The Indian government has approved a substantial defense deal worth ₹62,000 crore (approximately $7.4 billion) for the purchase of 97 additional Tejas Mark 1A fighter jets from Hindustan Aeronautics Limited (HAL), marking a significant boost to the 'Make in India' initiative and indigenous defense production. This order adds to the 83 jets previously ordered in 2021, bringing the total number of Tejas Mark 1A jets for the Indian Air Force to 180. Following the announcement, HAL shares rose by 1.47% to ₹4,518. The Indian stock market opened lower on August 20, 2025, with the Sensex down 115 points to 81,529 and the Nifty50 falling 41 points to 24,940, amid muted global cues and selling pressure in Asian and U.S. markets. Several small-cap stocks such as IKIO, Dynamic Cables, and Rishabh Instruments surged up to 20%. IPO activity was notable, with Patel Retail IPO subscribed 6.39 times on day one, Gem Aromatics IPO nearing 2x subscription, and Mangal Electrical IPO opening with a 4% grey market premium. Shares of PG Electroplast gained 6% after entering a manufacturing agreement with PAX India to produce point-of-sale devices, reinforcing the 'Make in India' theme. Other market movements included a 5% rise in GNG Electronics on strong Q1 results, a 5% gain in Globe Civil Projects following a ₹222 crore order win, and a 23% surge in Ola Electric shares over two days. Brokerages see potential upside of up to 20% in hospitality stocks including ITC Hotels, Indian Hotels, Taj GVK, Lemon Tree, and Chalet Hotels. Additionally, Centum Electronics hit a record high after signing an MoU with Bharat Electronics Limited (BEL).