Newsletter
Chips get a new base, Nation’s VC woes, and IndiGo hikes prices.
🗓️ Morning, folks and Happy Fridayyyy! ☀️
Feeling lonely this Navratri season? 🫤
A man from Gujarat has found a rather creative solution for it.
Instagram user Krish Mistry announced a “Rent a Garba Partner” service with Silver, Gold and Platinum packages ranging from ₹1,000 to ₹2,000.
These packages offer everything from Garba sessions and matching outfits to selfies, social media videos and even a made-up “how we met” story.
What started as an unusual Instagram post quickly turned into a mini side-hustle conversation, with users joking about the “new job” and others genuinely asking how to sign up.
Moving on to the markets…📈
Indian stock markets ended mixed on Thursday. The Nifty rose for the second day in a row, while Sensex fell marginally.
Realty, pharma, media, auto and metals ended higher, while banking stocks lagged. The broader market, however, outperformed.
India VIX, a measure of market volatility, fell nearly 7%. The rupee recovered from early losses to end 3 paise stronger at ₹95.93 per US dollar.
💡 Spotlight: US brings old times back 🤦
For four years, India has benefited from cheaper Russian oil after Western countries cut back on Russian crude following the Ukraine war. Now, that advantage could come with a cost.
The US House has passed a bill that could allow President Donald Trump to impose tariffs of up to 100% on countries buying Russian oil and gas. India is particularly exposed, with Russia supplying 30.3% of its crude imports in FY26, worth $40.8 billion.
India can turn to other suppliers, but replacing Russian oil at this scale could mean higher oil, shipping and insurance costs. The US tariffs could also hurt Indian exporters, with the US importing about $104 billion worth of Indian goods in 2025.
Responding to the development, the Indian government said it was “monitoring further developments” and remained “firmly committed to ensuring energy security” for its 1.4 billion people.
It added that India would continue to rely on diversified sources and changing market conditions to meet its energy needs.
We also made a video on this. Watch it here.
Let’s hit it! 💪🏻
1 Big Thing: Chandra is probably not saying ‘Tata’ yet 👀
In a major boardroom reversal on Thursday, Tata Sons approved another five-year term for N Chandrasekaran as chairman, as per reports. There is no official announcement.
This comes barely a month after he announced that he would not seek reappointment when his current term ends in February 2027.
The decision comes just days after the RBI pushed Tata Sons closer to a stock-market listing, potentially making continuity at the top much more important.
What happened: Noel Tata, chairman of Tata Trusts, voted against the resolution. The board also discussed the possible listing of Tata Sons, but no resolution on the listing was passed. Chandrasekaran’s appointment will still need to go through the required shareholder approval process.
That makes Thursday’s decision particularly interesting because, until very recently, Tata appeared to be preparing for a change at the top.
Quick context: on August 12, Chandrasekaran announced that he would not seek a third term after his current tenure ends on February 20, 2027. Sir Dorabji Tata Trust subsequently said it respected his decision and began the process of forming a committee to find his successor.
His decision came amid reported differences between Tata Sons and Tata Trusts over issues including governance, capital allocation, newer businesses and the future ownership structure of Tata Sons.
The why: as per Times of India, there was speculation that Tata Sons’ Nomination and Remuneration Committee could ask him to stay, potentially to provide continuity as the group navigates the Tata Sons listing issue. Noel Tata, however, continued to favour a leadership transition.
Interestingly, Tata Trusts had unanimously recommended another five-year term for Chandrasekaran last year, before his August decision not to continue.
2. Chip Ahoy! 👋
US-based chip equipment maker Applied Materials will invest $5 billion in India over the next decade, as the country expands its semiconductor ambitions beyond just manufacturing chips.
What’s brewing: the company will build a new 140-acre research and development park in India to strengthen its R&D capabilities and develop new semiconductor technologies.
Applied Materials also plans to expand its India-based supply chain tenfold and bring more of its global suppliers to the country.
Why now: the investment comes as the government expands its semiconductor push through India Semiconductor Mission 2.0, which aims to develop the entire semiconductor value chain.
The government also approved 12 projects with a cumulative investment of around ₹1.64 lakh crore, spanning silicon and compound semiconductor fabs, display fabrication and advanced packaging.
Big picture: large-scale investments, expanding manufacturing capacity and initiatives such as SEMICON India are helping build momentum around the country’s domestic chip ecosystem.
By 2029, India is expected to have the capability to design and manufacture chips required for nearly 70-75% of domestic applications.
3. PE Firm goes shopping 💰
Global private equity firm Advent International is investing ₹3,150 crore in Yatharth Hospitals, one of North India’s fastest-growing listed healthcare providers. Advent is expected to acquire a 24.9% minority stake in the company.
The investment also marks the fourth major deal involving a private equity firm acquiring a stake in an Indian hospital company.
What matters: Advent brings deep healthcare expertise, global insights and a strong focus on value creation, which could help accelerate Yatharth’s next leg of growth.
It currently operates nine multi-speciality hospitals with nearly 2,800 operational beds across Noida, Greater Faridabad, Delhi NCR, Madhya Pradesh and Agra.
It aims to reach around 5,000 beds within the next three years, supported by expansion at existing hospitals and selective acquisitions.
9-10% annual growth in average revenue per occupied bed (ARPOB), premium hospitals and a stronger mix of specialties are also expected to support revenue growth and improve margins.
Stock action: shares of the company jumped as much as 9% on the back of this development.
4. Does India have enough VCs to write big cheques? 🤔 💴
Indian tech startups raised $7.2 billion across 652 rounds in H1 2026, but the funding gap is at the late stage.
In FY2025-26, late-stage funding fell 38% to $5.6 billion, while $100 million-plus rounds dropped from 23 to 13.
India is not short on capital overall. AIF commitments stood at ₹16.94 lakh crore by March 2026.
But much of that money goes into private credit, real estate, infrastructure and other assets, while large startup rounds still depend on a narrower pool of investors.
5. Stocks that kept us interested 🚀
What went up ⬆️
🤑 Syrma SGS Technology surged 7%, driven by a healthy business outlook for the company.
🙇🏼♀️ RailTel gained nearly 3% after it secured a ₹63.1 crore Prasar Bharati order to provide services for the existing WAVES OTT platform.
😎 Hitachi Energy India rose 3% after Jefferies initiated a Buy rating, citing strong multi-year power transmission and distribution growth prospects.
✈️ Airline stocks gained as crude oil prices eased from their highs, with IndiGo and GMR Airports rising between 2-3%.
What went down ⬇️
❌ Upstream oil stocks ended lower as crude prices eased, with ONGC falling 2% and emerging as the Nifty’s top losing stock.
What else are we snackin’ 🍿
👟 Adidas layoffs: Adidas has begun layoffs at its Gurugram tech hub as part of a broader restructuring to simplify operations and reduce costs.
🚢 Shipbuilding push: Mazagon Dock will invest ₹27,000 crore to build a shipbuilding cluster in Raigad, expected to generate 90,000 jobs.
🏨 Hotel acquisition: Juniper Hotels will acquire Novotel Imagicaa for ₹248 crore in an all-cash deal.
😐 Price hike: IndiGo hiked infant fees to ₹3,000, excess baggage to ₹800/kg and priority check-in to ₹650, all above ticket fares.
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.
Disclaimer: This newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.
