The Ozempic for India raises $1.5M
Clarks back in India, Cruise boom & Tata Capital's IPO.
🗓 Morning, folks!
Dalal Street rebounded with the Sensex & the Nifty ending with minor gains, as mixed signals around the Israel-Iran ceasefire kept investors on edge.
Among sectoral indices, all ended in the green except Nifty Oil & Gas and Media.
After nearly two weeks of escalating conflict, U.S. President Donald Trump announced a ceasefire between Israel and Iran, calling on both nations to hold it.
Only for it to be promptly violated, leading him to drop an actual F-bomb on live TV, becoming the first U.S. President ever to do so.
In exact words:
Gold prices dropped to their lowest in two weeks as investor appetite for risk improved. Spot gold slipped to $3,351.47/oz and U.S. gold futures fell 0.9% to $3,365.30/oz.
Let’s hit it!
1 Big Thing: Tata Capital gets SEBI nod for $2B IPO ✅
Tata Capital, the non-banking financial arm of the Tata Group, received SEBI’s approval to move forward with its planned IPO to raise approximately $2 billion. This is expected to be the biggest listing of the year.
FY25 Highlights:
Consolidated PAT: ₹3,655 crore (up from ₹3,327 crore in FY24)
Core business revenue: ₹28,370 cr (up from ₹18,198 cr in FY24)
The bigger picture: Tata Capital's green light comes amid a broader IPO momentum. HDB Financial Services (HDFC Group) also secured SEBI approval, and Hero FinCorp is progressing with its own listing plans, signaling a strong year ahead for financial sector IPOs.
While we are on IPOs,
GNG Electronics received approval from SEBI to launch its IPO, with an aim to raise ₹450 crore.
The deets: GNG Electronics, the holding company of Electronics Bazaar, is India’s largest refurbisher of laptops and desktops.
The public issue comprises fresh equity shares along with an offer for sale of up to 5.1 million equity shares.
The why: the company plans to use the net issue proceeds to prepay or repay certain outstanding borrowings. The remaining funds will be used for general corporate purposes.
2. Biocon brings affordable cancer meds to Malaysia 💊
Biocon Biologics, the biosimilars arm of Biocon Ltd, partnered with the National Cancer Society of Malaysia (NCSM) to roll out a Patient Assistance Program (PAP).
The deets: the initiative aims to bridge the affordability gap in cancer treatment, starting with Trastuzumab, a critical therapy for HER2-positive breast cancer.
Under this partnership, Biocon will supply essential oncology biosimilars like Trastuzumab, Pegfilgrastim, and Bevacizumab. NCSM will manage patient enrolment and medicine distribution through its outreach and care networks across Malaysia.
The why: the biggest barrier in cancer care for many is cost. This program targets patients who’ve had to delay or discontinue treatment due to financial strain. By offering high-quality biosimilars at low or no cost, the company is directly addressing a life-threatening problem.
While we are on deals, 🤝
Metro Brands partners with British comfort shoe legend
The iconic UK-based footwear brand Clarks is coming back to India and it’s teaming up with homegrown retail giant Metro Brands to do it.
Context: Clarks first entered India in 2009 via a joint venture with Future Group, but shifted to Reliance Retail in 2022 due to Future’s financial woes. The Clarks-Reliance partnership lasted two years before ending in August 2024.
The deets: under a long-term distribution deal, Metro Brands will become the exclusive retail and digital partner for Clarks in India and neighboring countries including Bangladesh, Nepal, Bhutan, Maldives, and Sri Lanka.
Zoom out: global brands are increasingly choosing Indian partners to re-enter or expand in a fast-growing $12 billion footwear market.
3. Utopia Therapeutics adds $1.5M in its kitty 💰
Biotech startup Utopia Therapeutics has raised $1.5 million in seed funding from Water Tank.
The deets: Utopia Therapeutics develops disruptive immunotherapies that address the root causes of chronic illnesses. It aims to deliver vaccines for obesity and related metabolic diseases using scientific approaches.
The proceeds from this round will accelerate the preclinical development of UT009, aimed at treating obesity.
Why it matters: India currently has no approved obesity vaccines. However, Utopia Therapeutics’ candidate could mark a breakthrough if successful. The vaccine is still in the preclinical stage, with encouraging early results in animal studies.
What’s Next: the company aims to file an Investigational New Drug (IND) application by late 2025. If initial trials go well, Utopia plans to move through regulatory safety and efficacy phases, with a goal of reaching the market in 5 to 7 years.
4. Stocks that kept us interested 🚀
1. Enviro Infra wins ₹306 cr deal, joins solar sector
Enviro Infra Engineers jumped nearly 11% after bagging new orders worth ₹306 crore and stepping into the solar game.
The company specialises in designing, building, operating, and maintaining water and wastewater treatment plants.
The deets: the order win pertains to a big EPC contract to construct multiple sewage treatment plants.
EIEL has also announced two major solar energy forays totalling 69 MW of capacity.
It will acquire Vento Power Infra’s 40 MW solar project in Bolangir, Odisha for ₹115.6 crore.
Separately, its green energy arm, EIE Renewables, has picked up Soltrix Energy Solution’s 29 MW solar project in Maharashtra, backed by a deal with Maharashtra State Electricity Distribution Company Limited (MSEDCL).
Why it matters: by adding solar power to its existing expertise in infrastructure and utilities, Enviro is tapping into one of India’s fastest-growing sectors.
Big theme: the Indian government has set an ambitious target of 500 GW of non-fossil fuel capacity by 2030, of which 280 GW is expected to come from solar power alone.
2. Antara taps Cochin’s arm for cruise vessels 🛳️
Cochin Shipyard shares were in focus after its subsidiary Hooghly Cochin Shipyard, secured an order valued between ₹100 cr and ₹250 cr.
Who’s involved: the order was placed by Heritage River Journeys Private Limited, which operates under the brand Antara river cruises.
The deets: the contract involves building two luxury river cruise vessels for deployment on the Brahmaputra. These vessels are intended to expand India’s premium inland waterway tourism and are expected to set new standards in luxury, safety, and sustainability.
Antara River Cruises is known for its immersive voyages along the Ganga, Padma and Brahmaputra river systems.
Zoom out: river cruising is emerging as one of the fastest-growing segments in tourism. The Cruise Bharat Mission, launched last year, aims to double cruise passenger traffic in five years, reinforcing India’s push to become a global river cruise destination.
3. HG Infra bags ₹118 crore Navy deal ⏫
HG Infra Engineering gained more than 2% after it received an order worth ₹118 crore for an infrastructure project at the Naval Dockyard in Mumbai, Maharashtra.
The deets: the order was awarded by the Military Engineer Services (MES) and involves building an Integrated Material Handling Facility.
This essentially means setting up the infrastructure needed to efficiently store and move military supplies and equipment. The project will be completed over 30 months.
Why it matters: this is another defence-related infrastructure win for HG Infra, expanding its footprint in high-security, government-backed construction.
India is investing heavily in port modernisation, naval dockyard upgrades, and logistics hubs. From the Sagarmala programme to private-sector defence infra contracts, the government is creating a maritime ecosystem that supports both commercial cargo and military readiness.
6. Story in data: Jewellery Rush 📊
India’s jewellery sector is gearing up for its biggest IPO wave yet, with ₹3,700 crore expected to be raised across 6–7 listings in 2025.
This marks a sharp jump from previous years, where most years saw just 1–4 deals and sub-₹1,200 crore raises.
The surge signals rising investor appetite for organised, brand-led jewellery businesses as consumer preferences shift away from traditional stores.
It also reflects a broader capital market trend, where even legacy offline businesses are tapping public markets to fund expansion.
What else are we snackin’ 🍿
🎉 Bumper debut: shares of electronic metres manufacturer Eppelstone Engineers listed at ₹243.2 with a premium of nearly 90% from the issue price of ₹128.
⏫ 14-month high: HSBC’s flash India PMI rose to 61 in June, up from 59.3 in May. This was driven by an increase in total new business and international sales.
🌞 Power surge: Adani Group is eyeing a record-breaking $100B push to hit 100 GW of power capacity by 2030.
💉 Slim shot: Novo Nordisk has launched its weight-loss injection Wegovy in India which is a once-a-week jab & will hit pharmacies by month-end.
That’s a wrap! Don’t let the weekday blues get to you.
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