Jio comes for mutual funds 📈

Neilsoft refiles IPO, Invar missiles reload, and India's cash market jump.

🗓 Morning, folks!

Sensex and Nifty closed sharply lower on Tuesday. The fall came after a volatile day, with investors selling shares in IT, FMCG, and auto companies.

Despite the slide in largecaps, broader market sentiment remained upbeat, with midcap stocks continuing their strong run and outperforming for another day.

Spotlight: the cash market is buzzing again, with average daily turnover in May hitting an eight-month high of ₹1.16 lakh crore. That’s up 8% from last month and marks the third straight month of growth.

The cash market is where people buy and sell stocks and get them delivered immediately—kind of like paying full price upfront to own something right away.

That’s a 20% climb since February, as investor confidence returns and trading activity picks up. The action’s been fueled by a mix of bullish sentiment and heavy block deals from Swiggy, Nykaa, TD Power, and Vishal Mega Mart.

Let’s hit it!

1 Big thing: India reloads with Invar missiles 💪

The Defence Ministry is prepping a ₹2,000–3,000 crore order for 500 Invar anti-tank guided missiles from Bharat Dynamics to beef up India’s T-90 tanks.

The deets: Invar missiles are high-precision weapons that can be fired directly from a tank’s gun. They’ll be used on India’s main battle tanks - T-90s to make them deadlier in combat.

The defence ministry is still finalising the budget for the order. All the missiles will be made by Bharat Dynamics, India’s top missile maker.

Context: this comes weeks after the Defence Acquisition Council cleared ₹40,000 crore under emergency procurement powers, allowing the armed forces to fast-track critical purchases. Emergency powers are invoked when India needs high-priority equipment.

Zoom out: BDL is in full throttle mode. With an order book worth ₹3,110 crore, projected 28–30% revenue growth this year, and ongoing indigenisation of critical tech, it’s solidifying its position as a frontline defence player.

Big theme: the missile order is another ripple from Operation Sindoor which was India’s precision strike mission after the Pahalgam attack. From smart drones to jamming systems, Sindoor proved India’s self-reliant tech game is no longer a side story.

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2. Quick IPOs in focus: Neilsoft reboots its IPO plans 🔧

Neilsoft, a tech-driven engineering services and solutions company, has filed fresh IPO papers with SEBI.

The issue now includes:

₹90 crore fresh issue (down from ₹100 crore earlier)
Offer-for-sale (OFS) of 80 lakh shares by promoters and key investors

The company had to refile after SEBI returned its draft earlier this year. Backers include Japan’s Fujita Corp.

Neilsoft services sectors like architecture, construction, manufacturing, and industrial plants. In FY24, it clocked ₹325.9 crore in revenue and ₹57.9 crore in profit, with engineering services making up over 70% of its topline.

Zoom out: Neilsoft is playing in the same engineering sandbox as big names like KPIT Technologies, Cyient, L&T Technology Services, Tata Technologies, and Onward Tech.

With the engineering services market booming globally, especially in auto, industrials, and infrastructure tech, this IPO is Neilsoft’s chance to level up and compete with the heavyweights.

While we are on IPOs... Coal India spins off CMPDIL 🛢️

Coal India filed the DRHP for its subsidiary Central Mine Planning & Design Institute Ltd (CMPDIL) with SEBI, setting the stage for a new PSU listing.

CMPDIL, a mine consultancy firm, plays a crucial role in planning and design for open-pit and underground coal mines.

This IPO will be a pure offer for sale—7.14 crore shares with no fresh issue.

3. JioBlackRock gets SEBI nod to enter mutual fund arena 🤝

JioBlackRock Asset Management just got the green light from SEBI to start its mutual fund biz in India. The company is a 50:50 joint venture between Jio Financial Services and BlackRock, and this move sets the stage for a serious shake-up in the mutual fund space.

Jio brings the desi scale and digital reach, while BlackRock adds its global investment muscle and risk tech game.

The timing is ideal, as India’s mutual fund industry is hitting fresh highs with rising SIP flows and record demat account additions.

India’s mutual fund industry is in beast mode.

As of April 2025, total Assets Under Management (AUM) hit an all-time high of ₹55 lakh crore, up from just ₹24 lakh crore in 2019, that’s more than 2x growth in five years.

Add to that, a tech-savvy investor base, simplified KYC processes, and a massive shift from physical to digital-first investing.

The game is now about scale, speed, and experience. Which is exactly why JioBlackRock’s entry with deep distribution and data muscle could be a defining moment for this industry.

4. Stocks that kept us interested 🚀

1. Fighter jet buzz lifts defence stocks 📈

Defence stocks rallied up to 4% after the green light for India’s stealth fighter jet programme. Garden Reach Shipbuilders, Bharat Dynamics gained up to 4%.

The deets: the government has officially approved the Advanced Medium Combat Aircraft Programme Execution Model, India’s most ambitious stealth fighter project yet. This triggered a sharp rally in defence counters.

Why it matters: India’s air fleet is down to 31 squadrons (from the approved 42), even as China scales up fast and Pakistan flexes with China’s J-10 jets. The AMCA is India’s answer to this power gap, homegrown, stealthy, and future-ready.

Zoom out: the announcement added fresh fire to already hot defence stocks. The Nifty India Defence index hit a new high, notching its fifth straight day of gains. The index is up 21% in May alone.

What else are we snackin’ 🍿

🛍️ Hiring spree: Flipkart plans to add 5,000 new employees in 2025 as it ramps up quick commerce, fintech, and bets big on AI-powered innovation.

📱 iPhones fly west: iPhone exports from India to the US jumped 76% YoY in April as Apple ramps up local assembly amid US-China trade tensions.

🎥 JioHotstar record: in just 3.5 months since launch, JioHotstar has hit 280 million paid subscribers, putting it within striking distance of Netflix’s global 300M+ base.

👍 India fast-tracks: India is reviving Tripura’s long-defunct Kailashahar airfield in response to China-backed airbase activity near the Bangladesh border.

That’s a wrap! Don’t let the weekday blues get to you.

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