Your next appliance could cost more 😐

Three-day bank strike deferred, Skyroot fundraise plans, and May the best chonk win.

🗓️ Morning, folks and Happyy Mondayyy! ☀️

Turns out, dogs and politics do in fact intersect.

Delhi has a new election in town, and this time, the candidates are 64 very chunky dogs. From Instagram polls to campaign posters, the city is going all in to crown its fattest dog.

The contest, run by the Instagram page Fat Dogs of Delhi, is inspired by Alaska’s Fat Bear Week. It’s basically a knockout tournament where dogs face off in 24-hour polls, with one moving ahead and the other getting sent home.

And the candidates already have serious political energy, with names like Kutta Singh, Mahakutteshwar, Chonku and Bhondu ki Barfi.

But the real drama? The campaigning.

Supporters are making posters, rallying their neighbourhoods and taking to X to campaign for their favourite chonk. Delhi has officially turned “who’s the fattest dog?” into an election. And honestly, we’re invested.

Back to the markets 📈,

The stock market is expected to have a busy week ahead, with oil prices, the US-Iran war and global interest rates likely to set the mood.

Brent crude remains above $100 a barrel, which is still a concern for India and companies that depend heavily on oil. But prices cooled towards the end of last week, offering some relief.

Investors will also track global bond yields and the US dollar after the US Federal Reserve’s September policy decision.

Higher yields and a stronger dollar can pull foreign money away from markets like India.

Meanwhile, Iran has proposed a seven-day plan to the US to end the conflict and reopen the Strait of Hormuz, subject to conditions including easing oil sanctions, lifting the naval blockade and agreeing to a wider ceasefire. Any development here could quickly move crude prices and markets.

Back home, India’s August industrial production data and HSBC manufacturing PMI will offer a fresh look at how the economy is doing.

💡 Spotlight: Three-day bank strike deferred 🏦

A three-day nationwide bank strike got cancelled after the United Forum of Bank Unions (UFBU) reached an understanding with the Indian Banks’ Association (IBA) late Sunday.

The two sides have agreed to immediately form a high-level committee to discuss making the remaining Saturdays bank holidays. Meanwhile, talks will also continue on changes to the performance-linked incentive scheme and other pending issues.

Let’s hit it! 💪🏻

1 Big Thing: Skyroot has two reasons to celebrate 🚀

The Indian Navy wants Skyroot to help build space capabilities for the armed forces. And some of Silicon Valley’s biggest investors could soon put nearly $300 million into the company.

First, follow the money: Skyroot is reportedly in advanced talks to raise roughly ₹2,600-2,850 crore, from Fidelity, General Catalyst and Benchmark.

The talks could value the company at around $2.8-3 billion. That’s a huge jump considering the company raised $60 million in May at a valuation of around $1.1 billion.

Note: this could be Benchmark’s first direct investment in India. The Silicon Valley VC was an early backer of companies such as Uber, Twitter and Snap.

Invite from Navy: on Sunday, Indian Navy Chief Admiral Krishna Swaminathan at an NDTV event invited Skyroot to work on developing space capabilities for India’s armed forces.

Modern warfare increasingly depends on space for things like satellite communication, surveillance, navigation and tracking. The Navy Chief said technologies including AI, quantum technology, autonomous systems and space are changing how naval warfare works.

That potentially gives private space companies such as Skyroot another major customer base beyond commercial satellite operators: India’s defence forces.

Importantly, this is an invitation to work on capabilities, not a defence contract or order for Skyroot yet.

2. Deal frenzy 💸

Welspun Corp had a pretty good Friday. Its US subsidiary secured its largest order yet, worth about $412.5 million, or ₹4,000 crore.

The details: the company will supply High-Frequency Induction Welded (HFIW) pipes made at its recently upgraded mill in Little Rock, US.

HFIW pipes are steel pipes to use mainly in pipelines that carry oil and natural gas.

What matters: the deal takes Welspun Corp’s global order book to a record $4.7 billion, or roughly ₹45,000 crore, according to the company.

Earlier this week, Welspun Corp won a ₹2,000 crore order from Saudi Aramco to manufacture and supply steel pipes. At the start of September, it also signed an MoU with Perma-Pipe to set up pipe manufacturing and coating facilities in Jordan.

More on deals 💰,

Blue Cloud Softech Solutions has another AI deal on its books. Its US arm, Global Impx Inc., has received a $15.5 million order from IBM Cloud Inc. to build the systems needed to develop and run AI models.

3. Festive discounts meet festive price hikes 👀

Planning to buy an AC, TV or washing machine this festive season? You may soon have to pay more.

Leading appliance makers are preparing another round of price hikes from October 1, with AC prices expected to rise around 5-8%, while washing machines, refrigerators and LED TVs could become roughly 3-4% more expensive.

For the industry, this will be the third round of price increases in 2026.

The why: almost everything needed to make and move these appliances has become more expensive.

Take an AC. It needs copper for its coils and pipes, steel and aluminium for different components, and plastics made using crude-oil derivatives. On top of that, companies need to ship these materials and finished products around.

The ongoing Middle East crisis has added further pressure to commodity and transportation costs. Haier says an AC can use around 3-4 kg of copper, while copper prices have climbed from roughly $8,000-9,000 per tonne last year to around $14,500.

Note: however, some companies expect a smaller impact because dealers have already stocked products bought at older prices.

What went up ⬆️

💪🏻Transport Corporation of India closed 6% higher Friday after climbing 14% intraday, ahead of a board meeting on a buyback.

🙇🏼‍♀️ HDFC Bank ended Friday 1% higher as investors awaited an announcement on who will become the lender’s next CEO.

📈 IDBI Bank rose 2% as officials reportedly reviewed revised bids from Fairfax and Emirates NBD for a 60.72% stake.

What went down ⬇️

❌ Ola Electric fell up to 9% on Friday, ending a four-session rally after the company announced a possible rights issue.

👎🏻 Oracle Financial Services Software slipped 1% on Friday as investors feared delays to its parent Oracle’s data centre project.

What else are we snackin’ 🍿

💼 D-street ready: Indian electric bus maker PMI Electro Mobility Solutions has confidentially filed draft IPO papers with market regulator SEBI, PTI reported.

💄Beauty backers: Nykaa has teamed up with BOLD, L’Oréal’s investment arm, to jointly invest in emerging Indian beauty and personal care brands.

🏃 Market move: Paramount Skydance is moving its shares from Nasdaq to the New York Stock Exchange, with trading there starting October 6.

🫡 Defence push: the defence secretary wants another fighter jet production line and multiple missile makers, so India depends on no single producer.

That’s a wrap! Don’t let the Monday blues get to you.

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Disclaimer: This newsletter is for informational and research purposes only. Nothing here should be considered financial, investment, legal, or professional advice.