Newsletter
LPG supply picks up, India's growth forecast slashed, and drone startup eyes IPO.
🗓️ Morning, folks! ☀️
India’s defence exports have surged to a record ₹38,424 crore in FY26, marking a sharp 62.6% YoY jump.
What’s interesting is the mix: public sector units (DPSUs) contributed ₹21,071 crore (up a massive 151% YoY), while the private sector added ₹17,353 crore, growing at a steadier pace.
India exported defence equipment to 80+ countries, with the number of exporters rising to 145 companies, indicating a broader and deeper ecosystem.
Now with a target of ₹50,000 crore in exports by FY30, India is positioning itself as a global defence manufacturing hub.
Let’s hit it! 💪🏻
1 Big thing: Tensions rise in the Middle East ⚠️
Things are heating up fast between Iran, Israel, and the United States. There have been fresh reports of airstrikes, missile attacks, and rising military tensions across the region.
Breaking it down: Iran now claims it has shot down two US military aircrafts, including transport planes and helicopters.
This came just hours after Donald Trump said a US officer, missing after a fighter jet was downed, has been safely rescued.
At the same time, Trump has doubled down on his warnings. He’s threatened ‘serious consequences’ if Iran continues to block the Strait of Hormuz, a key global shipping route. He even said the US could target Iran’s power plants and infrastructure if things escalate further.
Iran isn’t backing down either. Officials say they’re ready to respond with attacks on US military bases and Israeli targets if tensions rise any further.
Talks are still happening behind the scenes. Trump says a deal with Iran could come as soon as Monday, with negotiations already underway.
A senior Iranian official has pushed back against US President Donald Trump’s latest warning, saying the Strait of Hormuz will only reopen once financial losses from the conflict are fully compensated.
2. India ramps up LPG supply ⬆️
The government is pushing sales of small 5-kg LPG cylinders to meet rising demand as the Middle East conflict disrupts global energy supplies.
What’s cookin’: since March 23, around 6.6 lakh units have been sold. These 5-kg cylinders are now easily available over the counter at LPG distributors with just a valid ID, making access simpler.
Indian Oil Corporation (IOC) says there’s no cause for alarm, with domestic LPG supply remaining stable despite global disruptions.
Why it matters: India imports about 60% of its LPG, and nearly 90% of that passes through the Strait of Hormuz. With the route affected, only a few cargoes have made it through, far below normal levels.
There is some relief on the way. A ship carrying 44,000 tonnes of LPG has crossed the strait and is heading to India, with two more vessels, Green Asha and Jag Vikram, expected soon.
With global supply lines under strain, India is stepping up domestic measures to keep supply steady and essential services running smoothly.
3. Garuda Aerospace takes the IPO route 💸
Shifting to IPO action, drone startup Garuda Aerospace is preparing to go public, having confidentially filed papers with SEBI to raise ₹1,000 crore.
What’s brewing: the IPO includes a fresh issue of ₹750 crore and an offer for sale (OFS) worth ₹250 crore, where existing investors will pare their stakes.
Founded in 2015, Garuda Aerospace operates in the drone-as-a-service space, building and deploying drones for use cases like deliveries, disaster management, and agriculture.
Zoom out: in March 2026, 38 companies filed draft papers with SEBI, up sharply from 22 last year and 16 in 2024.
The momentum is expected to continue, with many firms awaiting approvals or ready to launch. Despite market volatility, 18 IPOs have already hit the market this year, including 8 in March alone.
4. Your destination for flowers 🌹
India is already the second-largest flower producer globally, supported by thousands of growers, exporters, and supply chain players.
But the real shift is happening on the demand side.
Platforms like FNP and IGP, along with subscription models, are turning flowers from occasional purchases into everyday consumption.
With the market projected to reach ₹744 billion by 2033, this is no longer a niche category, it’s scaling fast.
5. Stocks that kept us interested 🚀
What went up ⬆️
🛍️ V-Mart Retail gained more than 10% after the company shared its March quarter (Q4) business update where revenue rose 24%.
⚡ Ola Electric rose 9% after the company announced a significant price reduction of ₹60,000 for its flagship electric motorcycle, the Roadster X+ 9.1 kWh.
💡 MIC Electronics ended 5% higher after the company said it had received a Letter of Acceptance (LoA) from Indian Railways.
What went down ⬇️
🏍️ Eicher Motors emerged as the top Nifty loser, falling over 2% reacting to its monthly sales update.
💊 Sun Pharma fell 2% on reports of the Trump administration announcing tariffs on drugmakers.
🧪 Chemical stocks including SRF slipped 5% as investors reacted to the government’s decision to waive import duties on a wide range of petrochemical products.
6. Events to keep an eye on this week 👀
- RBI policy
- Earnings season
- US GDP and inflation
- FOMC minutes
- China inflation numbersLoading...
What else are we snackin’ 🍿
❗️Growth slash: Moody’s cut India’s growth forecast to 6%, warning the Middle East war could slow the economy and push up inflation.
📉 PMI slips: India’s manufacturing PMI fell to 53.9 in March from 56.9 in February as rising costs and global tensions weighed on growth.
⚙️ IPO filed: Kay Jay Forgings filed draft papers with SEBI to raise ₹360 crore via IPO, including a ₹300 crore fresh issue and ₹60 crore OFS.
🌐 D-street ready: Rediff.com filed confidential papers for a ₹600-800 crore IPO, opting for a flexible pre-filing route to time its market debut.
📡 User milestone: Airtel crossed 650 million users globally, strengthening its position as the world’s second-largest telecom operator.
That’s a wrap! Don’t let the Monday blues get to you.
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