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<ul><li><keyword id="361005" type="COMPANY" weightage="20" keywordseo="Barbeque-Nation">Barbeque Nation</keyword>'s share price has jumped by 20% after the casual dining chain announced its fourth-quarter results on May 24.</li><li>Investors can still sell their shares at the upper limit of ₹ 767.50.</li><li>The casual dining restaurant chain plans to open up 20 outlets in the ongoing financial year and double down on its delivery business as well.</li></ul> Barbeque Nation’s share price jumped by 20% on May 25 and hit the upper circuit on Indian stock exchanges, the <keyword id="43628" type="COMPANY" weightage="20" keywordseo="Bombay-stock-exchange">Bombay Stock Exchange</keyword> (<keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword>) and the <keyword id="53581" type="COMPANY" weightage="20" keywordseo="NATIONAL-STOCK-EXCHANGE">National Stock Exchange</keyword> (<keyword id="6354646" type="COMPANY" weightage="20" keywordseo="nse">NSE</keyword>). <div type="image" title="bbq nation share price" msid="82936010" hostid="261" caption="&amp;lt;p&amp;gt;Barbeque Nation&amp;#39;s share price since the launch of its IPO&amp;lt;/p&amp;gt;"></div> After hitting the 20% upper limit of ₹ 767.50, the share price dropped after sellers came into the picture to book their profits. Between the 20% limit, upper and lower, investors can continue to trade. <div type="Article" hostid="261" msid="82934949" title="Barbeque Nation plans to open 20 new stores in the middle of a pandemic hoping for a bargain" mstype="2" mssubtype="0"></div> The jump in the restaurant franchise’s share price comes after one day after it posted its fourth-quarter earnings, which put the company back in the green. After reporting a loss since the first quarter of the financial year, due to the impact of the pandemic, Barbeque Nation nation posted a profit of ₹64.06 crore. Alongside profit, the company’s revenue also grew 18.5% as compared to the same quarter last year. And its earnings before interest, taxes, depreciation, and amortisation (EBITDA) has more than doubled to ₹56.1 crore. According to the management, the addition of the delivery vertical to its business has opened up a new market of customers. Those who wouldn’t normally come to dine in restaurants now have access to Barbeque Nation’s food, at reasonable prices, at home. And the company's ‘Barbeque in a Box’ offering has been one of the growth drivers in the delivery segment. The casual dining restaurant chain plans to open up 20 outlets in the ongoing financial year and double down on its delivery business as well. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-it-will-wait-for-the-indian-government-to-pass-the-personal-data-protection-law-before-limiting-features/articleshow/82931362.cms">WhatsApp says it will wait for the Indian government to pass the Personal Data Protection law before limiting features</a> <a href="https://www.businessinsider.in/business/startups/news/zeta-is-indias-newest-unicorn-with-1-45-billion-valuation/articleshow/82930353.cms">This banking tech startup is the newest Indian unicorn with a $1.45 billion valuation</a>

Barbeque Nation's share price jumps 20% and gets locked in upper circuit

<ul><li>Barbeque Nation is looking to raise ₹180 crore from fresh issue of shares and an offer for sale up to 54.5 lakh shares.</li><li>The basis of allotment for the IPO will be announced on April 1, 2021 while its shares will list by April 7, 2021.</li><li>The company has grown from a single outlet in 2008 to over 160 restaurants across 77 cities in India and six international restaurants.</li></ul>The initial public offering (IPO) from casual dining chain Barbeque Nation⁠ — popular for its generous buffets ⁠— has been subscribed by 5.98 times by close. The issue has been a bigger hit with the small investors more than the institutional ones. The company, which operates the Indian restaurant chain Barbeque Nation and Italian chain Toscano, is looking to raise ₹180 crore from fresh issue of shares and an offer for sale up to 5.45 million shares. The allotment for the IPO will be announced on April 1 while its shares will list on the stock exchanges by April 7, 2021. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Category </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Subscription Status </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.11 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail individual </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13.12 times </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employees </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.02 times </td></tr></tbody></table> Barbeque Nation is not a new name in the industry. From presence in top metros to smaller cities, the restaurant chain is quite popular across the country. The company has grown from a single outlet in 2008 to over 160 restaurants across 77 cities in India and six international restaurants. However, while Barbeque Nation’s revenue has grown consistently, over the years, its mounting losses are also a cause of concern. <div type="image" title="BBN Losses (1)" msid="81707824" hostid="261"></div> Not surprisingly, Barbeque Nation’s IPO hadn’t impressed a lot of analysts. “The Covid-19 pandemic, too, has had an adverse impact on the operations of the company. Hence, we expect profits will remain under pressure over the medium term,” said Jyoti Roy, DVP- Equity Strategist, Angel Broking who gave a ‘neutral’ rating for the IPO. Roy’s rationale is that at the higher end of the price band, the shares are expensive compared to the company’s future earnings potential. SEE ALSO: <a href="https://www.businessinsider.in/policy/news/government-mandates-companies-to-disclose-cryptocurrency-holdings-from-april-1/articleshow/81704174.cms">Indian companies will have to disclose cryptocurrency holdings from April 1 – industry insiders welcome decision</a>

Indian dining chain Barbeque Nation’s IPO gets subscribed almost 6 times

<ul><li><keyword id="51758" type="COMPANY" weightage="20" keywordseo="Dish-TV">Dish TV</keyword>’s share price is currently locked at the 20% upper circuit.</li><li>Shares of the direct-to-home (DTH) service provider have gained over 66% in May alone.</li><li>Earlier last week, lenders of Dish TV invoked their pledge and sold over 5 crore shares in the open market.</li></ul><keyword id="6426538" type="UNKNOWN" weightage="20" keywordseo="Dish-TV-share-price">Dish TV share price</keyword> has hit the 20% upper circuit today, resulting in a price freeze for today. This comes after the lenders of the broadcast satellite service provider <a href="https://economictimes.indiatimes.com/markets/stocks/news/dish-tv-lenders-invoke-pledged-shares-sell-5-11-crore-shares-in-open-market/articleshow/82730868.cms">sold</a> over 5 crore shares in the open market last week. A month ago, former chairman of Zee Entertainment Enterprises Subhash Chandra revealed that he doesn’t own any stake in the direct-to-home (DTH) company. Apart from this, he also stated that he doesn’t have any management control of the company. <div type="image" title="Dish TV 01_04_20 to 25_05_21." msid="82938191" hostid="261" caption="&amp;lt;p&amp;gt;Dish TV share price since April this year&amp;lt;/p&amp;gt;"></div> Since the end of April, Dish TV’s shares have surged by over 66%, adding over ₹940 crore to investor wealth. But that’s not all – over the last one year, investors of Dish TV have seen their wealth increase from a little over ₹652 crore to ₹2,366 crore now. Since the <keyword id="1367150" type="PERSON" weightage="20" keywordseo="Dish-TV-stock">Dish TV stock</keyword> is locked at an upper circuit now, the price cannot go up any further today. However, sellers who want to book profits can still do so by selling at a slightly lower price. <cmsannotation type="cmsannotation" annotationid="Dish TV not the only stock to hit the 20% upper circuit today" comment="subhead" text="Dish TV not the only stock to hit the 20% upper circuit today">Dish TV not the only stock to hit the 20% upper circuit today</cmsannotation> Despite some volatility in the market and today’s gains being wiped out in the last two hours of trading, there are other stocks that have done well. Barbeque Nation, for instance, hit the 20% upper circuit before sellers came in at lower prices to book profits. Other shares locked at the 20% upper circuit include Hindustan Media, Coffee Day Enterprises, Shemaroo Entertainment, Schneider Electric Infrastructure, and Raj Television. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/barbeque-nations-share-price-jumps-20-trading-halts-as-upper-circuit-gets-hit/articleshow/82933919.cms">Barbeque Nation's share price jumps 20% and gets locked in upper circuit</a> <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-says-it-will-wait-for-the-indian-government-to-pass-the-personal-data-protection-law-before-limiting-features/articleshow/82931362.cms">WhatsApp says it will wait for the Indian government to pass the Personal Data Protection law before limiting features</a>

Dish TV shares hit the 20% upper circuit a week after lenders sell over 5 crore shares in the open market

<ul><li>Foreign institutional investors have pulled out nearly $7 billion from the Indian markets this year.</li><li>FIIs have been net buyers in only one month this financial year – September.</li><li>Nearly $13 billion worth of shares have been sold by FIIs so far, as opposed to inflows worth over $13 billion in the period last year.</li></ul>Foreign institutional investors (FIIs) have offloaded nearly $7 billion worth of shares in the last two months and since the beginning of the financial year, FIIs have sold nearly $13 billion worth of shares. During the financial year, only September has witnessed net buying from FIIs, that too only to the extent of $62 million. This comes at a time when the Nifty 50 index has gained nearly 20% since April. “Part of the reason FIIs are selling is because valuations are not cheap and the inflation risk is real in India while the Reserve Bank of India, which historically was one of the more vigilant central banks, right now seems to be more on the dovish side," said Arvind Sanger, managing partner, Geosphere Capital Management to <a href="https://economictimes.indiatimes.com/markets/expert-view/why-have-fiis-turned-big-sellers-in-the-indian-market-arvind-sanger-answers/articleshow/87904160.cms">Economic Times</a>. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Month (2021) </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#000000;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Amount ($ billion) </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">April </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-1.70 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">May </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.81 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">June </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.003 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">July </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.10 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">August </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-0.34 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">September </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">0.06 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">October </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.42 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">November </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-3.39 </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 0.5pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">-12.70 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: NSE, as on November 26, 2021 During the financial year, the last two months have recorded nearly $7 billion worth of selling and November is on track to be the month with the highest selling. <div type="image" title="FIIs - 2020-21 vs 2021-22" msid="87927349" hostid="261" caption="&amp;lt;p&amp;gt;FII activity compared to last financial year.&amp;lt;/p&amp;gt;"></div> Some of the reasons for the pull out by FIIs include concerns around COVID-19, the inflation risk and US Federal Reserve’s plans to reduce the stimulus. If we look at some of the companies that have high <keyword id="46756" type="General" weightage="20" keywordseo="fii" source="Orion">FII</keyword> holdings, there has been a substantial withdrawal in the financial year, even without looking at the last two months. The following data does not factor in the heavy selling that has taken place in October and November. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FII holding as on March 31, 2021 </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FII holding as on September 31, 2021 </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Decline </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shriram Transport Finance Corporations </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">61% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">53.70% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.30% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ZEE Entertainment Enterprises Ltd </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">64.20% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">57.20% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-7.00% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fortis Healthcare </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.40% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">29.30% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5.10% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manappuram Finance </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">38.60% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34.90% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.70% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apollo Hospitals </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">54.50% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">51.50% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.00% </td></tr><tr><td style="border-left:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Redington India </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">42% </td><td style="border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39% </td><td style="border-right:solid #000000 0.6000000000000001pt;border-bottom:solid #000000 0.6000000000000001pt;border-top:solid #000000 0.6000000000000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-3.00% </td></tr></tbody><tbody></tbody></table> Note: Data till September 2021 Morgan Stanley last month <a href="https://www.cnbctv18.com/economy/morgan-stanley-downgrades-india-to-equal-weight-from-overweight-citing-expensive-valuations-11263672.htm">downgraded</a> Indian equities to equal-weight from overweight citing expensive valuations. "We move tactically equal weight on India equities after strong relative gains - we expect a structural multi-year earnings recovery, but at 24 times forward price to earnings, we look for some consolidation ahead of Fed tapering, an RBI (rate) hike in February and higher energy costs," the investment banking company said. Similarly, Goldman Sachs downgraded the Indian market from overweight, stating that the recovery has already been priced in. “While we expect strong cyclical and profit recovery next year and remain medium-term constructive amid increasing digitalisation in the index, we think the recovery is well priced at current peak valuations. We, thus, take profits on our India overweight and lower it to market weight within our regional allocations,” it <a href="https://economictimes.indiatimes.com/markets/stocks/news/goldman-sachs-downgrades-india-equities-says-stocks-appear-well-priced-for-now/articleshow/87660109.cms">said</a>. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/global-investment-banks-are-telling-their-clients-to-take-profits-from-india/articleshow/87667322.cms">Small investors ahoy! Global investment banks are telling their clients to take profits from India</a> <a href="https://www.businessinsider.in/stock-market/markets/news/tata-motors-maruti-and-hdfc-are-among-the-top-losers-as-fear-of-the-new-covid-variant/articleshow/87923451.cms">Biggies like Tata Motors, Maruti, and HDFC are among top losers as fear of new COVID variant takes the wind out of Indian stocks</a> <a href="https://www.businessinsider.in/stock-market/news/pvr-inox-mainland-china-barbeque-nations-share-price-falls-due-to-new-covid-19-variant/articleshow/87925164.cms">Shares of PVR, INOX, Burger King, Barbeque Nation tumble as investors panic over the new COVID-19 variant</a>

Foreign investors have pulled out nearly $7 billion in the last two months, and over $12 billion since April this year

<ul><li>As the year of most IPOs in India comes to an end, another one kicks off.</li><li>The excitement for IPOs, particularly from retail investors, is likely to be a lot sober in 2022, says <keyword id="1038160" type="General" weightage="20" keywordseo="ajay-saraf" source="Orion">Ajay Saraf</keyword>, head of investment banking and institutional equities at ICICI Securities.</li><li>That would mean companies would be less confident in demanding high valuations, leaving more profit on the table for small investors in good companies.</li><li>Check out our <a href="https://www.businessinsider.in/bi-newsletter">weekly explainers</a> on the hottest topics and <a href="https://www.businessinsider.in/newsletters_signup.cms">sign up</a> if you like them</li></ul>The bull run in Indian equities that continued from mid-2020 up until late 2021 had drawn in hordes of companies, including the likes of <keyword id="830092" type="General" weightage="20" keywordseo="zomato" source="Orion">Zomato</keyword>, <keyword id="6376684" type="General" weightage="20" keywordseo="nykaa" source="Orion">Nykaa</keyword> and <keyword id="6357120" type="General" weightage="20" keywordseo="paytm" source="Orion">Paytm</keyword>, who wanted to make the best of the brimming optimism and get the best price for their shares. Millions of retail investors wanted a part of the boom in Asia’s best performing stock market, and a lot of IPOs benefited from the frenzy. That kind of unbridled enthusiasm is unlikely in 2022, according to Ajay Saraf, head of investment banking and institutional equities at ICICI Securities in an interview to Business Insider. Saraf is not alone. Srinivas Rao Ravuri, chief investment officer at PGIM India Mutual Fund also <a href="https://www.moneycontrol.com/news/business/markets/daily-voice-2022-would-be-a-challenging-year-for-investors-and-companies-planning-ipos-says-srinivas-rao-ravuri-of-pgim-india-mf-7856261.html">reportedly</a> believes that 2022 would be a challenging year for investors and companies planning IPOs. But that’s not entirely a bad thing. If the cautious mood makes good companies, who need to raise money, tone down the pricing it may leave more profit on the table for small investors. There were 63 initial public offerings (IPO) in 2021 and they raised a cumulative <a href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">₹1.18 lakh crore from investors</a> [hyperlink]. And, some of them doubled, or more, the <keyword id="1184176" type="General" weightage="20" keywordseo="ipo-investors" source="Orion">IPO investors</keyword>’ money on listing itself. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Top performing IPOs of 2020 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">% of listing gains </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Macrotech Developers </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">159% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Laxmi Organics </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">152% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Easy Trip Planners </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">151% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Barbeque Nation Hospitality </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">125% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Nureca </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">116% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">StoveKraft </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">115% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">MTAR Technologies </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">110% </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Sona BLW Precision Forgings </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">102% </td></tr></tbody></table> But, 2022 is likely to be different. “My sense is 2022 could be more volatile… and the issue would be stuff like hike in global interest rates, tapering, central bank prioritising inflation over growth and increasing interest rate earlier than expected, which might make the market volatile and IPOs may not be as smooth and great as 2021,” said Saraf. Here’s an <a href="https://www.businessinsider.in/stock-market/markets/news/heres-why-the-spike-in-inflation-in-the-us-may-worry-markets-in-india/articleshow/82597218.cms">explainer</a> on why the rising inflation, and the expected hike in interest rates, in the US may affect markets in India. If the market mood is uncertain, then the companies planning IPOs are likely to be less confident in seeking high valuations. Startups like <keyword id="143842" type="General" weightage="20" keywordseo="mobikwik" source="Orion">Mobikwik</keyword> are already waiting patiently before they launch the IPO to get the best price. Founder Upasana Taku told Business Insider that she is <a href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">waiting for the market conditions to improve</a> even though she has the SEBI approval to launch the IPO. Legendary investor Warren Buffet has said in the past that he has never invested in an IPO. “The idea of saying the best place in the world where I can put money is something where all the selling, and their commissions are higher, the animal spirits are rising, that’s going to be better than a thousand other things I can where there is no similar selling enthusiasm, and the desire to get the deal done and earn some commissions. That’s the best thing to buy in a single day?,” Buffett <a href="https://www.cnbc.com/video/2019/05/06/warren-buffett-on-why-hes-never-bought-an-ipo.html">asked in an interview</a> in May 2019. In 2022, the animal spirits will be lower i.e. the emotional trigger for investments will be contained and therefore the valuations may be cheaper. “Valuation will become a bit more in favour of investors and that is the trend which we will see (next year),” said Saraf. If the IPOs are priced cheaper, it is likely that the headroom for profit is higher for investors, particularly for those who invest for the longer term. While this is general wisdom, it may so happen that the excitement may be lesser for some companies and higher for others. “Consumer tech and BFSI will lead the overall IPOs in terms of sector concentration in 2022,” said Saraf. Here’s a list of IPOs expected to open in 2022 <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Description </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">AGS Transact </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Payment solution providers </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Adani Wilmar </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Fast moving consumer goods </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Prudent Corporate Advisory </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail wealth management firm </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Emcure Pharmaceuticals </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacture of pharma products in areas -- gynaecology, cardiology, blood- related, oncology, respiratory, CNS &amp; HIV </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shri Bajrang Power &amp; Ispat </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Integrated steel manufacturer </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sahajanand Medical Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Medical devices company </td></tr></tbody></table>Does lesser excitement for IPOs mean that loss-making startups have no hope in 2022? Saraf doesn’t think so. “I think Indian investors, given how the year 2021 was, they are willing to put money into companies who are still not breaking even or whose profitability may be few years away...and this trend will continue,” said Saraf. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/list-of-upcoming-ipo-in-year-2022-in-india-ags-transact-adani-wilmar-prudent-corporate-advisory/slidelist/88492728.cms">LIC, AGS Transact, Adani Wilmar and other IPOs coming up in early 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/mobikwik-founder-says-they-are-not-selling-any-shares-in-the-ipo/articleshow/88392998.cms">Mobikwik founder says they are not selling any shares in the IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/snapdeal-ipo-paper-reveals-that-it-is-going-offline/articleshow/88408081.cms">Snapdeal IPO papers reveal the e-tailer’s offline aspirations for budget fashion</a>

The IPO excitement may be softer in 2022 but that can be a good thing for investors

From Nykaa to Cipla to 3i infotech — these are some of the themes the market is betting on amid a sell-off

<ul class="summary-list"><li>Oscar B. Castillo, a documentary photographer, had extraordinary access to Venezuela's PGV prison during an extended period when it was controlled by inmates.</li></ul>One of Venezuela's hottest venues for musicians and sports stars was, for part of the last decade, a maximum-security prison run by its own inmates. "Party at the PGV tonight," local DJs would announce over the radio. Visitors would come from the nearby towns, or all the way from the capital, Caracas, 100 miles away. The PGV, or the General Penitentiary of Venezuela, was a place where inmates mostly roamed freely. The cell blocks had been torn out and there was no "behind bars." But there was also a rigid, if convoluted, code of conduct that was maintained by gangs and an arsenal of heavy weapons. Infractions were met with brutal punishments.Visitors were considered sacred, and off-limits. The PGV was at its best on Visitors' Days — which could run for weeks since there wasn't a formal limit. Christmas, Mother's Day, or the birthdays of gang leaders who ran the place were always a good excuse to put on concerts, or bring in bouncy castles, clowns, and hot dog carts for visiting kids. As night fell, DJs would be brought in to perform in the penitentiary's central square with electronic music, laser shows, and fireworks. <div type="image" title="A couple is seen dancing." height="1000" width="1500" msid="93668288" hostid="261"></div><div type="image" title="Kids are seen on a huge bouncy castle" height="1000" width="1500" msid="93668289" hostid="261"></div><div type="image" title="A woman sings in front of a band of Mariachis." height="1000" width="1500" msid="93668290" hostid="261"></div><h2>Outside/Inside </h2>From the outside, there were vestiges of ordinary prison infrastructure: High fences heavily crowned with barbed wire, control towers, and checkpoints manned by military officers armed with rifles and machine guns. Long lines of relatives, mostly women and kids, carrying large bags of goods and tired expressions on their faces, lined up under the scorching heat to submit to searches — or be made to pay bribes — before being allowed through. But look closer, and you would have seen a thin fence. On one side were guards, employed by the state and confined to the prison's perimeter. On the other side, manning the PGV's entrance, a select group of prisoners held far more powerful guns, and many more of them. Once inside, most inmates — everyone here was an inmate — walked around freely through the maze of corridors, pavilions, and wards. In some areas, shacks and other private dwellings had been erected. From the alleyways and through the prison's windows, the rugged mountain landscape, which lent the town of San Juan de Los Morros its name, could be seen in the distance — beautiful, but also painful, for how it reminded prisoners of their lost freedom. The PGV first opened in 1948, billed as a model South American prison where prisoners could work the soil, care for animals, and live in the relative open. But starting around 2007, as the institutional structure of Venezuela crumbled and mafia activity and corruption spiraled out of control, prison gangs amassed weapons and drugs and, with it, leverage. After years of continuous abandonment and failed policies, police and soldiers were often interchangable with criminals, and human rights groups documented their abuses.Around 2009, the criminal group called "El Carro" (The Car), under the command of El Principal, had taken over the daily workings of the PGV. By 2010, many of Venezuela's biggest male prisons were under the effective control of inmates. <div type="image" title="Shelters are seen lined up, with mountains in the background." height="1000" width="1497" msid="93668291" hostid="261"></div><div type="image" title="Prisoners hold their hands out in prayer." height="1000" width="1500" msid="93668292" hostid="261"></div><div type="image" title="Two inmates lie side by side and one, smiling, points a gun at the other's head." height="1000" width="1500" msid="93668293" hostid="261"></div><div type="image" title="Joints are laid out on a table, along with mounds of other drugs." height="1000" width="1497" msid="93668294" hostid="261"></div><h2>La Rutina</h2>At the PGV's entrance was a makeshift market. There, entrepreneurial prisoners filled tables with basic items, like bread and DVDs, or marijuana joints that were artfully arranged to look like a bouquet of flowers. More stands lined the prison's narrow corridors, which reverberated with the rhythms of Salsa and Reggaeton. You might find barbeque meat, or rum or vodka-based cocktails spun in blenders and served with a lime twist. Even in those times when extreme shortages plagued Venezuela, here at the PGV, people could find practically anything they wished to buy. On visitor days, you might see free Venezuelans shopping for toilet paper, flour or cooking oil — basic products that had completely disappeared from supermarkets shelves.All of this happened under the attentive eyes of Los Luceros. Select members of the gangs that ran the PGV, they answered to orders from the Principal. Armed with revolvers, rifles, and even hand grenades, Los Luceros made sure that everything ran smoothly. They also enforced the payment of an obligatory weekly tax, called "La Causa," which officially paid for prison maintenance and security (more weapons), as well as parties and other activities. For inmates, life at the PGV was like walking a tightrope over a pool of sharks. Abiding by an unwritten code known as La Rutina was obligatory, and prisoners lived under the constant threat of ruthless punishment if they stepped outside of it. A minor offense, or the wrong look, might make you into a pariah, or lead to a punishment that could be the last thing seen in this world. Stealing a cigarette could result in a bullet through your hand. On Mondays, in an improvised arena called the Coliseum, dozens of inmates were compelled to settle their debts or other disputes over knife fights. Ordinary words like egg, milk or water — that in Venezuelan slang might carry a vague sexual connotation — were banned because of their potential to offend other inmates. Saying them could get you banished to dirty and trash-filled corners of the prison, far from the markets and the fun.<h2>Free Convict </h2>For three years, from the beginning of 2014 until Venezuelan authorities finally shut the place down in 2016, I had extraordinary access to the PGV as a Venezuelan documentary photographer. At that point, the PGV had a population of around 5,000 people — more than six times its intended capacity. Most of the inmates were still in legal limbo; many hadn't yet been tried for their alleged offense, or given an exact sentence. It was also extraordinarily violent: In 2014, there were at least 309 homicides in Venezuelan prisons, where some 60,000 prisoners were held, according to the Venezuelan Prisons Observatory. <div type="image" title="The words &quot;Free Convict&quot; are seen on the wall." height="1000" width="1500" msid="93668295" hostid="261"></div><div type="image" title="A prisoner does a motorcycle stunt in an open area." height="1000" width="1500" msid="93668296" hostid="261"></div><div type="image" title="Two men are seen on either side of a wall. One is seated on the floor and the other sits at a desk." height="1600" width="2400" msid="93668297" hostid="261"></div>I was at the PGV with Free Convict, a Hip Hop collective formed by 12 inmates and to try to understand their lives in all of their complexities. These men had survived gang life, street violence, drugs, and now this bizarre penitentiary existence. They were now looking to chart a new path for themselves, making rhymes around the themes of non-violence, self-improvement, and redemption. In the early days, Free Convict would gather in a Freestyle circle in the prison's central square. The meetings became bigger and more frequent, and eventually even the PGV's toughest bosses began to show them respect. (It helped that their leader, Ray Martinez, was part of the "El Carro" gang that controlled the prison.) Through the same cracks by which drugs and weapons flowed into the PGV, Free Convict managed to smuggle in a recording studio, where they recorded a full album and produce music videos. In time, they got to be good enough, and famous enough, to attract collaborators both from inside the prison and beyond its walls. Only in total chaos, as Venezuela was of those years, would a place like the PGV be possible. Out of that anarchic landscape, Free Convict offered the possibility of a different way of life, a fresh start, and an oasis in the midst of madness. <h2>Héctor</h2>One of the inmates behind Free Convict was a man named Héctor. Like a few of the others, he had arrived at the PGV as something of a stereotype of the hardened criminal. By the time I met him, he was much more interested in self-reflection and finding redemption. Born in 1992, Héctor came up in the Pinto Salinas neighborhood of Caracas. As a kid, he was a promising basketball player. But his future in the sport was cut short in 2010. His gang was fighting for control of the area, a notorious staging ground for drug distribution, and he got caught in a hail of bullets that nearly killed him and tore up one of his arms at the elbow. <div type="image" title="A man is seen, wide-eyed, looking directly at the camera." height="1000" width="1500" msid="93668298" hostid="261"></div>By 2012, the year Héctor was sent to the PGV for being an accomplice to a homicide, his two brothers had been killed. Humberto, the oldest, was gunned down near their home in Pinto Salinas in 2008. Junior, the youngest, died a similar death in 2011. Now, another son seemed to be heading down the same inexorable path.Like most prisoners at the PGV, Héctor depended on his family, outside, to bring him things to sell at the market. In good times, he might make enough to pay La Causa, take care of his needs, and even send some profits home. The best bet for making money was to set up a table selling crack, cocaine, base paste, marijuana and blunts. But even in this environment, where drugs could be sold and consumed out in the open, this line of work could be unpredictable and dangerous. Héctor liked the money; the money was useful to him. But selling drugs brought problems. So Héctor mostly avoided it. At one point, he sold nails, screws, wires, and pieces of wood to inmates — coveted objects that inmates used to build improvised shacks. If he got his hands on some flour, he might set up a stand selling banana cake or Venezuelan arepas.<div type="image" title="A man lies on a bed with his mother." height="1000" width="1500" msid="93668300" hostid="261"></div>Whenever possible, he'd hoped to make enough money so his mother, Rosalia Rivero, who worked as a janitor and whom he playfully called "La Pucha," could travel from Caracas for a Visitors Day. On these visits, she would head straight to her son's room, willfully ignoring the strangeness she passed along the way. She was used to seeing drugs and weapons, and she associated both with losing two of her sons, and almost losing a third. At the PGV, she found Héctor a changed man. Héctor was never an angel; nobody in Free Convict was. But now he was searching for something different. Together with the rest of Free Convict, Héctor had resolved to take control of his life, and break the cycle that had put him on the frontlines of the street wars that were tearing apart Venezuela and that nobody had asked for. To do that, Héctor had to sharpen his talent, and believe in himself.<div type="image" title="Men are seen seated in what used to be a bell tower high up on a building." height="1000" width="1500" msid="93668301" hostid="261"></div><h2>Boom!</h2>By 2016, the situation in Venezuela had become catastrophic. Inflation was out of control and finding basic items had become nearly impossible. At the PGV, families were barely able to send help. Inmates went from drinking good rum at parties to making their own alcohol, from fermenting banana skin, in plastic Gatorade bottles. Instead of manning tables piled high with drugs, inmates like Héctor scraped together money selling single cigarettes or hot chocolate. La Causa had to be paid first. There was barely any money for food. The beginning of the end of the PGV came in September of 2016. Musicians and sports players had been brought in, along with the usual flood of friends and family from the outside, to celebrate the birthday of the PGV's big boss, Franklin "Viru Viru." <div type="image" title="An outdoor display of pictures and trophies." height="1000" width="1500" msid="93668302" hostid="261"></div><div type="image" title="Inmates at seen sleeping in makeshift hammocks and on the ground below." height="1000" width="1500" msid="93668303" hostid="261"></div>Then, suddenly, BOOM, a hand grenade explosion caused the prison's foundation to tremble. Smoke was everywhere. Some people screamed in agony, others ran in all directions. In the confusion, Los Luceros pointed their guns at each other, looking for signs of treason.When the black cloud had cleared, there was a hellish scene of wounded people and dead bodies. Visitors and prisoners alike were among the almost 20 victims. Afterwards, tension and fear were everywhere, and the prison divided into warring factions. Punishment, including murder, was more common, and even more random. Seeing an opening, forces from the state finally stormed the prison. For two weeks, there was fighting, leading to an estimated 80 deaths. There was no water or electricity. Starving inmates killed their pets for food, or consumed whatever drugs they could find to fight off hunger. Tuberculosis was plaguing the prison and infected prisoners were dying daily. When it was finally over, government soldiers emptied the PGV and inmates were sent to other detention centers around the country. Free Convict scrambled to stay in touch, but finding out who had ended up where was almost impossible.Free Convict, which by then was better and more popular than ever, seemed to be dying. Héctor ended up at Tocuyito, another prisoner-controlled prison, where he stayed for another two years.<h2>Caracas</h2>One day in 2020 — six years after I began documenting Free Convict at the PGV — I went to a recording studio in Caracas to meet up with the collective. Nearly all of them had been released, and they were trying to keep Free Convict's work alive from the outside. Free in Caracas, there was still so much to navigate. The immediate problem was Héctor. His family hadn't heard from him in three days. At first, the police said they had no record of him being arrested. Now, thanks to pressure from his family, they were saying he had been arrested, and would be released soon. We predicted he'd come to the studio directly, and were waiting for him there. When he finally arrived, fear, rage, and frustration filled his eyes. He told us that he had been in his neighborhood with his cousin, known as "The Cat," when police arrived and shot his cousin dead. They'd then arrested Héctor, who now told us he'd been spared only thanks to a divine intervention.<div type="image" title="A man is seated with young boys seated all around him." height="1000" width="1500" msid="93668304" hostid="261"></div><div type="image" title="People are seen clustered together on a narrow strip above a passing river and beneath a bridge." height="1000" width="1500" msid="93668305" hostid="261"></div>We couldn't confirm Héctor's story, but there were plenty of others like it. Later that year, the United Nations would call on President Nicolas Maduro to disband various police units that had been behind extrajudicial killings and "crimes against humanity."It was possible that Héctor had actually been spared because, since his release, he'd become relatively well-known both for his work with Free Convict and for his anti-violence and community-building work in prisons, schools, and other areas affected by violence and exclusion.Having overcome so much in an upside-down Venezuela where police forces could turn their guns on civilians and prisoners controlled the prisons, Héctor is a survivor. After so many close calls with death and so much adversity, he had done so much to rebuild his life and forge a new path. His mistakes were part of who he was, but the actions he had taken in his life because of those mistakes, and his skill in communicating the things he'd learned, made him a valued mentor to so many Caracus youths who were in a desperate search for new paths to walk away from violence.But for all the progress Héctor had made in his life, he was still at the mercy of the arbitrary violence of Venezuela. Together, we all wondered where Héctor was safest: In Caracas, trying to contribute to his community while at the mercy of the arbitrary violence of Venezuela, and possibly at the hands of Venezuelan police, or back under La Rutina. <div type="image" title="A man is seen in reflection." height="1000" width="1500" msid="93668306" hostid="261"></div>Oscar B. Castillo is a documentary photographer and multimedia artist. His book about the PGV, "Esos Que Saben" was published this year and is <a href="https://www.eltestigo.net/esos-que-saben-photobook">available for purchase here</a>.

A prison where the prisoners were in charge

The Indian Premier League (IPL) isn’t just a game of cricket, it is a festival of joy for Indians who love their game. So, when we don’t enjoy other festivals alone, but with family, friends and food, why not enjoy IPL at the restaurants, pubs and bars where they are serving stadium experience along with food and drinks? 
 
Sounds good, right! And there is a lot more to be excited about—right from dish names based on the game or cricket players to 1+1 free offers when your favourite team scores a six...the list is endless. Every restaurant owner is coming up innovating ideas aiming for that perfect shot, which helps ‘you’ enjoy the game in its entirety and helps ‘them’ (restaurant owners) raise revenues on the occasion. 
 
Though we are all used to giant screen at the corner giving a different aspect of pleasure-viewing, The Ancient Barbeque restaurant in Noida has charged up its ambience using the IPL team flags and an altogether different theme. For this, they have divided the restaurant in two parts depending on the teams; the plan is to let the customers support respective teams sitting at their designated team space. Apart from design, they also have offers like 1+1 domestic liquor after each boundary and 1+1 imported liquor after each six. 
 
What more would a cricket fan ask for during a cricket match. Manish Agarwal, a 26 year old techie instantly snaps, “Watching IPL at stadium is an experience. But enjoying IPL with same minded people at your favourite bar with unlimited food and drinks is definitely something we look forward to every season.” 
 
With eyes glued to the giant screen and gulping down beer, Manish and his friends at a posh South Delhi restaurant are not the only exception in the national capital where people prefer to enjoy matches at a closed eatery over food and wine. 
 
Even during the last IPL season that was held at UAE, restaurants pulled in more crowds as then people didn’t have much option to watch matches on the screen than at the stadium. 
 Rishi Kumar, General Manager of <keyword id="1554538" type="UNKNOWN" weightage="80" keywordseo="Rodeo">Rodeo</keyword> in Delhi confirmed that IPL’s last season was a crowd puller. He said, “We have acknowledged a great footfall of approximately 20-30 % and did pretty good business last season. The timings (this time) of the matches are very favourable and will attract crowds to restaurants that are offering live viewing and other special packages.” 
 
Rodeo, being a tex mex place at Connaught Place, Draught Beer and cocktails are the drinks people prefer while watching the matches. 
 
Offering unlimited liquor is just another way to lure customers during any festivity. Walking the known path, hotels in outskirts of Mumbai including Hotel Sahara Star in Parle is offering the same. 
 
Not very far from the national capital, Golden Tulip Ambient Resort &amp; Spa at Chandigarh is expecting minimum 600 guests over the next 2 months and expects to earn Rs 4.25 lakh over the season. 
 It’s mostly the locals and not people flying in from other cities to watch <keyword id="101077" type="UNKNOWN" weightage="80" keywordseo="IPL-matches">IPL matches</keyword>. While restaurants gain revenue and there is a boost in earnings from food and drinks even during lean periods, hotels don’t profit much during IPL season. Why hotels fail to gain much from the IPL fever is a different topic altogether, which we may touch upon some other day, but as of now the only message that we would like to share with you is: don’t waste your weekend sitting at home, just go out with friends and family in the evening and celebrate the ongoing ‘India ka Tyohar’ with food, drinks and cheer! 
 
(Image: India Times)

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