Blackstone Buys AGS | NHPC Profit Soars 52% | India-EU FTA Talks

Top of the Morning

Welcome to Top of the Morning by Mint.. I’m Nelson John and here are today’s top stories.

India Seizes Crude Opportunity Amid Geopolitical Tensions

With Brent crude trading at a four-year low near $65 per barrel, India is moving fast to refill its Strategic Petroleum Reserves (SPR). Current reserves cover just 9.5 days—far below the IEA’s 90-day norm. The urgency is amplified by recent border tensions and Operation Sindoor. The Centre, which had deferred a ₹5,000 crore SPR budget in FY24, now plans to reallocate funds in FY26. Two new storage sites at Chandikhol and Padur are in the pipeline. Officials are hoping to mirror 2020’s success, when India bought crude at $19/barrel, saving ₹700 crore. JP Morgan expects Brent to dip further to $58 by 2026—offering a window India won’t want to miss.

NHPC Powers Up Profits, Expands Clean Energy Push

NHPC reported a 52% jump in Q4 net profit to ₹919.63 crore, with operational revenue more than doubling year-on-year. Shareholders get a total FY25 dividend of ₹1.91 per share. The hydropower giant also added 800 MW from the Parbati-II project and 107 MW solar capacity in April, deepening its clean energy portfolio. However, a High Court-mandated ₹589 crore payment to staff dented profits, with ₹301.97 crore booked as unbilled revenue. Despite this, NHPC’s momentum across hydro, solar, and wind cements its leadership in India’s energy transition.

Blackstone Clinches Billion-Dollar Healthtech Deal

In a competitive bidding war, Blackstone secured AGS Health for $1.2–1.3 billion—quadrupling its 2019 value. The Chennai-headquartered RCM (revenue cycle management) firm serves over 150 US healthcare providers and generates over ₹500 crore in EBITDA. The deal, managed by JP Morgan and BofA, reflects growing global investor appetite for tech-driven, dollar-generating health services. It also signals Blackstone’s strong bet on compliance-focused platforms amid rising healthcare digitization.

Trump’s ‘Golden Dome’: Sci-Fi Meets Strategy

Donald Trump has revived Reagan’s Star Wars dream—announcing a $175 billion missile-defense initiative named “Golden Dome.” The system, featuring space-based and ground interceptors, aims to defend against threats across all four missile phases—including launches from space. Trump vows it will be operational by 2029, with Gen. Michael Guetlein leading the charge. Congress has begun with a $25 billion ask. While the tech is still untested, the plan could transform modern defense and reshape global security architecture.

India-EU Trade Talks Enter Final Lap

India has dispatched a delegation to Brussels for the next round of FTA talks with the EU. This follows the 11th round held in Delhi on May 16. The deal covers 23 chapters, including trade in goods and services, IP, sustainability, and dispute resolution. India is hoping for a two-phase closure model, similar to its Australia and US strategies, amid tariff uncertainties under President Trump. The EU seeks steep duty cuts on automobiles, medical devices, and alcohol, while India aims to boost exports in pharma, steel, and textiles. With $137 billion in bilateral trade and strong political backing from both sides, the long-pending FTA may finally be within reach.