Newsletter
IPOs don't stop, Infosys' record buyback, and defence stocks up.
🗓 Morning, folks! It’s a new week!
💡 Spotlight: Infosys, announced a share buyback program worth ₹18,000 crore at a price of ₹1,800 per share. The buyback price represents a premium over the current market price, potentially making it an attractive proposition for existing shareholders who may benefit from selling their shares back to the company.
This move marks the first buyback of shares announced by Infosys since 2022, when the company had approved a buyback proposal worth ₹9,300 crore.
To put it simply, a buyback refers to a corporate action where a company repurchases its own shares from existing shareholders, allowing it to return cash to investors and potentially improve shareholder value.
Let’s hit it!
1 Big thing: India’s retail inflation ticks higher in August 📈
India’s retail inflation rose slightly in August after touching an eight-year low in July. But it’s still within the RBI’s comfort zone of 2-4%, which means the central bank could cut interest rates if the economy slows down.
The numbers at a glance:
- Consumer prices rose 2.07% YoY, up from 1.61% in July.
- Food inflation remained in negative territory at -0.69%, though it improved from -1.76% in July.
- Inflation is far below the 3.65% seen in August 2024, giving policymakers breathing space.
Rural vs. urban:
- Rural inflation climbed to 1.69% (from 1.18%)
- Urban inflation rose to 2.47% (from 2.05%)
- Core inflation, excluding food and fuel, held steady at 4.1% month-on-month
Category-wise highlights:
- Pulses inflation eased sharply to -14.5%
- Fuel and light inflation softened to 2.43% (from 2.67%)
- Housing inflation dipped slightly to 3.09% (from 3.17%)
Food price trends:
- Meat and fish prices rose 1.48%, bouncing back after July’s contraction.
- Egg inflation climbed to 3.12% (from 2.26%)
- Pulses inflation jumped to 14.53% (from 13.76%)
The takeaway: with food prices showing mixed signals and overall inflation within target, the RBI still has flexibility on interest rates if growth momentum slows. The new GST reforms on food and hundreds of consumer items are also expected to lower inflation in the coming months.
2. True Elements now fully owned by Marico 💸
Marico plans to double down on healthy snacking. The company is acquiring the remaining 46.02% stake in True Elements parent HW Wellness Solutions.
Founded in 2013 and headquartered in Pune, HW Wellness has built a strong presence in the packaged foods industry.
The FMCG giant first invested in HW Wellness in May 2022, aiming to expand in the booming healthy breakfast and snacking space and strengthen its portfolio of digital-first brands.
With this full acquisition, Marico plans to supercharge growth in emerging food categories while fast-tracking its digital transformation journey.
By bringing True Elements fully under its wing, Marico intends to leverage the startup’s digital-first edge and diverse product range to tap deeper into a segment that has been growing at double-digit rates in recent years.
3. Cotec Healthcare looks to raise ₹295 crore via IPO 💊
Cotec Healthcare has filed its draft papers with SEBI and is looking to raise ₹295 crore.
Cotec Healthcare is a Dehradfun-based pharmaceutical company that manufactures tablets, capsules, ointments, injectables etc. They cater to a wide market that covers Central Asia, Ukraine, and Africa.
The deets: the issue will consist of fresh issuance worth ₹295 crore and an offer-for-sale of 6,00,00 shares.
The big picture: India’s CDMO market is projected to double in the next five years. It is expected to grow at a CAGR of 14.67% and reach a valuation of $44.63 billion by 2029. Although there are listed competitors in the space like CapTab, Sai Life Sciences, Windlas Biotech etc. Amid this, Cotec can double-down on its international market presence and wide offerings to make the most of this growth.
While we are on IPOs,
Core Integra Consulting Services has filed its DRHP with SEBI to raise funds.
What do they do: Core Integra provides consulting services in the domain of HR especially solutions pertaining to payroll, compliance, hiring, and employee benefits.
The deets: the IPO comprises fresh issue of 35 lakh equity shares. This offer will follow a book building method.
By the numbers: Core Integra raised revenue of ₹40,262 lakh for FY25, a 10% increase from the same period last year while PAT dropped 27% in FY25 to ₹3.53 crore.
Zoom out: India’s HR Technology is an emerging market slated to grow at a CAGR of 7.88% and reach a valuation of $2,300 million by 2033. While top platforms like SAP, Darwinbox etc. dominate the space, Core Integra can harness its niche expertise and technical prowess to become a trusted name in this market.
4. India-UK FTA fuels Bharat Forge’s deal pipeline 🤝
Bharat Forge has signed a deal with UK-based autonomous cargo drone manufacturer Windracers Limited. The stock gained on the back of this development.
What’s brewing: the collaboration is on deployment, localisation and application of Windracers’ Unmanned Aerial Vehicle (UAV) ULTRA across India. This partnership, set for an initial two-year term, aims to address emerging requirements in both military and civil sectors in India.
The Memorandum of Understanding was signed between the two companies at the ongoing global defence exhibition and conference, DSEI UK 2025 in London.
Why it matters: this deal is a big step for both Bharat Forge and Windracers in growing drone technology in India. It will help bring new ideas, skills, and advanced drones to support both defence and everyday civilian uses, especially in places where India’s geography makes things challenging.
MARKET BITES THIS WEEK
5. Axiscades: from CAD to combat 🚀
Axiscades started as a quiet CAD outsourcing shop. Fast forward to 2025, and it’s bagging ₹150 crore defence orders from DRDO, $1M testing rig pilots with hyperscalers, and $1.2M cabin interior contracts with global aerospace majors.
The pivot is clear: from invisible blueprints to building subsystems that power jets, data centres, and aircraft. Its Q1FY26 numbers back it up too, revenue rose 9% YoY to ₹244 crore, profit jumped 25% to ₹21 crore, with aerospace, defence, and electronics driving the gains.
The stock has surged 175% in a year and now trades at rich multiples, raising questions on whether the rally is justified. Supporters argue defence orders and hyperscaler pilots are just warming up. Skeptics point to working capital strain, client concentration, and lumpy margins.
Bottom line: Axiscades isn’t HAL or BEL, and doesn’t need to be. It’s carving out a niche as India’s subsystem integrator, stitching together the hidden electronics that make modern defence and tech platforms work. The next phase depends on whether it can scale pilots into recurring revenue and turn partnerships into local IP.
Full story here.
6. Stocks that kept us interested 🚀
1. NBCC India fuels Infra for Rajasthan worth ₹3,700 crore 🏗️
NBCC (India) has signed a Memorandum of Understanding with Rajasthan State Industrial Development and Investment Corporation for infrastructure projects.
The deets: the projects are worth around ₹3,700 crore near Jaipur International Airport. It involves the development of the Rajasthan Mandapam Convention Centre, Unity Mall and allied commercial and cultural infrastructure on a 95-acre land parcel.
Why it matters: the project aims to transform Jaipur into a premier destination for global conventions and retail activity, blending world-class design with the city’s cultural heritage. The development also reflects a strong partnership between the Govt of India and the Government of Rajasthan, and will contribute to economic growth, cultural promotion and job creation in the region.
2. $100M boost from IFC drives JBM’s e-Bus expansion 🚌
JBM Auto shares jumped a whopping 13% after its subsidiary JBM Ecolife mobility, obtained a $100 million investment.
The deets: the investment is led by International Finance Corporation, which is part of the World Bank Group. The financing will facilitate the deployment of 1,455 air-conditioned electric buses in Maharashtra, Assam, and Gujarat, advancing India’s initiative to electrify public transportation.
The why: this investment is anticipated to decrease carbon dioxide emissions by 1.6 billion kilograms, reduce diesel consumption by more than 600 million litres, generate 5,500 jobs, and serve over 1 billion passengers. The company has already rolled out more than 2,500 e-buses across 10 states and 15 airports, and currently holds an order book for 11,000 buses.
The big picture: India’s electric bus market is booming, expected to grow from $1.17B in 2025 to $2.48B by 2029. Improved batteries, fast-charging stations, and smart technologies are making buses more efficient and reliable.
3. Paras Defence jumps on fresh defence orders 🚀
Paras Defence shares climbed close to 6% after the company secured an order worth ₹26.6 crore. The rally came on the back of fresh incremental orders from the state-owned Opto Electronics Factory (OLF), part of India Optel Ltd under the Defence Ministry.
What’s in the order: the company announced that it will be supplying electronic control systems that are part of the thermal imaging fire control systems used in battle tanks by the Indian Army.
Why is this important: this order highlights Paras Defence’s ongoing contribution to strengthening India’s defence capabilities, especially by improving the performance of battle tanks used by the Armed Forces. The electronic control systems form a vital part of thermal imaging fire control systems, which greatly enhance the targeting accuracy and combat efficiency of armored vehicles.
What else are we snackin’ 🍿
🖥️ Tech revolution: Maharashtra partners with Lodha Developers to build a ₹30,000 crore Green Data Centre Park in Palava, boosting sustainable digital infrastructure.
🎬 Takeover plan: Paramount Skydance, led by David Ellison, plans a mostly cash bid for Warner Bros. Discovery amid its upcoming corporate restructure.
That’s a wrap! Don’t let the weekday blues get to you.
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