Zen Tech's acquisition, Amazon gets into blood testing, and Drone bets.
🗓 Morning, folks!
Markets took a hit on Monday as rising Middle East tensions and US involvement in the Iran-Israel conflict spooked investors. Nifty slipped below the key 25,000 mark, while Sensex dropped 0.6%.
Most sectors ended in the red, with IT, auto, and FMCG leading the losses. On the flip side, broader indices held up, gaining between 0.3% and 0.7% in a choppy session.
💡 Spotlight: the Middle East crisis deepened over the weekend as the US struck three key nuclear sites in Iran, triggering a sharp response in global markets.
Oil prices jumped 5%, while defence stocks in India rallied, with Paras Defence, Garden Reach, Cochin Shipyard, and BEL gaining noticeably.
Rising geopolitical risk often leads to increased defence budgets, higher arms exports, and stronger investor interest in defence plays. With India aiming to become a major exporter of defence hardware, this sentiment wave could continue.
Let’s hit it!
1 Big Thing: PhonePe dials up a $1.5B IPO 💰
India’s oldest payments dawg PhonePe is officially prepping to go public.
The Walmart-backed fintech is planning to raise $1.5 billion in its IPO at a reported $15 billion valuation, according to Bloomberg. The DRHP is expected to drop by early August, with JP Morgan, Citi, Morgan Stanley, and Kotak Mahindra Capital running point.
The scale backs it up. In May 2025, PhonePe processed ₹12.5 trillion worth of UPI payments, nearly half of all UPI transactions in India. Google Pay was next, Paytm a distant third.
The company, which flipped its base to India in 2022, now boasts 610M+ users, a tight grip on India’s digital money rails, and a board stacked with veterans from Walmart, ICICI, Standard Chartered, and the Indian bureaucracy.
But: the road ahead is crowded. Google Pay is still holding share, and Jio Financial is lurking with deep pockets. Regulations are shifting, and margins in payments remain razor-thin.
Still, this could be India’s biggest fintech debut yet, and one of the most-watched listings of the year.
2. Zen Tech powers up with TISA acquisition 🔌
Zen Technologies shares ended in the green after it acquired a majority stake in TISA Aerospace for ₹6.5 crore.
TISA Aerospace is an emerging defence technology company, specialising in indigenously developed loitering munitions & UAVs.
The why: this acquisition marks Zen Tech’s entry into the loitering munitions sector, which has gained prominence in warfare applications.
Zoom out: according to a report by ICRA, India’s defence manufacturing sector is expected to see a 15-17% rise in revenue in FY 2025-26, driven by a strong order pipeline & govt-led localisation efforts.
Zen Tech, known for its advanced defence training and anti-drone solutions, aims to strengthen its foothold in the defence drone space.
It plans to do so by gaining access to cutting-edge technologies that align with the needs of the Indian armed forces.
While we are on defence,
The Indian Army signed a deal with Solar Defence and Aerospace Limited to procure approximately 450 units of the Nagastra-1R loitering munition system.
Nagastra-1R is a cost-effective system with full re-usability of launcher systems. The system includes a 360-degree gimbal camera, with an option to add a thermal camera for night missions.
Background: the order follows an earlier procurement by the Indian Army. In June 2024, Solar Industries, through its subsidiaries, delivered the first batch of indigenously developed Nagastra-I loitering munitions.
3. India to tap heat from old oil wells 🌍
The Indian Government is planning a geothermal push by repurposing abandoned oil wells for clean energy generation.
Geothermal Energy is a clean, always-on energy sourced from underground heat used to power turbines, heat buildings, or support industrial processes.
The deets: India is planning to repurpose closed oil wells to generate geothermal energy, a renewable source of heat drawn from the Earth’s core.
IIT Madras has been tasked with a pilot project under the RE-RTD programme, aiming to set up 450 KW of geothermal capacity across three abandoned wells.
Why it matters: India has an estimated 10,600 MW of geothermal potential but hasn’t even tapped 1 MW yet. As part of its Viksit Bharat 2047 goal, the country aims for 1,800 GW of non-fossil fuel capacity & unlocking geothermal could diversify the mix.
Zoom out: India has over 13,000 closed oil wells, and the plan is to retrofit these as geothermal conduits pumping water down, heating it underground, and bringing it back up to generate electricity.
4. Amazon taps into doorstep diagnostics 🧪
Amazon India just launched at-home lab test service called Amazon Diagnostics in 6 cities, partnering with Orange Health Labs.
The deets: the users can get access to their digital reports all through the Amazon app.
The service is currently live in Delhi, Gurgaon, Noida, Mumbai, Bengaluru, and Hyderabad, offering access to 800+ diagnostic tests. Customers can get sample collection at home within 60 minutes and receive reports for routine tests in as little as six hours.
Why it matters: unlike early entrants who relied on discounts to lure users, Amazon Diagnostics is focusing on speed, ease, and trust. The company is tapping into rising demand for convenience-led healthcare, especially in metros where work-life pace and digital familiarity are high.
Zoom out: India’s diagnostics sector is a $12 billion industry, growing at a rate of 8%, with the organised segment expanding even faster at 12%. Experts forecast the rate to hit 14% with Amazon’s entry setting up a new front in the health-tech race.
5. Stocks that kept us interested 🚀
1. BEL lands fresh ₹585 cr defence orders 💥
BEL has received a wide range of high-tech systems orders worth ₹585 cr which includes fire control and sighting systems for missiles, advanced communication gear, jammers, critical spares, and related services.
All designed to boost combat readiness and operational efficiency. With this, BEL has now secured nearly ₹3,500 crore in new orders as of June 20, 2025.
Background: this announcement comes following company’s MoU with Tata Electronics on June 6. The two companies plan to co-develop semiconductor and advanced electronics capabilities like chip design, fabrication and Outsourced Semiconductor Assembly and Test (OSAT)
Zoom out: BEL isn’t just about radars and missiles. It’s also expanding into Homeland Security, Cybersecurity, Medical Electronics, Rail & Metro tech, Space systems, Anti-drone tools, and more.
The company is integral to India’s push for self-reliance in critical defence technologies. With growing geopolitical tensions and an increasing focus on indigenisation under initiatives like Atmanirbhar Bharat, BEL has seen rising demand for its solutions.
2. ideaForge flies high with defence deal 🤝
Shares of ideaForge hit upper circuit after the company received an order worth ₹137 crore from the ministry of defence.
The deets: the deal involves the supply of mini unmanned aerial vehicles along with accessories.
Mini UAVs are unmanned vehicles typically designed for various tasks including surveillance, inspection in both military and civilian applications.
The delivery of the UAVs and related accessories are scheduled to be completed within 12 months.
The why: the order will strengthen the company’s commitment to support India’s defence capabilities with cutting-edge aerial technology.
ideaForge, known for its focus on Make-In-India and advanced drone solutions, continues to play a growing role in India’s defence and security ecosystem.
What else are we snackin’ 🍿
🚖 The new ride: Elon Musk’s Tesla has officially begun rolling out its driverless Robotaxi service in Austin.
🚚 Delhivery direct: Delhivery launches on-demand intracity delivery app in Delhi-NCR and Bengaluru, taking on Porter and Uber in the local shipping game.
🟢 Hydrogen first: Adani commissions India’s first off-grid green hydrogen plant, powered entirely by solar and wind without main grid connection.
That’s a wrap! Don’t let the weekday blues get to you.
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