Hospitality startup Elivaas raises $10.4 million in funding round led by Vertex Ventures
Existing investors, Peak XV Partners, through its accelerator programme for early-stage startups, Surge, and venture firm 3one4 Capital, also participated. Last September, it raised $5 million in a round led by 3one4 Capital. To date, it has raised a total of about $18 million. Per founder and CEO, Ritwik Khare, the luxury vacation rental company will use the funds to further penetrate the Indian market, expand its presence globally, and enhance its brand visibility.
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Indian Express
10 minutes ago
- Indian Express
‘The best city in India': North Indian man explains why he prefers Bengaluru over Delhi, praises work culture and government
A man from North India who moved to Bengaluru in 2022 for work has declared it 'the best city in India,' saying life there feels entirely different from the three years he spent in Delhi. In a detailed Reddit post, he shared four reasons behind his claim. When he first arrived, he expected the same routine — 'work 5 days, kill yourself with deadlines, then hit some bar or club on weekends to 'prove' you're chill.' But over time, the city changed his perspective. He also praised Karnataka's 'supportive government,' which he said genuinely backs its citizens — whether in jobs, entertainment, or even by keeping movie ticket prices fair. 'In most other states, the government barely notices you exist,' he wrote. The city's work culture was another major draw. In Delhi-NCR, he felt managers were obsessed with micromanaging. 'No matter how good your work is, you can't check your phone, you can't be late by even 5 minutes, you can't relax.' In Bengaluru, however, he said he works from home for half the year despite an official policy of three office days a week. 'Here, skills and results matter more than physical presence,' he wrote. Finally, he praised Bengaluru's resources, infrastructure, and opportunities, claiming few other Indian cities can match them. 'Came for the job, stayed for the growth, respect, and lifestyle upgrade. Bengaluru just hits different,' he concluded the post. The post went viral on the social media platform and has drawn reactions from netizens in the comments. A user wrote, 'As a European I would consider moving to Bengaluru, too. The only thing missing is the sea. Rest is perfect.' Another user added, 'One thing you missed is how nice the people are here. In north Indian cities you find lot of thugs. Also the general treatment of service class people like maids, cook and driver are better.' A third person commented, 'I have been to bengaluru 3 to 4 times and have always loved the place. I live in Hyderabad but found the food and people in bengaluru much to my liking. The last but not the least the weather is always the best. My mother tongue is Hindi btw.' Still, there were detractors. One commenter dismissed the hype, saying, 'Either you have never been to Mysore or outside of India. Man, trust if you see Bangalore from the 10th floor, all you see is ugly city with cars on either side of the road and waste, wires, cables.'
Mint
13 minutes ago
- Mint
Nifty Pharma index rises 1.9%: Alkem, Zydus among key gainers: Should you buy or sell pharma stocks?
Stock Market Today: The Nifty Pharma index gained 1.9% during the intraday trades on Wednesday. Alkem and Zydus stood among key gainers that led the rally The Nifty Pharma Index gained almost 2% during the intraday trade on Wednesday amid a relief rally in the Indian stock market. The Nifty Pharma Index opened at 21,803.45 levels, higher than the previous day's closing price of 21,753.50. It continued to gain further to an intraday high of 22,171.05, which meant gains of almost 2% over the previous day's close. Alkem Laboratories, Zydus Lifesciences, Laurus Labs, and Abbott India were among the key gainers that led to the rise in the Nifty Pharma pack. The US market remains critical for many Indian pharma companies. Sun Pharmaceuticals, Lupin , Dr. Reddy's, Aurobindo, Cipla, and many more derive a significant part of revenues from the US markets. Thus the danger of a 50% tax on pharmaceuticals looms, and this clearly poses a risk to the profitability of Indian pharmaceutical businesses, which rely on the US market for 30-50% of their sales. Most of these US revenues, however, come from the generic drug segment. Silver lining The silver lining remains as India remains cost-competitive compared to both the US and global peers, which should help mitigate some risks, said Ajit Banerjee, president and chief investment officer at Shriram Life Insurance. The domestic Indian pharma market (50% of the Indian pharmaceutical market) will remain unaffected by tariffs. Within the US, the impact on the generic formulations market is still uncertain, though Indian players already operate on thin margins. Tariffs could increase the drug shortages by eliminating competition in a market where pricing pressures are already intense, which could be a positive for Indian companies over the mid- to long-term, highlighted Banerjee While the recent executive order by the US Administration excludes the pharmaceutical sector from immediate tariff imposition. Any tariff action will depend on the outcome of the ongoing investigation under Section 232 of the Trade Expansion Act of 1962. Even if the India pharma tariff question is answered, Kotak Institutional expect the uncertainty to persist around whether the anticipated pharma tariffs (post the Section 232 investigation) would add to the country-specific one, definition of pharma/pharma products and then eventually how much of the tariffs are passed on and rolled back Bannerjee believes the US can either bring manufacturing back home or reduce drug prices, but not both simultaneously. Even before tariffs are finalized, the uncertainty can lead to delays in order commitments and impact sector sentiment and stock price thereby. The sector currently trades at a 1Y forward P/E of 29.7 times, above its 10-year average of 26.7x. We see tariff-induced volatility as a chance for investors to accumulate quality pharma stocks on dips, said Banerjee. Nifty Pharma has witnessed two weeks of selling pressure, especially after the recent U.S. tariff developments, as per analysts. The Pharma Index was trading near a support level on the daily time frame, where a pause in the decline was expected in the coming days, potentially leading the index towards 21,998. The outlook remains negative as long as the index fails to sustain above 22,380. On the downside, a break below 21,240 could push the index further towards the 20,380–20,140 zone, as per Kunal Kamble, Sr. Technical Research Analyst at Bonanza * Disclaimer: The views and recommendations above are those of individual analysts or brokerage companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
Mint
13 minutes ago
- Mint
Bulls ride high on India stocks, expecting success of US-Russia talks on Ukraine
Bulls appeared to be taking charge of the stock markets on Wednesday, ahead of the Trump-Putin talks, where a breakthrough or an impasse could significantly impact Indian equities. The two leaders are slated to meet in Alaska on Friday in a bid to end the over-three year Ukraine war. A day after foreign portfolio investors trimmed their index future longs to 7.95%, only 20 basis points shy of the record low of 7.75% on 22 March 2023, in light of the US Fed rate tightening cycle, bulls sold huge quantities of put options between the 24,500 and 24,600 levels, expecting a rally in the markets ahead of the talks. The contracts expire tomorrow. The Nifty 50 traded 0.6% higher at 24,634 at 1 pm. Amid likely domestic institutional investor buying in the cash market, bulls sold a massive number of puts at 24,600 – the open position at this strike rose by a whopping 227,758 contracts to a total 284,785 contracts. At 24,550, the open or outstanding positions jumped 148,077 contracts to 193,635 contracts and at 24,500 by 152,528 contracts to 260,034 contracts. The jump in open positions at these levels indicates that bulls expect the markets to close at or above 24,600, which will enable them to pocket the premium paid by the put buyers, who expect the markets to correct. "The correction premise (of put buyers) is based on the talks stalling and a continuation of the war, which could impact countries like India that buy Russian oil and have been slapped with a proposed punitive tariff of 25% from 27 August," explained SK Joshi, a consultant with Khambatta Securities. Other analysts cautioned that it was too early to take such calls because the Indian markets would react to the outcome of the talks only on Monday, with Friday a holiday for Independence Day. "The market is likely to consolidate in a 24,400-24,700 range ahead of the Russia-US talks in Alaska," said Sahaj Agrawal, head of derivatives research at Kotak Securities. "The reaction to the outcome will be on Monday." Options data and sentiment for now also suggest a sideways movement, with no major horizon shift on the cards, he added. The put-call ratio of the weekly options expiring on Thursday stood at 0.99 intraday, which means that for every 100 calls sold, traders had sold 99 puts. On Tuesday, the ratio stood at 0.65, or only 65 puts sold for 100 calls sold. Time correction The benchmark Nifty 50 has been in a time correction for 11 months now, which is longer than the nine-month time correction that followed the outbreak of the covid pandemic in 2020. Time correction implies an extended period of stagnant to marginally lower price movement. The Nifty has fallen 6.25% from a record high of 26,277.35 on 27 September last year to Wednesday's intraday level of 24,634. While the Nasdaq, the UK's FTSE and Japan's Nikkei trade at record highs, Indian stock indices haven't been able to reclaim their previous high even 11 months later. In the last major down-cycle, the Nifty fell 40% from a high of 12,430 on 20 January 2020 to 7,511.10 on 24 March that year when the pandemic surfaced. However, it reclaimed the high in nine months, closing at 12,632 by 9 November. The current time correction is due to tepid earnings growth and more lately because of Trump's crushing tariffs on India, which Moody's expects could trim its current fiscal growth estimate by 30 bps to 6%. "We have been in a time correction for nearly 11 months now and will have to see how the geopolitical events play out to reckon whether we will break through the 26,277.35 record high of last September or test the multi-month low of 21,743.65 of this April," Kotak Securities' Agrawal added.
