Newsletter
India-Germany push, Submarine deal talks, and Grid gets batteries.
🗓️ Morning, folks and Happy Monday! ☀️
When markets start wobbling, Indians do what they’ve always done, run to gold.
The only difference? This time, it’s not jewellery or coins. It’s ETFs.
December turned out to be a blockbuster month for gold ETFs in India, with inflows hitting a record $1.25 billion, up a massive 231% from November. That also made it the seventh straight month of money flowing in.
For 2025, total inflows hit a record $4.68 billion, way up from $1.29 billion in 2024.
Globally, gold had a dream run too. Prices jumped 53% in 2025, pushing global gold ETF inflows to a record $89 billion.
When uncertainty knocks, investors don’t answer the door, they run straight to gold.
📱 On a different note:
We took Filter Coffee off the internet this week and hit the road again.
Our stop: Mumbai — home to Servify, an Indian company quietly running what happens after your phone stops working.
At first glance, phone repairs feel simple. A cracked screen, a weak battery, a quick visit to a service centre. But behind that moment is a complex, global system coordinating brands, logistics, service partners, and data across dozens of countries.
We sat down with Servify’s founder and CEO, Sreevathsa Prabhakar, to understand how after-sales turned into a business, how an Indian company earned the trust of the world’s biggest tech brands, and why service is becoming the real differentiator.
Let’s hit it!
1 Big Thing: Bharat Forge adds German muscle to AI 🤖
Bharat Forge has signed a deal with Germany-based Agile Robots SE to work together on AI-driven robotics and smart factory automation.
Bharat Forge is a major name in manufacturing and auto components, while Agile Robots specialises in intelligent robots and AI-led automation used in advanced factories.
The deets: the two companies will jointly explore AI-powered robotics solutions for sectors like automotive, healthcare, consumer electronics, logistics, and industrial manufacturing.
Why it matters: AI-driven robots can automate complex factory tasks, reduce errors, and boost productivity. For Bharat Forge, this strengthens its push toward smart manufacturing and higher-value automation.
Big theme: India’s industrial automation industry is already worth $15-17 billion, growing at 9-10% annually, while AI-driven robotics is expanding at 20%+ a year. This is exactly the wave Bharat Forge is positioning itself for.
While we are on India-Germany relations,
What’s the deal: Germany’s Thyssenkrupp Marine Systems will partner with state-owned Mazagon Dock Shipbuilders to build submarines in India. Crucially, this deal will include technology transfer, something India has long pushed for in defence manufacturing.
Note: this could become India’s largest-ever defence agreement if it goes through.
The new submarines will come with air-independent propulsion (AIP) systems.
In simple terms, this allows submarines to stay underwater much longer, making them harder to detect and more effective in long missions.
2. West Bengal’s grid gets a power bank 🔋
India’s power grid is getting its own massive ‘backup battery’ and Power Mech Projects is the one building it.
The scoop: the company’s subsidiary, PM Green Private, has secured a ₹3,126 crore order from West Bengal’s power distribution company, WBSEDCL, to set up a large battery storage facility in Goaltore, West Bengal.
The project will have a capacity of 250 MW/1,000 MWh, making it a major addition to the state’s energy infrastructure.
Think of it as a giant power bank for the grid. When there’s extra electricity available, the system stores it. And when demand spikes, it releases that stored power back into the system.
PM Green will manage the entire project end-to-end, from design and financing to engineering, procurement, construction, and then long-term operation and maintenance.
3. Stocks that kept us interested 🚀
1. BHEL wins 5,400 crore Odisha project 💪
Shares of Bharat Heavy Electricals (BHEL) gained 4%, after the company won an order worth ₹5,400 crore in Odisha from its joint venture company with Coal India.
What is it about: this order is for building a key part of a large coal-based chemical plant in Lakhanpur, Odisha.
The plant will convert coal into useful gases, and then use them to produce about 2,000 tonnes of ammonium nitrate per day, which is mainly used for fertilisers and industrial explosives.
The significance: with India’s second-largest coal reserves, Odisha is ideally positioned to drive coal gasification, and this project supports the national goal of 100 million tonnes by 2030.
2. ₹275 cr defence push for Astra Rafael 💸
Astra Rafael Comsys has landed a major defence win, securing a ₹275.2 crore contract from the Indian Air Force (IAF).
Astra Rafael Comsys Private is a joint venture between Astra Microwave Products and Israel’s Rafael Advanced Defense Systems.
All about the order: it’s basically about giving Indian Air Force fighter jets a major communication upgrade.
Astra Rafael will install new radio systems and software on the IAF’s MiG-29 aircraft so the jets can share information faster, and coordinate smoothly.
It also includes supplying 24 of these advanced radio units for the upcoming LCA Mk-1A fighter jets.
Why does this matter: India’s defence push is moving beyond just hardware and into high-value areas like mission-critical software, secure communications, and network-based warfare systems.
For Astra Rafael Comsys which is mainly into defence communication systems, this contract helps the company expand into avionics integration and critical communications.
3. Power Grid boosts Karnataka’s green power grid ⚡
Power Grid Corporation of India jumped after winning a bid to build an interstate transmission system in Karnataka.
The deets: the project will upgrade Karnataka’s power network to connect more renewable energy, 0.25 GW in Davanagere and 2.75 GW in Bellary.
It involves building a new 400 kV double-circuit transmission line across the state, along with equipment at both ends.
The impact: the project will bring 3 GW of renewable energy from Davanagere and Bellary into Karnataka’s power grid.
Why it matters: Karnataka is a leader in renewable energy, with nearly 65% of its 36.4 GW power capacity coming from clean sources, yet it is expected to face power shortages for around 500 hours in FY27.
Strengthening renewable power transmission in industrial hubs like Davanagere, the “Manchester of Karnataka”, will help ensure reliable electricity, support key industries, and stabilise the state’s power grid.
What else are we snackin’ 🍿
📈 SIP record: SIP inflows touched an all-time high of ₹31,002 crore in December, even as net equity inflows dipped, according to AMFI data.
❌ Deal off: sources say that upGrad–Unacademy acquisition talks are called off after the two sides failed to agree on valuation.
⬆️ Manufacturing win: Apple’s iPhone exports from India crossed ₹2 trillion in 2025, hitting $23 billion, up nearly 85% YoY since production began.
That’s a wrap! Don’t let the weekday blues get to you.
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