From Jio to AI and beyond 🤖
Pharma acquisition, cruise IPO, and funding frenzy.
🗓️ Morning, folks. The weekend lasted about two hours. Anyway, we’re back.
Before we dive in, our new episode of This Is Business is out.
Tanvi Dessai travelled to Cherrapunji and spoke to Mayukh Hazarika, Founder & CEO of Cherrapunji Gin, to understand how a gin brand is being built in one of the wettest places on Earth.
This episode looks at what it takes to build a premium alcohol brand from the Northeast.
Full story here👇
Looks like it’s going to be a busy week for markets.
There are two things investors will be watching closely:
First, the ongoing US-Iran talks. Oil prices have been driving sentiment for weeks now, and any breakthrough or escalation could move markets quickly.
Second, the rupee. After touching a low of 96.96 against the dollar, it has bounced back sharply to 94.34. The question now is whether that recovery has more room to run.
Third, the progress of the southwest monsoon, as a normal and well-distributed rainfall season is crucial for agricultural output, rural demand, and inflation.
An interesting update,
India has secured the Vice presidency of the Financial Action Task Force (FATF), the global body that combats money laundering and terrorist financing.
Vivek Aggarwal, a 1994-batch IAS officer of the Madhya Pradesh cadre and currently serving as Secretary in the Ministry of Culture, has been elected as FATF Vice President for a one-year term from July 2026 to June 2027.
Let’s hit it! 💪🏻
1 Big thing: From Jio IPO to AI: Here’s everything Reliance announced 🚀
India’s largest company, Reliance, used its annual shareholder event to unveil plans spanning everything from the much-awaited Jio IPO and satellite internet to AI, manufacturing and green energy.
Here’s what went down👇
Jio announced plans to launch satellite internet services, putting it in direct competition with global players like Elon Musk’s Starlink.
Reliance doubled down on AI by expanding Reliance Intelligence, partnering with Google, Meta and Nvidia.
Reliance Retail unveiled plans to build its own manufacturing ecosystem for products ranging from food and clothing to smartphones and smart devices.
The company’s first battery gigafactory is expected to begin operations in 2026.
Reliance said earnings from its Oil-to-Chemicals business could improve as geopolitical tensions ease and energy markets stabilise.
The company also signalled continued focus on reducing debt, improving returns for shareholders and strengthening its consumer businesses.
More details: the biggest announcement was the long-awaited Jio IPO, with Reliance approving the filing of draft papers for a fresh issue of up to 27 crore shares.
Reliance’s green energy push remains on track, with its first battery gigafactory expected to start operations in 2026 and the New Energy business beginning to contribute from 2027.
Mukesh Ambani also said the Oil-to-Chemicals business could see stronger earnings if geopolitical tensions ease and energy markets stabilise.
2. Sun Pharma goes shopping 🛒
Sun Pharma has fully acquired Innovcare Lifesciences for approximately ₹271.2 crore in cash.
For context, Mumbai-based Innovcare Lifesciences is engaged in the marketing, distribution, and sale of pharmaceutical drugs, nutraceuticals, and cosmeceutical products.
More scoop: the acquisition is a strategic move by Sun Pharma to strengthen its product portfolio. This comes just a month after the company acquired Organon & Co in an all-cash deal worth $11.75 billion, including debt.
Sun Pharma has now completed 18 acquisitions in total.
While we are on deals👇🏻,
Amber Enterprises is entering smartphone manufacturing business through a manufacturing collaboration with Oppo Mobiles India, the licensed manufacturer for OPPO, OnePlus, and Realme smartphones in the country.
The numbers: according to government data, the production value of electronic goods has jumped from around ₹1.9 lakh crore in 2014-15 to ₹11.3 lakh crore in 2024-25, nearly a sixfold increase.
Mobile phone production has also exploded from about ₹18,000 crore in 2014-15 to ₹5.5 lakh crore in 2024-25, a staggering 28-fold increase.
3. India’s first luxury cruise IPO arrives 🚢
Cordelia Cruises operator Waterways Leisure Tourism is bringing India’s first luxury cruise IPO to the market to raise over ₹585 crore.
The IPO will open on June 23 and the money will largely be used for lease payments related to its cruise vessels and future expansion plans.
Quick context: if you’ve ever seen those giant floating hotels sailing from Mumbai to Goa, Kochi or Lakshadweep, that’s Cordelia. The company operates under the Cordelia Cruises brand and is currently India’s only domestic ocean cruise operator.
Why this is interesting: since launch, Cordelia has hosted over 5.4 lakh guests and sailed more than 2.25 lakh nautical miles. The company also plans to expand its fleet with two larger ships over the next few years.
Zoom out: India aims to increase annual cruise passengers from around 5 lakh today to nearly 40 lakh by 2047 under its Cruise Bharat Mission.
4. India wants to build the US Army’s next artillery system 🪖
Bharat Forge’s defence arm, Kalyani Strategic Systems (KSSL), has partnered with US military vehicle maker AM General to jointly develop advanced defence vehicles.
The deets: the partnership will build mobile artillery systems designed to operate in all weather, tackle tough terrain, and strike targets over 40 km away.
The tech: at the heart of the system is KSSL’s MArG platform, equipped with a powerful 155mm, 52-calibre cannon.
It carries more than 20 rounds onboard and uses the company’s patented Soft Recoil Technology, which absorbs the cannon’s kickback.
This makes the vehicle lighter, more mobile, and puts less strain on the weapon, helping it perform better across tough terrain and in all weather.
5. Wait, these brands aren’t Indian? 🤔
A bottle of Lifebuoy in the bathroom. Lux by the sink.
These brands feel as Indian as chai and cricket, woven into our daily routines, childhood memories and a healthy dose of nostalgia.
But the twist: they’re not Indian at all. From soaps to Oreo, these are some hugely popular brands in India whose international origins might just catch you off guard.
6. Stocks that kept us interested 🚀
What went up ⬆️
💊 Aurobindo Pharma gained nearly 4% after Federal Trade Commission cleared Lannett acquisition.
📲 Pine Labs rose nearly 2% as 93.48 lakh shares worth ₹143.3 cr changed hands via a block deal.
🔌 RR Kabel ended more than 1% higher after MOSL upgraded the stock to ‘buy’ from ‘neutral’.
📱Redington shares went up 3% due to reports that Apple may raise product prices, benefiting its key India distribution partner.
What went down ⬇️
💻 Nifty IT slumped nearly 4%, Infosys and TCS fell as much as 7% after Accenture guidance cut sparked a sell-off.
📈 Reliance Industries fell over 1% after announcing the Jio IPO.
What else are we snackin’ 🍿
🤝 Green signal: US and Iranian delegations have begun peace talks in Switzerland, joined by Pakistan and Qatar, following the June 17 agreement.
🧑💻 AI push: India’s data centre pipeline has reached 8.33 GW, over five times the country’s current live capacity of 1.6 GW driven by AI, cloud computing, and data localisation demand.
💪🏻 Data boom: Kirloskar Oil Engines has secured a 192 MW data centre order from HyperNext, supplying 96 power systems for AI-ready infrastructure.
💸 Order boost: Power Mech Projects has secured a ₹1,008.9 crore order from JSW Thermal Energy for a thermal power project in West Bengal.
🔫 Funding watch: Indian startups raised over $350 million between June 12 and June 18, led by funding rounds in AI, consumer health, and recycling.
That’s a wrap! Don’t let the Monday blues get to you.
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