Imperial Blue, Sold
Defence deals up, Mobile exports hit a high, and Google's earnings.
🗓 Morning, folks!
Markets took a tumble on Thursday, ending near the day’s low as a sharp sell-off in IT stocks pulled the Nifty and Sensex down by 0.5-0.6%.
Most sectors struggled, with IT, FMCG, and Realty leading the losers.
💡 Spotlight: mobile exports from India just hit ₹2 trillion 📱
In just 10 years, India’s mobile exports skyrocketed 127x, jumping from just ₹1,500 crore in FY15 to ₹2 lakh crore in FY25.
Back in 2014-15, we were importing 75% of our mobile phones. Today? Just 0.02% is imported.
Production Linked Incentive schemes did the heavy lifting. In fact, PLI for large-scale electronics alone attracted ₹12,390 crore in investment, and created 1.3 lakh direct jobs.
Looks like India dialled the right number.
Let’s hit it!
1 Big thing: Tilaknagar Industries takes a sip of Imperial Blue 🥃
Tilaknagar Industries has acquired Imperial Blue from Pernod Ricard India at an enterprise value of ₹4,150 crore.
Tilaknagar Industries is a major player in the Indian-made foreign liquor (IMFL) industry, with a manufacturing footprint of 21 units across 12 states.
What’s happening: this acquisition marks Tilaknagar’s entry into India’s whiskey segment. Imperial Blue is currently the third-largest brand in the IMFL category. With this deal, Tilaknagar will become a leading player in both the brandy and whiskey segments.
Worth noting: this deal marks the largest acquisition in India’s alcoholic beverage industry in over a decade. The last major transaction was in 2013, when Diageo acquired United Spirits for $1.9 billion.
The why: India remains Pernod Ricard’s second-largest market, and this strategic shift will help it better capitalize on the country’s strong macroeconomic fundamentals and long-term potential.
Quick bite: Pernod Ricard India also sells mass-market brands like Royal Stag, Blenders Pride, & 100 Pipers, as well as premium labels such as Chivas Regal, Ballantine’s, The Glenlivet, and Jameson Irish Whiskey.
While we are on acquisitions,
Natco Pharma is set to acquire nearly 36% stake in South African pharma company, Adcock Ingram Holdings for around ₹2,000 crore.
Adcock Ingram Holdings has a diverse product portfolio, from generic and branded formulations, critical-care hospital products to consumer and home-care products.
It will also allow Natco Pharma to tap into new revenue streams and expand its footprint in one of the largest and growing emerging markets, while providing a gateway to the African continent.
2. IEX tanks after market coupling approval 📉
IEX crashed to 28% lower circuit after India’s power regulator greenlit market coupling for the Day-Ahead Market.
Market coupling is like having one big shop where everyone who wants to buy or sell electricity comes together. Instead of different shops (exchanges) having different prices, now everyone agrees on one common price for electricity at any time.
The Day Ahead Market (DAM) is where people buy and sell electricity for the next day. Think of it like pre-ordering your lunch for tomorrow, power companies and buyers plan one day ahead.
The deets: the Central Electricity Regulatory Commission (CERC) has approved the implementation of market coupling in the Day-Ahead Market (DAM) which is set to go live by January 2026.
In phase one, all power exchanges in India will start functioning under a common pricing system, with each exchange taking turns as the Market Coupling Operator (MCO) using a round-robin model.
The Round-robin model is like taking turns in a fair way.
In the round-robin model for market coupling, different power exchanges (like IEX, PXIL, etc.) will take turns running the system that sets the final electricity price, one at a time, in rotation. Everyone gets a fair shot.
For IEX, this means it no longer sets electricity prices on its own. With market coupling, all exchanges will share one common price, reducing IEX’s control.
Why it matters: while the change won’t affect your monthly power bill immediately, over time it could bring down overall power costs for end users.
3. Alphabet Q2 beats Wall Street estimates 💪
Google’s parent Alphabet crushed Wall Street’s Q2 expectations. Revenue came in at $96.4B (vs. $94B expected), Revenue rose 14% YoY, outpacing analyst estimates of 10.9%.
Net income surged 20% to $28.2B, powered by strong gains in Search, Cloud, and new AI features that are already driving engagement and revenue.
CEO Sundar Pichai credited AI for “fueling growth across the board.” Search saw double-digit growth, Google Cloud posted gains in revenue and profitability, and AI-first products are landing well with users and enterprise clients alike.
To keep the momentum going, Google is hiking its capex guidance from $75B to $85B, with much of it aimed at cloud infrastructure and AI tools.
Zoom out: while Google still lags Amazon and Microsoft in cloud, its AI push is helping close the gap. AI is no longer an experiment, it’s Alphabet’s next big growth engine.
Meanwhile back home,
Nestlé India reported its Q1 results and fell short of expectations, sending the stock down 6% on Wednesday.
By the numbers:
Revenue: ₹5,096 crore (up 6% YoY)
Net Profit: ₹646.6 crore (down 13.5% YoY, vs street estimate of ₹746 crore)
The dip in profit was driven by higher raw material and finance costs, including short-term borrowings that pushed up interest expenses. This comes despite solid growth in key categories.
The company remains optimistic: it expects rising urban demand, falling coffee prices, and a potential drop in milk costs if monsoons stay on track.
4. Good Glamm Group breaks up the glam fam 💔
The Good Glamm Group is officially breaking up its house-of-brands model, citing financial pressure, mounting debt, and failed restructuring efforts.
Once valued at $1.26 billion, GGG is now facing serious cash burn and repayments to lenders like Stride Ventures, Alteria Capital, Trifecta, Oxyzo, HDFC, and HSBC. Three of its brands have been put up for sale to manage rising liabilities.
What’s changing: there’s no longer a single umbrella structure. Each brand will now be sold individually, with new owners taking over operations.
The trigger: GGG is currently in down-round talks with Gujarat-based Veloce Fintech. The move is part of a broader effort to clean up the balance sheet and salvage what’s left of the once high-flying D2C empire.
Backstory: Sirona’s founders have already bought back the women’s wellness brand in a distress sale. ScoopWhoop was sold for just ₹18–20 crore, a steep fall from its 2021 valuation. Miss Malini, once acquired for ₹70–80 crore, is reportedly being offloaded for just ₹4 crore.
The Good Glamm Group wasn’t just another startup, it was one of the boldest bets on India’s D2C boom. It scaled fast, raised big, and assembled an ecosystem that looked unstoppable. For a while, it worked.
But as funding slowed and profits took priority, the cracks began to show.
5. Executive Centre preps for an IPO 💼
Premium flexible workspace provider Executive Centre has filed for a ₹2,600 crore IPO, a 100% fresh issue.
Executive Centre India offers premium flexible office spaces for large corporations.
Zoom out: the flex workspace is having a public market moment. Awfis went public in May 2024, Smartworks plans its IPO for July 2025, IndiQube’s public issue runs from July 23 to 25, 2025, and WeWork India has received SEBI approval to launch its IPO in August.
Now with the Executive Centre joining in, this marks the fourth major coworking IPO in just over a year, and a clear sign that flex work is now a full-fledged asset class.
6. Stocks that kept us interested 🚀
1. BEML wins ₹294 cr defence vehicle order
BEML bagged an order worth ₹294 crore from the Ministry of Defence to supply 150 high mobility vehicles (HMVs) 6x6.
These are super-strong army trucks that can drive through mountains, deserts, and rough terrain while carrying heavy loads.
Zoom out: India has a sizeable fleet of these important vehicles, however many are outdated, and the Army needs more advanced, all-terrain vehicles to meet modern operational demands.
With rising border tensions and a focus on self-reliance, India is pushing to ramp up indigenous HMV production to strengthen its defence mobility.
2. Mazagon gets a submarine deal ⚓
Mazagon Dock Shipbuilders’ stock rose over 1% after it inked a new deal with France’s Naval Group to upgrade Indian Navy submarines with locally made energy systems.
What’s the deal: Mazagon Dock will retrofit Kalvari-class submarines—India’s version of the French Scorpène-class—with energy modules developed by DRDO, using a complex process known as Jumboisation. That involves slicing open the submarine’s hull, inserting a new energy system, and resealing it—without compromising performance.
Naval Group, which originally designed the Scorpène-class subs, will support the upgrade by supplying materials, training, and technical guidance to ensure a smooth transition.
These Kalvari-class subs are known for their stealth and deep-sea capability, and are a critical part of India’s undersea defence strategy.
What else are we snackin’ 🍿
🤒IPO fever: July is buzzing with IPOs! Nearly a dozen companies are hitting the market, raising ₹10,000 crore, making it the busiest month since December 2024.
🍰 Snack pact: Nepal’s Chaudhary Group and India’s Bikaji Foods have formed a joint venture to make and sell snacks, namkeen, bhujia, papad, and sweets across Nepal.
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.