Newsletter
Steel dreams, defence boosts, and cement shake-ups.
š Morning, folks!
Indian equity markets kept the party going, clocking their fifth straight session of gains on Wednesday, the longest winning streak in two months.
The rally was powered by IT, FMCG, and realty stocks, with the Nifty, Sensex, and even broader indices ending firmly in the green.
Whatās fueling the surge? Strong domestic inflows and supportive macro trends are keeping sentiment upbeat. But hereās the catch, valuations are looking stretched, and external risks like U.S. tariffs and sanctions on Russian crude could still test the marketās resilience.
Things on our radar š”
1. India cracks down on gaming
The Lok Sabha has cleared the Promotion and Regulation of Online Gaming Bill, a sweeping legislation that seeks to ban all forms of online real-money games.
The law goes beyond just gaming, it also prohibits advertisements for money-based games and directs banks and financial institutions to block payments to such platforms.
The move has sent tremors across Indiaās gaming industry, sparking fears of stifled innovation, rising job losses, and mounting legal battles. Investors were quick to react, with gaming stocks like Nazara Technologies, Delta Corp, and OnMobile sliding in trade following the announcement.
2. Indiaās growth momentum slows
Indiaās key industries slowed down in July, with overall growth slipping to 2% from 2.2% in June. The slowdown was mainly because the energy sector took a hit during the monsoon season.
Out of the eight major industries that make up nearly 40% of Indiaās industrial output, half actually shrank last month.
But it wasnāt all gloomy. Infrastructure-related sectors gave some relief, steel production jumped 12.8%, its fastest growth in almost two years, and cement output rose 11.7%, the best in four months. Electricity generation also inched up slightly by 0.5%, marking a small comeback after recent weakness.
1 Big Thing: HAL shares jump on potential ā¹62,000 crore order āļø
Hindustan Aeronautics shares gained after reports suggested that the company is likely to receive a big purchase order.
Whatās happening: the Cabinet Committee on Security - CCS cleared the purchase of 97 Light Combat Aircraft Mark 1A fighter jets worth ā¹62,000 crore from HAL. If confirmed, it would signify one of the biggest purchase orders for the government-owned company, where the fighter jets would be developed indigenously.
The Light Combat Aircraft (LCA) Mark 1A is an upgraded version of Indiaās Tejas fighter jet, built by HAL. Itās meant to replace the old MiG-21 planes that the Air Force has been using for decades.
By the numbers: Hindustan Aeronautics had delivered solid numbers in Q1FY26 across most metrics despite a dip in profit. Revenue jumped 10.8% YoY at ā¹4,819 cr which was fuelled by the execution of orders worth ā¹1.89 lakh crore. Looking ahead, the company is eyeing an ambitious order book target of ā¹2.5-2.6 lakh crore for FY26.
Competition scenario: Indiaās defence industry is no longer a PSU monopoly. L&T Defence, Adani Defence & Aerospace, and Tata Advanced Systems have grown into major players and exporters. With the Strategic Partnership Model boosting private participation, HAL must adapt moving from a monopoly mindset to a more agile, collaborative player, while ensuring quality and profitability remain intact.
2. UltraTech Cement to offload 6.5% stake in India Cements š
UltraTech Cement has approved a plan to sell up to 2.01 crore shares of India Cements through an offer for sale.
The deets: the move will reduce its holding in the company from 81.4% to 75%. UltraTech, part of the Aditya Birla Group, only became the majority owner of India Cements last year after a series of big-ticket deals.
Background: in July 2024, it acquired a 32.7% stake from the promoters and their associates for about ā¹3,954 crore, followed by an open offer worth ā¹3,142 crore to purchase an additional 26% stake directly from public shareholders. The acquisition was later cleared by the Competition Commission of India in December 2024, further strengthening UltraTechās control.
3. Maharashtra bags ā¹42,000 cr in tech and solar deals š
The Maharashtra government has signed eight MoUs and two strategic agreements, securing nearly ā¹42,000 crore in investments. The bulk of these investments are headed into the stateās data center and solar energy sectors.
The deets: these deals are expected to create 28,000 jobs across high-growth sectors like green energy, data centers, and industrial gear.
Zoom out: these ā¹42,000 crore investments come at a pivotal moment as Maharashtra doubles down on its ambitions to become a $1 trillion economy by 2030. The state governmentās āMagnetic Maharashtraā vision, backed by streamlined policies and pro-business infrastructure, helped attract around ā¹1.65 lakh crore in FDI last fiscal year, making up nearly 40% of India's total foreign inflows.
4. Vikran Engineering sets IPO in motion šø
Vikran Engineering is set to launch a ā¹772 crore IPO, opening on August 26 and closing August 29.
What they do: the EPC company handles large-scale projects in power transmission (up to 400kV substations), water infrastructure, railway systems, and solar EPC. It has completed 45 projects across 14 states and is currently executing 44 more across 16 states.
The deets: the issue includes a fresh issue worth ā¹721 crore and an offer for sale of ā¹51 crore. With an order book of over ā¹2,400 crore, Vikran counts NTPC, Power Grid, and Telangana Transmission Corp. among its clients.
Zoom out: Vikran Engineeringās listing comes amid a broader wave of EPC and infra players tapping public markets. Highway Infrastructure Ltd. recently delivered a blockbuster debut with a 67% listing gain, showing appetite for toll and EPC projects.
Infrastructure remains one of the hottest themes in Indiaās market story. Government spending on water, power, and railways under schemes like Gati Shakti is fueling opportunities for EPC players. Vikranās IPO adds to the growing list of infra-focused companies heading to the markets to capture this momentum.
While we are on IPOs,
Kissht operator OnEMI Technology files ā¹1,000 cr IPO š°
OneMI technology solutions filed its DRHP with SEBI for its digital lending brand Kissht for a ā¹1,000 crore IPO.
Kissht is a consumer lending platform that offers small to medium sized loans to consumers via its mobile application. It currently has ā¹4,087 crore worth of assets under management (AUM).
The deets: the company has filed its DRHP with SEBI for a fresh issue of ā¹1,000 crore and an offer for sale of 88,79,575 equity shares.
Zoom out: with Indiaās digital lending market poised to grow at a CAGR of 29% and reach a valuation of $2,377.1 million by 2030, Kisshtās market debut is on the brink of a great opportunity. Amid regulatory scrutiny and competition, it can capitalise upon its tech-driven operations, diverse product offerings and strategic alliances to become a household name.
6. Stocks that kept us interested š
1. Reliance Infra shares rally on clean energy boost š
Reliance Infra shares rallied nearly 5% after it received an order from NHPC for a solar power project.
The deets: the order is for a large 390 MW solar power project that will be linked to the interstate grid and supported by a big battery system to store electricity. The project will add enough new solar power and battery storage to supply large amounts of electricity, boosting Reliance Groupās position in clean energy once it goes live.
Why it matters: with the addition of the above capacity, the combined Reliance Groupās clean energy pipeline now stands at more than 3 GWp - gigawatt-peak of Solar DC capacity and over 3.5 GWhr of BESS capacity, making it Indiaās largest player in the integrated Solar + BESS segment.
2. Sula Vineyards plans premium spirits play through acquisition š·
Shares of Sula Vineyards rose up to 2% after reports suggested that the wine maker is exploring diversification by entering the premium spirits market.
Sula Vineyards, Indiaās largest wine producer, offers premium wines, manages vineyards, and runs popular wine tourism experiences with resorts and tastings.
Whatās brewing: the company is in talks to acquire 2-3 small brands to enter whisky, scotch and vodka segments. Sula is expected to finalise the acquisition soon, and aims to leverage its existing distribution network.
By the numbers: Sula Vineyards posted a mixed bag of results for the June 2025 quarter, with consolidated net revenue slipping 7.9% YoY to ā¹118.3 crore, down from ā¹128.4 crore in Q1 FY25.
What else are we snackinā šæ
š Infra spree: PM Modi will launch ā¹18,000 crore projects in Bihar and Bengal, including healthcare, infrastructure, and Kolkata Metro expansion on August 22.
š Pharma bid: Indo Pharma is leading the race to acquire Prague-based Zentiva for $5ā5.5B, which would be the biggest global takeover by an Indian drugmaker.
ā Maritime ties: India and Saudi Arabia have set up a Joint Working Group to boost cooperation in shipping and logistics, strengthening their strategic partnership after a high-level ministerial meet.
Thatās a wrap! Donāt let the weekday blues get to you.
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