Before we get into the weekend market action, here’s a look at football’s biggest headline ⚽️

After a nail-biting final, Spain beat Argentina 1-0 to win their second FIFA World Cup title.

A goal in the 106th minute sealed the victory and crowned Spain world champions once again.

Now before we begin, a huge congratulations to Skyroot Aerospace and its entire team.

On Saturday, Vikram-1 successfully lifted off from Sriharikota, making India only the third country, after the US and China, to achieve the feat with a privately developed launch vehicle.

Now, onto the markets.

It’s another busy week ahead, with earnings from Infosys, Paytm, UltraTech Cement, Adani Energy Solutions, Bajaj Auto, HPCL and Nestlé India in focus.

Investors will also keep an eye on the US-Iran conflict, crude oil prices, the progress of the southwest monsoon, and foreign investor activity, all of which could shape market sentiment this week.

💡 Spotlight: India Inc started FY27 on a strong note 📈

Context: India Inc is a collective term for India’s corporate sector, the country’s listed and unlisted businesses across different industries.

The deets: so far, 115 non-BFSI and non-oil & gas companies have reported their June quarter results.

Together, they posted 15.6% year-on-year revenue growth, the fastest in 14 quarters, marking the second straight quarter of double-digit growth. Net profit also rose 10.9%, although the pace slowed compared to the previous quarter.

Let’s hit it! 💪🏻

1 Big thing: A banger Q1 show for Reliance ⭐

Reliance Industries delivered a stronger-than-expected June quarter, with Jio, Retail and its oil business all contributing to growth.

A first for Reliance: the conglomerate reported a quarterly revenue of over ₹3 lakh crore for the first time.

By the numbers:

• Revenue: ₹3.09 lakh crore, up 26.6% (YoY)

• Consolidated net profit: at ₹20,946 cr vs 16,971 cr (QoQ) and ₹26,994 cr (YoY)

• EBITDA margin: at 15.4% vs 17.6% (YoY)

While last year’s profit included a one-time gain from the sale of its Asian Paints stake, Reliance still reported its highest-ever recurring quarterly net profit and record operating profit, showing that its core businesses are firing on all cylinders.

Jio Platforms remained Reliance’s biggest growth engine.

Revenue from its digital business jumped 20% YoY, helped not just by mobile services but also by faster growth in cloud computing, enterprise services, IoT and digital content.

Across mobile, broadband and enterprise businesses, Jio delivered 15% growth in earnings driven by subscriber additions and margin expansion.

The company also moved a step closer to its much-awaited IPO by filing its Draft Red Herring Prospectus (DRHP) with SEBI.

Reliance Retail also had a strong quarter. Revenue rose 7.4% to ₹90,408 crore. Excluding the demerger of Reliance Consumer Products, growth stood at an even stronger 11.6%.

The company continued its aggressive expansion by adding 252 new stores, taking its total network to 20,169 outlets. Customer traffic remained robust too.

Reliance’s Oil-to-Chemicals (O2C) business, often seen as the company’s traditional cash cow, also bounced back.

EBITDA jumped 17.2% to a four-year high of ₹17,010 crore, helped by stronger refining margins and better demand for fuels like petrol, diesel and aviation turbine fuel.

Meanwhile, the oil and gas business remained steady. EBITDA came in at ₹4,973 crore, supported by higher production from the KG-D6 basin and increased coal-bed methane output.

JioHotstar had its biggest-ever quarter for engagement.

The platform averaged 530 million monthly active users, while IPL 2026 became the largest-ever T20 tournament across both digital and television platforms.

Stock action: Reliance shares rallied nearly 3% on Friday ahead of the earnings announcement, adding ₹45,334 crore to the company’s market capitalisation.

Since we're talking about earnings, let's quickly see how the top banks fared in Q1.

ICICI Bank

• Net profit: up 16% YoY at ₹14,804.5 cr vs ₹12,768 cr

• NII: up 12.7% YoY at ₹24,385 cr vs ₹21,635 cr

• Gross NPA: at 1.38% vs 1.40% (QoQ)

• Net NPA: at 0.35% vs 0.33% (QoQ)

HDFC Bank

• Net profit: up 5% YoY at ₹19,060 cr vs ₹18,155 cr

• NII: up 6.7% YoY at ₹33,535 cr vs ₹31,438 cr

• Gross NPA: at 1.17% vs 1.15% (QoQ)

• Net NPA: at 0.41% vs 0.38% (QoQ)

Both the banks will be in focus today.

Asset quality remained strong for ICICI Bank, margins stayed stable despite pressure across the sector, and management expects them to hold steady ahead.

For your understanding, bank results aren’t just about profit.

Investors also watch NII, which is the money a bank earns by lending after paying interest on deposits.

Gross and Net NPAs show how many loans have gone bad. Higher NII and lower NPAs usually mean a healthier bank.

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2. HCLTech seals $10.5 million GCC deal 🏢

HCLTech is acquiring Guardian India Operations, the India-based Global Capability Centre (GCC) of US insurer Guardian Life Insurance, for $10.5 million (around ₹101 crore).

Along with the acquisition, the two companies have also signed a seven-year partnership, under which HCLTech will continue managing Guardian’s technology and operations.

Guardian Life Insurance sells life insurance, retirement plans, wealth management products and employee benefits to millions of Americans.

A Global Capability Centre (GCC) is an overseas office that multinational companies set up in countries like India to handle technology, operations, finance and other support work for their global business.

Why is Guardian selling: Guardian’s expertise lies in selling insurance, not running thousands of engineers, upgrading technology systems or managing large IT teams.

Instead of owning and operating its own GCC, Guardian has decided to hand those responsibilities over to a company whose core business is technology.

Why is HCLTech buying: normally, winning a large outsourcing contract takes years.

An IT company first has to win the client, hire employees, train them, understand the client’s systems and build delivery teams from scratch.

HCLTech is skipping most of those steps.

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3. Did you know shareholders get perks? 🤔

Some stocks offer more than just dividends and capital gains.

Around the world, companies have long rewarded loyal shareholders with exclusive perks, from discounts and vouchers to free stays and early access to products.

The trend is slowly making its way to India too, as companies look to strengthen investor loyalty and deepen engagement with their shareholders.

Here’s a look at some of the most interesting shareholder perks.

Full Story Here

4. Can hydrogen really power India’s trains? 💧

India has launched its first indigenous hydrogen-powered train, joining a handful of countries using clean technology.

Unlike diesel trains, it generates electricity onboard using hydrogen and emits only water vapour.

While this is a major milestone for India’s railway and clean energy ambitions, hydrogen remains expensive to produce, especially if it isn’t made using renewable energy, making large-scale adoption a long-term challenge.

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

💸 Integrated power cables and transmission products manufacturer Laser Power & Infra hit a 10% upper circuit after listing at a 23% premium.

🔼 Nilkamal surged nearly 10% after Abakkus Investment Managers bought 2.8 lakh shares, boosting investor sentiment.

📈 Jio Financial Services jumped 3% after reporting a 155% year-on-year jump in first-quarter consolidated net profit to ₹830 crore.

🛣️ PNC Infratech shares gained after winning two highway projects worth ₹3,483 crore from the National Highways Authority of India (NHAI).

⚡️PTC Industries shares zoomed 2% after it secured an order from BrahMos Aerospace to manufacture and integrate the metallic airframe system.

What went down ⬇️

📉 Polycab India fell nearly 4% despite reporting its best-ever first quarter, with net profit jumping 33% YoY to ₹797 crore.

🔻 CEAT shares crashed 7% after first-quarter net profit plunged 96% year-on-year to ₹4 crore amid weak quarterly earnings.

What else are we snackin’ 🍿

📱 Market slowdown: India’s smartphone shipments fell 10% year-on-year in Q2FY2026 as rising device prices hurt demand, with Samsung emerging as the only top-five brand to post growth.

🧬 TB vaccine: Serum Institute and the Gates Medical Research Institute partnered to manufacture a Phase 3 tuberculosis vaccine candidate, which could become the first new TB vaccine in over 100 years.

📚 Stake increase: PhysicsWallah invested ₹71.8 crore in Sarrthi IAS, raising its stake to 51% and making the UPSC coaching platform its subsidiary.

That’s a wrap! Don’t let the Monday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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A largely flat Thursday on Dalal Street.

Markets opened higher, supported by gains in IT stocks and a few heavyweight names. However, selling pressure picked up in the second half, erasing most of the day’s gains.

The Sensex managed to end just 1 point higher, while the Nifty slipped 6 points to close at 24,073.

Among the sectors, IT stocks provided support to the benchmark indices, while financial stocks dragged the Nifty lower.

💡 Spotlight: India’s first private rocket set for orbital launch 🚀

On July 18 at 11:30 am, Hyderabad-based Skyroot Aerospace will attempt to launch Vikram-1, the country’s first privately built orbital rocket, as part of Mission Aagaman.

Why is this a big deal: while ISRO has launched rockets for decades, Vikram-1 will be the first orbital-class rocket designed, built and launched by an Indian private company from Indian soil.

So, what is Vikram-1?

The rocket is designed to carry small satellites weighing up to 350 kg into low-Earth orbit for commercial customers. On its maiden flight, it will attempt to place its payload into a 450-km orbit.

This isn’t Skyroot’s first milestone. Back in 2022, the company made history with Vikram-S, India’s first privately developed rocket to reach space.

Let’s hit it! 💪🏻

1 Big thing: Wipro’s Q1 revenue grew, but profit barely moved 💻

Wipro’s shares will be in focus today as the company reported a mixed June quarter. Revenue grew at a healthy pace, but profit was almost flat and its core IT business remained under pressure.

By the numbers:

• Revenue: ₹24,479 crore, up 10.6% YoY

• Net profit: ₹3,356 crore, up just 0.6% YoY

• IT services revenue: $2.61 billion, down 1.4% QoQ

• Constant currency growth: down 1.2% QoQ, up 0.9% YoY

Constant currency measures a company’s revenue growth after removing the impact of exchange rate changes, showing its actual business performance.

• Operating margin: at 16%, down from 17.3% last quarter

In simple words, more money came into the business, but a much larger share of it was also spent.

Why did profit barely grow: the company faced higher employee costs after salary hikes, while it also spent money to begin work on recently won large contracts. The company is also investing heavily in AI tools, employee training and new capabilities.

Big picture: there was one important positive.

Wipro signed $1.63 billion worth of large deals, up nearly 13% from the previous quarter. These are contracts worth at least $30 million each.

What’s next: the company expects its IT services revenue in the September quarter to range between a 1.5% decline and 0.5% growth in constant currency.

While we are on earnings 💸,

Bharat Heavy Electricals (BHEL) climbed 4% after it reported a stronger-than-expected June quarter and returned to profit after a loss a year ago.

By the numbers:

• Net profit: ₹382 crore, compared with a loss of ₹454 crore a year ago

• Revenue: up 40.3% YoY to ₹7,698 crore

• EBITDA: improved to ₹504 crore from an EBITDA loss of ₹537 crore last year

• EBITDA margin: 6.5%

What drove the surge: power remained BHEL's biggest growth driver. Revenue from its power segment jumped 52% YoY, accounting for nearly 77% of the company’s total revenue.

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Keeping the earnings coming 💸,

Jio Financial Services delivered a blockbuster June quarter, with profit more than doubling as its lending, payments and wealth management businesses continued to scale rapidly.

By the numbers:

• Net profit: ₹830 crore, up 156% YoY

• Revenue: ₹2,004 crore, up 227% YoY

• Total income: ₹1,496 crore, up 141% YoY

• Interest income: ₹962 crore, up 165% YoY

What’s driving the growth: the biggest boost came from its lending business. As more people borrowed through Jio Financial, the company’s loan book expanded sharply.

Its Assets Under Management (AUM), which is simply the total value of loans the company has given out, jumped 2.6 times. More loans meant more interest income, which rose 165% during the quarter.

2. Hero accelerates into Germany 🇩🇪

Hero MotoCorp has entered Germany, through a distribution partnership with Austria-based KSR Group.

KSR Group imports and distributes motorcycles, scooters, ATVs, and other mobility vehicles across Europe, giving Hero access to an established dealer network.

The launch lineup: Hero is launching two adventure motorcycles in Germany: the XPulse 200 4V (€2,990) and the XPulse 200 Pro (€3,290), both built to meet Europe’s latest Euro 5+ emission standards.

Why Germany matters: its entry into Europe’s largest economy strengthens its presence in the region after expanding into Italy, Spain, France, and the UK.

Bigger landscape: Hero is entering Europe’s largest two-wheeler market at an interesting time.

After sales plunged 27.8% in 2025 due to weak consumer demand and high inflation, Germany’s motorcycle market is showing signs of recovery.

In the first five months of 2026, overall two-wheeler sales have rebounded 23.5%, while electric two-wheeler sales have surged 49.2%.

Over the longer term, Germany’s motorcycle market is also expected to grow from $7.9 billion in 2024 to $11.4 billion by 2032.

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3. Unicorn status check ✅

AI startup Emergent raised $130 million in a fresh funding round led by private equity firm Creaegis along with other prominent investors, pushing its valuation past the $1 billion mark.

That makes it one of the few Indian AI startups to join the unicorn club.

So, what does Emergent actually do?

Instead of hiring a large engineering team, businesses can use Emergent’s platform to build applications with the help of AI.

It’s aimed primarily at small and medium-sized businesses that want to create software quickly without writing endless lines of code.

By the numbers: the company has crossed an annual revenue run rate of $120 million, with revenue growing 70% in just the last four months. It also claims to have over 200,000 paying customers.

Around one-third of its revenue comes from North America, another third from Europe, while India contributes only 8-9%.

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4. Housing.com gets a new owner 🏠

If you’ve ever searched for a home online, chances are you’ve come across Housing.com.

Now, Mumbai-based Aurum PropTech, a real estate technology company, is buying it in a ₹458 crore deal to build a one-stop platform for everything related to real estate.

What’s the deal: Aurum PropTech will acquire Housing.com from Australia’s REA Group in an all-equity deal, meaning no cash is being paid. Instead, REA Group will receive shares in the company.

The company plans to combine Housing.com’s massive consumer reach with its own technology platform.

Together, it wants to build an AI-powered system that connects homebuyers, developers, brokers, rental platforms and financial services, making the entire property-buying journey much smoother.

While we are on acquisitions 🤝,

ITC Hotels will acquire Ahmedabad-based GHK Hospitality for an enterprise value of ₹155 crore.

The deets: GHK owns the 130-room Welcomhotel Ahmedabad, which is already being operated by ITC Hotels. By acquiring the property, ITC Hotels will now own the hotel instead of just managing it.

The company wants to strengthen its presence in Ahmedabad, a city that sees steady demand from business travellers, events and tourism throughout the year.

On the earnings front, ITC Hotels reported a net profit of ₹180.2 crore, rising 35.5% YoY. Revenue grew 14.8% to ₹936 crore.

Despite strong earnings, the stock fell over 5%.

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5. The global market scorecard ✍️

2026 has been a reminder that global stock markets don’t always move together.

While South Korea surged on the AI and semiconductor boom, Japan gained on corporate reforms and the US rode the strength of Big Tech.

Meanwhile, China struggled with slower growth, and India paused after a strong rally as investors looked for cheaper opportunities.

It all comes down to earnings, innovation, valuations and where global capital flows.

Full Story Here

6. Stocks that kept us interested 🚀

What went up ⬆️

🛢️Mangalore Refinery and Petrochemicals (MRPL) zoomed more than 10% after Q1 profit jumped multi-fold on a quarterly basis and revenue nearly doubled.

☀️ Emmvee Photovoltaic jumped 8% after Q1 profit more than doubled, backed by a strong order book.

📱 Dixon Tech surged more than 6% after the government approved a ₹1.9 lakh crore mobile phone manufacturing scheme.

⚡ABB India gained more than 6% after its Swiss parent, ABB, reported strong second-quarter results.

What went down ⬇️

🛡️ ICICI Lombard tumbled 11% as brokerages flagged a significant decline in Q1 profit.

🌞 Sterling & Wilson slipped 8% after reporting a dip in revenue and flat margins.

💰 HDFC AMC fell nearly 5% after its Q1 results disappointed investors.

What else are we snackin’ 🍿

💻 Q1 results: Tech Mahindra reported a 32% rise in Q1 profit, with new deal wins crossing $1 billion and revenue growing 17.7% year-on-year.

⚡ Power supply: Adani Power signed a 25-year power supply agreement with Maharashtra State Electricity Distribution Company Limited (MSEDCL) to supply 1,600 MW of electricity from a new ultra-supercritical thermal power plant.

🌍 EU approval: India Pesticides received Technical Equivalence (TEQ) approval in the European Union for one of its fungicides, paving the way for broader access to the European market.

And that’s a wrap. Pour yourself an extra one this weekend. 🥂

We’ll be back like clockwork on Monday!

Hit that 💚 if you liked this issue.

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Markets looked set for a strong day on Wednesday, with the Sensex surging nearly 600 points and the Nifty reclaiming the 24,200 mark.

But late profit booking erased most of the gains, leaving both indices to close only marginally higher.

Despite the late sell-off, HDFC Bank, Bajaj Finance, Shriram Finance and select auto and cement stocks kept the benchmarks in positive territory.

On the flip side, energy, metal and FMCG stocks lagged as rising crude oil prices and renewed tensions between the US and Iran kept investors cautious.

💡 Spotlight: Government goes all in on manufacturing 🇮🇳

The government approved a fresh wave of big-ticket projects spanning mobile phones, semiconductors and highways.

The biggest announcement was Semicon India Mission 2.0 with a much bigger outlay of ₹1.27 lakh crore, up from ₹76,000 crore under the first phase.

This phase focuses on building the entire semiconductor ecosystem, from specialised chemicals and raw materials to advanced packaging equipment, while reducing import dependence.

The Cabinet also approved a new ₹62,500 crore mobile phone manufacturing scheme, replacing the earlier PLI programme.

Companies will receive incentives to manufacture phones in India, source more components locally and invest in product design and R&D.

Meanwhile, two highway projects worth nearly ₹25,500 crore also got the green light to improve connectivity around Varanasi and ease congestion.

Let’s hit it! 💪🏻

1 Big thing: Why IBM shares crashed 25%? ❌

Shares of the US tech giant International Business Machines Corporation (IBM) plunged 25% on July 15 after the company released disappointing preliminary Q2 results.

This marked its steepest single-day fall in decades, wiping out nearly $67-70 billion in market value.

So, what went wrong: IBM reported $17.2 billion in second-quarter revenue, missing Wall Street estimates of $17.9 billion, growing only 1% YoY.

The weak numbers raised concerns that IBM is losing ground in the AI race as customers shifted spending towards servers, chips and memory, delaying several deals, according to CEO Arvind Krishna.

He admitted the company didn’t move ‘quickly enough’, causing several deals to miss expected closing timelines. Krishna also pointed to another growing concern: cybersecurity.

He said rapidly evolving cyber threats have become a top priority for customers, forcing many businesses to redirect budgets toward strengthening their digital defences instead of spending on other IT projects.

The impact wasn’t limited to the US. The sell-off spilled over to India as well.

Shares of Infosys, Wipro, Persistent Systems and Coforge fell as much as 2.5% amid concerns that weaker global IT spending could weigh on the sector.

One sector, however, came out smiling. Global cybersecurity stocks including CrowdStrike, Okta and Netskope rallied after IBM highlighted growing demand for digital security.

We broke this down on video too.

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2. Groww finds growth beyond broking 📈

Groww gained more than 6% after the company delivered a decent quarter. Net profit nearly doubled as its newer businesses picked up the slack from slowing trading activity.

By the numbers:

• Revenue: ₹1,501 crore, up 35% YoY

• Net profit: ₹735 crore, up 94% YoY

• EBITDA margin: 64.6%

Groww has been steadily reducing its dependence on equity derivatives, which still account for about half of its revenue.

At the same time, newer businesses like Margin Trading Facility (MTF), commodity trading, loans against securities (LAS) and asset management are growing rapidly and contributing a bigger share of its business.

Meanwhile, commodity trading, a business it entered less than a year ago, has already captured 29% market share.

Zoom out: India’s retail investing boom is still in its early innings. The country has over 220 million demat accounts, up from just 41 million five years ago.

Mutual fund assets have crossed ₹75 lakh crore, while monthly SIP inflows continue to hover around record highs.

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Quick coffee check ☕️

We want Filter Coffee to be the one email you actually look forward to opening.

3. India’s first gas exchange headed for an IPO 💪

Indian Gas Exchange (IGX) has taken the first step towards its IPO by filing draft papers with SEBI.

If listed, IGX would become India's first publicly traded gas exchange.

The company plans to list exclusively on the BSE.

What does IGX do: the company is India’s only authorised gas exchange, where businesses buy, sell, and take physical delivery of natural gas through contracts ranging from same-day trades to six-month deals.

What’s changing: the IPO will be entirely an Offer for Sale (OFS), with parent company Indian Energy Exchange (IEX) selling 1.67 crore shares.

The sale will also reduce IEX’s stake from 47.3% to 25%, in line with regulatory ownership rules for gas exchanges.

What’s next: IGX is looking beyond natural gas trading. It plans to introduce gas contracts of up to two years and launch an R-LNG booking platform, a hydrogen price index, and a hydrogen trading platform.

As demand for cleaner fuels grows, IGX is expanding to become a broader marketplace for India’s energy transition.

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4. EV bet gets hotter 💰

Hero MotoCorp approved an additional investment of up to ₹1,000 crore in Ather Energy, sending shares up 7% intraday in Tuesday’s trading session.

The why: Hero already owns nearly 30% of Ather. This fresh investment will help Ather expand its manufacturing capacity, build new electric scooters and strengthen its fast-growing charging network.

More money is coming in: the Government of India will invest ₹200 crore in Ather’s proposed ₹1,200 crore fundraise through the India-Japan Fund (IJF).

The $600 million bilateral fund was set up by the Government of India and the Japan Bank for International Cooperation (JBIC) to support strategic investments.

The big picture: India’s electric two-wheeler market continues to gather pace. Registrations rose 12.2% month-on-month to 1.93 lakh units in June.

TVS Motor retained the top spot, while Hero MotoCorp recorded the fastest growth among the five largest manufacturers. Ather, meanwhile, held on to the third position, selling 31,188 electric scooters during the month and capturing a 16.1% market share.

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5. Why do recession risks vary across states? 🤯

Recessions happen when a country's GDP growth turns negative. India's economy is currently growing at 7.4%, with the risk of slipping into recession estimated at 8.8%.

But some states face nearly three times that risk, as factors like employment, industrial activity, consumption, investment and economic resilience vary significantly across the country.

Full Story Here

6. Stocks that kept us interested 🚀

What went up ⬆️

⚡ KEC International shares jumped nearly 4% on bagging new orders worth ₹1,180 crore across businesses.

🏗️ L&T Tech gained more than 6% after reporting strong Q1 earnings.

🧱 Nuvoco Vistas soared more than 10% after a strong Q1 and brokerages also raised earnings estimates.

🚗 Shares of Steel Strips zoomed nearly 5% after the company announced better-than-expected results.

⚙️ EMS gets LoA for a project worth ₹103 crore from UP Jal Nigam (Urban), Varanasi, stock went up 3%.

What went down ⬇️

🌾 Patanjali Foods slipped 15% as 1.5% equity worth ₹195 crore changed hands in a block deal.

🤖 Tata Elxsi fell more than 4% after weak Q1 results.

What else are we snackin’ 🍿

💳 Acquisition deal: TVS Holdings’ subsidiary Home Credit India will acquire Varthana Finance for ₹967 crore, expanding its presence in the education-focused lending market.

🛵 LPG delivery: Instamart has partnered with HPCL to become India’s first quick commerce platform to offer on-demand LPG cylinder delivery, starting with Bengaluru.

🛡️ Defence orders: Apollo Micro Systems secured ₹134 crore worth of defence orders from DRDO, the Indian Navy and defence PSUs.

🧪 Supply pact: Anupam Rasayan signed a deal with Spain’s BASQUEVOLT to explore a 10-year specialty chemicals supply deal with potential revenue of $300 million.

⚛️ Nuclear push: Naveen Jindal Group is evaluating sites across nine states to develop 18 GW of nuclear power projects, marking a major push into clean energy infrastructure.

💳 RBI approval: Delhivery’s financial services arm has received an RBI Type II NBFC licence, enabling it to expand its lending and financial services offerings.

🤯 Deep pockets: Hinge founder Justin McLeod raised $18 million for his AI-powered dating startup Overtone, backed by Match Group, FirstMark Capital and Pace Capital.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Markets ended lower on Tuesday as rising crude oil prices and fresh tensions in The Middle East dampened investor sentiment.

Most sectors ended in the red, with auto, aviation and insurance stocks leading the losses.

On the flip side, defensive buying in pharma and select IT names helped cushion the fall, with Sun Pharma and TCS among the top Nifty gainers.

In an important update, India has formally protested to Iran after a deadly missile strike in the Strait of Hormuz killed an Indian seafarer.

The Ministry of External Affairs (MEA) summoned Iran’s Deputy Chief of Mission in New Delhi to register its strong protest over the incident.

In a statement, the MEA said it was deeply concerned by the attacks and reiterated the need to ensure the safety and security of Indian nationals working in international waters.

💡 Spotlight: Wholesale inflation hits 2-year high 📈

Another inflation gauge flashed a warning sign on Tuesday.

Wholesale inflation (WPI), which measures price changes at the producer level, rose to 9.87% in June, up from 9.68% in May. This marked its highest level in more than two years.

The biggest driver was food inflation, with wholesale food prices rising 6.14%, up from 4.49% a month earlier.

Higher prices of petroleum products, chemicals and basic metals also kept costs elevated, increasing the pressure on manufacturers.

Wait, before you move ahead,

Starting today, several British products, including Scotch whisky, gin, chocolates, biscuits and cosmetics, are set to become cheaper in India as the India-UK Free Trade Agreement comes into effect.

While tariffs on some products will be cut immediately, others will see gradual reductions over the next few years.

Let’s hit it! 💪🏻

1 Big thing: India’s OneSource secures Europe biotech partnership 🌍

OneSource Specialty Pharma has partnered with Germany’s Formycon to manufacture biosimilars for global markets.

Biosimilars are lower-cost versions of complex biological medicines used to treat diseases like cancer, arthritis and diabetes.

OneSource is an Indian contract development and manufacturing company (CDMO) that helps global pharmaceutical firms develop and manufacture complex biologic medicines.

Formycon, listed in Germany, is a biosimilar developer with three approved products already in the market and four more in its pipeline.

What’s the deal: Formycon will develop the medicines, while OneSource will manufacture them end-to-end from its Bengaluru biologics facility.

This includes everything from cell line development and drug substance production to the final injectable product ready for commercial use.

Why it matters: manufacturing biosimilars requires advanced technology, strict quality standards and significant investment, making it a high-entry-barrier business.

Several biologic drugs are nearing the end of their patent protection. Once those patents expire, other companies can start making biosimilars, opening up a multi-billion-dollar global market.

Zoom out: India has already approved more than 140 biosimilars, one of the highest numbers globally, but the country still accounts for only a small share of the global biologics market, which is worth over $450 billion.

Meanwhile, the global biosimilars market is expected to cross $100 billion by the early 2030s.

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2. Deal frenzy on Dalal Street 🤝

PDS signed a multi-year partnership with the global sourcing arm of a leading French supermarket giant.

While the retailer hasn’t been named, PDS will now manage its textile sourcing operations across India, Bangladesh, Pakistan, Sri Lanka and Turkey.

Stock action: shares of PDS jumped 7% intraday on the back of this development.

Why it matters: PDS helps global brands design products, source materials, manufacture goods and deliver them to retailers.

Its client list is packed with big names like Ralph Lauren, Calvin Klein, Mango, Walmart, Tesco, Target, Carrefour and HanesBrands, among many others.

Some numbers: in FY25, its Gross Merchandise Value (GMV), or the total value of products it handled, rose 25% to ₹18,744 crore.

Revenue climbed 21% to ₹12,578 crore, while profit increased 19% to ₹241 crore. Another bright spot was its Sourcing as a Service (SaaS) business, which supported over $730 million in GMV and grew 56% year-on-year.

While we are on deals 🫡 ,

Emcure Pharmaceuticals acquired the remaining 12.05% stake in Gennova Biopharmaceuticals for ₹231.8 crore, making it a wholly owned subsidiary.

Why does this matter: Emcure wants full control of Gennova as it sharpens its focus on biologics and biosimilars. The move also simplifies the company’s ownership structure.

If Gennova rings a bell, it’s because it developed Gemcovac-19, India’s first approved homegrown mRNA Covid vaccine.

More on deals 💰,

Hyderabad-based Sigma Advanced Systems acquired 100% of UK-based Bromford Precision Solutions in a deal worth around ₹153 crore.

Bromford Precision Solutions supplies critical components to aerospace and power equipment manufacturers, including firms approved by Rolls-Royce and Siemens.

The acquisition will help Sigma expand its global aerospace precision manufacturing business while strengthening its position in the Rolls-Royce supply chain.

The big picture: Hyderabad is rapidly becoming one of India’s biggest aerospace and defence hubs.

French aerospace giant Safran recently announced a major engine MRO facility in the city, while more than 1,500 MSMEs already operate alongside global aerospace and defence companies.

Backed by dedicated aerospace parks, DRDO, RCI and a growing skilled workforce, Telangana is aiming to become India’s aerospace and defence capital by 2030.

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3. Welspun bags a mega highway deal 🛣️

Welspun Enterprises’ subsidiary won a ₹7,300 crore contract to build the Pune-Shirur highway in Maharashtra.

Project details: it will build a 53.4-km, six-lane, partially elevated highway on the Pune-Shirur stretch of NH-753F, while also upgrading the existing road.

Why it matters: the highway will improve connectivity between Pune and Shirur, linking fast-growing hubs like Wagholi, Kharadi, Lonikand, Ranjangaon and Shikrapur.

With governments increasing spending on roads, power and logistics, the outlook for infrastructure companies remains strong.

In fact, India's power EPC market is expected to grow by nearly $20.3 billion between 2023 and 2028.

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4. Why are global investors hot on India? 🥵

Global investors are betting bigger on India.

India attracted $39 billion in FDI in 2025, a 44% increase from the previous year.

That pushed the country to 11th place in the world’s FDI rankings. While the US remains the top destination, India’s rise reflects growing confidence in its manufacturing push, infrastructure development and expanding consumer market.

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

📈 Biocon shares surged over 6% after Viatris-owned Mylan launched a ₹3,481 crore block deal, marking its exit from the drugmaker.

⚡️Nuvoco Vistas shares jumped nearly 8% after Q1 profit rose 20% YoY, backed by higher sales, revenue growth and capacity expansion progress.

🔺 Shares of Container Corporation of India (CONCOR) gained over 6% after the state-run logistics company reported an 8.9% YoY increase in container volumes handled during the June quarter.

🚀 Cupid’s shares rose nearly 5%, extending a stunning rally and taking five-year returns to an extraordinary 8,700%.

What went down ⬇️

🔻HCLTech shares fell over 4% as Citi and CLSA downgraded the stock following its Q1 results.

👎🏻 ICICI Prudential AMC shares tumbled 3% despite strong Q1 earnings, as analysts praised long-term growth but flagged pressure on margins and market share.

📉 Jindal Saw shares slipped 3% after Q1 profit plunged 75% YoY to ₹104 crore, as margin pressure overshadowed healthy revenue growth.

What else are we snackin’ 🍿

💰 Tax uptick: India's net direct tax collections rose 16.1% to ₹6.51 trillion, boosting the Centre's revenue position despite global uncertainty from the West Asia war.

🚗 Job cuts: Volkswagen plans to cut up to 50,000 more jobs worldwide as it steps up cost-cutting efforts to improve competitiveness amid weak demand.

✈️ Airport tech: TCS has partnered with New York’s New Terminal One at JFK Airport to deploy AI-driven solutions for passenger processing, baggage handling and cybersecurity as part of the airport’s $19 billion expansion.

🛡️ Airship project: India has launched a ₹15,000 crore programme to develop indigenous stratospheric airships for high-altitude surveillance under the Make-I defence procurement framework.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Markets swung between gains and losses before IT stocks helped the indices finish in the green.

TCS, HCLTech, Infosys, Tech Mahindra and Wipro were among the top six gainers on the Nifty.

Nifty Bank also ended in the green, supported by gains in Kotak Mahindra Bank and ICICI Bank.

Auto stocks delivered a mixed performance, with Bajaj Auto and Mahindra & Mahindra gaining, while Maruti Suzuki ended lower.

💡 Spotlight: Private firms to enter missile manufacturing? 🚀

India could soon change who gets to manufacture some of its most important missiles.

The government is reportedly preparing to let private companies produce the Astra Mark 2, an air-to-air missile with a range of 180-200 km.

And this may just be the beginning. Other missile programmes, including Pralay, could also be opened to private manufacturers.

Until now, missile production has largely been handled by state-owned Bharat Dynamics (BDL). Its shares fell 3% after reports of the policy change, as investors anticipated fresh competition.

Demand is rising faster than BDL can meet. India needs more missiles for its armed forces, while countries like Indonesia are also interested in buying them.

The move could bring Adani Defence, Bharat Forge, Tata, Mahindra and ICOMM into the race for large missile contracts.

Let’s hit it! 💪🏻

1 Big thing: India’s inflation rises above RBI’s target 📈

So, Filter Coffee brings you inflation data every month. Before we dive into the numbers, here's why it matters.

Inflation tells us how fast the prices of everyday things like food, rent and transport are rising. It affects your monthly budget and also influences whether the RBI cuts or raises interest rates.

What’s going on: India’s retail inflation rose to 4.38% in June, up from 3.93% in May.

More importantly, it crossed the RBI’s 4% target for the first time in 18 months. The reading also came in higher than what economists were expecting.

What’s pushing prices up: the biggest culprit was food inflation, which climbed to 5.32%.

Prices of vegetables, cereals and other food items remained elevated, while eating out also became more expensive. Restaurant and accommodation inflation jumped to 6.91%, and prices of clothing and footwear also inched higher.

Inflation picked up in both rural and urban India, showing that price pressures are becoming more broad-based.

A few bright spots: inflation eased slightly in housing and healthcare, while price increases in personal care products also moderated. Even though gold prices remained high, silver jewellery continued to see the sharpest price rise among major items.

Zoom out: now that inflation has moved above that mark, the central bank is likely to remain cautious about cutting interest rates.

Even so, RBI is still widely expected to leave interest rates unchanged at its policy meeting scheduled for August 3-5.

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2. Why did TCS jump 6% on Monday? 🚀

TCS shares climbed nearly 6% after it bagged a multi-million-dollar deal from Swiss engineering and automation company ABB.

Here’s the deal: TCS will manage the company’s entire global computer network.

Think of it as upgrading ABB’s digital highways. Today, different offices and factories across the world use multiple network systems. TCS will bring all of them onto one centrally managed platform, making the network faster, more secure and easier to manage.

The company will monitor ABB’s global network 24x7, use AI to detect problems before they happen and improve cybersecurity.

The project also includes setting up a global network operations centre, which will act like a control room, constantly keeping an eye on ABB’s worldwide digital infrastructure.

Zoom out: companies like Infosys, HCLTech, Accenture and IBM have won similar deals to manage the global digital infrastructure of large multinational companies.

ABB operates in more than 100 countries, and after working with TCS for over 20 years, it has now trusted the Indian IT giant to run its entire global network.

While we are on AI 🤖,

LTM has partnered with Anthropic to bring its Claude family of artificial intelligence (AI) models to enterprise clients.

What’s going on: LTM will integrate Claude into its AI platform, BlueVerse, to help businesses write software faster, upgrade old applications and automate repetitive work.

The partnership will initially focus on industries like banking, manufacturing, consumer businesses and technology.

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3. Aditya Birla seals $1.8 billion clean energy deal 🌱

Aditya Birla Renewables is buying Shell-backed Sprng Energy in a landmark renewable energy acquisition.

The deal is valued at ₹17,200 crore (around $1.8 billion), making it one of the largest transactions the sector has seen in India.

The deets: the Aditya Birla Group will acquire 100% of Sprng Energy from global energy giant Shell. The acquisition includes 5 GW of renewable energy capacity, of which 3.3 GW is already operational, while the rest is under construction.

The why: the group has big clean energy ambitions. With Sprng Energy under its belt, it expects to scale its renewable energy portfolio to more than 20 GW over the next few years. It also strengthens its presence in supplying green power to industries and large electricity distribution companies.

So why is Shell selling: Shell bought Sprng Energy from private equity firm Actis for around $1.5 billion in 2023 and expanded the business over the last three years.

Now, the oil major appears to be monetising its investment, a common strategy where global companies sell mature assets and redeploy capital into newer opportunities.

Worth noting: this wasn’t a straightforward sale. Several heavyweight investors, including KKR, NIIF and Sembcorp, were in the race to buy Sprng Energy.

While we are on acquisitions 🤝,

Tata Capital is acquiring an 88.6% stake in Kerala-based NBFC Yogakshemam Loans (Yogloans).

The deal values the company at up to ₹318 crore, and Tata Capital will also invest around ₹93 crore in fresh capital to help expand the business.

It gives Tata Capital a stronger foothold in the booming gold loan market, a segment that’s expected to grow 12-15% every year over the next four to five years.

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4. Lux Industries is building one of Asia’s largest garment hubs 💸

Lux Industries will invest ₹600 crore to expand its West Bengal factory. The expansion will boost production capacity and create what the company says will become one of Asia's largest garment manufacturing hubs.

The maker of Lux Cozi, Lyra, ONN and Lux Venus is one of India’s largest innerwear and apparel manufacturers.

The plan: the company will expand its existing 8 lakh sq. ft. Dankuni factory by another 12 lakh sq. ft., creating a 20 lakh sq. ft. manufacturing campus.

It will be funded through a mix of internal accruals and borrowings, with the company expecting to recover the investment within five years.

The bigger picture: Dankuni is emerging as a major manufacturing and logistics hub thanks to its excellent connectivity and proximity to Kolkata.

With India’s textile market projected to grow from $174 billion to $350 billion by 2030, investments like this position Lux to tap into rising domestic demand and export opportunities.

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5. Is India’s credit card boom slowing? 🤔

Despite 119 million active credit cards, only one in four credit-active Indians owns one.

That’s far lower than countries like Hong Kong (98%), Canada (97%) and the US (81%). The gap reflects India’s preference for debit cards, UPI and cash, along with stricter eligibility and lower credit awareness.

As incomes rise and formal credit expands, credit card adoption still has significant room to grow.

Full Story Here

6. Stocks that kept us interested 🚀

What went up ⬆️

🚀 Just Dial shares surged 20% after Q1 profit jumped 66% sequentially and the company announced a new CEO and CFO.

🔼 Avantel shares jumped nearly 2% after the company posted 36% revenue growth and a 67% surge in June-quarter net profit.

⚡️ Fino Payments Bank shares jumped 19% after strong June business growth, driven by higher loan disbursals and new account additions.

📈 HEG shares rose 3% after announcing a demerger to separate its graphite electrode and clean energy businesses into independent companies.

⭐️ Kalyan Jewellers shares jumped 7%, extending their winning streak as investors remained optimistic about the company’s future growth.

What went down ⬇️

🛒 DMart shares fell 2% after weak Q1 numbers, as rising quick commerce competition and slower store sales weighed on investor sentiment.

🔻 Muthoot Finance and Manappuram Finance shares slipped 2% each as declining gold prices weighed on gold loan lenders.

What else are we snackin’ 🍿

🌍 Trade gap: India’s trade deficit has widened to $30.43 billion in June as exports declined more sharply than imports, reflecting weaker external demand.

💻 Q1 results: HCLTech reported better-than-expected Q1 earnings, retained its FY27 guidance, and saw its workforce decline by 3,300 employees during the quarter.

🚌 EV partnership: JBM Electric Vehicles signed a deal with Drivn to supply 500 electric luxury buses.

💼 Acquisition talks: ITC Infotech has emerged as the frontrunner to acquire a majority stake in Happiest Minds, with the deal expected to begin by buying the promoter’s stake followed by an open offer.

❌ Job cuts: HDFC Bank, Axis Bank and Kotak Mahindra Bank cut over 7,700 jobs in FY26 as automation reshaped hiring despite business growth.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Last week was relatively light on market-moving data. This week is opposite.

We’ve got inflation numbers, Q1 earnings, FII flows, crude oil, monsoon updates and, of course, the US-Iran conflict all lined up. Safe to say, markets have plenty to digest over the next few days.

Let’s start with the one thing everyone’s watching.

The US-Iran conflict remains front and centre after another commercial vessel was attacked in the Strait of Hormuz.

India has condemned the latest incident, calling for an immediate de-escalation after 10 of the 11 Indian crew members were rescued, while one remains missing.

Back home, all eyes are now on June’s CPI inflation data on Monday and WPI inflation on Tuesday, both of which could influence expectations around interest rates.

There is some good news though. After selling for four straight months, foreign investors have turned net buyers in July, investing over ₹15,000 crore so far.

💡 Spotlight: India, New Zealand chase ₹35,000 crore 💰

One visit, 10 agreements and a lot of new opportunities.

During PM Modi’s visit, the two countries signed 10 agreements and set a target to double bilateral trade to ₹35,000 crore by 2030. They also agreed to fast-track a Free Trade Agreement (FTA), making it easier for businesses in both countries to trade.

The two countries will work together on AI, clean energy, technology and defence, while New Zealand plans to facilitate $20 billion in private investment into India over the next 15 years.

Indian students, skilled professionals and startups are also expected to benefit through easier mobility and deeper collaboration.

Let’s hit it! 💪🏻

1 Big thing: DMart reports a steady quarter 💸

DMart’s parent company, Avenue Supermarts, reported a steady set of numbers, largely in line with what the street was expecting.

By the numbers:

• Net profit: up 11.3% YoY at ₹860.6 cr vs ₹773 cr

• Revenue: up 14.9% YoY at ₹18,794 cr vs ₹16,359 cr

• EBITDA: up 15.4% YoY at ₹1,499 cr vs ₹1,299 cr

• Margin: at 7.97% vs 7.94% (YoY)

What’s going on: even though sales kept growing, profits didn’t get much of a boost. That’s because expenses are rising too.

Higher employee costs, finance costs and other operating expenses continued to eat into profitability.

DMart stores that have been open for more than two years grew just 5.5% this quarter, down from 7.1% a year ago. That’s important because older stores usually generate the bulk of DMart’s profits.

The slowdown is most visible in big cities. According to the company, mature stores in large metro markets, which earn much higher revenue per square foot, saw almost no growth during the quarter.

On the other hand, stores in smaller cities continued to perform well.

The online strategy: the company has shut DMart Ready in seven cities and is now focusing only on larger towns, reducing its presence to 11 cities.

More shoppers in India's metros are turning to Blinkit, Zepto and Swiggy Instamart for groceries and daily essentials instead of visiting supermarkets.

Despite the challenges, DMart opened three new stores during the quarter, taking its total store count to 503 across India.

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2. Why did Ion Exchange shares surge 16%? 📈

Ion Exchange India shares jumped over 16% on Friday after the company won a ₹503 crore international order for a project in the Middle East.

Ion Exchange builds water and wastewater treatment plants and provides water purification solutions.

What’s the order about: the contract is to supply water filtration units for a Middle East project and is expected to be completed over the next 18 months.

Why it matters: the order strengthens the company’s engineering order book, which stood at ₹2,643 crore as of March 2026, and adds to a strong ₹9,509 crore bid pipeline, giving it healthy revenue visibility for the future.

Winning the contract from Hyundai Engineering & Construction also reinforces Ion Exchange India’s growing reputation in the global water treatment and filtration market.

While we are on orders 🤝,

HFCL shares rose after the company won an export order worth $52 million (around ₹496 crore).

The deets: the order is for optical fibre cable solutions that connect data centres and was awarded by a leading international customer to HFCL’s overseas subsidiary. The project is expected to be completed by December 2026.

Why it matters: the deal strengthens HFCL’s position in the fast-growing AI, data centre, and digital infrastructure market, while boosting its already record ₹13,483 crore optical fibre order book, giving the company strong long-term revenue visibility.

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3. How is Mumbai’s BMC the richest civic body in India? 😯

The BMC is India's richest municipal corporation, but most of its money doesn't come from property tax alone.

Around 30% of its revenue comes from grants by the Maharashtra government, followed by 23% from construction and building approvals. Property tax contributes 13%, while water and sewerage charges, supervision fees, and interest income add smaller shares.

Together, these revenue streams help fund Mumbai's roads, public transport, waste management, water supply and other essential civic services.

Full Story Here

4. Why 60-minute fashion is so hard 🤯

Quick commerce has made grocery shopping almost instant, but fashion is proving to be a much tougher challenge.

Startups like Knot, Slikk and Zilo are racing to deliver clothes within minutes, yet high return rates, costly inventory, changing trends and uncertain demand are making the business difficult to scale.

As larger players like Myntra also experiment with faster deliveries, the question remains: can instant fashion ever become a profitable business?

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

📈 Anand Rathi Wealth shares gained 2% after June-quarter net profit jumped 74% YoY to ₹163 crore on healthy revenue growth.

💪🏻 Indian Bank shares went up nearly 10% after it reported a 47% jump in June-quarter net profit to ₹3,357 crore, while operating income rose 11% year-on-year.

🔺 TCS shares gained after its Q1 results met muted expectations, reassuring investors despite a challenging demand environment.

💪🏻 Wheels India shares gained nearly 5% after the company announced plans to raise up to ₹400 crore through a QIP.

What went down ⬇️

🔻Dr Reddy’s shares fell 1%, extending two-day losses beyond 9%, after quality issues delayed commercial supplies of its semaglutide product.

What else are we snackin’ 🍿

🇮🇳 Boosting ties: Piyush Goyal will lead an Indian business delegation to Spain, Belgium and Finland from July 13-17 to strengthen European ties.

☀️ Solar push: the World Bank will mobilise $4.2 billion in private financing and provide an $890 million package to support India’s rooftop solar programme under the PM Surya Ghar scheme.

💰 Fund flows: Equity mutual fund inflows rose to ₹28,973 crore in June, while debt funds saw over ₹1 lakh crore in outflows amid heavy investor withdrawals.

✅ Green signal: Zetwerk received SEBI approval for its IPO, while Marri Retail, Tonbo Imaging India and Gujarat Victory Forgings also got clearance.

🚀 Power boost: State-run power producer NTPC approved a ₹20,457 crore investment for two new power units at its Lara project in Chhattisgarh.

That’s a wrap! Don’t let the Monday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Volatility is back in the market. The comeback lost steam by the close as profit booking pulled the Sensex nearly 600 points off its day's high.

Bharti Airtel, HDFC Bank and Sun Pharma emerged as the top players. The Bank index rose approximately 1% while the Midcap index outperformed by 1.5%.

Oil marketing companies gained as lower crude prices reduce input costs, while producers such as ONGC and Oil India fell because lower crude prices hurt their realisations.

Nifty IT and Auto both ended in red while the rest of the indices were fairly up.

💡 Spotlight: Third time is a charm for PM Modi 🇮🇳

Prime Minister Modi’s third visit to Australia came with plenty of outcomes - 18 in total.

Here’s everything that happened:

The 18 agreements cover defence, energy, education, critical tech, mining, culture and more.

Security: both countries will work closely on information sharing, coastal surveillance, search and rescue, disaster response, and maritime law enforcement.

Energy: the two sides moved forward on energy security, uranium supply under the civil nuclear agreement, rooftop solar training, and critical supply chains. This supports India's goal of achieving 100 GW of nuclear power capacity by 2047.

Education: Australia’s Flinders University received a Letter of Intent to set up a Bengaluru campus, while Victoria University received approval to begin operations and admit students in India.

Interestingly: AustralianSuper, one of the biggest retirement funds of Australia, has promised to invest another ~₹3,300 crore (AU$500 million) in India’s National Investment and Infrastructure Fund (NIIF). They had already put in around ₹1,588 crore (AU$240 million) in NIIF in 2019.

Let’s hit it! 💪🏻

1 Big thing: TCS meets street expectations 🤝

TCS officially kicked off the Q1 earnings season and delivered numbers that met street expectations despite a challenging global environment.

By the numbers:

• Net profit: down 2.7% QoQ at ₹13,349 cr vs ₹13,718 cr

• ₹ revenue: up 2.2% QoQ at ₹72,275 cr vs ₹70,698 cr

• EBIT: down 3% QoQ at ₹17,317 cr vs ₹17,870 cr

• EBIT margin: at 24% vs 25.3% (QoQ)

Breaking it down: to get a clearer picture of its actual business growth, TCS’ revenue rose 0.4% after excluding currency fluctuations.

AI remained one of the company's strongest growth drivers. The company reported annualised AI revenue of $2.6 billion, up 13.6% from the previous quarter.

It also announced several major AI-led transformation deals during the quarter, including an $800 million contract with global engineering giant SKF, along with another multi-million-dollar deal with a Europe-based Fortune Global 50 company.

TCS secured $9.5 billion worth of new deals during the quarter. While that’s a healthy pipeline, it was lower than the previous quarter’s total.

Meanwhile, the company ended the quarter with nearly 5.94 lakh employees, while attrition in its IT services business remained steady at 13.6%.

Hiring is making a comeback too. After slashing over 30,000 jobs across Q2 and Q3 of FY26, TCS added nearly 9,300 employees in Q1 FY27, its biggest quarterly headcount addition in almost four years.

Management commentary: CEO and MD K Krithivasan said demand for AI, cloud modernisation, cybersecurity and platform simplification continues to remain strong.

According to him, improving deal wins, deeper relationships with existing clients and expanding partnerships put TCS in a strong position for the quarters ahead.

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2. 2026’s biggest IPO is here 💰

India’s primary market is expected to raise $20 billion through Initial Public Offerings in 2026 and now we have got this year’s biggest IPO.

What’s going on: SBI Mutual Fund IPO is worth ₹11,693 crore. The company has fixed the price band at ₹545-574 per share. The issue will open for subscription from July 14 to July 16, while anchor investors can bid on July 13.

SBI Mutual Fund is India’s largest mutual fund house, managing lakhs of crores of investor money and generated ₹4,969 crore in income during FY26.

This is a 100% Offer for Sale (OFS), meaning SBI Mutual Fund won’t receive any fresh money. Instead, existing shareholders are selling part of their stake.

State Bank of India will sell a 6.3% stake, while its joint venture partner Amundi will offload another 3.7% stake.

Quick insight: French asset management giant Amundi will unlock nearly ₹4,400 crore from a stake it acquired for just ₹173.9 crore around 15 years ago.

Note: at the upper end of the price band, the company will command a market valuation of nearly ₹1.17 lakh crore, putting it in the league of several Nifty 50 companies.

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3. Two defence firms, one big bet 🇮🇳

Apollo Micro Systems, a company that makes technology for the defence and aerospace sectors, has agreed to buy a 41.33% stake in Premier Explosives for ₹1,550 crore.

Premier Explosives makes rocket and missile fuel and supplies defence equipment used by India’s military, aerospace and mining industries.

Why it matters: the acquisition helps Apollo Micro become a more complete defence company by expanding into missile and ammunition-related technologies.

It also supports the government’s Make-in-India and Aatmanirbhar Bharat initiatives, which aim to reduce India’s dependence on imported defence equipment.

The announcement comes just days after Apollo Micro approved plans to raise over ₹3,322 crore by issuing new shares and convertible warrants.

The bigger picture: India’s defence industry has grown rapidly over the past decade. Defence production has increased from ₹46,429 crore in FY15 to ₹1.78 lakh crore in FY26, while exports have jumped from ₹686 crore to a record ₹38,424 crore.

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4. Why India’s passport still has ground to cover 🤔

What’s the power of an Indian passport? Mid to low globally, tells us the Henley Passport Index.

Some passports are like VIP passes. Citizens from countries like Singapore or Japan can enter a lot of countries without applying for a visa first.

India’s passport is not that powerful yet. With an Indian passport, you can travel to some countries without a visa or get visa-on-arrival.

But for popular destinations like the US, UK, Canada, Europe, Australia or Japan, you usually still need to apply for a visa before going.

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

🚀 Piramal Pharma shares rose nearly 2% after the company cleared a US FDA inspection for its factory in the USA without any major issues.

⭐️ Kalyan Jewellers shares went up a little over 18% after Citi reaffirmed its bullish view, saying the stock could more than double from current levels.

⏏️ Shares of Dixon, Amber, and Kaynes were in focus after the government reduced import duties on key electronics components, a move expected to lower manufacturing costs and boost electronics manufacturing in India.

🍔 Eternal shares gained over 3% after expectations that the stock could get a higher weight in the MSCI Standard Index, a move that could attract more foreign investor inflows.

📈 Insolation Energy shares zoomed nearly 15% after its subsidiary won an order from NTPC Renewable Energy to supply solar panels (PV modules).

🛢️ Vedanta Oil & Gas shares surged over 8% after the company won a key legal battle in the Delhi High Court.

What went down ⬇️

🔻 Dr Reddy‘s shares fell over 6% after the company delayed supplies of its semaglutide drug due to a quality issue with a key ingredient used in its production.

❌ AstraZeneca fell as much as 9% after its late-stage clinical trial for a heart disease drug failed to meet its primary target.

🤯 Oberoi Realty fell over 2% after the Punjab and Haryana High Court barred fresh allotments and third-party rights in its Gurugram housing project until authorities decide a complaint over the project’s licence.

What else are we snackin’ 🍿

🛵 Gas on wheels: TVS Motor has partnered with Indian Oil to deploy its TVS King Kargo HD vehicles across 13,000+ LPG distributors, making doorstep LPG deliveries more efficient and sustainable.

🫡 Deal done: Dixon Technologies signed a joint venture with Vivo India to manufacture smartphones and other electronic devices under an OEM business in India.

💰 FDI boom: India's FDI inflows jumped 44% to $39 billion in 2025, with Alphabet contributing more than a third of the total.

👀 Tariff tussle: India will challenge a proposed 12.5% US tariff on its exports, arguing the move is unfair at a US trade hearing.

💪🏻 Deep pockets: Physical security platform Hakimo has raised $12 million to expand its AI-powered security platform, taking its total funding to $32 million.

And that’s a wrap. Pour yourself an extra one this weekend. 🥂

We’ll be back like clockwork on Monday!

Hit that 💚 if you liked this issue.

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Bloodbath on Dalal Street. The Sensex plunged nearly 1,000 points, while the Nifty fell over 2% within 30 minutes on Wednesday after US President Donald Trump's latest remarks on Iran.

Every sectoral index ended in the red, with PSU banks and chemical stocks leading the losses.

HDFC Bank was the biggest contributor to the Nifty 50’s decline followed by Reliance, ICICI, Bharti Airtel and L&T, all of which fell more than 2%.

Meanwhile, as oil prices climbed amid rising tensions between the US & Iran, upstream oil companies like ONGC and Oil India bucked the trend. That’s because higher crude prices generally boost the earnings of companies that produce oil.

On today's radar: TCS, Anand Rathi Wealth and GM Breweries will announce their quarterly results.

💡 Spotlight: Did you know? 1.54 crore people flew in May ✈️

IndiGo’s market share dipped to around 64.9%, but it remains the biggest player. Almost 2 out of every 3 domestic passengers flew the airline.

Air India also climbed higher, with its market share rising to 25.6% from 24.7% in April.

Akasa Air held around a 6% market share, but its flights operated at a 93% load factor. The industry average is usually around 85%. So, that’s nice efficiency for Akasa.

SpiceJet’s market share fell to 2.5%, and it also had a high cancellation rate of 4.04%, whereas the industry-wide cancellation was about 0.55%.

In May, 63,723 passengers were affected by cancellations in May and airlines shelled out Rs 70.32 lakh towards compensation and facilities.

Indian airlines carried 9.5% more passengers in May than they did in April. However, from January to May, passenger traffic grew only 1.91% year-on-year. So overall growth for the year so far is still modest.

Let’s hit it! 💪🏻

1 Big thing: US and Iran are back at it ⚔️

Indian and global markets are bracing up for another phase of volatility as tensions escalated again between the US and Iran. Just weeks after announcing a ceasefire, Donald Trump says it’s over.

Speaking to reporters, the US President said he no longer wanted to deal with Iran and declared the ceasefire effectively dead. His comments came after both countries accused each other of breaking the agreement reached last month.

Later, he also warned that Washington was preparing for another wave of strikes against Iran.

Meanwhile, India voiced serious concern over the renewed tensions, calling on both the US and Iran to avoid further escalation, return to diplomatic talks and ensure that global energy supplies and trade routes remain uninterrupted.

So what happened: according to the US, three commercial ships passing through the Strait of Hormuz, came under attack on Tuesday.

Washington blamed Iran and responded with what it called a ‘series of powerful strikes,’ hitting more than 80 targets, including air defence systems, anti-ship missile sites, command centres and over 60 Revolutionary Guard boats.

At the same time, the US also revoked a waiver that had allowed Iran to continue selling oil.

He said, she said situation: Iran has rejected the accusations, calling the strikes a ‘gross violation’ of last month’s peace agreement. It also vowed a ‘crushing response’.

In response, Iran retaliated with strikes targeting Bahrain and Kuwait. The Islamic Revolutionary Guards Corps (IRGC) said it had targeted more than 85 US military facilities.

The impact: oil markets reacted immediately. Crude prices jumped as traders worried that tensions around the Strait of Hormuz could once again disrupt global oil supplies.

For India, which imports around 90% of its crude oil, a prolonged conflict could mean costlier oil imports and renewed pressure on inflation.

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2. SEPC makes a big UAE bet. So why did the stock fall? 👎🏻

Engineering and infrastructure firm SEPC’s shares fell on Wednesday even after its board approved the acquisition of up to a 90% stake in UAE-based Avenir International Engineers and Consultants LLC.

Avenir is an engineering consultancy serving the UAE's oil & gas and civil infrastructure sectors.

Its biggest advantage is its pre-qualification to work with Abu Dhabi National Oil Company (ADNOC), one of the world's largest oil producers.

The deal explained: the acquisition will be completed through a share swap, meaning SEPC will issue 153 crore new shares at ₹10 each instead of paying cash. The deal values Avenir at ₹1,530 crore and is expected to close by December 2026.

So why did the stock still fall: investors were concerned about dilution.

Because SEPC is issuing 153 crore new shares to complete the acquisition, existing shareholders' ownership will be diluted, which often weighs on the stock in the short term.

While we are on acquisitions 💸,

Marksans Pharma signed an agreement to acquire 100% of Germany-based ABCnow GmbH for €892,384 (around ₹81 lakh) in an all-cash deal.

What do the companies do: Marksans Pharma manufactures and sells generic medicines and over-the-counter (OTC) healthcare products across global markets.

Germany-based ABCnow GmbH is a pharmaceutical wholesaler that distributes OTC medicines across the country.

Why does the acquisition matter: the acquisition gives Marksans its own distribution network in Germany, allowing it to sell products manufactured in India, the UK and the US directly to the German market.

3. Antibiotic deal lifts Orchid Pharma ☝️

Shares of Orchid Pharma jumped 10% intraday, marking its biggest single-day gain since August 2024.

The rally came after the company signed an exclusive licensing and supply agreement with Russia’s leading drugmaker, Pharmasyntez, for its antibiotic used to treat multi-drug resistant bacterial infections.

So, what does Orchid Pharma actually do?

The company makes both the raw ingredients (APIs) used in antibiotics and the finished medicines themselves.

What’s the deal: through its partnership with Pharmasyntez, Orchid will introduce its antibiotic, Exblifep, to patients in Russia. The company estimates the opportunity could be worth around $178 million over the next decade.

How the business is doing: after posting losses in the previous two quarters, Orchid made a strong comeback in Q4FY26.

Revenue climbed to a record ₹237.6 crore, while net profit rose to ₹23.8 crore. Profit before tax surged 917%, and operating margins improved sharply from 0.76% to 11.3%.

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4. Winners of June auto sales 👑

India’s car market kept cruising in June.

Maruti Suzuki comfortably retained its lead in passenger vehicle sales, while Tata Motors stayed ahead of Mahindra to hold the second spot.

Most carmakers reported healthy year-on-year growth, although several saw sales ease compared to the previous month, suggesting demand remains resilient despite a slower monthly pace.

Full Story Here

5. Stocks that kept us interested 🚀

What went up ⬆️

💸 PC Jeweller shares rose 2% after the company said it is on track to become debt-free during the current quarter and has repaid outstanding dues to two consortium banks.

📈 Balaji Amines jumped over 6% and Alkyl Amines gained 3% as hopes of anti-dumping duties continued to lift amines stocks.

🛢️ ONGC shares gained 1% as crude oil prices surged over 5%, boosting earnings prospects for oil producers amid supply concerns.

⚡️ INOX India zoomed nearly 5% after securing ₹939 crore worth of orders across industrial gas, LNG and cryo-scientific businesses since May 21.

What went down ⬇️

🔻 IndiGo shares fell over 5% after its market share declined in May, while rising crude oil prices added pressure on airline stocks.

📉 South Indian Bank shares plunged over 8% despite RBI approving the appointment of its next Managing Director and CEO.

What else are we snackin’ 🍿

🎓 Edtech funding: Elevate Education has raised ₹170 crore in a Series D round led by WestBridge Capital to strengthen its AI capabilities, expand partner institutions and enhance student outcomes.

🚗 Capacity expansion: Uno Minda will invest ₹320 crore in a greenfield plant to manufacture passenger vehicle seating systems, marking its entry into the segment through its joint venture with Japan’s TACHI-S.

🤖 AI rollout: OpenAI has received US approval for a broad rollout of GPT-5.6 and expects to make the model widely available later this week.

☁️ AI expansion: Google will expand its AI data centre footprint in India to meet rising demand for cloud and AI services, according to Google Cloud CEO Thomas Kurian.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Markets snapped their four-day winning streak as Nifty and Sensex ended lower after a volatile trading session. The Nifty IT index gained 2.4%, led by Infosys, TCS, and Tech Mahindra.

Realty and Metal fell more than 1%. Pharma, Energy, Infra and Media were down by about 0.7%.

There was also some profit booking in midcap stocks, along with some selling pressure from defence.

💡 Spotlight: India and Indonesia are now strategic besties 🇮🇩

Both countries have signed eight agreements across defence, maritime safety, healthcare, education, technology, critical minerals, agriculture and steel.

Defence: India is set to export two batteries of its BrahMos supersonic cruise missile system to Indonesia in a deal valued at around $200 million.

Maritime deals: Indonesia sits close to the Strait of Malacca, one of the world’s busiest trade routes. The two countries are expected to jointly develop Sabang Port, located near the strait.

Economic ties: India and Indonesia have agreed to work together on critical minerals, stainless steel and rare-earth magnets. These are the raw materials behind EVs, electronics, defence equipment, clean energy and advanced manufacturing.

What else: India also agreed to improve access to affordable medicines in Indonesia, help train doctors and healthcare workers, open an IIM Bangalore branch campus in Jakarta, and work together on election-tech cooperation by providing EVMs to Indonesia.

Looks like a win-win for both the countries.

Let’s hit it! 💪🏻

1 Big thing: Cult.fit eyes public debut 💪

Fitness and wellness platform Cult.fit filed its IPO papers with SEBI to raise ₹950 crore through a fresh issue of shares.

Temasek-backed MacRitchie Investments will be the biggest seller in the OFS, offloading up to 2.47 crore shares.

Individual shareholders selling their stakes include founder Mukesh Bansal, angel investor Bruno Raschle and Hrithik Roshan.

Some numbers: in FY26, Cult.fit’s operating revenue jumped around 40% to ₹1,721 crore, up from ₹1,216 crore a year earlier.

The company is still making losses, but the trend is improving. Its FY26 loss narrowed to ₹252 crore, compared with ₹481 crore in FY25 and ₹888 crore in FY24.

Around 70% of its revenue comes from fitness memberships and workout services, while the remaining 30% comes from selling fitness-related products.

The big picture: according to Deloitte India and the Health & Fitness Association, India’s fitness market is expected to grow to ₹37,700 crore by 2030, as more Indians prioritise health, wellness and active lifestyles.

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2. What’s behind the BHEL-Thyssenkrupp green hydrogen deal? 🌱

BHEL has partnered with Thyssenkrupp Nucera India, the Indian arm of Germany’s Thyssenkrupp Nucera, to manufacture alkaline electrolysers in India.

The deets: electrolysers are the main machines used to make green hydrogen.

In simple terms, they use electricity to split water into hydrogen and oxygen. When that electricity comes from solar or wind power, the hydrogen produced is called green hydrogen.

Why it matters: India needs green hydrogen because some industries are among the biggest polluters and are difficult to make environmentally friendly.

Steel, fertilisers, refineries and heavy transport cannot easily run only on regular electricity. Green hydrogen can help them cut pollution without completely changing how they operate.

Meanwhile, alkaline electrolysers are important because they are proven, widely used and cheaper than some newer hydrogen technologies.

Zoom out: the government launched the National Green Hydrogen Mission in 2023 with an investment of ₹19,744 crore to position the country as a global hub for producing, using and exporting green hydrogen and its derivatives.

Under the mission, India aims to produce at least 5 million tonnes of green hydrogen every year by 2030.

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3. Even 1,800% profit couldn’t save Samsung’s stock 📉

Shares of Samsung Electronics tumbled nearly 7% on Tuesday, dragging South Korea’s benchmark KOSPI down more than 8%, even after the world’s largest memory chipmaker reported one of the strongest quarters in its history.

Samsung Electronics has overtaken Nvidia to become the world’s most-profitable technology company, thanks to soaring demand for AI memory chips.

By the numbers:

• Operating profit skyrocketed 1,800% YoY, rising nearly 19-fold from last year.

• Profit reached 89.4 trillion won ($58.6 billion) for the April-June quarter, beating market estimates of 87.3 trillion won.

• A year ago, Samsung’s quarterly profit stood at just 4.7 trillion won.

• Revenue surged 129% to 171 trillion won, more than doubling from the same period last year.

Why did the stock still fall: Samsung has been one of the biggest beneficiaries of the AI boom. As companies raced to build AI data centres, demand for memory chips surged, allowing Samsung to sell its chips at much higher prices and significantly boost profits.

But investors now fear that pace may not last.

Building AI infrastructure requires massive investments in data centres, power supply and chip manufacturing capacity.

Any slowdown in those investments could eventually reduce demand for memory chips, hurting future earnings across the semiconductor industry.

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4. How corporate taxes compare globally 🌍

At 30%, India has one of the highest corporate tax rates among major economies, behind only Brazil in this comparison.

Meanwhile, countries like the UAE (9%) and Germany (16%) levy significantly lower rates.

Corporate tax plays a key role in attracting businesses, investments and jobs, which is why governments constantly balance tax collections with competitiveness.

Full Story Here

5. Why is El Niño worrying India’s power sector? 😟

El Niño could leave India short of nearly 17.7 billion units of electricity over the next year, according to CREA.

The concern isn’t the size of the gap, but that weaker wind and hydropower may force the country to rely more on coal.

As hotter weather pushes up electricity demand, a weaker monsoon could reduce output from two of India's largest renewable power sources.

Full Story Here

6. Stocks that kept us interested 🚀

What went up ⬆️

🚀 Shares of InfoEdge zoomed 11% after the company’s standalone billings rose 14.4% YoY and recruitment solutions business witnessed a strong 17.5% YoY growth at ₹552.7 crore.

⚡️ RITES jumped nearly 9% after winning a $35.8 million South Africa contract to supply and commission 4,000 HP diesel-electric locomotives.

📈 Titan shares gained over 2.5% after its Q1 business update showed 41% year-on-year growth in its consumer business.

💸 TARC shares jumped 2% after Q1 pre-sales tripled to ₹602 crore, while collections rose 80% to ₹305 crore year-on-year.

💰RCF shares jumped after its board approved raising up to ₹1,500 crore through a Further Public Offering (FPO).

What went down ⬇️

📉 Apollo Micro Systems shares fell over 5% after approving a ₹3,322 crore fundraise through preferential shares and convertible warrants.

🔻 Cochin Shipyard shares fell 4% after the government launched an OFS to sell up to a 5.04% stake at ₹1,400 per share.

👎🏻 Trent shares plunged 12% after Q1 revenue grew 19%, missing estimates, raising concerns over slowing growth and rising competition.

💰 Kalyan Jewellers shares fell nearly 7% despite a strong Q1 update, as growth trailed rival Titan and missed investor expectations.

What else are we snackin’ 🍿

🏠 Indian control: Swiggy climbed nearly 7% after domestic ownership crossed 50%, bringing it closer to becoming an Indian Owned and Controlled Company (IOCC).

🏬 Retail debut: Canada’s Lululemon will open its first India store at DLF Promenade, New Delhi later this year through a franchise partnership with Tata CLiQ.

🩺 Insurance pulse: India’s general insurance premiums rose 14% in June. Niva Bupa led with 35% growth, while Go Digit saw premiums decline 3%.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Indian markets started the week on a strong note, extending their rally for the fourth straight session as Sensex and Nifty jumped by ~0.6%.

Nifty Bank helped keep the mood steady, largely driven by positive quarterly updates from private lenders like HDFC Bank.

Sectorally, the screen was mostly green. Realty led the pack, rising nearly 2%, followed by Consumer Durables at 1.5% and Auto at 1.3%.

On the flip side, Media was the weakest sector, falling 0.95%, followed by PSU Bank, down 0.9%, and IT, which slipped 0.6%.

💡 Spotlight: India’s car buyers shift gears amid rising fuel prices 🚗

Alternative-fuel vehicles, which include CNG, hybrid and electric cars, made up a record 40.35% of passenger vehicle retail sales in June, up from about 38% in May.

What changed: fuel prices went up four times in just ten days after the Iran war triggered a crude shock. This made buyers switch to cheaper and more reliable options.

Here are numbers backing it up:

Among passenger vehicles, CNG cars led the alternative-fuel pack with a 24.3% share. Hybrids made up 8.3%, while EVs accounted for 7.8%.

Maruti Suzuki, which dominates India’s CNG car market, said bookings for its CNG models jumped 40% after the fuel price hikes.

The two-wheeler market is seeing a similar shift. EVs made up 10.6% of overall two-wheeler sales, crossing the double-digit mark for the first time.

In an interesting insight 👀,

Radico Khaitan jumped over 5%, crossing ₹4,000/share for the first time ever after its flagship vodka brand, Magic Moments, delivered a blockbuster quarter.

The brand sold 3.25 million cases in Q1 FY27, up 43% from a year ago.

Magic Moments now commands around 60% of India’s vodka market, while flavoured vodka accounts for over 65% of all vodka sales in the country.

Let’s hit it! 💪🏻

1 Big thing: Is Varun’s next big sip dairy? 🥛

We know Varun Beverages as the company behind Pepsi, Mountain Dew and Sting. But now, it’s adding something new to the fridge.

The company is buying the value-added dairy beverages, juices and packaged drinking water business of Devyani Food Industries Kenya for $32 million (around ₹305 crore).

Why it matters: the company already bottles and sells PepsiCo drinks in Kenya. This deal gives it a ready-to-use manufacturing plant in Nakuru, spread across 52 acres, along with an existing distribution network.

Also, Kenya isn’t a random pick. It has one of the largest dairy industries in sub-Saharan Africa, contributing 14-17% of the country’s agricultural GDP and supporting nearly 2 million farming households.

More than Pepsi: for years, Varun Beverages has been seen as the company that bottles and sells PepsiCo brands but in the last few months alone, it has expanded into snacks, partnered with Japan’s Asahi Group to bring Calpis to India, strengthened its beer distribution business in Africa.

Don’t miss: the timing is interesting. With a new manufacturing base in Kenya and recent expansion into new beverage categories, Varun is clearly positioning itself beyond carbonated drinks.

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2. Strong start to FY27 for Nykaa 💪

Shares of beauty and fashion retailer Nykaa surged after the company projected around 30% year-on-year revenue growth for the June quarter.

Over the past month, Nykaa’s stock has already gained more than 20%, and this latest update has added to the optimism.

Key growth drivers: beauty continues to perform well, while fashion is finally finding its footing. Nykaa expects its GMV (the total value of products sold), net sales and revenue to all grow in the early 30% range during Q1 FY27.

Its beauty business has continued to grow steadily, helped by higher sales from existing stores and an expanding retail footprint. During the quarter, Nykaa increased its store count from 313 to 324.

Nykaa’s fashion business is expected to be the star performer this quarter, with net revenue projected to jump nearly 50%.

The company said growth was broad-based across women’s, men’s, kids’ and home categories, while its partnership with Nike has also delivered a strong start.

Looking ahead: by FY30, Nykaa aims to double or even triple its revenue, grow EBITDA by 4-5 times, and expand its beauty retail network to more than 600 stores.

It also plans to reach 10 crore beauty consumers and scale its House of Nykaa brands into a business generating over ₹5,000 crore in net sales value (NSV).

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3. IPO frenzy on Dalal Street 💸

Fintech startup Navi is reportedly preparing to file draft papers for a ₹3,000 crore IPO in the March quarter of FY27.

Founded by Flipkart co-founder in 2018, Navi offers everything from personal and home loans to insurance, mutual funds and UPI payments, making it a one-stop financial app for millions of users.

Background: back in 2022, the company had planned a ₹3,350 crore IPO and even received SEBI’s approval. But it hit pause as tech stocks crashed and volatile markets made investors wary of new listings.

Some numbers: in FY25, Navi reported ₹2,689 crore in revenue, slightly lower than the previous year. At the same time, its expenses increased, while its cash reserves also declined.

Even so, Navi remains a major player in India’s digital payments space. It is currently the fourth-largest UPI app, with a 3.5% market share, behind PhonePe, Google Pay and Paytm.

There is one more chapter to this story.

In October 2024, the RBI temporarily stopped Navi from issuing new loans after raising concerns over loan pricing, hidden charges and lending practices.

Just two months later, the restrictions were lifted after the company revamped its systems and committed to following the regulator’s guidelines.

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While we are on IPOs 🚀,

SK Hynix, one of the world’s biggest memory chip makers, is launching a $28 billion listing in the US.

What’s brewing: as demand for AI infrastructure has exploded, the chipmaker has raced ahead of rivals Samsung Electronics and Micron, becoming one of the industry’s biggest success stories.

If completed as planned, the deal will become the second-largest share sale in history, behind SpaceX’s record $85.7 billion offering last month.

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4. Could this become Prestige’s biggest Mumbai bet? 🏙️

Advent Hotels jumped 8% after Prestige Estates bought a 50% stake in its subsidiary, Advent Convention and Hotels International, for up to ₹504 crore.

The deets: this isn’t a hotel acquisition. Prestige is buying into a company developing a massive commercial project in Sahar, Andheri East. The project will span 1.5 million sq. ft. of leasable office space and has an estimated gross development value (GDV) of around ₹4,500 crore.

Why Sahar matters: Andheri East has become one of Mumbai’s biggest office hubs, home to multinational companies, GCCs, IT firms, banks and aviation-related businesses.

With strong demand for premium office spaces and limited land available, projects in this micro-market typically command high rentals and valuations.

While we are on acquisitions 🤝,

India’s Graviss Group, which operates US-based Baskin Robbins in the country, is reportedly looking to bring US coffee-and-donut chain Dunkin’ under its umbrella.

It is in talks with Dunkin’s global parent, US-based Inspire Brands, to acquire the India franchise rights.

What’s going on: Dunkin’ is looking for a new partner after Jubilant FoodWorks handed back its India franchise rights earlier this year.

Inspire had then clarified that it wasn’t exiting India and would instead appoint a new franchise operator.

5. How did abusive ads slip through Instagram? 🤯

India has ordered Meta to immediately remove Instagram ads and content that promote or facilitate child sexual abuse material, while giving the company seven days to explain how such advertisements were approved.

The action follows a BBC investigation that found paid Instagram ads directing users to Telegram channels allegedly selling such material.

The case is significant because it is not about user-generated posts. It is about paid advertisements that reportedly passed through Meta’s ad review system.

That has raised fresh questions about whether AI-powered moderation and advertiser verification are enough to stop illegal content before it reaches users.

Full Story Here

6. India’s beauty bill is rising 🚀

Beauty budgets aren’t the same across India. Some states spend nearly 8x more than others.

Here's a deep dive into where women spend the most on beauty.

Full Story Here

7. Stocks that kept us interested 🚀

What went up ⬆️

🚰 Shakti Pumps gained over 4% after it secured a ₹354 crore order from Maharashtra State Electricity Distribution Company (MSEDCL).

👔 Raymond shares surged more than 2% after appointing former BEL CEO as its defence vertical’s CEO.

💻 Dixon Tech jumped 7% as Investec says strong earnings growth is expected from H2FY27.

📈 Diamond Power Infrastructure shares hit the 10% upper circuit after it secured a ₹435.7 crore order to supply power cables for five data centre projects of 310 MW in Hyderabad, Telangana.

What went down ⬇️

🏦 Kotak Mahindra Bank slipped 4% after slower growth in loans and deposits disappointed investors.

🛡️ Apollo Micro Systems shares fell 6% amid profit booking ahead of a board meeting to consider a fund raise.

What else are we snackin’ 🍿

✈️ India launch: Riyadh Air will begin daily direct flights between Riyadh and Mumbai from August 4, marking the airline’s entry into the Indian market.

🛡️ Defence investment: Adani Defence will invest ₹2,500 crore to build a missile manufacturing ecosystem in Madhya Pradesh, integrating missile production with key explosive and propellant manufacturing.

🚗 IPO plans: German auto supplier Webasto is targeting a $500 million India IPO at a $2 billion valuation, alongside expanding its local sunroof manufacturing capacity.

💧Water projects: Enviro Infra Engineers secured ₹256.92 crore worth of Namami Gange water infrastructure projects in Uttar Pradesh, expanding its Hybrid Annuity Model (HAM) portfolio to five projects.

⚡IPO pricing: Laser Power and Infra fixed its IPO price band at ₹203-214 per share for its ₹742 crore public issue, valuing the company at up to ₹3,003.8 crore.

👩🏻‍💻 Pink slips: Microsoft will cut about 4,800 jobs, or 2.1% of its workforce, as it ramps up AI spending and improves efficiency.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Now before we get started, in our latest episode of This Is Business, Tanvi Dessai sat down with Lal Chand Bisu, Founder & CEO of Kuku FM, to understand how they built one of India’s largest storytelling platforms for users beyond the English-speaking internet.

The conversation covers microdramas, AI-generated content, regional languages, and what the next wave of India’s internet could look like.

🎥 Watch it here 👇🏻

Moving on, this week isn’t packed with heavy economic data, but there’s still plenty to watch.

Investors will keep a close eye on the US-Iran talks, as any progress towards a formal deal could keep crude oil prices in check.

The Q1 earnings season also kicks off this week, with TCS becoming the first major company to report its results on July 9.

On the policy front, PM Modi will visit Indonesia, Australia and New Zealand from July 6-11. The country is also looking to wrap up free trade agreement (FTA) negotiations with Canada, Mexico and Brazil over the next six months.

💡 Spotlight: India goes shopping for modern warfare 🛡️

The Defence Acquisition Council, headed by Defence Minister Rajnath Singh, has approved procurement proposals worth about ₹52,000 crore for the Army, Navy and Air Force.

For the Army, the big approvals include Akash Tarang anti-drone systems, man-portable anti-tank guided missiles, medium-range surface-to-air missiles, very short-range air defence systems, active protection systems for tanks, and jet-based kamikaze drones.

The Navy gets multi-influence ground mines, shipborne unmanned aerial systems and a land-based testing facility for electric propulsion systems.

That means better maritime surveillance, stronger control over sea routes, and testing support for future naval platforms.

The Air Force gets approval for fixed-wing high-altitude pseudo satellites, or FW-HAPS.

Think of them as aircraft-like platforms that can stay high in the sky for long periods and help with surveillance, communication and remote sensing.

Let’s hit it! 💪🏻

1 Big thing: AI payday for HCLTech 💸

HCLTech landed one of the biggest IT deals of the year. The company won a $1.14 billion contract from a Europe-based Fortune Global 50 company to build and manage an AI-powered digital workplace and enterprise network.

The deal will run from July 2026 to December 2031, with an option to extend it by another five years.

Why is this a big deal: this is the largest contract HCLTech has announced since its $2.1 billion Verizon deal in 2023. It also guarantees roughly $228 million in annual revenue, which could add around 1.6% to its FY27 growth.

This deal comes at a time when IT companies are facing slower demand. The rise of AI and automation has reduced the need for many traditional IT services, while global uncertainty has made companies more cautious about technology spending.

There’s another interesting angle.

HCLTech has consistently stayed ahead of the AI curve.

According to CLSA, HCLTech was among the first Indian IT companies to warn that AI would put pressure on pricing.

It also partnered with OpenAI ahead of many of its peers and invested in Sarvam AI.

The deal also comes just days before HCLTech announcing its Q1 FY27 results on July 13. The company has guided for 1-4% revenue growth this financial year, and this contract could provide an early boost to that outlook.

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2. Boost to rural fintech 🏦

Digital services company BLS E-Services acquired fintech firm Atyati Technologies for ₹157 crore in an all-cash deal, taking full ownership of the company.

What they do: Atyati helps banks offer digital banking, small loans and other financial services, especially in rural India.

BLS E-Services helps people in semi-urban and rural India access banking, government and other essential digital services through a large network of local service centres and banking agents.

Why does this matter: the acquisition expands BLS E-Services’ banking partnerships, strengthens its AI capabilities and broadens its rural reach.

The bigger picture: deals like these could help accelerate financial inclusion even further.

The progress is already visible, with the RBI's Financial Inclusion Index rising from 64.2 in March 2024 to 67.0 in March 2025, reflecting better access to financial services, higher usage, and improving financial literacy across the country.

While we are on acquisitions 🤝,

Bharat Petroleum Corporation Limited (BPCL)’s subsidiary, BPRL Ventures BV, will acquire the remaining 34.6% stake in IBV Brazil Petroleo Limitada from Videocon Energy Brazil Limited (VEBL).

What’s happening: IBV owns a 40% stake in BM-SEAL-11 oil and gas block, a large offshore oil and gas project located about 100 km off Brazil’s coast. The remaining 60% is owned by Brazil’s state-run energy company, Petrobras.

The project is still being developed, but once it starts producing oil and gas, it is expected to become an important source of energy.

Why does this matter: the BM-SEAL-11 project could add around 1 million tonnes of oil equivalent (Mtoe) to its annual production once it starts producing oil.

Since India imports nearly 90% of the crude oil it consumes, owning stakes in overseas oil fields gives Indian companies direct access to future oil production, reducing dependence on volatile global markets.

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3. Parle-G is eyeing a public debut 💸

We grew up dunking Parle-G in chai. Soon, we might be able to own a piece of the company behind it.

What’s buzzin’: according to reports, Parle Products, the maker of iconic brands like Parle-G, Melody and Mango Bite, is preparing for a $1 billion-plus IPO next year, targeting a valuation of $10.5 billion.

According to the 2025 Burgundy Private Hurun India 500 Report, it is India’s 7th most valuable unlisted company, with an estimated valuation of ₹75,420 crore.

A listing would also create an interesting comparison between Parle and Britannia on Dalal Street.

In FY25, Parle Products’ revenue rose 8.5% to ₹15,568 crore, even though profits came under pressure as competition in the biscuit and confectionery market intensified.

Big picture: according to IBEF, India’s biscuit, cookies and crackers market was worth ₹1.16 lakh crore in 2025 and is expected to grow to ₹1.64 lakh crore by 2030.

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4. Why are Indian govt websites so bad? 👎

India’s digital woes aren’t really a technology problem. They’re a governance problem. The issue isn’t a lack of skilled IT firms, but how government tech projects are run.

Non-technical officials often outsource both the planning and execution, leaving the government with little understanding of the systems it buys or how to improve them over time.

Better websites alone won’t fix this. What needs an upgrade is the way digital projects are planned, managed and owned from within the government.

Full story here

5. Stocks that kept us interested 🚀

What went up ⬆️

💰 Muthoot Finance jumped over 3%, while Manappuram and Hindustan Zinc also gained as gold and silver rallied.

💍 PC Jeweller went up more than 4% after the company claimed it expects to become debt-free this quarter.

🏥 BlueSpring arm bagged a ₹1,437 crore O&M contract from Vedanta Aluminium, sending the stock nearly 4% higher.

🏗️ Raymond Realty zoomed 7% as Q1 pre-sales more than doubled and it maintained its FY27 margin guidance.

What went down ⬇️

🛒 Avenue Supermarts tumbled nearly 5% after its Q1 business update disappointed investors.

🛡️ PB Fintech fell nearly 6% after a ₹1,741 crore block deal saw 1.08 crore shares change hands.

🏦 Union Bank of India dropped more than 6% after its Q1 business update showed a marginal quarter-on-quarter decline in global business.

What else are we snackin’ 🍿

🥤 IPO talks: Coca-Cola has begun banker presentations for the proposed India IPO of its bottling business, with formal discussions scheduled for August 9-10 in London.

🌬️ Green energy: Tata Motors partnered with Welspun Renewable Energy to develop an 86 MW wind-solar hybrid project, supporting its clean energy and decarbonisation goals.

⚡ Power stocks: CG Power and Hitachi Energy fell up to 8% after the Centre allowed four Chinese-linked power equipment firms to bid for government projects, raising competitive concerns.

💳 Europe licence: Paytm Europe received a payment institution licence from Luxembourg’s regulator, enabling it to expand regulated payment services across the region.

That’s a wrap! Don’t let the Monday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Markets maintained the smiles on investors’ faces as Nifty and Sensex were about ~0.7% up.

Investors should give some credit to the oil prices slipping to a four-month low after fresh progress in US-Iran talks in Qatar eased some supply worries.

The Nifty IT index also ended its three-session losing streak, with every IT stock closing in the green. Infosys, TCS, HCLTech and Tech Mahindra were among the biggest contributors to the Nifty’s gains.

Bank of Baroda and Punjab National Bank were top laggards.

💡 Spotlight: Auto sales had a treat in June ⛽

Passenger vehicles played quite strongly this month. Maruti grew ~24% YoY in June despite losing one full week of production to a maintenance shutdown.

Then, Tata Motors followed with a 67.4% YoY jump in sales. Buyers are gradually shifting from petrol and diesel cars. Tata said one in every three new bookings came for an electric model. Its EV sales also jumped 183% YoY.

Mahindra followed Tata closely with 60,393 units, up 28% YoY, keeping its SUV run alive.

The EV jump is also felt by TVS Motor. Its total sales jumped 47% YoY, while EV two-wheeler sales more than tripled.

Honda Cars also had a strong June, with total sales rising 71% YoY, while exports reportedly surged over 600%. Kia had its best June ever as sales got up 19% YoY in India.

Commercial vehicle sales were strong too, Tata Motors’ CV sales rose 35%. And that matters because CV sales are closely linked to goods movement and business activity.

Let’s hit it! 💪🏻

1 Big thing: Inside India and Japan’s latest AI push 🤖

Japan’s Prime Minister Sanae Takaichi wrapped up her three-day India visit with a bunch of new deals covering AI, semiconductors, defence, energy and economic security, taking the India-Japan partnership up a notch.

What’s cookin’: the biggest announcement was the first-ever India-Japan defence co-development agreement, allowing both countries to jointly develop defence equipment instead of simply buying and selling military hardware.

The two countries also adopted three key roadmaps on:

• economic security

• energy resilience and

• artificial intelligence

They agreed to work together on strengthening semiconductor supply chains, developing critical technologies and securing key minerals used in industries like EVs and electronics.

Another major announcement was the India-Japan Bio-Gas Initiative, under which the two countries plan to set up 1,000 biogas and organic fertiliser plants across India.

Speaking after the talks, PM Modi said the combination of Japan’s precision manufacturing and India’s software capabilities could give global AI development a major boost.

Big picture: bilateral trade between India and Japan touched $27.5 billion in FY26, while Japanese companies invested $3.2 billion in India between April and December 2025 alone.

Last year, Japan also pledged to invest over $61 billion in India over the next decade, backing projects ranging from the Mumbai-Ahmedabad bullet train to manufacturing, clean energy and semiconductors.

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2. This deal could make Odisha an aluminium giant 🏭

Adani Enterprises is partnering with Abu Dhabi-based International Resources Holding (IRH) to develop a $11.5 billion aluminium project in Odisha.

If approved, it would become Odisha’s largest-ever foreign investment and India’s biggest foreign investment in the metals sector.

IRH is part of IHC, one of the world’s largest investment companies, with businesses across technology, infrastructure, finance, and consumer sectors. Odisha, meanwhile, has some of India’s largest bauxite reserves, the key raw material used to make aluminium.

What does the project involve: both companies will form a 50:50 joint venture. The project will include a large alumina refinery, an aluminium smelter, its own 4,000 MW power plant, and a manufacturing park that will turn aluminium into finished products.

Why does it matter: India’s demand for aluminium is expected to surge as the country builds more roads, factories, electric vehicles, and renewable energy projects.

The government estimates demand will grow from 5 million tonnes today to 8.5 million tonnes by 2030, and 28 million tonnes by 2047.

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3. IPO brewing? 👀

Danish beer giant Carlsberg has reportedly confidentially filed for an IPO of its India business, looking to raise as much as ₹6,600 crore.

Why should you care: it is the country’s second-largest brewer, with around 22% market share. Since entering India in 2007, the company has built a network of 14 breweries across the country.

If the IPO goes ahead, it could become one of India’s biggest consumer-sector listings in recent years, giving investors another way to tap into the country’s growing alcoholic beverages market.

But here’s the bigger story: Carlsberg isn’t the only company lining up to go public. According to market data, 236 mainboard IPOs worth nearly ₹3.5 lakh crore are currently waiting in the wings.

So why haven’t we seen them yet: 2026 has been relatively slow. Weak market sentiment and uncertainty caused by the conflict in West Asia has made many companies hit the pause button on their fundraising plans.

Experts, however, believe the pipeline remains strong. In fact, just six mega IPOs, including Jio Platforms, NSE, Zepto, PhonePe, Flipkart and SBI Mutual Fund, could collectively raise over ₹1 lakh crore, making 2026 a potentially landmark year for India’s primary market.

While we are on fundraises 💰,

Early-stage venture capital firm Sparrow Capital has raised ₹475 crore for its third fund, giving it a much bigger war chest to invest in India’s next generation of startups.

The deets: Sparrow plans to invest in 25-30 seed-stage startups over the next three years. It will also write much larger first cheques of $1-2 million, up from $300,000-$500,000 earlier, giving founders more capital right from the start.

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4. Could you own a piece of OpenAI? 🤖

OpenAI has reportedly proposed handing the U.S. government a 5% stake, valued at around $42.6 billion, after the company reached a $852 billion valuation in a record funding round this March.

What does it entail: the proposal would create a new way for the government to be involved in the AI industry.

If these companies become more valuable, the fund could grow too, allowing taxpayers to benefit from the AI boom. Sam Altman believes AI will create enormous wealth, and that those gains should be shared with the public, not just private investors.

Larger trend: Washington has increased oversight of companies like OpenAI and Anthropic over national security concerns and growing competition from Chinese AI firms.

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5. K-fever catching up on food? 😋

K-food is no longer just a trend in India. It’s becoming a pantry staple.

From Shin Ramyun and Samyang noodles to kimchi, Korean hot sauces and BBQ marinades, Indian consumers are embracing Korean flavours like never before.

In 2024 alone, around 7.5 million packets of Korean ramen were sold every month in India. And with more FMCG and D2C brands making these products easily available, K-food is quickly finding a permanent place in Indian kitchens.

Full story here

6. Why is Blackberry rising again? 👀

BlackBerry’s stock has surged over 250% in the last six months.

The surprising part? It has nothing to do with smartphones.

Its QNX software now powers 275+ million vehicles worldwide, and investors are betting it could become a critical layer for AI-powered robots and autonomous machines.

Full story here

7. Stocks that kept us interested 🚀

What went up ⬆️

💸 TVS Motor rallied nearly 4% after June sales jumped 47% year-on-year to 5.9 lakh units.

⚡️ Vedanta Aluminium Metal shares rose 2% after brokerage firm Emkay initiated coverage with a ‘Buy’ rating, citing stronger aluminium demand, lower costs and a ₹550 target.

🤝 Tata Technologies shares jumped over 6% after expanding its partnership with Tenneco, which plans to invest $100 million over the next five years.

📈 Bharat Seats shares zoomed 8% and extended gains for the fifth straight session, rising 30% as it marked 40 years and welcomed Suzuki chief Toshihiro Suzuki.

What went down ⬇️

🔻 Bank of Baroda fell 4% after announcing a ₹5,700 crore out-of-court settlement with NMC Health and its affiliates.

What else are we snackin’ 🍿

🌱 Clean energy bet: Adar Poonawalla Family Office invested ₹700 crore in Inox Clean Energy, valuing the renewable energy platform at ₹70,000 crore and supporting its expansion plans.

🌍 FPI outflows: Foreign portfolio investors withdrew ₹49,340 crore from Indian markets in June, extending their selling streak despite measures to attract overseas capital.

And that’s a wrap! 🎬

Pour yourself an extra one this weekend🥂

We’ll be back like clockwork on Monday!

Hit that 💚 if you liked this issue.

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July brought a positive push in the Indian markets. Sensex and Nifty bounced back by ~0.5% after two weak sessions.

The winner's trophy goes to FMCG, realty, banking and auto stocks for lifting market sentiment.

Reliance also did well by jumping close to 1%. But, IT stocks didn’t get the memo.

Infosys slipped below ₹1,000 and TCS slipped below ₹2,000, a level it hasn’t closed under in nearly five years. Damn.

💡 Spotlight: fuel prices are down. Fuel prices are up. ⛽

A party popper moment: the price of a 19-kg commercial LPG cylinder has been reduced by ₹183.5. That helps hotels, restaurants and small food businesses that run on cooking gas.

Energy prices are somewhat off steroids as Brent crude fell to $73 a barrel from nearly $120 earlier this year.

Aviation Turbine Fuel (ATF) prices have been cut by around ₹5 per litre, taking the price to about ₹110 per litre in Delhi. That is good news for airlines because ATF is usually an airline’s biggest cost.

Nayara Energy, which is India’s largest private fuel retailer, cut petrol prices by ₹5 per litre and diesel by ₹3 across its 7,000 plus fuel stations.

At the same time: the government raised the windfall tax (export duty) on petrol exports to ₹4 per litre. But they cut the levy on diesel exports to ₹8.5 per litre and ATF exports to ₹7.5 per litre.

Too much ‘energy’ in a day right? Save some of yours and let’s hit it! 💪🏻

1 Big thing: Want cheaper flight tickets? IndiGo may have an option ✈️

IndiGo probably got tired of us believing that booking flights on a Tuesday night or Wednesday afternoon magically gets us cheaper tickets. So it decided to create a cheaper fare instead.

Note: before IndiGo, Air India had also introduced a ‘Basic’ fare for price-conscious travellers by removing complimentary meals.

What’s going on: the airline has launched “IndiGo Lite”, a new budget fare for travellers who fly light. The ticket includes a 7 kg cabin bag and an auto-assigned seat. If you want checked baggage, a preferred seat, meals or priority boarding, you’ll have to pay for those separately.

The new fare will be available on all non-stop domestic and international flights booked through IndiGo’s website, app and contact centre from July 1, with travel beginning July 15.

The why: airlines have had a rough few months. The Iran conflict pushed up crude oil prices, making aviation turbine fuel (ATF), their biggest operating cost, even more expensive.

Airspace closures also forced longer flying routes, increasing fuel consumption, while intense competition kept ticket prices under pressure.

Instead of raising fares for everyone, airlines are now offering stripped-down tickets so passengers pay only for the services they actually use.

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2. Auto components maker expands its portfolio 💪

Chennai-based auto components maker Rane (Madras) has agreed to acquire the friction business of Hindustan Composites for ₹370 crore.

Stock action: shares of the company jumped over 3% on the back of this development.

So, what exactly is the business?

Hindustan Composites has been making products like brake pads, brake linings, clutch facings and other friction materials for more than 60 years.

These components are used across passenger vehicles, commercial vehicles, tractors, railways and industrial equipment.

Why does this matter: Rane already has a strong presence in the friction materials business, supplying major automobile manufacturers in India and overseas. This acquisition will expand its product portfolio, manufacturing capabilities and customer base.

Once the deal is completed, the combined friction materials business is expected to cross ₹1,000 crore in revenue, making it one of the largest platforms in this segment.

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3. India reclaims emerging market crown 👑

After a six-month gap, India has reclaimed the No. 1 spot in Mint’s Emerging Markets Tracker, helped by stronger manufacturing activity and faster export growth.

The only challenge? Higher crude oil prices during the West Asia conflict have pushed up wholesale inflation and input costs, even as oil prices have started to ease.

Full Story Here

4. Stocks that kept us interested 🚀

What went up ⬆️

🚗 Mahindra & Mahindra shares gained 2% after June auto and tractor sales beat estimates, with total vehicle sales crossing 1.06 lakh units.

☝🏻 Page Industries shares rose over 3% after Citi upgraded the stock to ‘Buy’ from ‘Sell’ and raised its target price.

📈 VA Tech WABAG shares went up 3.6% after winning a major contract to expand a water treatment plant in Vienna, Austria.

💸 EPACK Durable shares zoomed 2% after it received Andhra Pradesh approval for a ₹1,084 crore investment to expand its consumer durables manufacturing capacity.

💪🏻 CarTrade Tech shares gained nearly 5% after a brokerage firm Nomura raised its target price, citing strong growth prospects and improving earnings.

🚀 RITES shares jumped over 12% after winning a consultancy contract from Babasaheb Bhimrao Ambedkar University.

⚡️Paisalo Digital shares hit the 20% upper circuit after promoters increased their stake to 46.72% via open market purchases.

What went down ⬇️

🔻KPIT Technologies shares plunged nearly 17% after weak guidance and reduced technology spending by key European automakers rattled investors.

💰 Glenmark Pharma shares fell nearly 2% after the US FDA flagged six procedural observations at its Goa plant, with no data integrity concerns.

What else are we snackin’ 🍿

⛏️ Mining partnership: CMPDI has signed a three-year MoU with NTPC Mining to boost collaboration on coal mining and allied consultancy projects.

🤯 Cyber concerns: the Centre has asked Meta to pause WhatsApp's username rollout in India, citing cybercrime risks, and sought an explanation within three days.

⚡ IPO filing: TMC Transformers has filed draft papers for a ₹550 crore IPO to fund a new extra high-voltage transformer manufacturing facility in Gujarat.

💰 GST growth: India’s GST collections rose 13.9% year-on-year to ₹1.95 lakh crore in June, driven by strong import-related tax revenues.

🥇 Gold slump: Gold demand in India plunged over 70% after the Centre raised import duty on gold from 6% to 15% in May.

🏭 Factory PMI: India’s manufacturing PMI eased to 54.2 in June from 55 in May, as demand softened, marking the second-weakest factory growth since mid-2022.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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First the sad news: markets ended lower on Tuesday, led by a sell-off in IT stocks.

Sensex and Nifty lost around 0.3%. It was a bad day for heavyweights like Infosys, TCS and Eicher Motors, which led the decline. But the broader market stayed resilient.

Midcaps and smallcaps held their ground, while auto, realty and consumer durable stocks kept the green alive.

And here’s better news: despite Tuesday’s dip, the Nifty gained 7% in the first quarter of FY27, its best quarterly performance in a year.

💡 Spotlight: Delhi just put ₹15,000 crore behind EV adoption ⚡

Delhi approved its new EV Policy 2.0, backed by a massive ₹15,000 crore budget through 2030. After the announcement, Ola Electric and Ather jumped ~11% intraday.

Delhi really wants (needs) people to shift to EVs. Buyers who switch to EVs or scrap older, polluting vehicles will receive cash incentives and rewards.

If things go as per plan, you could see about 32,000 public charging points over the next four years in Delhi.

It matters because: Delhi has a notorious annual pollution problem. And commercial vehicles, two-wheelers and three-wheelers are not helping.

In its latest health check of India’s financial system, the RBI said the economy remains resilient despite global uncertainty. It expects growth to stay on track, while warning that crude oil prices, geopolitical tensions and global shocks remain key risks.

Grab your coffee, let’s hit it! 💪🏻

1 Big thing: Deutsche Bank gets a buyer 👀

After more than a year of searching for a buyer, Deutsche Bank has finally found one. Kotak Mahindra Bank is buying its India retail and wealth business for ₹282 crore.

What’s the deal: the acquisition will bring ₹29,000 crore of loans, ₹16,000 crore of deposits, ₹10,500 crore of assets under management (AUM), around 1.5 lakh customers and nearly 1,000 employees into Kotak’s fold.

The why: the deal strengthens its presence in the affluent customer segment and Small and Medium-sized Enterprise (SMEs) while instantly adding a large customer base, deposits and investment assets.

“This transaction aligns well with our focus on the affluent and SME segments. It is a strong strategic fit and makes sound commercial sense,” said Ashok Vaswani, MD & CEO of Kotak Mahindra Bank.

Why is Deutsche selling: this has been coming for a while. Deutsche Bank has been trying to streamline its global business and focus on areas where it is strongest, mainly corporate and investment banking. Selling its consumer business in India fits that strategy.

“This transaction marks an important step in sharpening Deutsche Bank’s portfolio and focusing on areas where we have scale, strength and the ability to deliver sustained returns,” said Kaushik Shaparia, CEO of Deutsche Bank Group India.

The timeline: this isn’t the first time Deutsche has tried to exit this business. Back in 2018, it explored selling the business to IndusInd Bank, but the deal never materialised.

Fresh discussions with Kotak picked up in early 2025, eventually leading to this agreement after months of negotiations.

While we are on deals, 💸

Shilpa Medicare shares gained over 4% on Tuesday after the company partnered with Finland’s Orion Corporation to develop and supply a lower-cost cancer treatment for Europe.

Quick context: the treatment is a biosimilar version of nivolumab, a widely used cancer immunotherapy that’s administered through an IV drip.

Why it matters: the drug, nivolumab, is one of the world’s most widely used immunotherapy treatments for cancer and generated around $4.1 billion in European sales in 2025.

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2. Is this India’s biggest port deal yet? ⚓

Adani Ports sold a 49% stake in its Vizhinjam Port to Terminal Investment Limited (TiL), the port investment arm of global shipping giant MSC Group.

At a valuation of $2.85 billion, this is the largest foreign private investment India has ever attracted into its port sector, subject to regulatory approvals.

Stock movement: following the news, shares of Adani Ports & SEZ inched up 2%.

Why it matters: the partnership is expected to give Adani Ports a major business boost. One major opportunity is cargo from Bangladesh, much of which currently passes through rival ports in Southeast Asia. Vizhinjam could now capture a larger share of that traffic.

The deal is also expected to strengthen the port’s position on key East Africa shipping routes and bring in more cargo overall.

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3. India’s solar expertise heads to Egypt ☀️

Sterling and Wilson Renewable Energy won a $560 million order to build a 1 GW solar power project with battery storage in Egypt.

The deets: the project will be executed through the company’s 50:50 joint venture with Egypt’s Hassan Allam Construction.

Located in Egypt’s Minya Governorate, it will combine a 1,000 MW solar plant with a 600 MWh Battery Energy Storage System (BESS), making it one of the country’s largest renewable energy projects.

The solar plant can generate electricity for roughly 7-10 lakh homes. The battery works like a giant power bank, storing extra solar electricity during the day and supplying it after sunset.

Why Egypt matters: Egypt is quickly becoming a major solar market. The country wants 42% of its electricity from renewable energy by 2030.

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4. Third time’s the charm for OYO? 💰

OYO's parent company, PRISM, filed updated IPO papers with SEBI to raise up to ₹6,650 crore through a fresh share sale.

The journey: the first attempt came in 2021, during the startup funding frenzy. OYO was aiming for an eye-popping $10-12 billion valuation, but the company was still burning cash, global markets turned volatile, and the IPO never took off.

The second attempt followed in 2023. By then, the company had started reporting profits, but investors were still wary of richly valued tech startups, forcing OYO to pull back once again.

Now comes attempt number three. This time, the company is returning under its parent entity, PRISM, with a more realistic valuation target of $7-8 billion.

The big picture: India’s IPO market has cooled after a blockbuster FY26. Mainboard IPOs fell from 39 in Q3 FY26 to just 15 in Q4 FY26, while funds raised dropped from ₹984 billion to ₹168 billion.

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5. Happy 19th birthday to the iPhone! 📱

Nineteen years later, the iPhone is still Apple’s biggest business. It generates over half of Apple’s revenue, but its biggest impact goes far beyond numbers.

The iPhone didn’t just change how we communicate. It changed how we work, travel, shop, learn, create and even spend our free time. It put the world in our pockets, but also made us rethink what it means to be truly present.

It completely changed human behaviour.

And very few products can say they changed the world twice, first by being invented, and then by becoming impossible to live without.

Full Story Here

6. Why is AI driving a global RAM shortage? 🤔

AI is creating unprecedented demand for memory chips.

Tech giants like Microsoft, Amazon, Google and Meta are collectively spending hundreds of billions of dollars on AI infrastructure, and every AI server needs massive amounts of high-performance memory.

The catch? Just three companies: Samsung, SK Hynix and Micron dominate the global D-RAM market, and new manufacturing capacity takes years to build.

As businesses spend more on servers, computers and cloud infrastructure, those higher costs could eventually ripple across the wider economy.

Full Story Here

7. Stocks that kept us interested 🚀

What went up ⬆️

⚡ Waaree Energies shares rose 2% after its subsidiary secured a 236.2 MW solar module supply order from a renewable infrastructure company.

🤝 Dixon Technologies shares gained after a CNBC-Awaaz report said its proposed joint venture with Vivo may soon receive government approval.

🚘 Maruti Suzuki shares went up 5% after brokerage firm Jefferies upgraded the stock to ‘Buy’ and raised its target price to ₹16,500.

🚀 Transformers & Rectifiers shares jumped 5% after securing a ₹1,000 crore order from Power Grid Corporation of India.

What went down ⬇️

🔻 Genus Power shares fell up to 6% after a pre-open block deal, with 88 lakh shares, or 2.9% equity, changing hands.

📉 Yes Bank shares fell 3% despite announcing plans to raise ₹16,000 crore and receiving an ₹879 crore income-tax refund.

🔌 Eicher Motors shares fell nearly 5% amid profit booking and concerns over Delhi’s proposed EV policy impacting Royal Enfield.

What else are we snackin’ 🍿

🤖 AI partnership: Tech Mahindra partnered with Perplexity to integrate AI into its sales operations, helping teams improve customer engagement, sales productivity and decision-making.

🏛️ Fiscal update: India’s fiscal deficit stood at 9.6% of the FY27 target during April–May, with the government retaining its full-year deficit goal of 4.3% of GDP (₹16.96 lakh crore).

💻 Chip mission: the centre has cleared a ₹1.25 lakh crore outlay for India Semiconductor Mission 2.0, moving the proposal a step closer to Cabinet approval and boosting the country’s chip manufacturing ambitions.

That’s a wrap! Don’t let the weekday blues get to you.

And if you’d like to place your brand on this newsletter, let us know.

Hit that 💚 if you liked this issue.

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Markets seemed to have caught a case of the Monday blues.

The Sensex and Nifty ended lower, snapping a two-day winning streak as banking, auto and energy stocks came under pressure.

It wasn’t all gloomy, though. Metal and pharma stocks managed to stay in the green.

Speaking of banks, India’s banking sector is seeing a leadership shuffle. Kotak, Axis, Bandhan and LIC have all witnessed top-level exits in recent days.

Bandhan’s CFO is moving to Axis, while Axis’ CFO is expected to join HDFC Bank. Meanwhile, HDFC Bank has appointed seasoned bureaucrat Rajiv Kumar as its part-time Chairman.

While markets ended in the red, there was still a silver lining. ⚡️

India has climbed back to become the world’s fifth-largest stock market by market capitalisation after briefly slipping to seventh place.

The comeback wasn’t driven by a sharp rally in India.

Instead, stock markets in Taiwan and South Korea saw a correction as investors booked profits after a long run-up in AI and semiconductor stocks, pushing both markets lower and allowing India to regain the fifth spot.

💡 Spotlight: India’s industrial engine is revving up 💪

India’s factory activity gained momentum in May, with industrial output rising 5.1%, up from 4.9% in April.

The growth was driven by strong manufacturing activity and a sharp rise in electricity and gas output.

The Index of Industrial Production (IIP) is one of the earliest health checks of India’s economy. Released every month, it tracks whether factories, mines and power plants are producing more or less than before, offering an early read on economic momentum.

Noteworthy: this is also only the second IIP release under the new 2022-23 base year, with the government updating both the benchmark and the calculation method to better reflect today’s economy.

What’s driving the growth: manufacturing expanded 5.5%, while electricity and gas output surged 9.9%.

Electrical equipment and motor vehicles led factory growth, while capital goods output jumped 12.9%.

Let’s hit it! 💪🏻

1 Big thing: Hexaware joins Claude’s elite global club 🤖

Hexaware shares jumped 9% intraday after becoming one of the few companies globally authorised to sell Anthropic’s Claude AI models.

What’s going on: Hexaware has become an authorised reseller for Amazon Bedrock, Amazon Web Services’ AI platform.

Businesses can now access Claude through Hexaware instead of working directly with Anthropic or building their own AI infrastructure.

Hexaware will help companies integrate Claude into their operations, customise it for industry-specific use cases, connect it with existing software, and manage the entire AI deployment from start to finish.

Why is this big: very few companies globally have been authorised to resell Claude.

Anthropic and Amazon typically select partners that already have strong enterprise AI capabilities, a proven AWS partnership and the ability to securely deploy AI solutions for large businesses.

Hexaware already works with global clients across industries like banking, healthcare, manufacturing and retail, making it a strong fit.

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2. BPCL’s next big bet is on roads 🛣️

State-run oil company BPCL has acquired a 40% stake in Tiki Tar and Shell India for ₹85 crore, strengthening its presence in the road construction materials business.

Tiki Tar and Shell India manufactures bitumen-based products used to build and maintain roads, including modified bitumen and emulsions that help roads last longer and perform better.

Why does this matter: BPCL already produces bitumen at its refineries. By investing in a company that makes value-added road construction products, it can move further down the value chain instead of just selling the raw material.

The bigger picture: India has the world’s second-largest road network, making it a huge growth market for bitumen.

As the country builds more highways and roads, demand is expected to keep rising, with the bitumen market projected to reach $5.6 billion by 2035.

Stock action: shares of the company fell nearly 3%, in line with other oil-marketing companies, as global crude oil prices surged.

While we are on investments, 💸

Zydus Lifesciences and Sri Lanka’s Sunshine Healthcare are investing over $20 million to build a pharma plant in Sri Lanka.

The aim is to make more medicines locally in Sri Lanka. So, this will eventually reduce the country’s dependence on imports.

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3. Wall street loved this breakup 👀

Shares of the US media and telecom giant Comcast rallied after the company announced plans to spin off NBCUniversal and Sky into a separately listed public company.

So, what does that mean: the new company will house some of the biggest names in entertainment, including Universal Pictures, NBC, Peacock, Bravo, Sky, NBC News, Telemundo and Comcast’s theme parks business.

Why now: the media business has changed dramatically over the past few years. Traditional TV is losing viewers, more people are switching to streaming platforms, and competition from companies like Netflix, YouTube and other digital players continues to intensify.

By separating its media assets from its telecom business, Comcast hopes both companies can operate more efficiently and unlock more value for shareholders.

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4. Meet the Indian-origin CEO club 🤝