The startup investing opportunity in India is significant, yet less than 1% of an estimated $3 trillion wealth in private hands in the country is getting invested in new enterprises. While the risk in this space is a lot more, Infosys Co-founder Kris Gopalakrishnan says once in a while the reward can be significantly higher than what one would make in other categories of investments. "There has been a mindset change towards start-ups now, as more and more startups move faster towards profitability," says he. The recent spate of deals in this space as big businesses lap up startups to hit the ground running with their newest ventures can help improve those numbers rapidly in the years ahead.
MARKET CUES: Where do we stand >>>  | Nifty futures on the Singapore Exchange traded 24 points higher at 7 am (IST) this morning, signaling a positive start ahead for Dalal Street. |
| As Nifty50 came under selling pressure on Thursday, it index negated higher highs and lows, and formed an indecisive 'Doji' candle. This raised concerns among analysts whether the index saw a 'false breakout' on Tuesday. |
| Asian stocks climbed this morning. Shares rose in Hong Kong, China, Japan and Australia, with volumes below average. South Korean stocks pared some of Thursday's outsized slump as data showed a slide in exports eased. |
| Overnight, a tech-driven rally on Wall Street helped Nasdaq hit a record high despite downbeat data. The Dow rose 0.17%, the S&P500 rose 0.32%, and the Nasdaq 1.06%. |
| Prices rose in early trade on Friday, on track for a third straight week of gains. Brent futures rose 16 cents, or 0.4 per cent, to $44.07, heading for a weekly rise around 0.5 per cent. WTI crude prices rose 0.2% to $42.89. |
| The rupee plunged 20 paise and settled below the 75 per US dollar mark on Thursday as strengthening greenback and losses in domestic equities weighed on investor sentiment. |
| The dollar was on the defensive against most currencies on Friday after a rise in US jobless claims. The British pound held on to a 0.8% gain made on Thursday, the euro held its gains even as the greenback nursed losses against Swiss franc and yen. |
| Gold prices fell for the second consecutive day to Rs 52,319 per 10 gm in line with falling international prices, while silver dropped to Rs 66,153 per kg. On MCX, gold October futures slid 1.07% to Rs 52,061 while silver September futures fell 0.36% to Rs 67,719. Gold prices rebounded overnight and spot gold added 0.8% to $1,945.61 an ounce. |
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Saudi fund seeks to invest more in Jio… Saudi Arabia's Public Investment Fund has initiated discussions with RIL for investing as much as $1 billion in Jio's fibre assets adding to a stake purchase in Jio Platforms. The sovereign wealth fund is in the process of rejigging its $300 billion portfolio — booking profits from its large Silicon Valley, Big Oil and aviation bets and withdrawing from English Premier League club investments.
Read More EPFO sees rebound in subscriber additions… The EPFO saw a robust rebound in net new subscribers with addition of 655,000 subscribers in June as industries and services resumed operations after two months of lockdown. Barely 20,000 and 172,000 subscribers were added to the EPFO in April and May respectively, resulting in net additions of about 847,000 in the first quarter of this financial year.
Read More US approved record H-1B visas in Q3… The US has approved 95.5% of the total H-1B visa applications filed in the third quarter of the ongoing fiscal year, the highest ever since President Donald Trump took power. The data is for the quarter ended June 30, days after Trump suspended new non-immigrant visas, including the H-1B and L-1, through a Presidential Proclamation citing threats to American jobs.
Read More Rly starts work on freight corridors… Indian Railways has begun initial work on four more dedicated freight corridors in the country, although the eastern and western freight corridors being currently implemented have been pushed back by six months due to Covid-19. The 1,483 km long western dedicated freight corridor between Uttar Pradesh and Mumbai and the 1,839 km eastern dedicated freight corridor between Punjab and West Bengal were set to be completed by December 2021.
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Banks stare at major trading losses… Domestic banks are anticipating major trading losses, unless the regulator eases its cap on the amount of bonds banks hold in the held-to-maturity segment. That will encourage lenders buying government bonds in the weekly primary auctions, which remained partly unsold last Friday. A section of the market has already reached out to the central bank with the proposal.
Read More Pharma profit booster set to fizzle out… Ipca Laboratories, Glenmark and Zydus Cadila, companies making drugs that are being used in the treatment of the pandemic, have seen sales increase in lockstep with the rising number of confirmed Covid cases in the country. But analysts say they are going to see a profitability squeeze when more drugmakers begin to produce the prescribed antivirals and prophylactics.
Read More RBI puts check on Mauritius cash for NBFCs… Investments coming from Mauritius are once again facing increased regulatory scrutiny — now from RBI. Over the past few weeks, the central bank has reportedly turned down several applications from NBFCs due to their connections with Mauritius, three executives privy to the development told ET.
Read More Anil Ambani firm taken to bankruptcy court… The bankruptcy court has decided to appoint an interim resolution professional to examine SBI's petition seeking to recover more than Rs 1,200 crore from Anil Ambani, and assess the industrialist's assets and liabilities. SBI earlier this year moved the NCLT in Mumbai, invoking the personal guarantee clause of the bankruptcy law. The lender claims that Ambani had personally guaranteed loans taken by Reliance Communications, and is seeking to recover the money from him.
Read More Meanwhile... Inflation fears halted RBI rate cut… Fear of inflation dominated the monetary policy committee meeting of RBI on August 6. Members said supply disruption was pushing up prices even as consumption patterns changed in favour of food, which was increasing the risk of inflation becoming broad-based. In the meeting, the members had unanimously voted for a pause in monetary policy action and left the repo rate unchanged at 4%.
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