Newsletter
Healthcare acquisition, Ola takes a dip, and, SpiceJet taps Gulf Air.
š Morning, folks!
Indian markets lost steam on Thursday after an early GST-fueled rally. Nifty and Sensex managed to close with only marginal gains, while broader indices slipped into the red.
All sectors kicked off in green, but the momentum fizzled by the close. Auto and FMCG stocks clung to gains, though much of their shine wore off through the day.
š” Spotlight: India-Singapore strengthen ties
Prime Minister Narendra Modi met Singaporeās Prime Minister Lawrence Wong in New Delhi for a bilateral meeting.
The leaders inaugurated Phase 2 of PSA Internationalās Mumbai Container Terminal and launched new cooperation on green and digital shipping corridors to boost green fuel supply chains and port clearance systems.
Agreements were signed across space, advanced manufacturing, skilling, AI, and quantum computing. Modi announced 13 more Indian banks have joined the UPI-PayNow cross-border payment system and confirmed the next India-Singapore Hackathon later this year. Both sides pledged stronger ties in AI and semiconductors, as India expands trade amid US tariffs.
1 Big thing: Ola Electric stock dips as SoftBank trims holding š
SoftBank has offloaded a 2% stake in Ola Electric Mobility through open market transactions. The stock skid close to 7% in Thursdayās trading session, this also comes after the stock rallied around 77% in less than a month.
Whatās happening: SoftBank has sold part of its stake in Ola Electric. Between July 15 and September 2, 2025, its investment arm SVF II Ostrich (DE) LLC offloaded nearly 95 million shares of the EV maker. After this, SoftBankās ownership in Ola Electric has come to 15.7%.
Before the sale, SoftBank held about 786.6 million shares. Post the transaction, this has reduced to 691.6 million shares. The sale comes just nine months after Ola Electricās IPO in December 2024, which was one of Indiaās most closely watched listings from a new-age company.
Worth noting: SoftBank has been an early investor in Ola Electric, backing the startup through multiple funding rounds before it went public. Even after the dilution, the Japanese investor remains one of the companyās largest shareholders.
Whatās next: Ola Electric is working on expanding its scooter lineup, entering the electric motorcycle space, and fast-tracking its Gigafactory project in Tamil Nadu. These moves come as the company deals with slowing demand, rising competition, and recent controversies.
2. Poly Medicure buys 90% of Netherlandsā PendraCare
Poly Medicure will acquire a 90% stake in Netherlands-based PendraCare Group for ā¹188.5 crore.
Polymed makes 200+ medical devices across infusion therapy, dialysis, cardiology, oncology, and critical care, selling in over 125 countries. Meanwhile, PendraCare develops and manufactures cardiology catheter solutions and also serves global med-tech OEMs.
The deets: acquiring PendraCare Holdings also brings in Wellinq Medical, since it is part of the same parent group, giving Poly Medicure access to both cardiology and vascular device businesses in one deal.
Why this matters: PendraCare brings a strong European manufacturing base, distribution links with global med-tech firms, and regulatory approvals in Europe, the US, Brazil, China, and South Korea.
This gives Polymed a faster route to expand its cardiology business into key markets.
Zoom out: cardiology catheters are critical tools for diagnosing and treating heart disease, used in procedures from angioplasty to stent placement.
With rising cardiovascular cases worldwide, demand for advanced catheter solutions is growing steadily, making Polymedās move into Europeās heartland both timely and strategic.
3. SpiceJet taps Gulf Air for seamless global travel āļø
SpiceJet has signed an interline agreement with Gulf Air, Bahrainās national carrier.
Whatās happening: this means passengers can book one ticket to fly across both airlinesā networks. SpiceJet flyers can now connect easily to Gulf Airās routes in the Middle East, Africa, Europe and Central Asia via Bahrain.
The deets: Gulf Air already flies to 8 Indian cities, including Delhi, Mumbai and Chennai. Now, with SpiceJetās domestic network stitched in, travelers can book smoother trips without juggling multiple tickets or baggage transfers.
Why it matters: for SpiceJet, this expands its global reach without adding new routes right away. For Gulf Air, it strengthens ties with India, one of the fastest-growing aviation markets. For passengers, itās more convenient, more destinations, and often cheaper travel.
The big picture: for Indian aviation, the Middle East is the single most important international corridor. This demand comes from a massive Indian diaspora working across the region, from the role of Gulf carriers as global transit hubs, and from the steady rise in leisure travel and trade links.
4. FirstClub gets $23 million to fuel its Q-comm rally šļø
FirstClub, a quick-commerce startup, has raised a $23 million in Series A funding led by Accel and RTP Global.
The Bengaluru-based company aims to offer premium products to customers through its online platform. Currently it has four functional dark stores called āclubhousesā to power its operations in Bengaluru.
The deets: the funding will triple FirstClubās valuation to $120 million, just three months after its app launch. Fresh proceeds will be utilised to establish 35 new dark stores, expand product offerings like cafes and subscriptions, and foray into newer categories like household essentials, petcare, furnishings etc.
Why this matters: e-commerce demand in India is slated to grow from $60 billion in 2024 to reach $170-190 billion in 2030. With competition from major players like Zepto, Blinkit, and Instamart only becoming more cut-throat, it will be interesting to witness how FirsClubās bet on the premium segment will pan out.
5. Eldorado Agritech Files for ā¹1,000 Cr IPO š±
Eldorado Agritech Ltd, the Telangana-based agri solutions player behind the Srikar Seeds brand, has filed draft papers with SEBI to raise ā¹1,000 crore through an IPO.
The deets: the offer includes a fresh issue worth ā¹340 crore and an OFS of ā¹660 crore by promoters Srinivasa Rao Linga (ā¹500 cr) and Usha Rani Papineni (ā¹160 cr).
The business: Eldorado offers āseed-to-harvestā solutions, spanning R&D, seed innovation, agrochemicals, specialty fertilisers, and bio-stimulants. Its portfolio covers 226 hybrids and OPV seeds across 47 crops, including maize, rice, cotton, wheat, and vegetables. It has secured 269 agrochemical registrations, 43 speciality fertiliser approvals, and 32 bio-stimulant registrations, with nine patents pending.
Financials: in FY25, the company reported revenue of ā¹441 crore and profit of ā¹71 crore.
Zoom out: with agriculture still employing nearly 40% of Indiaās workforce, seed innovation and crop care remain big business. Eldoradoās IPO adds to the growing list of agri-focused companies tapping the markets, aiming to cash in on rising demand for hybrid seeds and productivity-boosting inputs.
6. Stocks that kept us interested š
1. BHEL strengthens order book with MB Power deal šļø
Bharat Heavy Electricals Limited or BHEL has accepted a letter of intent worth approximately ā¹2,600 crore. Surprisingly, the stock slipped despite the order win.
Whatās happening: the order is from MB Power for the supply of key equipment for its 1x800 MW Anuppur thermal power project in Madhya Pradesh. It covers the supply of boiler, turbine, generator and associated auxiliaries along with control and instrumentation. The project will be based on supercritical technology.
The boiler will be manufactured at BHELās Trichy plant, while the turbine generator will be produced at the companyās Haridwar facility.
Why it matters: this contract is a major boost for BHEL, cementing its leadership in Indiaās power sector. The project supports the nationās rising energy demand and its shift toward advanced power generation technologies. Not only that, in the power sector, BHEL also secured an order for the supply, erection, and commissioning supervision of six 800 MW steam turbine generators.
2. GHV Infra shares rise on ā¹120 crore contract š
Shares of GHV Infra Projects gained in Thursdayās trading session, after the company signed Letter of Intent from GHV India Pvt Limited.
The company provides end-to-end infrastructure solutions across transportation, energy and environment, social and commercial, and industrial sectors, covering everything from engineering and procurement to construction, commissioning, and operations.
The deets: the contract is for the engineering and construction of the integrated redevelopment of a South Eastern Railway station in Jharkhand. The contract is valued at ā¹120 crore.
Why it matters: this sub-contract forms part of a broader push to modernize Indiaās railway network. The South Eastern Railway station redevelopment in Jharkhand will upgrade infrastructure and significantly improve passenger amenities.
3. Axiscades wins semiconductor, AI & electronics orders ā”
Axiscades Technologies bagged fresh orders in the electronics, semiconductor and AI division of its arm Mistral Solutions, sending the stock up over 2%.
The deets: Mistral will build production line testing equipment for global contract manufacturers tied to one hyperscaler. It will also create development test apparatus for audio products linked to another.
The pilot programme is worth around $1 million.
To deliver this project, the company is beefing up infrastructure by setting up an Acoustic Lab and a 3D-printed PCB prototype unit in Bengaluru. It is also building a front-end engineering team in the US to sharpen its edge in ESAI solutions.
Why it matters: this move diversifies Axiscades beyond its traditional aerospace and defence stronghold, opens up higher-margin opportunities in AI and electronics, and gives it stronger global market access.
What else are we snackinā šæ
ā Green signal: Elon Muskās Starlink secured provisional spectrum clearance from the Department of Telecommunications to trial satellite broadband in India.
š¼ Farewell Armani: Legendary Italian designer Giorgio Armani has died at 91. Revered for defining Italian style and elevating Hollywood red carpets, he leaves behind a global fashion empire.
And thatās a wrap. Pour yourself an extra one this weekend.
Weāll be back like clockwork on Monday!
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