Newsletter
UPI’s stellar performance, Nvidia’s much-awaited results, and Mahindra goes premium.
🗓 Morning, folks and a happy Friday! ☀️
Markets closed in the green on Thursday, though broader indices lagged.
Nifty gained 0.54%, and Sensex rose 0.52%.
Nifty Bank hit a fresh record for the fourth straight session, touching 59,440.
Hero MotoCorp hit a new 52-week high after a second upgrade, jumping 2% while Cummins India surged 3% on positive brokerage commentary.
An upbeat session, with a few stocks reminding investors to stay grounded.
💡 Spotlight: UPI failures drop this festive season ⬇️
Banking glitches fell sharply this festive period, a level of improvement not seen since 2022, says a Moneycontrol analysis.
SBI led the gains, cutting its failure rate to 0.55% in October 2025 from 1.61% last year. Private banks stayed strong with HDFC at 0.02%, ICICI at 0.01%, and Axis Bank at zero failures.
Public-sector banks still trailed but Union Bank and Bank of Baroda posted lowered failure rates of 0.04% each.
Let’s hit it!
1 Big Thing: US approves $93 million defence package for India 🚀
The United States has approved two major military sales to India worth $93 million.
The deets: the package includes:
- 216 M982A1 Excalibur projectiles worth $47.1 million
- 100 FGM-148 Javelin missile systems at an estimated $45.7 million.
For context, the ordered Excalibur projectiles are known for their high precision with an error margin of just 4 metres, greatly reducing collateral damage, their extended range of 57 km, and a strong anti-jamming mechanism.
Meanwhile, the ordered Javelin missile systems feature a “fire and forget” capability that removes the need for constant operator guidance, use top-attack technology, and offer a 2.5-4 km range, making them highly accurate.
FYI: the news comes just weeks after the two countries signed a 10-year defence pact to further streamline their cooperation efforts.
The why: this proposed sale will support the foreign policy and national security objectives of the United States by further strengthening the US-India relations.
India will gain access to advanced weaponry already relied upon by developed nations to address current and emerging security challenges. Meanwhile, the US will expand its strategic presence in the Indo-Pacific and South Asian region.
2. Nvidia’s Q3 scorecard bursts AI bubble suspicions 🤖
Nvidia’s highly anticipated Q3 results are finally out. Investors had been waiting with bated breath, since the company’s performance is seen as a bellwether for the entire industry and a key indicator of whether the AI boom is edging toward a bubble.
By the numbers:
- Revenue: up 62% YoY at $57 billion
- Net profit: up 65% YoY to $31.9 billion
The reason: the surge was largely powered by the company’s data centre division, followed by strong demand for its gaming PC chips. Nvidia also revealed that its Blackwell chips and cloud GPUs are already sold out.
Sales in professional visualisation solutions climbed as well. On top of that, a wave of mega AI deals further bolstered the numbers.
Looking ahead: computing needs are expected to soar as both training and running AI models will become routine across industries. And at every step of this AI wave, chips remain essential.
Expectations for Q4 have also strengthened on the back of this momentum.
3. GE Aerospace injects $14 million in its Pune base 🛫
GE Aerospace will invest $14 million to expand capacity at its manufacturing facility in Pune.
The deets: the announcement follows a $30 million capital infusion into the facility last year. This site manufactures components for engines such as the GE90, GEnx, GE9X, and LEAP.
These engines are widely used in commercial jet airliners like Boeing 777 or Boeing 787 dreamliner.
With this investment, GE plans to bring more automation into its manufacturing process. Its Pune facility supplies a sizable share of the company’s advanced commercial aircraft engines.
Big picture: over the past decade, aviation giants like Airbus and Boeing have sourced $2 billion worth of components from India, reinstating India’s position as a reliable aerospace parts supplier.
With the aerospace components industry in India expanding steadily at 6.8% and projected to reach $791.7 billion by 2034, the market offers a lucrative opportunity for foreign players to secure a stable, specialised supply chain and stay competitive globally.
4. Elevation Capital trims Paytm stake in ₹1,556 crore bulk deal 💸
Paytm’s parent One97 Communications saw a major shareholder shift after Elevation Capital (formerly SAIF Partners) sold 1.19 crore shares in a ₹1,556 crore bulk deal.
Elevation’s stake was brought down from 15.33% to about 13.47%.
The deets: a CNBC-TV18 report noted that SAIF III Mauritius, SAIF Partners and Elevation Capital together sold nearly 2% of Paytm’s equity, valuing the total transaction at around ₹1,640 crore.
The sale adds to the ongoing churn in Paytm’s shareholding. Just a few months ago, Ant Group offloaded about 4% of its holding for ₹2,103 crore. Meanwhile, domestic investors have been stepping up. Motilal Oswal has raised its stake to 5.15%.
Why it matters: the move comes at a time when Paytm’s financial picture looks mixed.
Revenue rose 24% year-on-year to ₹2,061 crore in Q2 FY26, but net profit fell sharply to ₹21 crore because of a one-time impairment charge tied to its First Games JV.
The reshuffling of large shareholders suggests shifting confidence levels as Paytm works through a period of transition and revenue realignment.
While we are on divestments,
JK Tyre’s subsidiary JK Tornel has agreed to sell 40 lakh shares of Cavendish Industries to SMMS Trust for ₹130.6 crore.
Worth noting: the divestment comes on the back of a strong Q2 for JK Tyres. The company posted a 64% jump in net profit to ₹221 crore, with revenue rising to ₹4,011 crore, supported by better volumes, lower raw material costs, and stronger operational performance.
5. Adobe targets Semrush in $1.9 million deal to boost its visibility game 🖥️
Adobe and Semrush have announced an agreement under which Adobe will acquire Semrush in an $1.9 million all-cash deal.
Semrush is a Boston-based SaaS platform focused on search marketing, offering tools for keyword research, site audits, competitive insights, and visibility tracking.
What’s brewing: the acquisition helps Adobe boost its visibility in AI-driven search results by leveraging Semrush’s “generative engine optimisation” capabilities,
Semrush has recently invested in tools that track and improve performance as these systems grow in popularity.
Why this matters: for Adobe, this means its Experience Cloud tools can plug directly into the SEO platforms that companies and agencies already use every day.
With internet users increasingly turning to AI platforms for search and the ‘generative engine optimisation’ market expected to grow by 50.5%, the acquisition is a timely move for Adobe to stay relevant to its potential clients.
6. Stocks that kept us interested 🚀
1. VA Tech Wabag bags ADB-funded water treatment project in Nepal 💧
VA Tech Wabag has secured a major contract from Nepal’s Melamchi Water Supply Development Board to design, build and operate a 255 MLD water treatment plant in Kathmandu Valley. The company’s stock was up 1% on the back of this news.
For context, a 225 MLD plant can supply enough clean water every day to meet the needs of a city with 1.5+ million people.
The deets: the ADB-funded project, valued between $30–75 million, adds another large international win to the company’s portfolio.
Once operational, the plant will treat water from the Melamchi, Yangri and Larke rivers, supplying safe drinking water aligned with Nepal’s national standards.
Why it matters: this is a repeat order from Nepal’s water board, reinforcing Wabag’s strong track record in South Asia. It also boosts the company’s presence in the region at a time when countries are ramping up investments to secure clean and reliable water for growing urban populations.
2. Mahindra Holidays jumps after ₹1,000 crore push into leisure hospitality 🏖️
Mahindra Holidays shares rose 3% after the company announced a major expansion into the leisure hospitality space.
The Board has approved a new ₹1,000 crore business vertical that will sit under an arm called Mahindra Hotels and Residences India.
The deets: until now, Mahindra Holidays has largely focused on vacation ownership through Club Mahindra. The new plan marks a shift toward full-fledged leisure hospitality as the company looks to broaden its portfolio and tap into faster-growing segments of India’s booming tourism market.
The company aims to scale the new luxury brand to 2,000 keys by FY30, while the overall inventory target has been set at 10,000 keys.
The bigger play: the company is kicking off a wider transformation.
Club Mahindra is getting rebranded to Club M, a new concierge-led program called Keystone is being launched, and existing resorts will be upgraded and premiumised.
What else are we snackin’ 🍿
🚆 Parcel express: Southern Railway is launching its first coast-to-coast parcel express between Chennai and Mangaluru, speeding up and streamlining parcel movement for the region.
🏥 Medtech boost: Healthium Medtech will invest ₹150 crore to expand manufacturing in Andhra Pradesh, adding a new plant that boosts surgical device output and creates 300 direct jobs by 2027.
And that’s a wrap. Pour yourself an extra one this weekend.
We’ll be back like clockwork on Monday!
Hit that 💚 if you liked this issue.
