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

Earnings Tsunami Incoming

The Q1 FY26 earnings season has officially begun, with Reliance Industries and HDFC Bank leading the charge. Over 95 major companies are set to report their numbers this week, covering sectors like tech, pharma, infra, and finance.

“Markets will first react to Reliance, HDFC Bank, and ICICI Bank,” said Ajit Mishra, SVP, Religare Broking.

Key dates to watch:

• July 22: Colgate-Palmolive, Dixon, IRFC, JSW Infra, Paytm

• July 23: Infosys, Dr. Reddy’s, Tata Consumer, Coforge

• July 24: Bajaj Finance, Canara Bank, Nestle, Mphasis, SBI Life

• July 25: Cipla, Bajaj Finserv, Bank of Baroda

• July 26: Kotak Bank, IDFC First, Balkrishna Industries

Markets are closely tracking profitability trends, rural demand, and input cost pressures. With large and midcaps on center stage, investor sentiment could shift fast.

$44M Crypto Hack Hits CoinDCX

India’s leading crypto exchange CoinDCX has confirmed a $44 million security breach, after hackers compromised an internal liquidity account over the weekend.

Co-founder Sumit Gupta said customer wallets remain safe and losses will be fully covered by treasury reserves. Trading was briefly paused but services are now live.

The company is also launching a bug bounty program and working with cybersecurity partners to trace the stolen assets.

This breach follows last year’s WazirX hack worth $230M, adding urgency ahead of India’s first crypto policy paper, expected this month.

EU Sanctions Nayara Refinery, Rosneft Hits Back

The European Union has sanctioned Nayara Energy’s refinery in Vadinar, Gujarat, drawing sharp condemnation from Rosneft, which owns a 49% stake.

Rosneft called the move “unjustified and illegal,” warning it could undermine India’s energy security and hurt the economy. It emphasized that Nayara is a locally governed and taxed Indian entity, with profits reinvested in the country.

India’s Ministry of External Affairs responded firmly:

“We do not recognize unilateral sanctions. There should be no double standards, especially in energy trade,” said MEA spokesperson Randhir Jaiswal.

The EU also slashed the Russian oil price cap to $47.6/barrel and clamped down on “shadow fleet” ships—efforts to reduce Moscow’s wartime revenue.

Iran-EU Nuclear Talks Back On

In a diplomatic shift, Iran has agreed to restart nuclear talks with the UK, France, and Germany—collectively known as the E3. Deputy foreign ministers will meet Friday, separate from any talks with the US.

These nations were part of the original 2015 nuclear deal (JCPOA), which the US exited in 2018. Talks have remained frozen since an Israeli airstrike in June disrupted a round of Oman-mediated negotiations.

Iran is demanding security guarantees after joint US-Israel strikes targeted its nuclear infrastructure. While expectations are low, any movement is seen as a sign of thaw in an otherwise tense region.

Honda Hits the Brakes on ABS Deadline

With a January 2026 deadline approaching for mandatory ABS (anti-lock braking systems) on all two-wheelers, Honda Motorcycles has joined Hero MotoCorp in raising red flags.

“Cost is one issue. But the real concern is supply chain readiness,” said Yogesh Mathur of Honda.

Currently, only bikes above 125cc require ABS. The new norms would impact 84% of the two-wheeler market, adding ₹3,000–₹5,000 per unit in cost.

70% of key ABS parts—like ECUs and sensors—are still imported, mostly from China and ASEAN nations. Industry body SIAM has asked the government to push the deadline, but the Ministry remains firm, citing India’s high road fatality rate.

Analysts say the domestic ABS market could grow 5X to ₹80,000 crore, though full localization may take up to 18 months.