logo
Defence milestone: India tests homegrown anti-submarine rocket ERASR ; Rajnath calls it 'boost in striking power of Navy'

Defence milestone: India tests homegrown anti-submarine rocket ERASR ; Rajnath calls it 'boost in striking power of Navy'

Time of India15 hours ago
NEW DELHI: India achieved a major milestone in naval defence with the successful user trials of the indigenously developed Extended Range Anti-Submarine Rocket (ERASR).
The trials were carried out on Tuesday from INS Kavaratti, showcasing the growing capabilities of homegrown defence technologies.
Tired of too many ads? go ad free now
Defence minister Rajnath Singh congratulated the defence research and development organisation (
), the Navy, and the industry partners involved in developing and testing the rocket.
Taking to social media platform X, defence ministry posted, 'The User trials of Extended Range Anti-Submarine Rocket (ERASR) have been successfully carried out from INS Kavaratti. Raksha Mantri Shri @rajnathsingh congratulates DRDO, Indian Navy and the Industry involved in development and trials of the System.
He has added that the successfully induction of this system will boost the striking power of the Indian Navy.
'
The ERASR is part of a broader push by the government to enhance self-reliance in the defence sector and reduce dependence on imports. The rocket is designed to improve the Navy's ability to counter undersea threats more effectively and from longer ranges.
On Monday, Rajnath also spoke about the rising global interest in Indian defence equipment following the success of
.
Addressing officials at the controllers' conference organised by DRDO in New Delhi, he said, 'The world is looking towards our Defence sector. The valour that our soldiers have shown during Operation Sindoor, as well as the way we showcased the capabilities of our domestic equipment, has led to an increase in demand for our indigenous defence products. World military expenditure has increased to over USD 2.7 trillion in 2024 - such a big market is awaiting us.
Tired of too many ads? go ad free now
'
He further highlighted the importance of utilising the defence budget wisely, noting that it is larger than the GDP of some countries.
'...If you look at our Defence budget, it's bigger than the GDP of some countries in the world. When a significant portion of people's hard-earned income is allocated to the Defence Ministry, our responsibility increases exponentially – we need effective growth. Our Defence expenditure should be such that not only does the budget increase, but also we should utilise it in the right way - by proper deployment at the right time for the right objective,' he said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Swiss PE firm Partners Group to acquire majority stake in Infinity Fincorp for $230 mn, outbids Advent and Creador
Swiss PE firm Partners Group to acquire majority stake in Infinity Fincorp for $230 mn, outbids Advent and Creador

Mint

time19 minutes ago

  • Mint

Swiss PE firm Partners Group to acquire majority stake in Infinity Fincorp for $230 mn, outbids Advent and Creador

Swiss private equity firm Partners Group is set to acquire a majority stake in shadow lender Infinity Fincorp for ₹ 1,950 crore ($230 million), the companies said on Thursday. The transaction includes a primary capital infusion of ₹ 600 crore ($70 million) and a secondary purchase of shares from existing shareholders, including Indium IV (Mauritius) Holdings, a fund advised by True North. The companies did not disclose the percentage of the stake being acquired. Partners Group clinched the deal after outbidding rival private equity firms Advent International and Creador, both of which had also shown interest in acquiring a controlling stake in Infinity Fincorp. The ₹ 600 crore primary investment will help Infinity expand its branch network, upgrade technology systems, and improve customer onboarding processes. Infinity Fincorp, headquartered in Mumbai, provides secured loans to micro, small, and medium enterprises (MSMEs), particularly in Tier 2 and Tier 3 cities. The company operates over 120 branches across eight states and manages assets worth over ₹ 1,200 crore. This deal marks Partners Group's first step into India's MSME lending segment. Infinity Fincorp serves nearly 50,000 clients in sectors including agriculture, manufacturing, and trade, and has a workforce of over 1,500 employees. The transaction, which is pending approval from the Reserve Bank of India (RBI), will see Partners Group take over from Indium IV as the majority shareholder. Existing investor Jungle Ventures will retain a stake and participate in the new round. Avendus Capital served as the sole financial advisor to Infinity Fincorp and Indium IV for this transaction. Infinity's current leadership team, including its founder and CEO Shrikant Ravalkar, will remain in charge of operations. Established in 2016 as a subsidiary of National Bulk Handling Corporation and initially funded by Indium IV Holdings (a True North-advised fund), Infinity provides secured business loans to MSMEs in underbanked areas. It operates in eight states across western and southern India, with a network of 123 branches and 1,507 employees. The states of Andhra Pradesh, Telangana, and Tamil Nadu account for 75% of its total assets under management (AUM). Infinity primarily extends loans secured by residential or commercial property, targeting small businesses such as traders, retail shops, dairy outlets, kirana stores, and medical or provision stores. Earlier this year, the company raised $40 million in an extended Series A round led by Beams Fintech Fund, with participation from existing investors True North LLP, Jungle Ventures, and Archerman Capital. In January, it had already secured $35 million from Jungle Ventures, Archerman Capital, and Magnifico. Partners Group, which manages $152 billion in global assets, has previously invested in several Indian companies, including HR software provider Darwinbox, logistics startup Ecom Express, and retail chain Vishal Mega Mart. In April, the firm exited its investment in Ecom Express by selling its stake to Delhivery in a cash deal worth ₹ 1,407 crore, alongside co-investors Warburg Pincus and British International Investment. Beyond these, the group has also invested in CSS Corp, an IT services provider, and Aavas Financiers, a housing finance company.

Crizac share price rallies another 9%, now trades 32% higher than IPO price
Crizac share price rallies another 9%, now trades 32% higher than IPO price

Mint

time28 minutes ago

  • Mint

Crizac share price rallies another 9%, now trades 32% higher than IPO price

Crizac share price in focus today: After making a bumper debut on the Indian stock market, Crizac share price extended its momentum on Thursday, rallying another 9% to hit the day's high of ₹ 334.75 apiece in intraday trade. Crizac share price made a grand entry on the exchanges on Wednesday, listing at ₹ 281.05 on the NSE, a 14.71% premium over the IPO price of ₹ 245, and ended its first trading day even higher at ₹ 307.60. Adding to the excitement on debut day, Sunil Singhania's Abakkus Asset Manager Pvt Ltd. picked up a stake in the company during the listing itself. According to exchange data, Abakkus Asset Managers bought 36.73 lakh shares at ₹ 298.33 apiece, taking the total transaction value to approximately ₹ 109.5 crore. Taking today's intraday high into account, Crizac share price has gained 37% over its IPO price.

What's driving retail inflows into hybrid, mid- and small-cap mutual funds?
What's driving retail inflows into hybrid, mid- and small-cap mutual funds?

Mint

time28 minutes ago

  • Mint

What's driving retail inflows into hybrid, mid- and small-cap mutual funds?

Mutual funds, long seen as a way to participate in India's growth story, witnessed a strong resurgence in demand in the previous month, with total inflows reaching ₹ 49,095 crore, marking a sharp 69% increase over May's ₹ 29,108 crore and reflecting investors' confidence in the Indian economy amid ongoing global growth concerns. Among all asset classes, the equity segment continued to dominate inflows, which rose to ₹ 23,568 crore in June from ₹ 19,013 crore in May, registering a robust 24% month-on-month increase, as per AMFI data. The hybrid funds also sustained their momentum with net inflows of ₹ 23,223 crore in June, up from ₹ 20,765 crore in May, driven by continued interest in arbitrage and multi-asset allocation strategies. Meanwhile, the equity inflows were led by strong demand in Flexi Cap funds, which saw a 49% month-on-month surge to ₹ 5,733 crore. Small-cap funds witnessed a 25.2% increase in inflows to ₹ 4,024 crore, while mid-cap fund inflows jumped to ₹ 3,754 crore, marking a 33.7% rise compared to May. Despite ongoing concerns that valuations in mid- and small-cap funds remain stretched, these categories continue to attract significant interest from retail investors. Experts point out that the primary reason behind these sustained inflows is the perception that these funds offer exposure to high-growth segments of the economy. Mr. Dikshit Mittal, Senior Fund Manager – Equity at LIC Mutual Fund Asset Management, said investors are looking to gain exposure to some of the faster-growing segments of the economy, as reflected in their preference for mid-cap and small-cap funds. 'The broad-based rally in indices like the Nifty 50, accompanied by stronger gains in mid- and small-cap indices, has rekindled investor enthusiasm,' Dikshit observed. 'It seems many investors were awaiting a decisive market cue to reallocate towards equities, a cue that emerged in June, prompting renewed participation.' He further noted that the increasing preference for hybrid categories such as arbitrage funds, multi-asset allocation funds, and dynamic asset/balanced advantage funds indicates a strategic and balanced approach to portfolio construction. Mittal added that the rise in SIP contributions and consistent net equity inflows continue to support the resilience of Indian equity markets in a volatile global environment. Meanwhile, Ankur Punj, Managing Director and National Head at Equirus Wealth, remarked that the strong inflows into mid- and small-cap funds reflect growing investor confidence in India's long-term growth narrative despite global uncertainties. 'The uptick in hybrid strategies also suggests that investors are increasingly seeking a balance between growth and risk mitigation, a healthy sign of evolving market maturity,' Ankur said. 'With global rate cycles stabilising and India's earnings season underway, we expect investor focus to remain strong on thematic and multi-asset categories heading into Q2 FY26.' Amid a strong resurgence in inflows, the overall assets under management (AUM) of mutual funds swelled to ₹ 74.40 lakh crore at the end of June, marking a rise of ₹ 2.2 lakh crore from May's ₹ 72.2 lakh crore. Equity AUM now accounts for 45% of the total, standing at ₹ 33.46 lakh crore. Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before taking any investment decisions.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store