India’s CPI falls to 6-year low
Metros get a boost, Ola rides a bumpy quarter, and Meta buys Play AI.
🗓 Morning, folks!
Monday’s market mood was a bit of a rollercoaster. While the benchmark indices hit a slight speed bump, with Nifty slipping below 25,100 and Sensex ending in the red, the broader market stole the show.
Midcap and smallcap stocks defied the trend, rising 0.5% each.
💡 Spotlight: India’s Wholesale Price Index (WPI) dropped to a 20-month low in June, clocking in at -0.13%. This marked the first negative reading since the beginning of the year.
The wholesale price index or WPI, measures the change in prices of goods that wholesale businesses sell to and trade in bulk with other companies.
So, what’s dragging prices down? A sharp fall in food articles, mineral oils, crude petroleum, and basic metals did most of the heavy lifting.
On the flip side, prices of manufactured goods along with fuel and power actually rose compared to May.
While fuels like coal and natural gas cooled off, sectors like pharma, transport equipment, and machinery saw marginal price hikes.
Let’s hit it!
1 Big thing: India’s CPI falls to 6-year low 📉
India’s retail inflation dropped to 2.10% in June which is the lowest year-on-year print since January 2019.
CPI, or Consumer Price Index, is a measure of how much prices of everyday things like food, fuel, and rent are going up or down.
The deets: the sharp slide was powered by a deep drop in food prices. Food inflation turned negative at -1.06%, compared to +0.99% in May. Vegetables led the slide, with prices falling 19% year-on-year (vs -13.7% in May), while pulses followed suit with an 11.76% dip.
Other essentials also stayed tame.
Fuel and light inflation eased to 2.55% from 2.78%
Clothing & footwear slowed to 2.55% from 2.67%
Housing saw a slight uptick to 3.24% from 3.16%
Why it matters: a sub-3% CPI print is big news for the RBI, which targets 4% inflation with a 2% tolerance band. With CPI now closer to the lower end of that band, there could be more room for a policy shift or at least, less pressure to hike rates.
The only wrinkle? a sharp monsoon impact or commodity price spike could flip the script. But for now, the inflation beast seems tamed.
2. Ola Electric faces a bumpy Q1 ride 🛵
Ola Electric shares jumped nearly 18% despite reporting a weak set of Q1 numbers.
By the numbers:
Net loss: at ₹428 cr vs loss of ₹347 cr YoY
Revenue: at ₹828 cr, down 50% YoY vs ₹1,644 cr
EBITDA loss: at ₹237 cr, higher than ₹205 crore posted in Q1FY25
Margin: at -28.6% vs -12.5%
So… why is the stock soaring?
Turns out, the market liked what it heard, not what it saw.
Ola’s Q1 performance looks grim on a year-over-year basis—but there’s a sequential recovery happening. Compared to the March quarter, losses have narrowed (from ₹870 crore), and revenue is up from ₹611 crore.
The company also gave investors something to look forward to.
It expects its auto business to turn EBITDA positive starting Q2. For the full year (FY26), Ola is guiding for revenue between ₹4,200–4,700 crore, translating to a mild -7% to +4% growth from FY25. It also expects to sell 3.25–3.75 lakh vehicles.
But that might be an uphill climb.
Sales in Q1 halved compared to last year, Ola delivered just 68,982 units, down from 1.25 lakh. The drop is largely thanks to rising heat from rivals like TVS, Bajaj, and Ather Energy, who’ve been gaining both market share and trust.
Meanwhile, there’s trouble brewing in Maharashtra.
The state transport department flagged nearly 350 Ola Electric stores operating without proper licenses or permissions. Not a good look for a newly listed company trying to earn regulatory trust.
The big picture: this is a pivotal moment for Ola Electric. Investors clearly want to believe in the long-term EV vision, but the company’s going to need to back it up with better execution, cleaner compliance, and more than just optimistic forecasts.
3. Meta plays the voice game 🗣️
Meta acquired Play AI, a startup known for creating ultra-realistic, human-like voices using AI.
Why it matters: this move plugs directly into Meta’s long-term AI hardware and assistant ambitions, especially as it doubles down on voice-led products.
From Meta AI to Ray-Ban smart glasses, Play AI’s tech will help make digital interactions feel more human and less robotic. Imagine a voice assistant that doesn’t sound like Siri or Alexa, but like your witty, empathetic best friend.
The acquisition could also power better voice features in future AR/VR platforms, where realism is crucial.
Zoom out: Meta is going all-in on AI. After snapping up top talent from OpenAI and partnering with Scale AI, it’s now doubling down on voice tech which is key for its AI characters and future devices.
That makes them perfect for everything from audiobooks and chatbots to virtual influencers, customer service agents, and in-game characters. They help companies scale voice output without needing an army of voice actors, while also making tech more accessible and emotionally engaging.
4. NLC India’s ₹1.25 trillion energy pivot ⚡
NLC India is planning to invest ₹1.25 trillion by 2030 to expand its energy capacity from the existing 6.7 gigawatt to 20 gigawatt.
NLC India Limited is a government-owned company under the Ministry of Coal, Government of India, primarily engaged in the business of mining and power generation.
The deets: out of the ₹1.25 trillion planned capex, the company will be spending around ₹65,000 crore on renewables and other green initiatives. Around ₹45,000 crores will be earmarked for thermal and around ₹15,000 crores for mining.
The aim is to scale up both renewable and conventional capacity, expanding total power capacity from the current 6.7 GW to 20 GW by 2030.
Why it matters: this aggressive expansion signals NLC’s strategic pivot towards a cleaner, more diversified energy mix while continuing to support India’s base load requirements via thermal power.
5. Stocks that kept us interested 🚀
1. NCC lands metro line contract worth ₹2,269 crore 🚇
NCC bagged a ₹2,269 crore contract from MMRDA to handle design-to-maintenance work for Mumbai Metro’s upcoming Line 6 or the Pink Line.
The deets: this line will link Lokhandwala in Andheri to Vikhroli, with a key station coming up at Swami Samarth Nagar. The project marks another major step in Mumbai’s ongoing metro expansion.
Why it matters: Metro Line 6 is expected to be a game-changer for daily commuters traveling between the western and eastern suburbs. The new corridor will ease traffic on major roads like Jogeshwari-Vikhroli Link Road & it will significantly cut down travel time.
Zoom out: Mumbai currently has three operational metro lines including Blue, Yellow, and Red. But the real gameplan is bigger. The city is working on 10 core metro lines under its long-term plan to ease congestion and improve urban mobility.
What else are we snackin’ 🍿
💸 Back in action: Jane Street deposited ₹4,843.5 crore and got SEBI’s nod to resume trading in Indian equity markets.
🚀 Record surge: Bitcoin hit a record high on Monday, crossing $1,21,000 for the first time and is now up 30% year-to-date.
💪 Data Centres push: India’s data centre sector is estimated to have a total investment pipeline of ₹1.6 trillion- ₹2 trillion over the next 5-7 years.
That’s a wrap! Don’t let the weekday blues get to you.
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