Best of the Week: A plate of memories: momos, friendship, and growing up

Dear reader,

I remember my early college days when momos were just starting to make waves in India’s already vibrant street food scene. Suddenly, everyone craved these bite-sized delights, often more for the fiery chutney than the dumplings themselves. Junk food, as indulgent as it is, has always held a special place in Indian hearts—especially when it’s drenched in spice.

Back in my college days, my childhood friend and I were inseparable. She’s now a fancy corporate lawyer, but to me, she’ll always be the girl who always had my back. Despite taking different paths in life, we shared a bond that our parents didn’t quite understand. Maybe they wanted us to study more, or maybe they just hoped we’d make new friends. Who would know!

Eventually, we started sneaking around just to spend time together. On days when crashing at each other’s homes wasn’t an option, we’d hop on a scooty and roam the streets of Lucknow aimlessly. That’s when we stumbled upon our very own hidden gem—a ‘momos ka thela’. It became our sacred ritual. No ride was complete without a pit stop for a steaming plate of momos, drenched in fiery red chutney and mayonnaise. Only when our stomachs and souls were full did we finally head home.

Today, as I write this, eight years have passed since those carefree street-food escapades. We now live in different cities, and she’s happily married. The momos that once marked our college memories, our secret adventures, and our endless conversations have now turned into a ₹30,000 crore industry. And yet, for me, they will always taste like nostalgia.

We invite all our subscribers, whether digital or print, to participate in Mint’s annual subscriber survey, ‘Q&A with Mint’. Taking about 8 minutes to complete this survey can significantly aid us in serving you better.

Link to the survey.

On to Mint's best stories from this week:

🍚 A roadside plate of steaming momos might seem handcrafted, but chances are, it was mass-produced in a factory miles away. The frozen momo industry has quietly reshaped street food, offering eateries a cost-effective alternative at ₹5 per piece, with shelf life extending up to a year. In Noida, Momos Pro, a factory run by Nitin Panwar and Amit Pul, churns out 15,000-20,000 momos daily, supplying quick-service restaurant chains and hotels. The industry’s low entry barrier has fueled a cottage economy, but also raised quality concerns. Leading the organized sector is Wow Momo, selling 1.2 million pieces daily across 450 outlets. With plans to go public by 2027, its ₹2,500 crore valuation underscores India’s insatiable appetite for momos.

📎 UltraTech Cement’s entry into cables & wires (C&W) has unsettled the sector, sending stocks like Polycab, KEI, Havells, RR Kabel, and Finolex tumbling 6-21%. Investors fear a repeat of the paints industry, where new entrants pressured the incumbents' valuations. UltraTech plans to invest ₹1,800 crore in a Gujarat plant, set to launch by December 2026. While near-term earnings of the incumbent's remain unaffected, market sentiment may drive early valuation corrections. With ongoing capacity expansions, the sector faces overcapacity risks and potential margin pressures if UltraTech adopts aggressive pricing. Analysts estimate UltraTech could capture 5-7% of the ₹1.3 trillion C&W market by FY29.

💰 Amid market uncertainty, startups are increasingly opting for confidential IPO filings to maintain listing flexibility and manage volatility. Edtech firm PhysicsWallah is expected to file confidentially for an IPO within three weeks after securing fresh funding from Westbridge. Confidential filings let companies keep financials private for longer and approach investors with updated data after regulatory approval—especially beneficial for high-growth firms with fluctuating revenues. While this strategy allows better IPO timing, it also prolongs regulatory approvals. Market volatility remains a key factor, with the BSE Sensex down 14% from its September peak. Even firms like JSW Cement, despite regulatory clearance, are delaying listings for better market conditions.

🎮 While most ‘90s dotcoms vanished, Nazara Technologies thrived—evolving from selling mobile cricket games to becoming India's only listed gaming company. Yet, its identity remains fluid. Is it a gaming firm, a tech conglomerate like InfoEdge, or a “micro-Berkshire Hathaway for gaming”, as co-founder Nitish Mittersain envisions? Nazara’s aggressive M&A spree—acquiring over 12 firms since 2017—has broadened its scope beyond gaming to eSports, adtech, and media. Once reliant on telecom value-added services, it pivoted to an app-driven model, amassing assets like NH7 Weekender and PokerBaazi. Now, with a ₹500 crore fundraise and restructuring underway, can Nazara’s diversified empire truly become India’s Tencent?

🏫 India’s top private universities are in a hiring frenzy, recruiting global executives and academics to climb rankings, secure funding, and enhance international collaborations. Search firms are scouting deans, vice-chancellors, and COOs—roles once rare in academia but now essential. Institutions like ISB and BML Munjal University are leveraging high-profile hires to drive research, industry engagement, and placements. Salaries for these elite roles reportedly range from ₹2-3 crore. Notably, the University of Southampton appointed IMT Ghaziabad’s former director as COO for its upcoming Delhi campus, signaling a shift towards corporate-style leadership in education. As rankings increasingly shape student inflows and funding, universities are betting big on top-tier talent.

💹 India Inc.'s third-quarter earnings reveal a widening gap between sluggish revenue growth and surging profits. A Mint analysis of 3,577 BSE-listed firms shows revenue growth plummeting to 4.4% from 7.3% and 9.1% in previous quarters, while net profits soared 12.4%, fueled by lower input costs and disciplined spending. Raw material costs as a share of revenue hit a six-quarter low of 37%, but experts warn this tailwind won’t last. Mid-sized firms led profit growth (26%), while large firms saw 11% gains, and small firms suffered declines. With US protectionism looming, large firms face risks, while mid-sized players might retain an edge in the market.

🏠 When Sandeep Kaushal missed out on a Yamuna Expressway plot near Noida International Airport in Jewar, his wife was disappointed. The Kaushals, renting in Greater Noida, were among 100,000+ applicants vying for just 451 plots in Yamuna Expressway Industrial Development Authority’s scheme. With land mostly auctioned to builders, this was a rare chance for individual buyers. The region's meteoric rise in terms of real estate was driven by the upcoming airport in Jewar, transforming it from a dormant realty market to a prime investment hub. Master Plan-2041 envisions 5,000 hectares of industrial and urban expansion, including mega parks and a Film City. Land prices have surged 40% in five years and could rise another 50% by 2030, making Jewar a real estate goldmine.

💲 The Union government’s Asset Monetization Plan 2.0 (2025-30) is likely to unlock ₹10 trillion by focusing on power transmission, mining, and petroleum, with an annual target of ₹2-2.5 trillion for FY26. High-value assets like transmission lines will be opened for private participation, leveraging capital recycling for infrastructure growth. The first ₹6 trillion plan (2021-25) saw major contributions from roads and coal, with ₹2.3 trillion achieved in the first two years. For 2024-25, NITI Aayog raised the target to ₹1.9 trillion. With 90% of first-phase goals expected to be met, Plan 2.0 will expand sector-specific targets, inviting greater state government participation.

🩺 In December, biohacker Bryan Johnson posed a question to a Bengaluru audience: “What’s making you deprioritize sleep?” The room—packed with ambitious tech entrepreneurs and professionals—was eager to decode longevity, performance, and biochemical hacks. Once a Silicon Valley niche, biohacking is now mainstream in India, fueled by influencers like Andrew Huberman and Johnson. Enthusiasts fall into two groups: productivity seekers experimenting with Modafinil and supplements, and those managing metabolic or gut health issues. With Reddit buzzing about nootropics and doctors treating 15-year-olds with high cholesterol, India’s biohacking movement is accelerating, blending science with self-experimentation for better health.

💸 The Centre is set to consult multiple ministries on tariff and policy adjustments to enhance US market access ahead of key trade negotiations. The commerce ministry, leading talks on the India-US Bilateral Trade Agreement (BTA), will soon circulate a checklist to ministries handling defence, IT, agriculture, education, and heavy industries. The aim is to balance tariffs, ease FDI norms, and address US concerns over high duties on select imports. While India has already lowered tariffs on motorcycles, ethernet switches, and bourbon whiskey, it plans to counter the US reciprocal tax plan with data showcasing low duties on most US imports.

That's all for this week. I hope you have a pleasant weekend!

If you have any feedback, want to talk about food, or have anything else to say about our journalism, write to me at shravani.sinha@livemint.com or reply to this mail. You can also write to feedback@livemint.com.

Best,

Shravani Sinha

Senior Correspondent.