Newsletter
RedTape stake sale, No more 10-minute delivery branding, and tech rivals unite.
šļø Morning, folks! āļø
Tuesday was a rough day on Dalal Street.
More stocks ended in the red than in the green, and both the Sensex and Nifty closed lower.
What spooked the market was a fresh global worry. US President Donald Trump announced a 25% tariff on countries doing business with Iran, and that headline quickly put investors on edge.
That said, it wasnāt all gloom. Financial stocks clawed back from their lows through the session, which helped the Nifty Bank finish on a more positive note.
š” Spotlight: Tariff dĆ©jĆ vu š»
India may once again land in the US tariff crosshairs after Donald Trump announced a 25% tariff on countries trading with Iran. The move comes on top of the steep 50% tariffs India already faces.
The nation is among Iranās top five trading partners, with total bilateral trade at $1.68 billion in FY25. On the export side, India sends Iran everything from rice and tea to pharma and machinery. The biggest exposure is of Basmati rice.
Moreover, protests in Iran have already delayed payments, stalled shipments, and shaken buyer confidence. Now, add a fresh US tariff threat, and exporters are staring at falling prices and tougher decisions on whether Iran is still worth the risk.
Letās hit it!
1 Big Thing: RedTape rallies on $510M exit chatter š
RedTape shares jumped after reports suggested the companyās founding family is exploring a potential stake sale.
The buzz pushed the stock up nearly 16% intraday, before it cooled off to end the day 11% higher.
Whatās the deal: a media report says the Mirza family, RedTapeās promoters, are in talks with global heavyweights Blackstone and KKR. The founders are said to be open to selling a majority stake or even a full exit, valuing the business at around $510 million.
A PE entry could bring in fresh capital and help scale the brand further in a highly competitive footwear and apparel market.
Zoom out: Indiaās footwear market is steadily expanding, from $20 billion in 2018 to nearly $35 billion by 2030, despite a brief COVID dip.
2. Healthcare chain Sukino bags $31M šø
Sukino just topped up its war chest with $31 million in a Series B round led by Bessemer Venture Partners.
So, what does Sukino do: it plays in post-acute and rehab care, basically helping patients recover after they leave the hospital through structured support outside a typical hospital setup.
Why it matters: India accounts for about 10% of global stroke cases every year, and the number is climbing thanks to lifestyle and health factors.
And recovery isnāt a quick pit stop. Many patients need six to eight weeks of rehab, often involving a mix of physical, speech, occupational and psychological therapy. Thatās where Sukino fits in.
By the numbers: the company has seen 64% year-on-year growth over the past year, with five centres added. It plans to expand to 22 more centres over the next two years.
3. When Siri met Gemini š²
Apple has signed a multi-year deal to use Googleās Gemini to power its foundation models. The former says Gemini offers the strongest capabilities and will enable new experiences for its users.
Whatās on the table: under the deal, the AI models will power upcoming Apple Intelligence features.
Why it matters: the partnership addresses a long-standing concern for Apple. The deal includes a personalised version of Siri that Apple had promised back in 2024, but hasnāt managed to deliver.
Apple already works with OpenAI to bring ChatGPT into Siri and Apple Intelligence for more complex queries.
Zoom out: this is why Appleās partnership fits the moment. Rather than building AI from scratch, companies are plugging into proven platforms, as seen with Samsungās OpenAI tie-up and Vodafone bundling Googleās Gemini.
4. India may get a new stock exchange š
Indiaās stock market is basically a two-horse race today: NSE and BSE. Now, a third exchange may be trying to crash the party.
The scoop: the Metropolitan Stock Exchange (MSE) is set to restart operations, and trading could begin within the next two weeks, CNBC-Awaaz reported.
But hereās the catch. NSE dominates the cash market with roughly 90-92% share, while BSE has about 8-10%, as per data cited in the report. So MSE is not just launching, itās trying to pull traders away from two giants.
Thereās another roadblock too. SEBIās 2025 rules allow only two weekly derivatives expiries in a segment. Right now, NSEās Nifty expires on Tuesdays and BSEās Sensex expires on Thursdays. That leaves very little āprime real estateā for a new exchange to create a high-volume product.
Bottom line: MSEās comeback could mean more choice, but the real fight will be for liquidity. If traders donāt show up, the screens may stay quiet.
5. Stocks that kept us interested š
1. Sical Logistics bags coal project worth ā¹4,038 crore āļø
Sical Logistics hit 5% upper circuit after the company won a ā¹4,038 crore mining contract from South Eastern Coalfields Ltd (SECL).
The deets: the order is for an open cast mine in Raigarh, Chhattisgarh. The project will run for 4,214 days, making it a long-duration revenue play for the company.
Simply put, SECL owns the mine, while Sical has been hired to run it and ensure coal is produced as planned over the life of the project.
Why it matters: coal is still the backbone of Indiaās power system. Even as renewables grow, a large part of the countryās electricity continues to come from coal, and that means reliable supply is critical to avoid power shortages.
For the industry, long-term mining contracts like this ensure stable fuel availability for power plants, especially in industrial and high-demand states.
2. NLC India to list its renewables arm ā”
NLC India shares gained after the company announced plans to list its renewable energy arm.
Whatās the deal: the board has given approval to list NLC India Renewables Limited (NIRL). The proposed IPO could see up to 25% stake diluted.
The goal is to unlock value from its green energy business by listing it separately.
There was more for shareholders. The board also announced an interim dividend of 36%, which means ā¹3.60 per share for FY26.
Thereās more, the company will also invest up to ā¹66.6 crore in its renewables arm by subscribing to equity shares at face value. This money will go into funding green energy projects being executed through joint ventures.
What else are we snackinā šæ
š“ Safety first: Quick commerce firms drop ā10-minute deliveryā claims after government flags delivery partner safety concerns.
š Power play: Ola Electric has rolled out its first home battery storage system, Shakti, from its Tamil Nadu Gigafactory, marking its entry beyond EVs into energy storage.
šŗ Streaming clash: Paramount sues WBD as the Netflix deal raises fresh consolidation concerns.
š± Green bet: Essar Future Energy plans a ā¹5,100 crore bio-fuel complex in Gujaratās Dwarka district.
Thatās a wrap! šŖš»
Markets are taking a day off tomorrow for the BMC elections in Maharashtra, so the ticker goes silent.
Weāll be back on Friday like clockwork.
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