NewsletterWaaree trims stake, Birla goes international, and Capillary Tech's IPO.
š Morning, folks!
If you werenāt chronically online last night (good for you), you may have missed the internetās latest meltdown.
What started as political shade turned into a full-blown social media brawl, with Elon Musk accusing Donald Trump of being named in the classified Epstein files. Trumpās camp fired back, calling Elon bitter over not getting his policy wishlist.
No evidence was offered, but the feud lit up X like wildfire and added fuel to a very public, very personal rivalry between two of the loudest names in business and politics. Tesla shares plunged over 14%.
Meanwhile, markets in India closed higher on Thursday in a steady, rangebound session. Both Sensex and Nifty gained 0.5%, as investor mood stayed upbeat, helped by bullish brokerage calls and sustained strength in sectors like defence, real estate, and capital markets.
š” Spotlight: Clean energy is cashing in, big time.
Global energy investment is set to hit a record $3.3 trillion in 2025, and hereās the kicker: over $2.2 trillion of that is headed into clean tech. Thatās twice what fossil fuels are getting, per the IEA.
Solar leads the pack with a projected $450 billion, but battery storage is the one to watchāitās set to jump to $66 billion, as the world races to store all that solar and wind power for peak-hour use.
The global energy playbook is changing fast.
1 Big thing: Dassault-Tata to build Rafale fuselages in India āļø
Dassault Aviation and Tata Advanced Systems just signed a deal to manufacture full Rafale fuselages in India for the first time, marking a major leap in the countryās defence manufacturing game.
- The fuselage is an aircraft's main body section. It holds crew, passengers, or cargo.
Under the deal, Tata will build a dedicated production facility in Hyderabad to manufacture key sections including rear, front, and central fuselage including the lateral shells of the aircraft.
Tata will handle the careful building of all major body parts of the Rafale jet, making sure everything fits and works perfectly, with Dassault providing technical support and oversight to ensure quality standards are met.
The plant is expected to deliver up to two fuelages per month. That level of output makes the Indian unit a key pillar in the global Rafale supply chain. For India, this brings:
- High-skill aerospace manufacturing jobs
- Local capability in fighter jet production
- Global confidence in Indian industrial reliability
Why it matters: India imported 36 Rafale jets from France under a high-profile defence deal signed in 2016, with all jets now delivered and flying for the Indian Air Force.
But now building at home is a huge boost for Indiaās aerospace industry as this puts India on the map as a trusted global manufacturing hub for high-tech defence equipment.
2. Waaree trims stake in Indosolar āļø
Waaree Energies, one of Indiaās largest solar power companies, is offloading 4.76 lakh shares of Indosolar through an offer for sale (OFS) to meet SEBIās minimum public shareholding norms.
Waaree currently holds 96.2% in Indosolar, well above the 75% ceiling for promoter ownership in listed firms. Itās now selling 1.15% to the public at ā¹10/share.
This isnāt a cash grab, itās regulatory housekeeping. SEBI mandates that at least 25% of listed companies must be owned by the public. The OFS will help Indosolar comply and improve stock liquidity.
Big picture: Waaree is riding the solar boom. With 15 GW of global panel-making capacity and new solar cell units on the way, itās building serious scale across India and the USāwell-positioned as India ramps up clean energy ambitions.
While we are on deals,
Newgen won a $2.5 million global deal for a digital transformation project.
Newgen is a low-code enterprise platform that helps businesses digitize and automate complex, content-heavy processesāfast, smart, and at scale.
The deets: the company has secured a five-year contract from an overseas client to supply, implement, and support its Enterprise Workflow and Content Management System. The deal includes licensing and full deployment of Newgenās solutions across multiple business lines, aimed at driving the clientās digital transformation agenda.
Zoom out: as more global enterprises push for end-to-end digitisation, Newgen is gaining traction as a go-to vendor for scalable, workflow-first automation.
3. Birla Group enters the US chemical business š°
The Aditya Birla Group is acquiring a 17-acre specialty chemicals plant from Cargill in Dalton, Georgia, marking its first entry into the US chemicals market.
Cargill Inc. is a US-based food and agri giant that also makes specialty chemicals used in products like paints, coatings, and industrial materials.
The facility manufactures resins and formulated resins used in high-performance materials.
The plant will continue producing advanced chemicals, with a focus on tailoring solutions for regional US customers. Aditya Birla said setting up a local footprint will help it work closely with customers and expand its specialty chemicals play.
Why it matters: the US is the worldās largest market for specialty chemicals, and having a physical base here gives the company better access, faster delivery, and stronger customer ties.
Specialty chemicals like resins are key ingredients in paints and coatings. With Birla Opus entering the Indian market to challenge incumbents like Asian Paints, securing a global supply of core materials strengthens both cost efficiency and product innovation.
4. Capillary Tech files for IPO šļø
Loyalty management firm Capillary Technologies is gearing up for a $265M IPO.
Capillary Technologies helps brands run loyalty programs and deliver personalised customer experiences across digital and physical channels.
The deets: the IPO will consist of a fresh issue worth $59 million and an offer for sale (OFS) of up to $205 million.
The company serves 250+ brands, including Tata, Shell, PUMA, and Al-Futtaim, across the US, India, Middle East, and Asia. The company recently expanded in North America by acquiring Kognitiv, a loyalty solutions provider.
Zoom out: as loyalty becomes central to customer retention, Capillary is riding the retail digitisation wave. With SaaS IPOs picking up, this could be a standout debut in B2B loyalty tech.
5. Stocks that kept us interested š
1. Dr. Reddyās targets cancer drug Keytruda š§¬
Dr. Reddyās jumped 3% after it teamed up with Iceland-based Alvotech to make a copy of cancer drug Keytruda.
Keytruda is an advanced drug used to treat multiple cancers including lung cancer, skin cancer (melanoma), and blood cancers like Hodgkins lymphoma by helping the bodyās immune system attack tumour cells.
The deets: through this collaboration, both the companies will co-develop, manufacture, and commercialise Keytruda biosimilar.
The goal is here to speed up development and take the biosimilar global.
Zoom out: immune-based cancer therapies are seeing a boom. Biosimilars like this could expand access to cutting-edge treatment for cancers that were once hard to manage.
2. Garden Reach Shipbuilders goes global with ship deals š³ļø
GRSE ended nearly 2% higher after it signed multiple international MoUs to build vessels, boost exports, and move beyond defence.
The deals:
1. With Carsten Rehder (Germany):
- To build 4 multi-purpose cargo vessels
- Ships to include hybrid propulsion and cybersecurity-ready features
2. With Aries Marine (Dubai):
- MoU to co-design offshore vessels and platforms
- Aries will provide the designs, GRSE will build them in India
Why it matters: GRSE is making a clear pivot from pure defence to a more diversified global shipbuilder. These partnerships will help the company access new revenue streams and compete in commercial and offshore marine markets where demand is rising for advanced, energy-efficient vessels.
6. Story in data: Sky Spend š
Indiaās domestic air traffic continues to fly high, with over 1.4 crore passengers taking to the skies every month since November 2024.
Thatās not just a travel trendāitās a sign of rising discretionary income, mobility, and confidence among consumers.
From business trips to destination weddings, air travel is becoming an everyday mode for Indiaās expanding middle class.
Whatās more, this consistency in passenger numbers comes despite inflationary pressures and high fuel costs.
What else are we snackinā šæ
š³ Flipkart lends: Flipkart gets RBI nod to become an NBFC, can now offer direct loans to buyers and sellers on its platform.
š„” Tata Capitalās IPO: Tata Capital is set to receive SEBI approval for its ~$2 billion IPO. Official nod expected in the coming weeks. This would mark one of the largest NBFC listings in Indiaās history.
š„ļø CtrlS X BSE: CtrlS Datacenters has teamed up with the Bombay Stock Exchange to support its digital infrastructure, handling over 700 crore daily transactions and serving 11+ crore investors.
And thatās a wrap. Pour yourself an extra one this weekend.
Weāll be back like clockwork on Monday!
Hit that š if you liked this issue.
