Newsletter
Core sector growth slows, defence deals, and IPO rush on D-street.
š Morning, folks!
š” Spotlight: Diwali delivers big gains
India had a blockbuster Diwali. The country recorded its highest-ever festive trade, touching ā¹6.05 lakh crore. Of this, ā¹5.40 lakh crore came from goods and ā¹65,000 crore from services, reflecting a sharp 25% jump over last yearās ā¹4.25 lakh crore.
So, what powered this surge? A clear shift towards homegrown products. The āVocal for Localā sentiment has taken firm root, with consumers and traders turning to Indian-made alternatives.
The cheer wasnāt limited to one segment. Food and grocery, textiles, jewellery, electronics, and automobiles all rode the festive wave. GST reforms and government incentives for MSMEs amplified the trend, strengthening domestic manufacturing and reaffirming Indiaās journey toward self-reliance.
Overall a sleepy news day, letās run through the important stuff real quickā¦
1 Big Thing: BEML partners with Kineco to craft next-gen defence materials āļø
BEML has partnered with Goa-based Kineco to develop advanced lightweight materials for defence and aerospace.
The deets: the two companies will make strong and lightweight parts using carbon fibre and glass fibre. Theyāll also work on foam and other materials that make equipment tougher and more durable.
Kineco will bring its expertise in advanced material manufacturing while BEML will bring its engineering strength and experience in defence projects.
Why it matters: advanced lightweight materials play a crucial role in defence and aerospace because they make aircraft, missiles, and vehicles more efficient.
These materials reduce overall weight, allowing machines to fly farther and use less fuel, while also improving speed and agility. At the same time, they offer high strength and durability, helping equipment withstand extreme temperatures, pressure, and impact.
Zoom out: Indiaās composite materials market is valued at around $8.04 billion in 2024 and is expected to nearly double to $16 billion by 2033, growing at a rate of about 7.1%.
While we are on deals,
JSW Energyās subsidiary JSW Energy (Utkal) received a Letter of Award (LoA) from Power Company of Karnataka Limited (PCKL) for a 400 MW power supply arrangement.
For context, 400 MW of power can supply year long electricity to 2.5 million homes, power a medium sized city, and become the backbone of urban electric supply.
JSW Energy, an arm of JSW group, is a full-service power provider that undertakes energy generation, transmission, and trading.
Why this matters: with this project, the company can expand its energy generation capacity and reach its stated goal of 30 GW by 2030.
Although there is a significant shift towards renewable sources of energy, coalās market in India is steadily rising at the rate of 7.5% which will reach 1.5 billion tonnes by 2030.
2. Coca-Cola eyes $1 billion India IPO fizz š„¤
Coca-Cola is reportedly planning to list its Indian bottling arm, Hindustan Coca-Cola Beverages in a $1 billion IPO. This could value the company at around $10 billion.
The listing is likely to happen next year, though details are still being finalised.
The deets: the IPO will likely include a mix of fresh shares and an Offer For Sale (OFS), allowing Coca-Cola to partially offload its stake while raising funds for capacity expansion and new product lines.
Why it matters: this move aligns with the companyās strategy to localise ownership and deepen investor participation in its biggest growth market.
It also signals rising confidence among global giants in Indiaās booming capital markets, following the footsteps of LGās $1.3B IPO and Hyundaiās $3.3B debut.
3. AI startup UnifyApps powers up with $50M š”
UnifyApps has raised $50 million in a series B round led by WestBridge Capital with participation from ICONIQ and others.
UnifyApps provides an AI-powered enterprise platform to connect apps, automate workflows, build no-code applications, and manage data integration.
Whatās brewing: the company aims to expand its European presence, scale its go-to-market operations, and accelerate platform development, including building a catalog of pre-built AI applications.
AI startups in India have raised $665 million across 109 deals between January and August 2025, a 46% jump from last year.
4. Stocks that kept us interested š
1. Bharat electronics bags ā¹633 crore defense order āļø
Bharat Electronics secured a major ā¹633 crore order from Cochin Shipyard.
The deets: the contract covers the supply of items essential for various sensors, weapon systems, fire control mechanisms, and communication equipment.
This latest win follows a string of significant orders, including ā¹592 crore secured just last week and previous contracts worth ā¹712 crore in mid-September.
Why it matters: the equipment is crucial for building advanced, combat-ready naval vessels. These technologies will significantly enhance shipsā detection, targeting, and communication capabilities, boosting overall performance and operational reliability.
By integrating these indigenously developed systems, Cochin Shipyard can produce more sophisticated and self-reliant platforms. The collaboration also supports Atmanirbhar Bharat vision, strengthening Cochin Shipyardās position in Indiaās defense ecosystem and competitiveness in both domestic and export markets.
2. JBM Auto bags ā¹130 crore Army EV order ā”
JBM Auto bagged a ā¹130.6 crore contract from the Indian Army to supply 113 electric buses and 43 fast chargers.
FYI: this order is the Armyās first major EV induction.
Whatās brewing: the order comes under the Buy (Indian-IDDM) category, meaning the buses are indigenously designed, developed, and manufactured.
These electric buses will be deployed across the three armed services, helping modernise the Armyās transport fleet and cut fuel dependence.
The shift to electric buses means quieter, cleaner, and more efficient mobility for troops, especially on bases and cantonments.
Zoom out: Indiaās electric bus market is valued at over $1.3 billion in 2024, itās expected to grow more than 30% annually this decade, driven by government tenders.
What else are we snackinā šæ
š Growth slumps: Indiaās core sector growth slowed to 3% in September, driven by declines in coal, crude oil, and natural gas output, weakening overall industrial performance.
š D-street ready: Sify Infinit Spaces, backed by Kotak Mahindra Group has filed draft papers with SEBI to raise ā¹3,700 crore via IPO including a ā¹2,500 crore fresh issue.
š°IPO rush: Avaada Electro, Brookfield-backed Avaada Groupās solar arm, has confidentially filed for a ā¹9,000-ā¹10,000 crore IPO draft with SEBI.
ā”IPO bonanza: Shadowfax secured SEBI approval for its ā¹2,500 crore IPO, including fresh shares and OFS from investors like Flipkart and Eight Roads.
Thatās a wrap! Donāt let the weekday blues get to you.
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