NewsletterNASA & ISRO join hands, Jewellery IPO, and Venture street hot.
š Morning, folks!
Markets ended slightly in the red on Wednesday as volatility kept sentiment in check, despite some support from financials and large-cap names.
Both Sensex and Nifty closed flat, with midcaps under pressure, dragging down the broader market and capping gains in a few outperforming sectors.
š” Spotlight: Ready for liftoff!
NASA & ISRO joined hands to launch a $1.5 billion satellite - NASA-ISRO Synthetic Aperture Radar (NISAR) from India next month.
This will be the worldās first Earth-observing satellite with dual-frequency radar. The satelliteās scans will help track earthquakes, floods, landslides, soil moisture and more. It will also be available freely to scientists, agencies, & governments across the globe.
NISAR also marks a major milestone in U.S. & India space diplomacy, showcasing the growing technological trust & partnership between the two nations.
1 Big thing: Mahindra lands an aero deal āļø
Mahindra Aerostructures inks multi-year contract with Spainās Aernnova to supply aircraft parts for Airbus and Embraer planes.
The deets: the contract is a $300 million multi-year deal where Aernnova Aerospace will manufacture metal sub-assemblies and components for a range of Airbus and Embraer aircraft. The project will support Aernnovaās facilities across Spain, the UK, Portugal, and Brazil.
This is Mahindraās second major aerospace win in two months. In April, it secured a contract to manufacture the main fuselage for Airbusās H130 helicopter.
Why it matters: Mahindra Aerostructures will produce the metal sub-assemblies and components at its facility in India, and supply them to Aernnovaās global operations in Spain, the UK, Portugal, and Brazil.
This aligns with Indiaās Make in India goals, while integrating Mahindra deeper into the global aerospace supply chain.
Aernnova, which works across Airbusās A350, A320, A220 and even the Eurofighter and Boeingās B787 platforms, brings credibility and this contract signals trust in Indiaās growing aerospace capability.
Zoom out: this partnership builds on a decade-long relationship between Mahindra and Aernnova, which began in 2013. As global OEMs diversify their supply chains, Indiaās aerospace ambitions are getting a lift.
While we are on defence,
Reliance Infrastructure signed a milestone deal with Dassault Aviation to manufacture Falcon 2000 business jets in India through its subsidiary Reliance Aerostructure.
The jets will be assembled in Nagpur, with India set to join the elite club of aircraft-producing nations. The JV will also serve as a Center of Excellence for Dassaultās Falcon series, including future models like the 6X and 8X, with the first Made-in-India Falcon expected to fly by 2028.
2. Reva Jewels preps for the markets š
Pune-based PNGS Reva Diamond Jewellery has filed papers with SEBI to raise ā¹450 crore through an initial public offering.
Founded under the iconic PNG brand umbrella, Reva focuses on diamond-studded and semi-precious jewellery in gold and platinum, targeting a wide mix of modern Indian buyers.
The deets: the IPO is a 100% fresh issue, with ā¹286.5 crore earmarked for opening 15 new stores by FY28, and ā¹35.4 crore for brand marketing and local awareness campaigns. The shares will list on both the NSE and BSE.
Worth noting: revenues for FY25 stood at ā¹258 crore, up 32% YoY, while profits rose 40% to ā¹59.4 crore, driven by a strong uptick in domestic demand for diamond-studded jewellery.
Zoom out: Indiaās branded jewellery market has been growing rapidly, as urban buyers shift from traditional family jewellers to organised, design-first retail chains. If the Reva brand can scale fast and build visibility, this IPO could carve out a decent niche in a crowded but glittering space.
3. Kuku FM tunes into $70m round š§
Audiobook platform Kuku is in advanced talks to raise $70 million at a $500M valuation. The round will be led by Granite Asia.
The deets: the funds will be raised as primary capital, and will be used to expand Kuku FMās regional content offerings, grow its creator network, and keep users engaged with more localised, binge-worthy audio content.
As Indian users move beyond video to explore audio-first entertainment, platforms like Kuku FM are catching investor interest. The appās growing traction in tier 2 and 3 towns, and its focus on regional creators, is a big draw.
Zoom out: Indiaās audio content market is projected to touch $1.3 billion by 2030, growing at a rate of over 34%.
With over 400 million audio streamers already tuning in across music, podcasts, and audiobooks, the space is booming. Platforms like Kuku FM are riding the regional content wave, tapping into a user base where 80% prefer non-English content.
While we are on fundraises, š°
Israel-based startup Coralogix, has raised $115 million in a Series E round, pushing its valuation past $1 billion & earning it unicorn status.
Coralogix is a cybersecurity & observability company that helps businesses collect, analyse and visualise large volumes of data generated by apps, servers & infrastructure.
While we are on fundraises,
MakeMyTrip is raising over $2.5 billion to facilitate a partial exit for China-based Trip.com Group, one of its key shareholders.
With this, MakeMyTrip could potentially cut Trip.com's holding by over 20%, nearly halving its current stake. The move signals a shift toward tighter control and cleaner ownership as the travel giant continues to scale in a post-pandemic travel boom.
BTW, MakeMyTrip stock is on a tear over the last few years.
4. Stocks that kept us interested š
1. Bharat Forge joins France for battle drone š¤
Bharat Forge signed an MoU with Franceās Turgis Gaillard to offer armed surveillance UAV AAROK to Indian defence.
Whatās up: AAROK is a medium-altitude long-endurance (MALE) drone for the Indian military.
The equipment is built for long-range surveillance and precision strikes, staying airborne for extended periods at high altitudes. It carries over 1.5 tonnes of payload, enabling it to fire weapons from a safe standoff distance. It strengthens Indiaās domestic UAV capabilities while leveraging proven European tech.
Why it matters: Bharat Forge will also set up a dedicated AAROK production line in India, making it a strong Make in India + global tech combo.
As warfare becomes more networked and unmanned, Indiaās bet on MALE-class UAVs like AAROK reflects a broader push for self-reliance in next-gen defence tech.
2. UGRO expands with ā¹1,400 cr Profectus deal š¼
UGRO Capital is acquiring a 100% stake in Profectus Capital for ā¹1,400 crore in an all-cash deal.
UGRO Capital is a tech-driven MSME lender, focused on providing credit to small and mid-sized businesses across diverse sectors.
The deets: the company said that acquiring Profectus will instantly expand its Assets Under Management (AUM) by 29%.
AUM refers to the total value of loans or investments a company is handling, essentially, a measure of the size of its lending business.
The move supports UGROās strategy to diversify its loan book, expand into emerging markets, and deepen its presence in embedded finance. It also opens up new lender relationships through access to Profectusā network of private and small finance banks.
3. Polycab bags ā¹6,447 cr BSNL deal š
Polycab India bagged a ā¹6,447.5 crore contract to build rural broadband infrastructure across Karnataka, Goa & Puducherry under BSNLās BharatNet project.
BharatNet is a government-backed mission to bring high-speed internet to every village and gram panchayat in India, bridging the digital divide across rural regions.
The deets: Polycab will serve as the Project Implementation Agency (PIA) under Package 4 of the Amended BharatNet Programme, handling the design, supply, construction, installation, upgradation, operation, and maintenance of the middle-mile network infrastructure.
This is one of Polycabās largest infrastructure deals to date and a major boost to Indiaās digital backbone. Once completed, the network will enable internet access in thousands of underserved areas, powering e-services in education, healthcare, and governance.
5. Story in data: Infra boom in motion š
Indiaās public infrastructure push is in top gear.
Government capex surged to an all-time high of ā¹3.7 lakh crore in Q4 FY25, breaking every previous quarterly record.
The sharp spike reflects pre-election spending, faster project execution, and strong momentum in roads, railways, and defence.
Even as private investment recovers slowly, public capex is doing the heavy lifting to drive economic growth.
This surge could set the tone for another strong year of industrial and infrastructure-led expansion.
What else are we snackinā šæ
ā”ļø Virtual power: Indiaās power regulator CERC proposes rules to introduce Virtual Power Purchase Agreements (VPPAs) to help large buyers meet clean energy targets without physical power delivery.
šµ Stablecoin rules: US Senate passes bill to regulate dollar-pegged crypto tokens, marking a big step for the digital asset space.
Thatās a wrap! Donāt let the weekday blues get to you.
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