India targets 2.5% of GDP on defence
Borosil exits Germany, Capgemini bets on AI, Emmvee plans a solar IPO.
🗓 Morning, folks!
Markets began the week on a quiet note as Sensex & Nifty finished nearly flat, extending the current consolidation trend. Strength in FMCG and Reliance helped the Nifty hold above 25,400, even as Midcaps and energy shares underperformed.
💡 Spotlight: India is dialing up its defence game.
The government plans to ramp up defence spending to 2.5% of GDP (from 1.9% now), with the Defence Ministry eyeing ₹2 lakh crore in new contracts for FY26, matching last year’s record haul.
The bigger shift? A stronger push to bring private players into the fold, especially in areas like drones, semiconductors, and aerospace components.
1 Big thing: Nuvama’s $1.6B stake race 🤝
Private equity giants CVC, Permira, and EQT are battling it out to buy PAG’s controlling stake in Nuvama Wealth Management. This deal could be worth a whopping $1.6 billion.
Nuvama is one of India’s top wealth and retail brokerage firms. It was earlier known as Edelweiss Securities and rebranded after PAG, a Hong Kong-based alternative investment firm, bought a majority stake.
Nuvama manages over ₹2.6 lakh crore in client assets and offers services across wealth advisory, broking, and portfolio management.
The twist: Nuvama is also the exclusive Indian trading partner of Jane Street, the trading firm that’s been in the news all week. The association brought Nuvama both scale and visibility in algorithmic and institutional trading circles.
What’s going on: CVC, EQT, and Permira are up against HSBC and ChrysCapital in what’s shaping up to be one of the most competitive financial services M&A battles in recent years.
India’s wealth management market itself is booming, projected to reach $1 trillion in assets by 2027 as more middle-class investors enter the market. For global private equity and banking giants, buying Nuvama is a fast track to capture this growth and tap into a digitally savvy investor base.
Zoom out: this isn’t just a bidding war for a finance company, it’s a front-row seat to India’s investing boom. And for Jane Street, whose India access rides on Nuvama, the outcome could shape its presence in one of the world’s most promising capital markets.
While we are on deals,
French IT giant Capgemini will acquire business transformation services player WNS in a $3.3 billion deal to boost its generative AI and agentic AI capabilities.
The deets: WNS serves major global clients including United Airlines, Aviva, M&T Bank, Centrica, and McCain Foods.
The why: Capgemini is stepping up to match the shift from traditional business process services to agentic AI-powered intelligent operations. The goal is to help clients transform processes through hyper-automation, delivering more efficiency, agility, and better business results.
2. Emmvee plans mega solar IPO ☀️
Emmvee Photovoltaic Power has filed draft papers with SEBI to raise ₹3,000 crore via an IPO.
Emmvee is a solar manufacturing company that makes high-efficiency solar modules and cells, used in building solar power plants and panels.
The deets: the offer includes a fresh issue worth ₹2,143.9 crore and an Offer-For-Sale (OFS) of ₹856.1 crore by promoters.
The company runs a 7.8 GW solar PV module capacity and 2.9 GW solar cell capacity using advanced TOPCon tech. It’s expanding aggressively by adding 2.5 GW more module capacity and building a 6 GW integrated cell and module plant.
The plan is to scale up to 16.3 GW modules and 8.9 GW cells by H1 FY28.
Zoom out: Emmvee competes with domestic players like Waaree, Websol, and Premier Energies, and counts Aditya Birla Renewables and KPI Green Energy among its 525+ clients.
Worth noting: with the US pivoting away from Chinese suppliers, Indian solar exports are booming, touching nearly $2 billion last year. Emmvee’s aggressive scale-up comes at a time when global tailwinds couldn’t be stronger.
While we are on IPOs,
Smart energy meter maker Allied Engineering Works has filed papers with SEBI to raise funds via an IPO.
The deets: the proposed IPO includes a fresh issue of shares worth ₹400 crore and an offer-for-sale of 75 lakh shares by the promoter.
The company plans to use ₹116.7 crore to build smart gas meters, water meters, and IoT solutions at its Kundli facility, and ₹99.7 crore to produce smart electricity meters at the Rai facility.
3. Borosil Renewables’ German unit files for insolvency 💵
Borosil Renewables' German subsidiary, GMB Glasmanufaktur Brandenburg, has filed for insolvency, marking the company’s exit from a struggling European market.
The stock rose 4% after the announcement, as investors viewed the move as a reset to focus on India’s booming solar ecosystem.
The deets: Borosil is now pivoting entirely to its Indian operations, where solar glass demand remains robust. It’s investing ₹675–700 crore to expand its Gujarat facility and scale up capacity to match the surge in domestic module production.
What led to this: GMB shut down its furnaces in January 2025 after demand tanked and market conditions worsened.
The bigger issue: a flood of cheap solar glass from Chinese manufacturers made it nearly impossible for German producers to compete. GMB said it had reached out to authorities for relief, but no help came through.
Zoom out: analysts say the move is strategic. It cuts overseas losses and redirects focus to India, where module capacity is expected to hit 150 GW by March 2027. Borosil could be doubling down at just the right time.
4. Stocks that kept us interested 🚀
1. Hazoor’s ₹913 cr sunshine moment
Hazoor Multi Projects shares jumped 15% after the company secured an order worth ₹913 crore.
The deets: the order win is from Apollo Green Energy for the execution of a 200 MW-grid connected solar photovoltaic project in Gujarat.
The project includes designing, supplying, constructing, testing and commissioning the solar power plant.
Why it matters: this is Hazoor’s largest clean energy project, making its deeper pivot into renewables. The deal also aligns with India’s push for 500 GW of non-fossil fuel capacity by 2030.
Worth noting: Hazoor Multi Projects has turned into a big winner for investors, with its stock jumping 188% in two years and over 1000% in just three years.
2. BEML’s global footprint gets a fresh boost
BEML shares gained after it secured two separate export orders with a combined value of approximately $6.2 million.
BEML is a key manufacturer of earthmoving, rail, transport, and mining equipment.
What’s happening: the company has secured two distinct orders, including one from a Commonwealth of Independent States - CIS region for the supply of heavy-duty bulldozers.
The second is a maiden order from Uzbekistan for the supply of a high-performance motor grader.
The why: with Uzbekistan becoming the 73rd nation added to BEML’s global exports portfolio, the company continues to expand its international footprint.
The bigger picture: these order wins come at a time when India is actively promoting defense and industrial exports, aligning well with the government’s Make-In-India ambitions.
What else are we snackin’ 🍿
🛡️ Licence unlocked: DCX Systems rose 3% as it bagged an industrial licence to make advanced defence electronics.
💸 Deep pockets: Jio BlackRock Asset Management has raised ₹17,800 crore via its first three mutual fund schemes.
🇺🇸 Defence push: the United States will deliver F404 engines continuously till March 2026, & they will be used in the Tejas aircraft.
That’s a wrap! Don’t let the weekday blues get to you.
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Hit that 💚 if you liked this issue.
The claim of India spending 25% of GDP on defence is misleading the actual figure is under 2%. While Emmvee has its strengths in solar, Avaada Group shows how ambitious targets, advanced technology, and diversification can truly drive national progress.