Newsletter
Cancer bets, Trump waives several Russia sanctions, and Ather’s insurance move.
🗓️ Morning, folks and Happy Mondayyyyy!
Before we begin, to date, we’ve sent more than 1,000 editions of Filter Coffee to your inbox, one each morning.
We’re thinking about what’s next for us: the same curiosity and personality you know, with something new in the mix.
Meanwhile, dogs can read our expressions and pick up on emotions. Could their noses also help detect cancer?
We at This Is Business spoke to Dognosis, a Bengaluru based startup exploring how dogs’ sense of smell could help spot early signs of cancer.
Co-founders Akash Kulgod and Itamar Bitan brought together research on dogs detecting disease by scent and their own experience with canine detection.
Watch our new episode and show us some 🐾 love!
And from what dogs can sniff out to what investors will be watching, here’s the week ahead on Dalal Street.
It’s a holiday-shortened week, with markets closed on Tuesday for Dussehra, but there’s still plenty to watch.
The biggest trigger will be Q2 earnings, Jio Platforms’ ₹30,000+ crore IPO, foreign investor activity, crude oil prices, the rupee-dollar movement and developments in the Middle East.
Indian IT stocks will also remain in focus after driving the market’s recent recovery.
💡 Spotlight: Cancer drug prices could fall 70% 💊
Pharma stocks including Sun Pharma, Cipla, Dr Reddy’s Laboratories and Lupin will be in focus after the government introduced new pricing rules for 137 identified non-scheduled anti-cancer drugs.
As per the National Pharmaceutical Pricing Authority (NPPA), a limit has been set on the margin earned by distributors, hospitals and retailers to 30%.
These medicines were previously outside direct price controls, allowing mark-ups to average around 170% and, in some cases, rise as high as 700%.
The revised prices will take effect from November 9 and could reduce MRPs by up to 70%, depending on how each medicine is currently priced.
Let’s hit it! 💪🏻
1 Big Thing: Trump hits snooze on Russia sanctions ⏰
500%, 100%, then a waiver: A major turn of events appeared over the weekend after US President Donald Trump put new Russia sanctions on hold.
The waiver will remain in effect until Trump or senior administration officials determine that further action is appropriate. In simple words, the sanctions have been paused, not permanently cancelled.
Why is it significant for India: India is the world’s third-largest crude oil consumer and imports more than 88% of the oil it needs. Russia is currently its largest supplier.
US Secretary of State Marco Rubio acknowledged that India had started diversifying its energy sources but continued to buy substantial quantities from Russia because changing suppliers could not happen overnight.
He also described India as an important US ally and partner. Rubio said the Trump administration would use up to 60 days to study how these sanctions and tariffs could affect the American and global economies.
The timing: the decision came just before the October 18 deadline for the administration to decide how the new law would be implemented.
The decision also comes weeks before the US midterm elections. Trump is facing pressure over elevated fuel prices, while the conflict with Iran continues to disrupt global energy supplies.
Larger picture is Russia-Ukraine war but…
Zoom out: Trump’s decision comes shortly after he announced an agreement with Russian President Vladimir Putin for Russia to supply diesel.
That marked a clear shift in Washington’s approach. Since Russia invaded Ukraine, the US had focused on restricting Moscow’s energy earnings. It is now temporarily turning to Russian fuel to ease supply pressures and control prices at home.
Ukrainian President Volodymyr Zelenskyy criticised the decision, arguing that easing the restrictions would help Russia continue financing the war.
2. Cancer bet grows stronger 💪
Mankind Pharma has acquired a 70% stake in Belgium-based Armed Cell Therapeutics (ACTx) for €48 million (₹511 crore).
ACTx is a biotechnology company developing next-generation CAR-T therapies, which use a patient’s own immune cells to fight cancer.
Why it matters: the deal marks Mankind’s entry into CAR-T cancer therapies and supports its push to develop innovative medicines for global markets.
The acquisition, made through Mankind’s Netherlands subsidiary, gives it access to cell-therapy research capabilities and potential treatments under development for non-Hodgkin lymphoma, a type of blood cancer, and small-cell lung cancer.
It also expands Mankind’s presence in Europe beyond selling medicines into biotechnology research and development.
More on acquisitions 💸,
Zen Technologies has acquired a 51.98% stake in Bengaluru-based defence technology company Cogknit Semantics for ₹135.15 crore.
What matters: Zen said the deal supports its planned AI platform, Samvid, which aims to give forces a shared view of the battlefield.
Cogknit’s battlefield management system helps connect tanks, vehicles and soldiers so they can share information and coordinate.
It is expected to work alongside Samvid and Zen Tech’s training simulators, anti-drone systems, drones and autonomous platforms.
3. What’s brewing in the startup world? 🙇🏼♀️
Cult.fit has received SEBI’s observations on its proposed IPO. The company plans to raise ₹950 crore through a fresh issue of equity shares, alongside an offer for sale (OFS) of up to 17.86 crore shares by existing shareholders.
Some numbers: Cult.fit’s operating revenue rose 36.26% YoY to ₹1,720.61 crore in FY26, from ₹1,262.93 crore in FY25.
FYI: In November 2021, Zomato acquired a 6.4% stake in Cult.fit, helping the company achieve unicorn status at a $1.5 billion valuation.
More on IPOs,
Hunger Pangs Ltd, which owns and operates the Burma Burma restaurant chain, has filed its DRHP with SEBI for an IPO.
The proposed IPO comprises a fresh issue of equity shares worth ₹150 crore and an offer for sale (OFS) of up to 2.79 crore shares by existing shareholders.
The numbers: Hunger Pangs’ revenue from operations rose 46.56% YoY to ₹156 crore in FY26, from ₹106.1 crore in FY25. However, the company posted a net loss of ₹15.3 crore during the year.
It also plans to expand its delivery and direct-to-consumer offerings, including ready-to-eat and other packaged food products.
4. Stocks that kept us interested 🚀
What went up ⬆️
🚀 IT index jumped nearly 4%, led by an 8% rise in Tech Mahindra after the company beat Q2 revenue expectations, aided by robust deal wins.
💻 Wipro surged nearly 6% after the company said deals deferred from Q2 were expected to close in Q3.
📊 Onward Technologies jumped 20% while Solara Active Pharma gained up to 8% after reporting Q2 results.
💍 Gems & jewellery stocks including PC Jeweller, Senco Gold and Thangamayil Jewellery saw strong buying on expectations of healthy festive demand.
🏗️ Vascon Engineers rose 11% after securing a ₹198 crore order from SBI.
What went down ⬇️
😕 Persistent Systems ended nearly 2% lower after profit came lower in Q2.
🛍️ Shoppers Stop and Cyient DLM slipped up to 13% after reporting weak Q2 earnings.
🔔 BSE fell over 2% following the revised CAS framework.
✈️ Rules finalised to regulate airfares, govt tells Supreme Court; InterGlobe Aviation down over 2%.
What else are we snackin’ 🍿
🛡️ Insurance entry: Ather Energy received IRDAI approval for its subsidiary Ather Insurance to distribute life, general and health insurance products, expanding beyond electric two-wheelers.
💳 Spending dip: Credit card spending fell 8% in the first week of online festive sales, even as transaction volumes rose.
🛰️ Starlink dispute: Reliance Industries responded to Elon Musk’s criticism over Starlink’s India entry, saying it welcomes competition but all players must follow Indian laws and policies.
💸 Deal done: Solar Industries’ wholly-owned subsidiary Solar Explochem Limited has signed an agreement to acquire Sivasakthi Industrial Explosives for ₹115.02 crore to expand its business operations.
That’s a wrap! Don’t let the Monday blues get to you.
We’ll be back on Wednesday like clockwork. Until then, wishing you all a very Happy Dussehra! 🪔
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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.
