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The Cabinet has approved a ₹1,000 crore venture capital fund aimed at boosting startups in the space sector. This initiative is expected to accelerate the growth of India's private space industry and foster advancements in space technology.
The government has approved a Rs 1,000 crore venture capital fund aimed at supporting space startups, with operations expected to commence within five years. The fund, managed by the Indian National Space Promotion and Authorisation Centre (IN-SPACe), plans to invest Rs 150-250 crore annually, targeting investments between Rs 10-60 crore based on the startups' development stage.
Samir Arora of Helios Capital warns that India's capital gains tax on foreign investors could deter long-term capital inflows, making the country less attractive post-tax. He criticizes analysts for underestimating the tax's impact on returns and urges caution against overconfidence in capital availability. Foreign institutional inflows have slowed, influenced by high interest rates and strong equity performance in developed markets, despite a notable rise in the BSE SENSEX Index.
IndusInd Bank's Q2 FY25 net profit plummeted 40% year-on-year to Rs 1,331 crore, significantly missing analyst expectations due to a near doubling of loan loss provisions and rising operating expenses. The bank's net interest income grew 5% to Rs 5,347 crore, below forecasts, while net interest margin declined to 4.08%. Provisions and contingencies surged to Rs 1,820 crore, up 87% from the previous year.
Silicon Valley's venture capital approach to agritech often prioritizes rapid growth over addressing farmers' complex needs, leading to solutions like Plantix, which simplifies pesticide purchasing rather than reducing reliance on chemicals. Despite initial altruistic intentions, the pressure for profitability has shifted focus towards traditional e-commerce models, raising concerns about sustainability and the impact on smallholders. As the industry evolves, some investors advocate for patient capital to foster genuine innovation in food systems.
At the 16th BRICS Summit in Kazan, External Affairs Minister S. Jaishankar emphasized the need for reforms in the UN Security Council to create a more equitable global order. He outlined five key points, including strengthening independent platforms, democratizing the global economy, and addressing colonial-era infrastructure distortions. Jaishankar also highlighted the urgency of resolving conflicts, particularly in West Asia and Ukraine, advocating for dialogue, adherence to international law, and a two-state solution for Palestine.
Nifty tested 24,400 amid market volatility but closed off the day's low, with broader markets facing selling pressure. The NSE advance-decline ratio stood at 2:3, with FMCG, realty, and autos lagging, while banks and pharma gained. Key gainers included Ultratech, Shriram Fin, and SBI, while HUL and Hindalco were among the notable losers.
Several popular SUV models, including Hyundai's Creta, Mahindra's Thar and XUV3XO, Maruti's Ertiga, and Toyota's Hycross, are experiencing high demand, leading to zero discounts from dealers. This trend reflects a significant imbalance between production and demand, with SUVs accounting for 66% of total passenger vehicle sales in Q2 FY25.
CARE Ratings surged 20% to a 52-week high of Rs 1,409 on October 24, following strong Q2 results. The company reported a 31% YoY increase in consolidated profit after tax to Rs 46.88 crore, with revenue from operations rising 22% YoY to Rs 117.37 crore. The impressive performance was driven by growth in both its core ratings business and new non-rating verticals, with EBITDA climbing 33% YoY to Rs 55.72 crore and an EBITDA margin of 47%. Management highlighted momentum in initial ratings for capital market instruments and noted a slowdown in lending to NBFCs and personal loans due to higher risk-weighting norms.
ICICI Securities has maintained a BUY rating for Fedbank Financial Services, setting a revised target price of Rs 130, down from Rs 184. The company faces challenges from management changes, RBI regulations, and elevated credit costs, but has shown resilience with a GNPL of less than 1% over the past eight quarters. Despite trimming earnings estimates for FY25 and FY26, the valuation remains attractive at 1.1x FY26E BVPS.
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India approves 1000 crore fund to boost space sector startups
12:28 24.10.2024
government launches 1000 crore fund to boost space startups in india
12:26 24.10.2024
capital gains tax may deter foreign investment in india's market
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