Newsletter
PMI cools, Alkem’s new cancer drug, and JBM’s EV push.
🗓 Morning, folks!
Indian markets ended in the red on Tuesday but staged a smart comeback from the day’s lows in the second half as Nifty Bank drove a strong recovery.
Both Nifty and Sensex closed with only marginal cuts, far better than early-session weakness suggested. Sentiment got a further lift from optimism around the upcoming India-US trade negotiations.
On the sectoral front, auto stocks raced ahead after reporting bumper sales figures, giving Navaratri festivities a flying start.
💡 Spotlight: India’s economy stays strong, pace slows
The Flash HSBC India Composite PMI cooled to 61.9 in September from 63.2 in August. This was still well above the comfort line of 50, and above 60 for the fourth straight month.
PMI is like a monthly report card that shows if businesses are doing better (above 50) or slowing down (below 50).
Both manufacturing (58.5) and services (61.6) slipped a notch, yet the broader picture stayed upbeat.
Remember, GDP just clocked 7.8% growth in Q1 FY26, the fastest in five quarters, and the Chief Economic Adviser is already hinting at another 7%+ print in Q2.
Let’s hit it!
1 Big thing: Cochin Shipyard inks deal with Korean giant for large ships ⚓
Cochin Shipyard signed an MoU with South Korea-based HD Korea Shipbuilding & Offshore Engineering (KSOE) to build large vessels and scale up India’s shipbuilding game.
The deets: CSL’s new 310m dry dock will be used to construct huge oil ships - Suezmax tankers, container ships, and Capesize bulk carriers, with the ability to churn out six vessels annually.
To back this, a ₹3,700 crore block fabrication facility will be built on 80 acres in Kochi, adding 1.2 lakh MT capacity.
1.2 lakh MT capacity basically means the facility can handle about 1,20,000 tonnes of steel a year, roughly equal to the weight of 20,000 fully loaded elephants.
Why it matters: the company is breaking into a club dominated by South Korea, Japan, and China. By leveraging Korean expertise at home, Cochin Shipyard can build world-class tankers and cargo vessels that India otherwise imports.
Not stopping there: Cochin Shipyard also inked an MoU with the Tamil Nadu government for a potential ₹15,000 crore greenfield shipyard.
Big theme: shipbuilding in India is having a moment. Over the weekend, multiple PSUs signed fresh deals, from GRSE’s hybrid cargo vessels to SCI’s oil fleet MoU and now Cochin Shipyard’s Korean tie-up adds more muscle.
2. Alkem rolls out breast cancer drug 💊
Alkem rolled out Pertuza, an indigenously made breast cancer drug, aiming to make advanced care more affordable for Indian women.
The deets: the injectable drug is an indigenously developed biosimilar for HER2-positive breast cancer. It has cleared phase 3 trials, showing equivalent safety and efficacy to the original innovator drug.
HER2-positive breast cancer is a type of breast cancer where a protein called HER2 makes the cancer grow and spread faster.
Why it matters: breast cancer is the most common cancer among Indian women. Access to advanced therapies often comes at steep costs, shutting many patients out. By offering a homegrown biosimilar, Alkem is widening the circle of women who can actually get treated and not just diagnosed.
Zoom out: India sees over 2 lakh new breast cancer cases every year, but access to cutting-edge drugs remains patchy.
Most patients either rely on limited public schemes or end up skipping advanced treatment because of the price tag. With Pertuza in the mix, India’s breast cancer care gets a timely push towards affordability and scale.
3. Nvidia lines up $100B for OpenAI 💰
Nvidia is set to invest $100 billion in OpenAI to support new data centers and other AI infrastructure.
What’s happening: the companies revealed that they have signed an initial agreement for a long-term partnership. The investment will help OpenAI build giant data centers with at least 10 gigawatts of power, packed with Nvidia’s most advanced chips.
These centers will train and operate AI systems, with the first phase expected to go live in the second half of 2026.
Under the agreement, OpenAI will work with Nvidia as a preferred strategic compute and networking partner for its AI factory expansion plans.
Zoom out: the global data centers market is booming, expected to surpass $400 billion by 2027, driven by cloud adoption, AI workloads, and rising digital demand. Nvidia sits at the center of this shift, supplying the GPUs that power most modern AI data centers. Its dominance has made it the world’s most valuable company, with a 37% share price surge this year.
Big theme: by 2025, AI and data will reshape India’s economy, adding billions across sectors. Consumer goods, banking, and agriculture lead the impact, while even healthcare and public services see meaningful growth from digital adoption.
4. JBM partners with Al Habtoor to bring the EV wave to UAE 🚌
JBM Electric Vehicles announced that it has partnered with UAE-based Al Habtoor Motors to launch a fleet of electric buses in the UAE.
JBM Electric Vehicles Private Ltd. is a subsidiary of the Gurugram-based JBM Group. It manufactures zero-emissions electric vehicles and its components. Al Habtoor Motors is a UAE-based distributor that sells and provides after sales services for a wide range of vehicles.
The deets: under the partnership, Al Habtoor will exclusively import and distribute JBM’s electric vehicle buses in the UAE. These would be used in public transport, airport tarmacs, inter-city transit and other segments..
Big picture: this collaboration supports UAE’s national mission of Net Zero by 2050 wherein the country aims to significantly cut down carbon emissions by 2050. The country has invested $160 billion to achieve this target and this collaboration with JBM will only help propel this mission forward.
5. Pernia’s Pop-Up Shop parent eyes ₹660 crore IPO 👗
Purple Style Labs (PSL), the parent of Pernia’s Pop-Up Shop, has filed draft papers with SEBI for a ₹660 crore IPO.
Purple Style Labs runs one of India’s top luxury fashion platforms, bridging designer wear with digital and offline channels.
The why: PSL has already pulled in $40 million this year from investors like SageOne, Alchemy, Salman Khan, and Sachin Tendulkar.
This IPO is the company's shot at doubling down on brand visibility, building offline experience centres, and staying ahead in India’s fast-growing luxury retail game.
Zoom out: India’s luxury fashion market is on a strong uptrend. Valued at $9.37 billion in 2024, it’s expected to touch $15.13 billion by 2033 at an annual rate of 5%. The broader luxury goods market is also expanding fast, set to nearly double from $10 billion in 2024 to $17.9 billion by 2033.
6. Stocks that kept us interested 🚀
1. KEC International secures orders worth ₹3,243 crore
Shares of KEC International surged after the company secured its largest-ever transmission and distribution orders worth ₹3,243 crore.
The deets: the new orders include 400 kilovolt transmission lines in the United Arab Emirates, along with the supply of towers, hardware, and poles in the Americas.
Indian EPC companies like L&T, Tata Projects, and IRCON have delivered major global projects, earning international trust. KEC’s ₹11,700 crore orders strengthen its Middle East presence.
Big picture: global electricity demand is set to grow by over 3% annually through 2030, while India targets 500 GW of non-fossil fuel capacity by the same year. This is driving a surge in demand for transmission lines, substations, and grid solutions to support the massive shift in energy infrastructure.
KEC’s record ₹3,243 crore win highlights how India-based firms are stepping beyond domestic markets to shape the backbone of global power infrastructure.
2. HCC secures massive orders from PMRCL 🚂
Shares of Hindustan Construction Company surged almost 3% after the company secured two orders worth ₹2,565.8 crore from Patna Metro Rail Corporation (PMRCL)
Hindustan Construction Company is a Mumbai-based engineering and construction company that undertakes large-scale infrastructure projects and caters to sectors like transportation, power plants, and water systems.
The deets: the contracts involve construction of a 10.6 kilometres of underground tunnel using the Tunnel Boring Machines and the development of six metro stations under its phase 1.
Why it matters: India’s railway construction market is growing at a rate of 8.38%. The government is also pushing the sector through initiatives like the National Railway Plan 2030, Dedicated Freight Corridors, and Amrit Bharat Station Scheme.
What else are we snackin’ 🍿
💳 Partnership push: shares of Zaggle rose over 5% after announcing an agreement with Mastercard to launch and promote co-branded domestic prepaid cards in India.
🚴♂️ Swiggy exits Rapido: Swiggy has offloaded its entire 11.8% stake in Rapido for ₹2,400 crore, selling to existing backers Prosus and WestBridge Capital. The move comes just as Rapido makes a fresh food delivery play with its new “Ownly” app.
That’s a wrap! Don’t let the weekday blues get to you.
And if you’d like to place your brand on this newsletter, let us know.
Hit that 💚 if you liked this issue.
