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External Affairs Minister S Jaishankar on Tuesday said that the deployment of forces at the Line of Actual Control (LAC) with China is "abnormal" and the security of the country should not be disregarded. Speaking at an event organised by the Indian Chamber of Commerce (ICC) here, Jaishankar said India responded to the Galwan clash by counter-deployment of forces there. "After 1962, Rajiv Gandhi went to China in 1988 in many ways that was the key step towards normalising the ties (with China)...there was a clear understanding that we will discuss our boundary differences but we will maintain peace and tranquillity on the border. And the rest of the relationship will carry on," the minister said. Since then, it has been the basis of the relationship with China, he said. "What changed now is what happened in 2020. In 2020, the Chinese, in violation of multiple agreements, brought a large number of forces to our border and they did it at the time when we were under COVID lockdown," he said. Jaishankar said "India responded by counter deployment of forces" and for four years now, forces have been deployed ahead of the normal base positions at Galwan. "This is a very abnormal deployment along the LAC. Given the tension between the two countries... As Indian citizens, none of us should disregard the security of the country...it is today a challenge", he said. There is also an economic challenge, he said, which is due to "neglect of the manufacturing and infrastructure sectors in the previous years". "Why is Indian business buying so much from China... Is it good to be so dependent on some other source?" he asked.

Nifty on Tuesday ended 114 points higher to form a bullish candle on the daily chart and is now approaching the hurdle zone around 22,300 after two days of rebound.“We need to witness a decisive close above 22,200-250 levels for further strength in the Nifty. Support for the Nifty is now seen at 21,950-22,000 and 21,700-800 levels. On the higher side, the immediate resistance zone for Nifty is at 22,200-250 levels and the next resistance is at 22,500 mark. Overall, Nifty is likely to remain volatile within the 21,800 – 22,300 range in the near term,” said Tejas Shah of JM Financial & BlinkX.An analysis of Nifty put options reveals a concentration of Open Interest (OI) at the 22,000 level, implying potential support at this level. On the Call side, significant OI concentrations are observed at the 22,500 and 22,600 levels, nearing all-time highs.What should traders do? Here’s what analysts said:Rupak De, Senior Technical Analyst, LKP SecuritiesNifty managed to close above the crucial level of 22,200. Nonetheless, it needs to return within the channel to sustain momentum in the upcoming days. In the near term, a decisive move above 22,250 could propel the index towards the higher level of 22,600 in the short term. Conversely, a failure to maintain levels above 22,200 might trigger selling pressure in the market.Jatin Gedia, SharekhanOn the daily chart, we can observe that the Nifty has witnessed follow-through buying interest from the previous trading session, which is a bullish sign. The up move is likely to continue till 22,308 – 22,423, which is the 50% and 61.82% Fibonacci retracement level of the previous fall. On the downside, 22,040 – 22,000 is a crucial support from a short term perspective.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The homegrown PE fund ChrysCapital will invest up to Rs 830 crore ($100 million) in New Delhi Centre for Sight (CFS), one of India’s leading eye care chain, said a company statement. This transaction involves a mix of primary infusion and purchase of the entire stake held by Mahindra Holdings Limited (MHL), a wholly owned subsidiary of Mahindra & Mahindra Limited.This investment will support CFS’s ability to further scale and serve the growing demand for eye care in India both across Tier 1 & tier 2 cities, it said.ChrysCapital is in final discussions to acquire a significant minority stake in New Delhi Center for Sight Ltd, valuing the chain at Rs1600 crore, ET first reported in December. Chryscap's proposed investment worth Rs800-1000 crore ($100 mn) will give an exit to Mahindra Partners, the private equity arm of Mahindra & Mahindra, which owns about 32% stake in the chain, said the ET report.At present, Dr. Mahipal S. Sachdev, the founder chairman of Centre for Sight is the majority stakeholder with about 55% stake in the chain while about 10% stake is given under ESOP.Founded in 1996, CFS, is amongst the top three organized eye care chains in India, with an established pan-India presence particularly in North India, with an annual footfall of 1.5 million. Company has a footprint of 83 centers across 15 states / UT’s and 39 cities including Delhi, Gujarat, Rajasthan, Telangana as of March 2024.o3 Capital acted as the exclusive financial advisor for the transaction.Centre for Sight is expected to post a revenue of Rs515 crore with an EBITDA of Rs105 crore in FY24, said sources. The company, which got SEBI nod for listing in 2016, had dropped its Rs115-cr IPO plans in 2017.CFS offers eye care services, including cataract surgery, LASIK and Smile treatments, treatments for retinal issues and glaucoma, oculoplasty, as well as paediatric eye care. CFS has an industry leading surgical mix in revenue of approximately 70%, best in class in the Indian eye care industry, said the statement.“ChrysCapital is very excited to partner with Centre For Sight, which has exhibited robust growth while maintaining strong profitability. We look forward to working with the team and strengthen CFS’s position as one of the leading healthcare delivery platforms in India,” said Raghav Ramdev, Managing Director, ChrysCapital.“I am delighted and excited to welcome ChrysCapital, one of the most sought-after investors, as a valued partner in the next phase of growth of the business. ChrysCapital’s investment is an endorsement of Centre For Sight’s capabilities and will also provide impetus to Company’s growth plans of strengthening its leadership position," said Dr. Mahipal Sachdev, Chairman and Founder of Center For Sight.The eyecare industry in India, which treats major diseases such as cataract, glaucoma, retina and squint, is valued at around Rs11,000 crore. However, the organised players enjoy less than 10% market share while the rest is held by regional or smaller specialised eye care hospitals. About 62 million people in India are estimated to be visually impaired, with 8 million being afflicted with blindness, according to the Lancet Global Health Commission’s report. Overall, the broader eye care industry has received investments of over $1 billion in the last couple of years. Dr. Agarwal Eye Hospital had raised Rs. 1,700 crore ($ 200 million) from US-based fund TPG Growth and Singapore's Temasek for doubling its network to 300 hospitals. Similarly, Jodhpur-based ASG Eye Hospitals had invested Rs1500 crore from General Atlantic and Kedaara Partners, while GSK Velu-owned Maxivision raised Rs. 1,300 crore ($ 157 million) from Quadria Capital in July 2023.