Good morning. Investor confidence across the board is still feeling like a limp noodle atm, but the Indian government has some hopeful thoughts. We’ll tell you all about it and more.

In this edition:

• 📱 Nokia and Netplus rally to spread faster internet

• ✈️ More commercial flights with Russia

• 🏦 The other bank casualty that is Signature

MARKETS

*Stock data as of market close. Source.

• Markets: The Indian stock market saw another dip in the red, with the Sensex plunging by almost 900 points and the Nifty sinking below the 17,200 mark, with investors still wary from the fallout caused by SVB.

BANKING

Authorities posit unique SVB resilience among Indian banks

✉️ According sector leadership, Indian banks have a strong case to avoid bearing the brunt of the collapse of Silicon Valley Bank. The bank's troubles have raised concerns, particularly among startups, but Indian authorities are confident that they have measures in place to help protect the country's banking industry.

The concern of Indian startups. Silicon Valley Bank is a popular choice among Indian startups for its services, which include foreign currency accounts and credit lines that may now face disruptions as a result of the bank's collapse.

The government’s response

• Indian authorities said that they have taken steps to reassure local startups that they are at less risk of facing dire losses from SVB’s collapse, due to the limited exposure of Indian banks to SVB.

• They also note that the high reliance of Indian banks on local deposits have a strong potential to cushion much of the fallout.

• The Securities and Exchange Board of India has instructed mutual funds to disclose their exposure to Silicon Valley Bank, further increasing transparency and reducing potential risks for investors.

TECH

Nokia and Netplus brew new top-draw internet services

📱 Nokia is teaming up with Indian broadband provider Netplus to bring high-speed internet services to customers in India. This collaboration comes as India's digital landscape continues to expand rapidly.

Partnership Details

• Netplus will use Nokia's BNG (Broadband Network Gateway) access management program, which will be hosted on the FP5-based 7750 Service Router (SR) and the 7250 Interconnect Router (IXR).

• Nokia's 7750 SR Extended Services Adapter (ESA) will also be used to scale support for Carrier Grade Network Address Translation (CGNAT).

➡️ Bottom line. With the pandemic accelerating the shift towards digital technologies, this collaboration is expected to play a crucial role in enabling more people to participate in India's digital economy.

AIRLINES

More commercial flights with Russia

✈️ Russia is set to increase the number of passenger flights to India in the coming weeks, providing a boost to air travel between the two countries. Here’s the latest:

📆 Flight details. According to a senior official, Russian carriers will be permitted to run up to 64 weekly flights (from the current 52) to various Indian locations, including Delhi, Mumbai, Kolkata, Goa, Amritsar, and Ahmedabad.

✏️ Extent of the agreement. India has agreed to this arrangement in principle, with the necessary bilateral notes to be formalized in due time.

⛅️ Impact on Indian aviation. As India's aviation sector continues to recover from the impact of the pandemic, this move is expected to support economic growth and help to drive increased passenger traffic in the coming months.

INDIA EDITION: WHAT ELSE IS ON THE BIRDWATCH

• 🚗 Hyundai pens acquisition note for GM property. Hyundai India has signed a term sheet to acquire General Motors' Talegaon plant.

• ⬆️ Tech Mahindra stock gains 10% over new CEO. Indian multinational IT services provider Tech Mahindra is seeing its share price soar by more than 10% following the instatement of Infosys Ltd rockstar Mohit Joshi as its new CEO.

• 📒 Adani’s latest BBB rating, confirmed by Fitch. Adani Electricity Mumbai's (AEML) BBB rating has been affirmed by Fitch Ratings with a stable outlook, following the recent issuance of a $750 million bond.

FUNDING DEALS

Catch up on the Indian funding flows from the past 24hrs:

• The Ayurveda Co., a D2C brand, has gained the financial favor of Bollywood star Kajal Agarwal and other investors in a Rs 100 crore Series A round. The startup is now all set to further its vision of bringing India's ancient healing system to a global audience.

• Recur Club, an Indian fintech platform, is offering a helping hand by allocating $15M in financing to founders affected by SVB’s ongoing woes.

• Raaho, a domestic trucking marketplace, is hitting the gas pedal after raising Rs 20 crore from Inflection Point Ventures and other investors.

WORLD

Headline Explorer

💲 1 dollar = 1 prayer for SVB’s British arm. HSBC has acquired the UK arm of Silicon Valley Bank for a mere £1 ($1.2), but in doing so has saved the loot of thousands of British tech firms who had held deposits at the failed lender.

☀️ SolarWinds looks to APAC for new product expansions. SolarWinds, the American IT management software company, is ramping up its presence in the APAC region by seeking enhancements in its service desk product with HCL's Lucy chatbot and collaborating with Wipro and Infosys to build joint services.

🏦 Signature joins SVB casualties. SVB right now stands for So Very Bad. Signature Bank, the latest victim of SVB uncertainties, has been forced to close its New York State-regulated deposit-taking operations.

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