Newsletter
Chip deals, More women investors, and Blockbuster IPOs.
āļø Morning, brace for the reddest day of all.
Future markets around the world are tanking on Monday as investors continue to get spooked by Trumpās trade wars. Japanese banks are getting smoked. Taiwan hit lower circuit.
And things got spicier over the weekend. China hit back.
In summary, we are in a full blown geo-economic armageddon that could end in a broad economic slowdown.
Meanwhile India has decided not to shoot back at the US, and will rather focus on making a trade deal. Smart move considering we already tariff the hell out of foreign imports.
Overall, with the S&P down nearly 12% YTD and the Nasdaq following suit, the pressure on Trump is building up to stabilise this mess.
Letās hit it š
1 Big Thing: Delhivery acquires Ecom Express š
Delhivery is acquiring rival logistics firm Ecom Express in a ā¹1,407 crore all-cash deal. This sets the stage for one of the biggest consolidations in Indiaās logistics space.
The deets: founded in 2012, Gurugram-based Ecom Express is a key player in last-mile logistics, with a focus on e-commerce deliveries. It clocked ā¹2,607 crore in revenue in FY24 and has built a strong delivery network across metros and tier-2 cities.
For Delhivery, the acquisition is all about consolidation and scale. It adds more muscle to its network, cuts duplication, and gives it better operational control at a time when the logistics sector is shifting focus from growth to profitability.
Worth noting: the acquisition also ends a tense rivalry. Last year, Delhivery had accused Ecom Express of inflating shipment numbers in its draft IPO papers.
Indiaās e-commerce market is accelerating, both at the rural level and urban level, and the demand for logistics infrastructure is booming in lockstep. With scale, large players can significantly improve margins and leverage.
While we are on acquisitions,
UltraTech Cement will acquire Wonder WallCare, a wall putty maker, for ā¹235 crore.
The deets: Wonder WallCare makes putty that is used to smoothen walls before painting for a clean, polished finish. It caters to Indiaās construction and home renovation market.
UltraTech Cement already operates in the white cement and wall care segment through its brand Birla White.
2. Blockbuster IPO in focus š„
Tata Capital has confidentially filed for an IPO, joining the likes of Tata Play, OYO, Swiggy, and Credila Financial Services to take the secretive route, per MoneyControl.
Confidential filings allow companies to keep financials and business data under wraps until they finalize the public offering.
The offer will be a mix of fresh issue and Offer for sale (OFS), with Tata Sons and International Finance Corporation (IFC) expected to dilute part of their stake. Tata Sons currently holds 92.9% and plans to retain majority control post-listing.
Tata Capital is the financial nerve center of the Tata empire. The company operates three lending arms alongside investment and advisory units, acting as the capital backbone for the entire Tata ecosystem.
Zoom out: Tata Group has been aggressively expanding its lending footprint. Over the last five years, it has pumped ā¹6,097 crore into Tata Capital, with ā¹2,003 crore infused in 2024 alone.
As one of the few legacy business houses with a consumer-facing finance play at scale, this IPO could be a marquee moment, not just for the Tatas, but for Indiaās NBFC sector as a whole.
3. More women, more wealth š
Indiaās capital markets are seeing a major demographic shift.
According to the latest government report, the number of female demat account holders has quadrupled since 2021, rising from 6.7 million to 27.2 million by the end of 2024.
Thatās nearly 1 in 5 demat accounts now held by women.
And itās not just the markets.
Women now own 39.2% of all bank accounts, with the number even higher in rural India at 42%.
Female-led businesses are rising tooā26.2% of all establishments in India are now headed by women, up from 24% two years ago.
The real kicker: Labour force participation for women has surged to 41.7%, nearly doubling from 23.3% in 2017ā18.
4. From rivals to silicon friends š¤
Intel and TSMC are teaming up for a new chipmaking venture aimed at ramping up advanced semiconductor production in the US, per TechCrunch.
The plan: TSMC will hold a 20% stake in the new venture, bringing its world-class chipmaking expertise and training Intelās staff on advanced processes.
Intel, on the other hand, will offer up its factories and existing infrastructureāhelping the venture move fast without starting from scratch.
For context, Intel has been struggling to be relevant in the new semiconductor landscape for a while now. The companyās AI chip standing is weak, its legacy CPU's arenāt seeing much demand, and multiple executive changes have left the operation headless. TSMC is expected to teach them the new ways.
Zoom out: global chip demand is booming, with the market set to cross $1 trillion by 2030, powered by AI, cloud, EVs, and smart devices.
5. Story in data: Desi Dose š
Indiaās pharma exports to the US have nearly doubled in the last 7 years, hitting an estimated $8.9 billion in FY25.
With cost-efficient manufacturing and FDA-approved facilities, Indian companies have carved out a dominant position in the generics market.
Moreover, healthcare costs soar in the US, Indiaās role in keeping medicine affordable is also getting more critical.
What else are we snackinā šæ
šļø Grind game: Nuvoco Vistas got NCLTās nod to acquire Vadraj Cement for ā¹1,800 crore, cementing its spot as Indiaās 5th largest player.
š Space race: Amazon is gearing up to challenge Elon Muskās Starlink by launching 27 internet satellites next week under its Project Kuiper plan.
š Track boost: government cleared ā¹18,658 crore for railway projects across Maharashtra, Odisha & Chhattisgarh, adding 1,247 km to Indiaās rail network.
š° Reserve rise: Indiaās forex reserves surged by $6.6 billion to hit a 5-month high of $665.4 billion in the week ending March 28.
š§ New model: Meta launched Llama 4, its latest open-source AI model with multimodal capabilities.
š Going green: L&T formed a new subsidiary, L&T Green Energy Kandla, to enter the green hydrogen and ammonia market.
Thatās a wrap! Donāt let the Monday blues get to you.
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