Newsletter
Defence tech push & Hindalco’s alumina bet, and Travel drives credit.
🗓 Morning, folks!
Dalal Street ended on a strong note, with the Sensex & the Nifty up 0.85% and 0.8%, respectively.
The gains were driven by the easing geopolitical tensions in the Middle East & by strong buying in IT, auto, & media stocks.
Broader markets outperformed as well, with the Midcap index up 0.6% and the Smallcap index that gained 1.6%
💡 Spotlight: India’s domestic air travel saw a soft May, with passenger growth slowing to just 1.89% YoY largely due to the brief but tense India-Pakistan military standoff that lasted four days. Total passenger footfall came in at 1.4 crore versus 1.38 crore in May last year.
Despite the slowdown, IndiGo held firm on its dominance as its market share inched up to 64.6% in May from 64.1% in April.
While the overall travel momentum remained stable, geopolitical jitters clipped what could’ve been a stronger summer surge.
In a proud moment for India, Indian astronaut Shubhanshu Shukla created history as he began his journey to the International Space Station (ISS) aboard the Axiom Mission 4, which launched from NASA’s Kennedy Space Center in Florida.
Flying on a SpaceX Falcon 9 rocket, Shukla is aboard the Crew Dragon C213 capsule, where he will serve as pilot, gaining hands-on experience for India’s upcoming Gaganyaan human spaceflight mission.
Shukla is one of the four astronauts shortlisted for Gaganyaan, India’s first crewed space mission, expected to launch by late 2026 or early 2027. The Indian government has allocated ₹550 crore to the programme.
His role on Ax-4 is not just about space travel, it’s about bringing back critical operational insights that will shape India’s human space journey.
Let’s hit it!
1 Big thing: Hindalco enters sapphire-tough alumina biz 🤝
Hindalco acquired US-based AluChem for $125M to tap into the high-performance tabular alumina market.
This marks the first-ever entry by an Indian company into the low-soda tabular alumina segment used in heavy-duty industrial applications.
Think of tabular alumina as ultra-hard crystals, similar in toughness to minerals found in gemstones like sapphire, designed to withstand extreme heat and stress.
The deets: Hindalco Industries is doing this acquisition via its arm Aditya Holdings LLC.
AluChem brings along a solid US manufacturing footprint with a 60,000-tonne capacity spread across three advanced plants in Ohio and Arkansas, and expertise in ultra-low soda calcined alumina products.
Why it matters: Hindalco is already a major player in the specialty alumina space, known for producing alumina used in refractories, ceramics, and electrical insulation. With the AluChem acquisition, it’s now stepping into a more advanced corner of the market.
It’s also a step up in Hindalco’s value-added game plan, giving it access to cutting-edge components used in EVs, semiconductors, and precision ceramics.
2. Armory raises ₹13 cr for defence-tech push 💸
Defence-tech startup Armory has raised 13 crore in a funding round led by growX ventures.
The deets: founded in 2024, Armory develops indigenous counter-drone systems capable of detecting, tracking, and neutralising rogue drones.
Why it matters: India’s defence production has grown at an extraordinary pace since the launch of ‘Make-In-India’ initiative. Armory is looking to explore international collaborations that align with the ‘Make-In-India, Made for the World’ vision.
Zoom out: the India-Pakistan conflict has put the focus on the country’s defence tech and drone startups. Venture Capitalists continue to show growing interest in investing in these companies.
According to data from Tracxn, the total equity funding raised by drone startups in India is $414 million so far.
While, we are on fundraises,
GoKwik has raised $13 million in a fresh round, led by RTP Global with participation from Z47, Peak XV & Think Investments.
The deets: GoKwik, offers a suite of integrated e-commerce products to D2C & e-commerce brands. It had also acquired Shopify-based returns management app, Return Prime, in September last year.
The why: funds raised will be used to support GoKwik’s international expansion and fast-track development of its AI-first commerce stack. It is targeting profitability within the next 18 months and also eyes going public within the next 3-5 years.
3. Job board veterans file for bankruptcy 💼
Once pioneers of online job hunting, CareerBuilder and Monster have officially filed for Chapter 11 bankruptcy in the US.
The deets: the company, backed by Apollo Global Management, reported liabilities between $100–$500M and assets between $50–$100M. It is now in the process of selling off operations as it tries to restructure and stay afloat.
Worth noting: CareerBuilder had merged with Monster, with Randstad NV taking a minority stake in the combined company. Despite the merger, the firm ended June 2024 with just $6 million in cash.
What went wrong: the decline has been brewing for years. The pandemic triggered a drop in subscription renewals, and a new marketing strategy strained both revenue and profit. CareerBuilder had to delay and revise its loan repayments, even paying interest in more debt. Despite layoffs, the company couldn’t recover.
Zoom out: today’s job search is being redefined by AI-driven tools, LinkedIn dominance, and platform-native hiring.
4. Stocks that kept us interested 🚀
1. Aerolloy & Safran join forces for military engines 🪖
PTC Industries shares gained after its subsidiary Aerolloy Technologies signed a MoU with Safran Aircraft Engines.
The deets: as per the MoU, both companies will co-operate on manufacturing of components & materials for military aircraft engines.
Aerolloy Technologies will be involved in the manufacturing of castings and materials for aerospace applications.
Safran Aircraft Engines will be involved in the design, development, production & maintenance of civil and military engines.
The why: the MoU marks a significant step towards enhancing India’s indigenous capabilities in military aircraft engine manufacturing.
Zoom out: PTC Industries has been on an uptrend since announcing partnerships with leading entities under the Defence Testing Infrastructure Scheme (DTIS) to support the ‘Make-in-India’ initiative in the defence and aerospace sectors.
2. Bajel Projects scores ₹200 cr deal 💰
Shares of Bajel Projects hit 5% upper circuit after it bagged a large order valued between ₹100 cr-₹200 cr.
The deets: the large order is from a leading private player in the energy and power transmission sector.
The order encompasses two key components for the establishment of a 400kV GIS & 765kV AIS extension substation.
A 400kV GIS (Gas-Insulated Switchgear) section is a compact, enclosed setup that uses gas to safely manage high-voltage electricity (400,000 volts) in a smaller space.
Deal buzz: the company had secured an EPC contract last week, worth ₹400 cr from Power Grid Corporation for the extension of a transmission line and substation bay in Madhya Pradesh.
5. Story in data : Credit card spending hits ₹1.9 lakh crore in May 📊
Credit card spending in India touched ₹1.9 lakh crore in May 2025, marking a 3% month-on-month and 15% year-on-year rise, driven by summer travel demand and robust e-commerce activity.
This rebound comes after a slight dip in April and follows the record high of ₹2 lakh crore in March.
Within digital payments, UPI-P2M transactions surged 25% YoY to ₹7 lakh crore, while credit card spends rose 15%.
On the flip side, debit card usage declined 15% YoY to ₹36,800 crore, reflecting a shift in consumer preference toward credit and UPI-based payments.
What else are we snackin’ 🍿
🪨 Coal peak: thermal power plants stockpile a record 58.25 million tonnes of coal, hitting an all-time high.
💧 Water security push: the World Bank is set to launch a new programme to improve water security for more than four million residents in Bengaluru.
🏭 Reliance shift: Mukesh Ambani says Reliance aims to evolve into a deep-tech and advanced manufacturing company, marking its next big transformation.
That’s a wrap! Don’t let the weekday blues get to you.
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