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Defence, power themes attract interest, but challenges persist: Anand Tandon

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Defence, power themes attract interest, but challenges persist: Anand Tandon
The recent surge in equity markets has caught many investors off guard, prompting a more cautious stance among market participants. Despite the strong recovery, concerns around valuations and unresolved geopolitical tensions continue to linger beneath the surface.

Sharing his perspective, market expert Anand Tandon noted that the pace of the rebound has been unexpectedly fast. “Not a whole lot. The market has had a rocking recovery, much faster than at least I expected and perhaps some of the people in the market. At this point of time, you need to kind of hold back a bit and see where it goes from here because it has reached back to levels where it was before we had the geopolitical issues in West Asia, and those have not been sorted out, whereas the market clearly thinks that they have.”

FMCG Gains, But Valuation Questions Remain
The fast-moving consumer goods (FMCG) sector has recently seen renewed investor interest, largely driven by strong earnings from major players. However, the optimism may be tempered by valuation concerns.“Obviously, the numbers have been good. But if you look at the overall growth, we are still looking at 12% odd growth year on year. So, it is not exactly performance which is going to do a blowout. Now, the forecast obviously is a lot better. You are looking at perhaps more than 20% growth in the year ahead. But you have a company which still trades upwards of 40 PE, so it is not exactly cheap. I mean, there is a small company which trades somewhere in the world called Nvidia, which trades at 17 PE and grows at 50%.”

While consumption-driven sectors have shown resilience, questions remain about whether current growth levels are enough to justify elevated market multiples.
Earnings Growth: Hopeful, Yet Uneven
Looking ahead, the outlook for corporate earnings appears mixed. The current quarter may benefit from favourable base effects, but uncertainties loom over the near-term horizon.“So, I was saying that the consumer sector will probably show good numbers for this quarter. The challenge will be in the current quarter, in Q1 for the next year, where some of the impact of the war, etc., will come through, so that is going to be a bit of a challenge. In the current quarter, probably the fact that you have at least the initial numbers from FMCG, etc., gives you some hope that you will probably find decent growth there on a year-on-year basis. Whether that is enough for it to fire up the imagination of investors is a different story because, like I said, it is not as if it is exactly cheap.”

He also pointed to a broader concern weighing on markets: subdued earnings growth relative to valuations.

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“Frankly, we have got an overhang on the market, which is that the Nifty continues to show very tepid earnings growth and the valuation continues to remain on the higher end of the valuation curve, both from the historic point of view as well as from the fact that relative to our other emerging markets, there is still a lot of the emerging markets which, despite having gone up much higher, are still trading cheaper and continue to show more robust earnings growth than we have.”

Defence: Long-Term Opportunity, Short-Term Constraints
The defence sector remains an area of structural interest, though challenges persist in domestic manufacturing capabilities.

“Defence is definitely one of the few places where you can expect to see consistent growth. But unfortunately, we are still some distance away from having companies which are actually making stuff in India in a meaningful way. HAL has made a lot of planes which do not have engines, and that is the kind of key problem that Indian defence faces—that when it comes to serious technology, we are still floundering.”

He further highlighted gaps in emerging segments like drones.

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“We have more than 200 companies which have announced plans to come up with drones. There is only one serious company which can actually create defence-quality drones so far. So, most of the numbers that you will see are actually being spent overseas even today. So, still early days yet, and the valuations are already skyrocketing, but that said, it is certainly an area which not only in India but globally will continue to remain investor-friendly.”

Banking Sector: Stability with Caution
Private sector banks continue to be viewed as relatively stable bets within the financial space, supported by strong balance sheets and better liability profiles.

“They are reasonably well positioned and relatively cheap. You have to, of course, keep in mind the fact that we are probably at the best end of the cycle. You have a situation where the balance sheets are the cleanest, NPAs are the lowest, and therefore the only pressure really is on the NIM and the ability to raise more deposits.”

“To that extent, private banks have an edge over the public sector banks because their liability profiles are much better and they are able to get more retail customers. So, generally positive from that sector, and given its weight in the index, at a portfolio level there is no reason why you should not be having them.”

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Beyond banks, Tandon expressed a preference for life insurance businesses as long-term plays.

“Banks are an obvious choice, but otherwise the asset side of the business is also looking good. I personally prefer life insurance companies. You have to look past quarterly ups and downs—that is a long-term kind of call that one is making—and therefore, again, the likes of SBI Life or ICICI Pru are companies that can do well.”

Power and Batteries: A Structural Growth Theme
The energy transition story, particularly around batteries and renewable infrastructure, is gaining traction. However, execution challenges remain.

“From an Indian perspective, the fact is that there will be a large demand for batteries going forward, especially for renewable power. Now the government has kind of mandated that all new capacities that come up have to have battery backups. The only question is what technology to use and where you are going to get it from and how dependent you are on China for any of those.”

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When it comes to the broader power value chain, transmission emerges as a preferred segment.

“So clearly, batteries, renewable is one theme which is going to do quite well. More than generation, I prefer transmission. You have generation capacity which will have a kind of fixed upside, whereas transmission can continue to grow. We need a lot more transmission, and therefore all suppliers to transmission companies will continue to see fairly robust performances, at least in terms of the order book.”

However, rising input costs could weigh on near-term profitability.

“The challenge, however, is that you will have fairly high commodity prices in terms of the inputs. So, you may find that the near-term performance for some of these suppliers at least may become a little weaker in the next few months.”

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The Road Ahead
While pockets of opportunity remain across sectors, the broader message is one of cautious optimism. Strong rallies have priced in much of the near-term good news, leaving little margin for error.

Investors, it seems, may need to balance growth expectations with valuation discipline as markets navigate an uncertain global and domestic landscape.

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After the Oscars, what’s next for silent stars of The Artist?

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The Independent

If they are anything like most Oscar winners, the team behind The Artist will have spent the first day of the rest of their lives conforming to the grandest, and most lucrative, of Hollywood traditions.

Having woken up, pinched themselves, and made sure that -oui! – it really was a gold statuette on their bedside table, France’s newly minted movie stars are likely to have devoted their waking hours to pondering two pressing questions: how to shift that throbbing hangover, and which of the myriad career choices suddenly on their horizon should they pursue next?

Breaking the silence

The first will not have been easily answered. Having sought refreshment at the Governor’s Ball, the team who won five of Sunday’s Academy Awards – including Best Picture, Best Director, and Best Actor – adjourned to a packed party hosted by their film’s distributor, Harvey Weinstein, at the Mondrian Hotel in Hollywood.

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Then they swept through Vanity Fair’s bash, before continuing to the Chateau Marmont hotel, where at around four in the morning, several boisterous members of their entourage leapt into the swimming pool, fully clothed.
The second post-Oscar question requires even more careful consideration. Like any winners of the biggest accolade in show business, The Artist’s leading man Jean Dujardin, director Michel Hazanavicius, and producer Thomas Langmann will, for the time being, be inundated with potential job offers. But, as any Hollywood agent will tell you, an overabundance of choice doesn’t always make for easy decisions. Leverage the success

On a purely pragmatic level, history suggests that all three can, if they so desire, leverage The Artist’s success into financial security. The film has already made $76 million worldwide and is now being widened into more than 2,000 cinemas in the US, with a view to further capitalise on its Best Picture status.

As well as “back end” earnings from that pot – which must also be dipped into by the voracious Weinstein – they are entitled to use their modish status to secure significant paydays.

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Beyond Hormuz: When Oil Markets Stop Reflecting Reality

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Beyond Hormuz: When Oil Markets Stop Reflecting Reality

VanEck is a global asset management firm offering ETFs, mutual funds, private funds, model portfolios, institutional strategies, separately managed accounts, as well as UCITS funds. Since our founding in 1955, putting our clients’ interests first, in all market environments, has been at the heart of the firm’s mission. VanEck has a long history of looking beyond financial markets to spot trends that create meaningful investment opportunities. We were one of the first U.S. asset managers to give investors access to international markets, which set the tone for identifying asset classes and themes such as gold investing in 1968, emerging markets in 1993, and exchange traded funds in 2006 that later helped shape the investment industry. The firm oversees $161.7 billion in assets as of September 30, 2025. Disclosures: http://ow.ly/SZ9450N5qTJ.

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SpaceX Launches 24 Starlink Satellites on Falcon 9 Rocket From Vandenberg SFB

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Intuitive Machines

VANDENBERG SPACE FORCE BASE, Calif. — SpaceX successfully launched a Falcon 9 rocket carrying 24 Starlink satellites into low-Earth orbit from Vandenberg Space Force Base on Wednesday night, marking another routine addition to the company’s rapidly expanding global internet constellation.

SpaceX Falcon 9 Successfully Launches 25 Starlink Satellites from California
SpaceX Launches 24 Starlink Satellites on Falcon 9 Rocket From Vandenberg SFB

The Falcon 9 lifted off from Space Launch Complex 4 East at 8:23 p.m. PDT on April 22, 2026, arcing southward over the Pacific Ocean in a spectacular nighttime display visible across much of Southern California. All 24 satellites were deployed approximately one hour after liftoff, bringing the total number of Starlink spacecraft in orbit closer to 9,000.

The booster, making its fifth flight, performed flawlessly and landed on the droneship “Of Course I Still Love You” positioned in the Pacific, achieving SpaceX’s 600th successful booster landing earlier in the week on a separate mission. The rapid reuse of Falcon 9 first stages continues to drive down launch costs and enable the high launch cadence that has become SpaceX’s hallmark.

This mission, designated Starlink Group 17-14, adds more capacity to the constellation’s coverage over the Americas and Pacific regions. Starlink now provides high-speed, low-latency internet to users in remote and underserved areas worldwide, including rural communities, maritime operations, aviation and disaster response zones. The service has grown dramatically since its initial beta phase, with hundreds of thousands of active terminals in use across dozens of countries.

SpaceX has maintained an aggressive launch schedule in 2026, with Vandenberg serving as the primary West Coast site for Starlink missions heading into polar or sun-synchronous orbits. These trajectories allow the satellites to provide coverage at higher latitudes that equatorial launches from Florida cannot efficiently reach. Wednesday’s launch was the latest in a string of Starlink missions from California, following similar flights earlier in April.

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The payload consisted of the latest generation of Starlink satellites, equipped with improved laser inter-satellite links that enable faster data routing across the constellation without relying solely on ground stations. These upgrades have helped reduce latency and increase overall network performance, making Starlink more competitive with traditional fiber and terrestrial broadband services.

Elon Musk, SpaceX’s founder and chief executive, has repeatedly emphasized the importance of Starlink as a bridge to global connectivity and a key revenue driver for the company. The service supports SpaceX’s broader ambitions, including future Mars colonization efforts, by generating cash flow that funds development of the Starship vehicle. Starlink also serves as a critical communications backbone for Starship test flights and other SpaceX missions.

Wednesday’s launch occurred without incident, with live webcasts on X and the SpaceX website drawing hundreds of thousands of viewers. Spectators along the California coast shared videos of the bright exhaust plume lighting up the evening sky, a common sight for residents near Vandenberg but one that never fails to captivate.

The U.S. Space Force, which operates Vandenberg, continues to support SpaceX’s frequent operations while balancing national security launches. The base remains one of the most important spaceports in the world, handling both commercial and government missions.

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Starlink’s growth has not been without controversy. Some astronomers have raised concerns about the brightness of the satellites interfering with ground-based observations, though SpaceX has worked to mitigate the issue through darker coatings and operational adjustments. Regulatory bodies in multiple countries continue to monitor the constellation’s impact on orbital debris and radio frequency interference.

Despite those challenges, demand for Starlink remains strong. The service has proven particularly valuable in Ukraine, where it has maintained connectivity during conflict, and in remote parts of Africa, South America and the Pacific islands where traditional infrastructure is limited or nonexistent. Maritime and aviation versions of the terminal have also expanded the addressable market significantly.

SpaceX plans dozens more Starlink launches in 2026, with both Florida and California sites contributing to the cadence. The company aims to maintain or exceed its record-setting pace from previous years as it works toward a constellation ultimately numbering in the tens of thousands of satellites.

For Vandenberg, Wednesday’s mission added another successful notch to its long history of space launches dating back to the early days of the U.S. missile and space programs. The base’s coastal location provides an ideal trajectory for polar orbits while minimizing risk to populated areas.

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As the Falcon 9 first stage touched down on the droneship hours after liftoff, SpaceX teams prepared for the next mission already on the calendar. The company’s ability to reuse boosters dozens of times has transformed the economics of space access, making frequent Starlink deployments financially viable.

The addition of 24 new satellites will incrementally improve coverage density and redundancy within the network. Users in marginal coverage areas may notice better performance as the constellation fills out, while new customers continue to sign up for the service at a steady pace.

Wednesday’s launch underscores SpaceX’s dominant position in the commercial launch industry and the central role Starlink plays in its business model. With Falcon 9 now a mature and highly reliable vehicle, the company is shifting increasing focus toward Starship development while keeping the Starlink machine running at full speed.

As night fell over Southern California, the glow of the Falcon 9’s engines briefly turned darkness into day, a vivid reminder of the rapid progress in commercial spaceflight. For SpaceX, it was another successful step in building the world’s largest satellite constellation. For the growing number of Starlink users, it represented expanded access to high-speed internet from orbit.

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The mission’s success further cements Vandenberg Space Force Base as a vital hub for America’s space ambitions, both commercial and national security-related. With more Starlink flights scheduled in the coming weeks, the California coastline is likely to see many more nighttime rocket launches lighting up the sky in the months ahead.

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There is a leadership vacuum in Infosys, time to get Nandan Nilekani back: Mohandas Pai

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ET Now caught up with former Infosys Board Member Mohandas Pai for his views on the top level exits in Infosys. Excerpts:

ET Now: There are two ways of looking at it the top level exits in Infosys. On the one hand, a lot of people say that there was a team that was probably not performing well and now they are exiting and that will probably be a positive for the stock over the long run. The sceptics, on the other hand, would argue that there are a lot of people who have been manning the company for the last many years and it is not a pint-sized company, but a Rs 1 lakh 70 thousand crore behemoth. Why have there been so many high profile exits in the company?

Mohandas Pai: There is a leadership vacuum in the company, because they made the wrong choice of CEO three years ago and that is playing out right now. The company has not performed and in June 2011, they had appointed three members on the board and all three of them have gone now and all three have been extraordinary individuals.

Ashok Vemuri is now the CEO of another company, V Balakrishnan had left and has started his own fund and BG Srinivas, I am told, would now be joining some other company as CEO.

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So obviously, all three have been CEO materials. It is obvious that the chemistry did not work, or they were not fully empowered. There is a need for the board to sit down and work out a good succession plan and put a new team in place because the entire layer of people below the executive board are now gone and many of them were outstanding performers.

Yes, a few of them possibly were not pulling the weight, but it is not possible that all of them were not doing so. They were extraordinary people and they are performing at other places.