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- 🤑 Are valuations finally rational?
🤑 Are valuations finally rational?
PLUS: Elon Musk’s X sues Indian govt.
Good morning and Happy Friday. Hope you have a good weekend when it arrives 🫂
- Ruchirr Sharma & Shatakshi Sharmaa
TABLE OF CONTENTS
🤑 Are valuations finally rational?
🧑⚖️ Elon Musk’s X sues Indian government over alleged censorship
🗞️ Bite-sized summaries
🥑 Swiggy launches a competitor
🧬 Gene therapy
🧑🍳 What else is cookin’?
🍿 Entertainment, Entertainment, Entertainment
MARKETS
🇮🇳 India

indicates per gram rate in Delhi | Stock data as of market close 20/03/2025
Indian markets rallied for the fourth straight session 📈 Broad-based buying across sectors, easing crude oil prices, a strengthening rupee, and reduced FII outflows supported the rally.
🌍️ International

Stock data as of market close 20/03/2025
US markets ended mixed as investors weighed concerns over stagflation and ongoing tariff uncertainties. Weakness in tech stocks and cautious sentiment ahead of economic data releases drove the declines.
MARKETS

Private equity investor Ravi Dharamshi, CIO of ValueQuest Investment, believes valuations in both public and private markets are becoming more realistic, thanks to recent market corrections. He views this as a welcome shift, especially for long-term investors like ValueQuest, which has a multi-year investment horizon.
First: what are valuations and why do they matter?
In simple terms, a valuation is how much a company is worth, often based on metrics like profits, revenue, and future growth potential.
High valuations mean investors are paying a lot for ownership in a company, often based on expectations of big future returns. If those expectations don't pan out, investors can lose money.
That’s why rational valuations—ones that reflect a company’s real potential and performance—are important. They help investors make smarter decisions and reduce risk.
One of ValueQuest’s standout investments has been Waaree, a company that grew from a ₹70 crore profit in FY24 to an estimated ₹1,600–1,700 crore profit in FY25—a remarkable scale-up, especially for India’s manufacturing sector.
Dharamshi highlighted three key themes ValueQuest is focusing on:
Energy Transition – from fossil fuels to clean energy sources like solar and hydrogen.
Aerospace – a lesser-known but promising sector in India, especially as global supply chains shift post-COVID. Boeing, for example, plans to source more from India due to labor shortages and IP concerns in other countries.
Tech-Enabled Businesses – investments here include a furniture rental startup and a payment solutions firm. Importantly, ValueQuest avoids funding early-stage, cash-burning startups, instead backing companies already generating EBITDA and cash flow.
Dharamshi explained the aerospace opportunity: major players like Boeing and Airbus are struggling to meet demand due to supply chain issues. With aircraft deliveries delayed by up to three years and order backlogs stretching 20 years, they’re seeking reliable vendors. India, with its skilled workforce and focus on IP protection, is well-positioned to fill this gap.
On private equity valuations, Dharamshi noted they lag behind public markets in correcting but are slowly adjusting. Unlike public markets, PE valuations aren’t marked daily, so shifts take time. He emphasized that this correction is healthy—there’s no major economic downturn, just inflated valuations coming back to earth.
ValueQuest isn’t pressured to invest immediately and prefers opportunities with a higher probability of success over mere potential. For them, this market correction is a chance to invest wisely, not hastily.
Read more: Economic Times
LEGAL
X, owned by Elon Musk, has filed a lawsuit in the Karnataka High Court against the Indian government, accusing it of unlawful censorship and misuse of internet laws.
Here’s what’s happening:
The core issue revolves around the government’s interpretation of the Information Technology (IT) Act, particularly Section 79(3)(b).
X argues that this section is being used to bypass proper legal procedures for blocking content online.
According to X, the government is using it to create a parallel content-blocking system, which sidesteps the structured process laid out in Section 69A of the IT Act.
This, the platform claims, undermines free speech and violates past Supreme Court rulings.
In 2015, the Supreme Court ruled in the Shreya Singhal case that online content can only be blocked through judicial orders or through Section 69A, which includes safeguards like a formal review process. However, X alleges that the government is now misusing Section 79(3)(b) to demand content takedowns without following these legal safeguards.
The Ministry of Information and Broadcasting defends its position, stating that Section 79(3)(b) requires platforms to take down illegal content when ordered by courts or notified by the government. Non-compliance within 36 hours could lead to platforms losing legal protections and being held accountable under Indian law.
X also raised concerns about the government’s Sahyog portal, a platform created to speed up takedown requests and enhance coordination between law enforcement and social media companies. X has refused to assign an employee to this portal, claiming it functions as a "censorship tool" that pressures platforms to remove content without proper legal review.
Overall: X’s lawsuit accuses the Indian government of bypassing due process to censor content and of using legal provisions in ways that infringe on online free speech. The outcome of this case could have major implications for how digital platforms operate in India.
Read more: Economic Times
GENERAL OVERVIEW
🗞️ Bite-sized summaries

🥑 Swiggy launches a competitor - Swiggy has launched a B2B platform called Assure to compete with Zomato’s Hyperpure. Assure supplies kitchen essentials to restaurants, hotels, and caterers, offering locally sourced, fresh, and high-quality ingredients while maintaining strict hygiene standards. The app, launched in September 2024 and updated in December, is operated by Swiggy’s subsidiary, Android Scootsy. Assure is part of Swiggy’s growing suite of standalone apps, including Snacc, Pyng, and Instamart. Swiggy recently announced that Instamart now operates in 100 Indian cities, despite its losses rising to ₹799 crore in Q4 2024, up from ₹574 crore the previous year.
🧬 Gene therapy - Bharat Biotech has invested $75 million in its first cell and gene therapy facility in Telangana, aiming to launch new therapies by 2028. The company is developing two cell therapies and three gene therapies, focusing on oncology and rare diseases, and aims to make these treatments affordable for the Indian market. The facility, located in Genome Valley, will be operational in three months and may receive further investment. Bharat Biotech also plans to export these advanced therapies. The global cell and gene therapy market is projected to grow from $21 billion in 2024 to $117 billion by 2034.
HEADLINES
🧑🍳 What else is cookin’?
What’s happening in India (and around the world 🌍️)
India led science for 2,000 years, but can it lead in AI and Quantum?
Kerala and Goa nearly eradicate Poverty, setting a benchmark for India.
World Happiness report: US is not so happy anymore; where does India stand?
Safeguard measures to cut India's steel imports by 50% in FY26.
CULTURE
🍿 Entertainment, Entertainment, Entertainment

Source: Deadline
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That’s all for today folks - have a lovely day and we’ll see you next week.