Swiggy, Zomato hike fees | Ola stake Sale | Gold slips, Stocks Jump | India & Singapore Seal Big Deals
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Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.
Food apps hike festive fees
Swiggy and Zomato (now Eternal) have raised platform fees—₹15 and ₹12 in metros—while adding surge, rain, and distance charges. With GST now at 18% on deliveries, your festive orders will cost more. But convenience rules, and platforms know demand spikes 30–50% during this season. Even a ₹2–3 hike per order translates into crores as they process 5 million orders daily.
Afghan quake toll rises
Twin earthquakes have killed over 2,200 and injured 3,600 in eastern Afghanistan, flattening villages and leaving 6,700 homes in ruins. Survivors face harsh weather and dwindling aid as the UN warns food and medicine could run out in weeks. Entire communities are shattered, with almost 98% of homes destroyed in some districts.
EU looks to India
European Commission chief Ursula von der Leyen says India has a key role in ending the Ukraine war, after talks with PM Modi. Both sides also push to conclude a long-delayed free trade pact this year, with the next round of talks set for September 8 in New Delhi.
Gold slips, stocks jump
Gold cooled as investors shifted to equities after GST reforms. MCX gold futures fell to ₹1,06,704, silver to ₹1,24,850, even as Sensex and Nifty rallied nearly 1%. Analysts advise booking profits and waiting for dips before fresh gold buys.
SoftBank trims Ola stake
SoftBank cut its Ola Electric holding to 15.68%, selling 95 million shares. Ironically, Ola stock soared 61% in August—its best rally since listing—driven by Bhavish Aggarwal’s roadmap and China lifting rare earth restrictions. Losses narrowed, but revenue halved year-on-year.
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