Newsletter
🗓️ Morning, folks! ☀️
Markets ended lower on Tuesday as rising crude oil prices and fresh tensions in The Middle East dampened investor sentiment.
Most sectors ended in the red, with auto, aviation and insurance stocks leading the losses.
On the flip side, defensive buying in pharma and select IT names helped cushion the fall, with Sun Pharma and TCS among the top Nifty gainers.
In an important update, India has formally protested to Iran after a deadly missile strike in the Strait of Hormuz killed an Indian seafarer.
The Ministry of External Affairs (MEA) summoned Iran’s Deputy Chief of Mission in New Delhi to register its strong protest over the incident.
In a statement, the MEA said it was deeply concerned by the attacks and reiterated the need to ensure the safety and security of Indian nationals working in international waters.
💡 Spotlight: Wholesale inflation hits 2-year high 📈
Another inflation gauge flashed a warning sign on Tuesday.
Wholesale inflation (WPI), which measures price changes at the producer level, rose to 9.87% in June, up from 9.68% in May. This marked its highest level in more than two years.
The biggest driver was food inflation, with wholesale food prices rising 6.14%, up from 4.49% a month earlier.
Higher prices of petroleum products, chemicals and basic metals also kept costs elevated, increasing the pressure on manufacturers.
Wait, before you move ahead,
Starting today, several British products, including Scotch whisky, gin, chocolates, biscuits and cosmetics, are set to become cheaper in India as the India-UK Free Trade Agreement comes into effect.
While tariffs on some products will be cut immediately, others will see gradual reductions over the next few years.
Let’s hit it! 💪🏻
1 Big thing: India’s OneSource secures Europe biotech partnership 🌍
OneSource Specialty Pharma has partnered with Germany’s Formycon to manufacture biosimilars for global markets.
Biosimilars are lower-cost versions of complex biological medicines used to treat diseases like cancer, arthritis and diabetes.
OneSource is an Indian contract development and manufacturing company (CDMO) that helps global pharmaceutical firms develop and manufacture complex biologic medicines.
Formycon, listed in Germany, is a biosimilar developer with three approved products already in the market and four more in its pipeline.
What’s the deal: Formycon will develop the medicines, while OneSource will manufacture them end-to-end from its Bengaluru biologics facility.
This includes everything from cell line development and drug substance production to the final injectable product ready for commercial use.
Why it matters: manufacturing biosimilars requires advanced technology, strict quality standards and significant investment, making it a high-entry-barrier business.
Several biologic drugs are nearing the end of their patent protection. Once those patents expire, other companies can start making biosimilars, opening up a multi-billion-dollar global market.
Zoom out: India has already approved more than 140 biosimilars, one of the highest numbers globally, but the country still accounts for only a small share of the global biologics market, which is worth over $450 billion.
Meanwhile, the global biosimilars market is expected to cross $100 billion by the early 2030s.
2. Deal frenzy on Dalal Street 🤝
PDS signed a multi-year partnership with the global sourcing arm of a leading French supermarket giant.
While the retailer hasn’t been named, PDS will now manage its textile sourcing operations across India, Bangladesh, Pakistan, Sri Lanka and Turkey.
Stock action: shares of PDS jumped 7% intraday on the back of this development.
Why it matters: PDS helps global brands design products, source materials, manufacture goods and deliver them to retailers.
Its client list is packed with big names like Ralph Lauren, Calvin Klein, Mango, Walmart, Tesco, Target, Carrefour and HanesBrands, among many others.
Some numbers: in FY25, its Gross Merchandise Value (GMV), or the total value of products it handled, rose 25% to ₹18,744 crore.
Revenue climbed 21% to ₹12,578 crore, while profit increased 19% to ₹241 crore. Another bright spot was its Sourcing as a Service (SaaS) business, which supported over $730 million in GMV and grew 56% year-on-year.
While we are on deals 🫡 ,
Emcure Pharmaceuticals acquired the remaining 12.05% stake in Gennova Biopharmaceuticals for ₹231.8 crore, making it a wholly owned subsidiary.
Why does this matter: Emcure wants full control of Gennova as it sharpens its focus on biologics and biosimilars. The move also simplifies the company’s ownership structure.
If Gennova rings a bell, it’s because it developed Gemcovac-19, India’s first approved homegrown mRNA Covid vaccine.
More on deals 💰,
Hyderabad-based Sigma Advanced Systems acquired 100% of UK-based Bromford Precision Solutions in a deal worth around ₹153 crore.
Bromford Precision Solutions supplies critical components to aerospace and power equipment manufacturers, including firms approved by Rolls-Royce and Siemens.
The acquisition will help Sigma expand its global aerospace precision manufacturing business while strengthening its position in the Rolls-Royce supply chain.
The big picture: Hyderabad is rapidly becoming one of India’s biggest aerospace and defence hubs.
French aerospace giant Safran recently announced a major engine MRO facility in the city, while more than 1,500 MSMEs already operate alongside global aerospace and defence companies.
Backed by dedicated aerospace parks, DRDO, RCI and a growing skilled workforce, Telangana is aiming to become India’s aerospace and defence capital by 2030.
3. Welspun bags a mega highway deal 🛣️
Welspun Enterprises’ subsidiary won a ₹7,300 crore contract to build the Pune-Shirur highway in Maharashtra.
Project details: it will build a 53.4-km, six-lane, partially elevated highway on the Pune-Shirur stretch of NH-753F, while also upgrading the existing road.
Why it matters: the highway will improve connectivity between Pune and Shirur, linking fast-growing hubs like Wagholi, Kharadi, Lonikand, Ranjangaon and Shikrapur.
With governments increasing spending on roads, power and logistics, the outlook for infrastructure companies remains strong.
In fact, India's power EPC market is expected to grow by nearly $20.3 billion between 2023 and 2028.
4. Why are global investors hot on India? 🥵
Global investors are betting bigger on India.
India attracted $39 billion in FDI in 2025, a 44% increase from the previous year.
That pushed the country to 11th place in the world’s FDI rankings. While the US remains the top destination, India’s rise reflects growing confidence in its manufacturing push, infrastructure development and expanding consumer market.
5. Stocks that kept us interested 🚀
What went up ⬆️
📈 Biocon shares surged over 6% after Viatris-owned Mylan launched a ₹3,481 crore block deal, marking its exit from the drugmaker.
⚡️Nuvoco Vistas shares jumped nearly 8% after Q1 profit rose 20% YoY, backed by higher sales, revenue growth and capacity expansion progress.
🔺 Shares of Container Corporation of India (CONCOR) gained over 6% after the state-run logistics company reported an 8.9% YoY increase in container volumes handled during the June quarter.
🚀 Cupid’s shares rose nearly 5%, extending a stunning rally and taking five-year returns to an extraordinary 8,700%.
What went down ⬇️
🔻HCLTech shares fell over 4% as Citi and CLSA downgraded the stock following its Q1 results.
👎🏻 ICICI Prudential AMC shares tumbled 3% despite strong Q1 earnings, as analysts praised long-term growth but flagged pressure on margins and market share.
📉 Jindal Saw shares slipped 3% after Q1 profit plunged 75% YoY to ₹104 crore, as margin pressure overshadowed healthy revenue growth.
What else are we snackin’ 🍿
💰 Tax uptick: India's net direct tax collections rose 16.1% to ₹6.51 trillion, boosting the Centre's revenue position despite global uncertainty from the West Asia war.
🚗 Job cuts: Volkswagen plans to cut up to 50,000 more jobs worldwide as it steps up cost-cutting efforts to improve competitiveness amid weak demand.
✈️ Airport tech: TCS has partnered with New York’s New Terminal One at JFK Airport to deploy AI-driven solutions for passenger processing, baggage handling and cybersecurity as part of the airport’s $19 billion expansion.
🛡️ Airship project: India has launched a ₹15,000 crore programme to develop indigenous stratospheric airships for high-altitude surveillance under the Make-I defence procurement framework.
That’s a wrap! Don’t let the weekday blues get to you.
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