FINANCEOUTLOOKINDIANOVEMBER, 20268REPORTINDIA'S GOLD DEMAND FALLS 29% TO 162.5 TONNES IN Q3 2026DEEPTECH STARTUP ARMATRIX RAISES RS 67.28 CRORE SEED FUNDINGCOAL INDIA'S MAHANADI COALFIELDS IPO TARGETS $10 BILLION VALUATIONBENGALURU-BASED POWERUP MONEY SECURES $10 MILLION FUNDINGSBI NET PROFIT SEEN RISING 45% IN Q2 ON STRONG INCOME GROWTHIndia's Gold Demand declined 29% year-on-year to 162.5 tonnes in the July-September quarter of 2026, as elevated prices, higher import duties and calls to curb gold purchases weighed on consumer demand, according to the World Gold Council (WGC). Demand stood at 229.8 tonnes in the corresponding quarter of 2025. Though it came down in terms of volume, the value of gold demand rose by 3% to Rs 2,41,900 crore from a year ago's figure of Rs 2,35,090 crore, in view of the steep surge in gold rates. WGC has forecasted the demand for gold in India on a full-year basis at 625-675 tonnes. The average gold price during the September quarter stood at $4,262 per troy ounce or Rs 1,48,891 per 10 grams. The average price in the last year was $3,457 per troy ounce or Rs 1,02,287 per 10 grams. These prices do not include import duty and GST. Bengaluru-based deeptech startup Armatrix has secured Rs 67.28 crore seed funding led by UK-based Crane Venture Partners, with participation from new and existing investors. The new round is less than a year after the company raised its pre-seed round, bringing the startup's value to almost 5x its previous valuation.Armatrix gave out 4,070 compul-sory convertible preference shares (CCPS) at Rs 164,900 per share and 10 equity shares to raise the capital. The funding round is said to be on-going and that the company will receive further funding in future rounds. UK-Coal India Ltd. is preparing to launch the coalfields IPO of its subsidiary, Mahanadi Coalfields Ltd., as early as November. The proposed public offering could raise up to $1 billion and value the company at nearly $10 billion. The company has started investor meetings and is targeting the second half of November or early December for the share sale, according to people familiar with the matter. They requested anonymity as the discussions are private.However, the proposed issue details, including its size, valuation and timing, remain under discussion and could change. Representatives of Coal India and Mahanadi Coalfields did not respond to requests for comment. According to the draft prospectus filed with the Securities and Exchange Board of India (SEBI), the coalfields IPO will be entirely an offer for sale (OFS). Bengaluru-based PowerUp Money, a wealthtech startup, has secured $10 million funding led by Flourish Ventures, with participation from existing investors Peak XV Partners, Accel, Blume Ventures, Kae Capital, 8i Ventures and DeVC. The fresh $10 million funding will go towards the development of artificial intelligence (AI) solutions in the wealth management segment and expanding the investment advisory business. based Crane Venture Partners led the latest funding round with an investment of Rs 40 crore. Existing investor pi Ventures' invested Rs 15 crore while gradCapital invested Rs 4.52 crore. The new investment comes after its $12 million Series A investment led by Peak XV Partners in December 2025. PowerUp Money is a digital wealth management platform started by Prateek Jindal, providing mutual fund advisory and personalised investing solutions. The Bengaluru-based startup claims to serve more than 1.5 million users, who collectively track mutual fund portfolios worth over Rs 2.5 lakh crore through its platform. State Bank of India (SBI) is expected to report strong growth in its second-quarter net profit, supported by higher interest and other income. Gains from the sale of stakes in SBI Mutual Fund and the National Stock Exchange (NSE) are also likely to boost earnings. Consensus estimates from brokerage firms suggest that SBI's net profit could rise around 45 per cent year-on-year (YoY) in Q2. However, estimates vary widely, ranging from 16.6 per cent to 50.5 per cent. The bank is scheduled to announce its Q2 results later today.Motilal Oswal Financial Services expects SBI's net profit to increase 50.5 per cent YoY to 25,250 crore. The brokerage attributed the expected growth to strong business expansion and gains from stake sales in SBI Mutual Fund (SBIMF) and NSE. The brokerage estimates that the bank's net interest income (NII) will grow 11.3 per cent YoY to 47,847 crore.
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