Solar

Gold crosses 1L, Renault expands in India, and Flipkart comes home.

🗓 Morning, folks. Cannot kick things off without recognising what’s top of mind for the entire nation. A cowardly terrorist attack took the lives of 28 civilians, with many more injured. Nation remains shocked. International sympathies, from Putin to Trump were swift. GOI’s next steps are closely awaited.

Market wise, stocks in India rose for the sixth straight session on Monday, powered by strong gains in banking, FMCG, and real estate stocks.

Nifty Bank hit a new all-time high for the second day in a row, with heavyweights like HDFC Bank, ICICI Bank, and Kotak Mahindra Bank leading the charge.

💡 Spotlight: Metal stocks stole the show after the government imposed a 12% safeguard duty on select steel imports to shield domestic producers from cheap inflows—mainly from China.

Tata Steel jumped 2.6%, while SAIL and Jindal Stainless rose 2.5% each.

On a different note, Gold prices in India crossed ₹1 lakh per 10 grams for the first time ever, driven by global momentum and strong local buying.

Anyway, easy news day today. Let’s get through it and leave you to better things. ☕

1 Big Thing: US tariffs shake up the global solar market ☀️

The U.S. has imposed massive duties of up to 3,521% on solar equipment imported from Cambodia, Vietnam, Malaysia, and Thailand.

These components—solar panels, cells, modules, and inverters—are essential to powering homes, businesses, and grids with clean energy. The penalties come from an ongoing probe into claims that Southeast Asian exporters were dumping ultra-cheap solar gear into the U.S. market, undercutting local manufacturers.

Here’s the damage:

• Cambodia: 3,521%
• Vietnam: up to 395.9%
• Thailand: 375.2%
• Malaysia: 34.4%

Even big Chinese companies like Jinko Solar, Trina Solar, and JA Solar are caught in the crossfire.

Why it matters: with these tariffs, India has a golden window to become a key alternative supplier of the solar equipment.

U.S. buyers will now look for cheaper, tariff-free solar equipment sources and India, with its growing solar manufacturing base, fits the bill.

Players like Waaree, Vikram Solar, and Premier Energies could gain from increased exports, higher utilisation, and global visibility—aligning perfectly with India’s solar ambitions.

Worth noting: India’s domestic solar market is on fire too. India recently crossed 100 GW of installed solar capacity, a major milestone in its clean energy journey.

That includes utility-scale projects, rooftop solar, and off-grid systems—cementing India’s position as one of the fastest-growing solar markets globally.

2. Renault is expanding its base in India 🚗

Renault has launched its largest design centre outside Europe in Chennai to design five new models locally and speed up development for the fast-growing Indian market.

The deets: so far, Renault has focused on the sub-4-metre SUV space and sub-₹10 lakh price point. Now, it’s moving upmarket—targeting the ₹15–20 lakh range with larger SUVs (4.3 to 4.6 metres), aiming to compete in the premium mass segment.

A few weeks ago, Renault also announced plans to buy out Nissan’s 51% stake in their Indian JV, a move that gives Renault full control of operations. The company expects this to double production capacity and max out its Chennai plant by 2030.

Big picture: Renault is also working on an electric model for India but with a cautious approach. EVs still account for less than 2% of car sales in India, with range anxiety and charging infra posing real barriers.

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3. Stocks that kept us interested 🚀

1. Pixel is shifting from Vietnam to India 📲

Alphabet is in talks with Dixon Tech and Foxconn to shift part of Google Pixel smartphone production from Vietnam to India.

Dixon Tech rose more than 5% following the update.

The deets: Alphabet wants to reduce risk in its supply chain, as the US may impose high tariffs on Vietnam, where most Pixel phones are made.

The Trump admin has already rolled out tariffs as high as 46% on Vietnamese imports, compared to 26% for Indian goods. While a 90-day pause is in effect, the 10% base tariff remains.

Currently, Dixon and Foxconn make 43,000–45,000 Pixel phones monthly in India, but only for local sale. This move could flip that strategy, making India a key export hub, helping Alphabet avoid both US tariffs and India’s 16.5% import duties, while giving it an edge over Apple and Samsung in the premium segment.

Background: Foxconn started assembling older Pixel models in Tamil Nadu in August 2023. Dixon, working with Taiwan’s Compal Electronics, began production in Noida in December and now makes 65–70% of India-made Pixels, including the newest models.

2. HG Infra powers into battery storage 📦

H.G. Infra was declared a qualified bidder for a major battery energy storage project in Gujarat.

The deets: HG Infra is known for building roads and highways across several Indian states, including Rajasthan, Telangana, and Delhi. Now, it's stepping into clean energy infrastructure through battery storage.

The company has qualified to develop 300 MW/600 MWh of battery storage capacity, part of a larger 500 MW/1000 MWh project by Gujarat Urja Vikas Nigam.

In simple terms, this capacity could store enough electricity to power thousands of homes during peak demand or outages, helping stabilize the grid and support renewable energy usage.

4. Story in data: Copper crunch 📊

India’s copper demand has jumped 70% over the last 8 years—driven by rising electrification, green energy, and industrial expansion.

But local production hasn’t kept pace, dropping from 8L tonnes in FY17 to just 4.6L in FY24.

The gap has widened sharply since 2018 and now, India is relying heavily on imports to meet its copper needs.

With EVs and renewables needing 2-3X more copper than conventional tech, the pressure is only building.

What else are we snackin’ 🍿

📦 Flipkart flies home: Flipkart plans to shift its holding company from Singapore to India, ahead of a potential $36 billion IPO.

📶 Speed boost: Airtel has teamed up with Adani to use high-frequency spectrum, which will help make its 5G network faster and stronger across India.

💹 Valuation victory: HDFC Bank became the third Indian company to cross the ₹15 lakh crore market cap milestone, joining the elite club with Reliance Industries and TCS.

That’s a wrap! Don’t let the weekday blues get to you.

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Hit that 💚 if you liked this issue.

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