: Who was the first to associate tsunamis with underwater earthquakes?
Workplace
How Gen Z are ‘unbossing’ at work
In corporate India, the idea of climbing the proverbial ladder has long defined success. But for the non-conformist Gen Z—the digital natives now entering the workforce in large numbers—such a traditional view of ambition doesn’t hold much meaning.
“Gen Z professionals are reimagining success,” says Sudipta Sengupta, Founder and CEO of The Healthy Indian Project. “The focus has shifted to job satisfaction, personal growth, and mental well-being, which means climbing the corporate ladder is becoming less relevant for many.”
Conscious rejection:
- Bhakti Talati, a work-life balance coach and resume-building strategist, puts it plainly: “Gen Z has grown up watching their parents, elders, or siblings always on work calls, sacrificing weekends, or struggling to switch off. That kind of relentless hustle has left a mark.”
- The duality—of ambition and boundary—is what makes Gen Z’s approach to work distinctive. They are not shunning effort but questioning the return on investment when the price is mental exhaustion.
- Organisations may offer dual career tracks for employees—technical and managerial—so that Gen Z can choose the path they want to progress in. For example, a software firm may offer a ‘principal engineer’ pathway, which is parallel to team lead roles.
Wine and Food
Why Hyderabad’s cafes are going OTT
While Hyderabadi chai continues to pull crowds—locals and tourists alike—a new wave is taking over the City of Nizams. “Every week there’s at least one new (speciality coffee) cafe popping up here,” says Chandini SRK, Founder and Lead Roaster of independent roastery First Crack Speciality Roasters.
Much like its houses and retail stores, Hyderabad is OTT (over the top) about its coffee culture. For instance, Roast CCX in Banjara Hills owns a 60,000 sq ft four-storey space, with a seating capacity of 500.
Brewing an interest:
- “Hyderabad doesn’t have the kind of weather or infrastructure that supports a walking culture, nor does it have easy weekend getaways. So, people treat cafes as destinations—places they drive to and spend time at,” says Rohith Rao, Founder of True Black Coffee Roasters.
- With 31 stores, Hyderabad ranks among the top five growth markets for Starbucks in India. “As we witness increasing interest in speciality coffee, Hyderabad will soon welcome our third experiential store in India,” says Mitali Maheshwari, Head of Product and Marketing at TATA Starbucks.
- Karafa Coffee founder Ajitha Challa adds that cafes should also be open to embracing new trends. Matcha orders, for instance, have seen a 120% surge in sales in her outlet between April and May.
Travel and Leisure
A journey through Philadelphia
Every Fourth of July, as fireworks light up the sky across the United States, Philadelphia stands out as more than just a backdrop—after all, it’s the place where American independence took shape. It was here, in the summer of 1776, that the Founding Fathers signed the Declaration of Independence inside the brick walls of Independence Hall.
Located in southeastern Pennsylvania, Philadelphia (or “Philly,” as it’s affectionately known) is not just rich in history; it’s a dynamic city. The former capital of a fledgling country, it continues to carry the revolutionary spirit in its cobbled streets, historic landmarks, and vibrant, multicultural neighbourhoods.
News & updates
- SEA growth: Vietnam’s economy expanded by an estimated 7.67% year-on-year in the second quarter, surpassing the 6.93% expansion recorded in the first quarter of 2024. Manufacturing has been a key driver of Vietnam’s economic performance, growing by 10% in the first six months of 2024.
- Trump tariffs: Amid uncertainty over whether India and the US will sign an interim trade deal before July 9, President Donald Trump has said that the US has begun the process of informing countries of the reciprocal tariffs they must pay, and that he has already signed 12 letters scheduled to be dispatched on Monday.
- Amusement: The world’s largest Legoland has opened in Shanghai amid a sweltering heatwave. The theme park has been built using over 85 million Lego bricks. Entry tickets to the new Legoland resort were sold out as thousands queued in the heat to try out more than 75 rides.
Who was the first to associate tsunamis with underwater earthquakes?
Answer: Greek historian Thucydides, in 426 BC. He suggested this connection in his work, History of the Peloponnesian War.
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