<ul><li>Shares of Venus Pipes &amp; Tubes listed at ₹335 while the price band was fixed at ₹310 - 326 per share.</li><li>The IPO received good demand from investors as it was subscribed for 16.31 times the number of shares offered in the three days of IPO bidding process.</li><li>The market capitalisation of the company stood at ₹679 crore.</li></ul>The stock of Gujarat-based Venus Pipes &amp; Tubes gained 3% immediately after its listing debut - making it one of the ‘good’ debuts this IPO season. Most other stocks including the famed LIC listed at a discount to its offer price. Venus listed at ₹335, which is 2.76% more than the issue price band of ₹310 - 326 per share. The market capitalisation of the company stood at ₹679 crore, according to BSE data. Investors however expected the stock to surge by 5% on listing as per grey market calculations. But with benchmark indices trading flat, mixed global cues and a general feeling of dull sentiment must have watered down some of the enthusiasm that the IPO subscriptions have shown. The IPO received good demand from investors as it was subscribed for 16.31 times the number of shares offered in the three days of bidding process. The company said that the IPO proceeds will be used to finance capacity expansion and to meet the long-term working capital requirements of the company. Venus Pipes &amp; Tubes sells products in both domestic and international markets and exports to 18 countries including Brazil, the UK, Israel and countries in the European Union, amongst others. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/delhivery-ipo-makes-a-tepid-debut-on-exchanges-as-it-rises-1-on-listing-day/articleshow/91757138.cms">Delhivery makes a tepid debut on exchanges as it rises 1% on listing day</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">Foreign investors have pulled out more money this year than they brought in between 2009-2021</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aether-industries-limited-ipo-open-today-check-out-other-important-dates/articleshow/91745866.cms">Aether Industries Limited IPO open today — check out other important dates</a>

Venus Pipes & Tubes gains 3% on listing but falls short of analyst forecasts

<ul><li>Shares of Dharmaj Crop Guard listed at ₹266 against the allotment price of ₹237 per share.</li><li>The grey market expectation was a ₹55 premium per share.</li><li>The market capitalisation of the company stood at ₹899 crore.</li><li>The IPO saw strong demand from investors – it was subscribed 35.49 times.</li></ul>Shares of Ahmedabad-based agrochemical company Dharmaj Crop Guard on Thursday listed on the bourses at a ₹29 premium over the issue price of ₹237 a share. The stock opened at ₹266. This is lower than the grey market expectation of ₹55 premium per share. The grey market is an unofficial market where the IPO shares are traded before they are listed on the stock exchanges. Meanwhile, the broader markets were volatile on Thursday a day after RBI’s monetary policy outcome that saw repo rate hiked by 35 basis points and indicated more rate hikes to come. The market capitalisation of Dharmaj Crop Guard stands at ₹899 crore, according to BSE data. The IPO saw strong demand from non-institutional and qualified institutional investors as they subscribed 52.29 and 48.21 times respectively.Overall, the IPO was subscribed 35.49 times. This year, 32 IPOs made their stock market debut on the BSE mainboard. All except eight have given positive listing gains. Here are the top five IPOs with highest listing gains 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;">Highest listing gains per share </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;">Harsha Engineers International </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;">₹155.90 </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;">Dreamfolks Services </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;">₹136.65 </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;">Aether Industries </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;">₹134.75 </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;">DCX Systems </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;">₹101.80 </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;">Kaynes Technology </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;">₹103.10 </td></tr></tbody></table>Source: BSE Performance and business model of Dharmaj Crop Guard The company’s initial public offering (IPO) mopped up ₹251 crore in total via a combination of fresh issue of shares and an offer for sale from existing shareholders. The net proceeds from the fresh issue is proposed to be used towards setting up a manufacturing facility in Gujarat, fulfilling working capital requirements and for repaying some debts. Dharmaj Crop Guard is engaged in the business of manufacturing, distributing, and marketing a wide range of agro chemical formulations such as insecticides, fungicides, herbicides, plant growth regulator, micro fertilisers and antibiotics to the B2B and B2C segments. It sells crop protection solutions to farmers to aid them in preventing crops from being damaged by insects. Also, the company exports its products to over 20 countries in Latin America, East Africa, Middle East and far East Asia. Since the company’s revenues are dependent on farmers buying pesticides, any changes in farmers income, commodity prices, reduction in government subsidies and incentives can adversely impact its business. “Any changes in the government policies relating to the agriculture sector such as the reduction of government expenditure towards agriculture, the withdrawal of or changes in incentives and subsidies provided to farmers, export restrictions on crops, adverse changes in commodity prices or minimum support prices could affect the ability of farmers to spend on crop protection products, which in turn could adversely affect our business and results of operations,” said the company in its draft red herring prospectus. Dharmaj Crop Guard competes with the likes of Rallis India and India Pesticides among others. The net profit of the company has doubled to ₹20.96 crore in FY21 from ₹10.76 crore in FY20. <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;">Particulars </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;">Total income </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;">Net profit </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;">EBITDA margin </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;">FY21 </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;">₹303 crore </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;">₹20.96 crore </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;">10.59% </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;">FY20 </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;">₹199 crore </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;">₹10.76 crore </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;">9.37% </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;">FY19 </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;">₹139 crore </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;">₹5.02 crore </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;">7.90% </td></tr></tbody></table> SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sula-vineyards-to-open-ipo-next-week-from-dec-12-14-gmp-already-at-70-per-share/articleshow/96061238.cms">Sula Vineyards to open IPO next week from Dec 12-14; GMP already at ₹70 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rbis-rate-hike-as-expected-but-shaktikanta-das-commentary-still-hawkish-say-analysts/articleshow/96057544.cms">BI’s lower rate hike as expected, but Das’ commentary still hawkish, say analysts</a>

Dharmaj Crop Guard lists at 12% premium but below grey market expectations

<ul><li>Shares of <keyword id="11931339" type="General" weightage="20" keywordseo="delhivery" source="Orion">Delhivery</keyword> listed at ₹493 while the price band was fixed at ₹462 - ₹487 per share.</li><li>The IPO witnessed tepid demand from investors as its IPO was subscribed for 1.63 times the number of shares offered.</li><li>The market capitalisation of the company stood at ₹35,718 crore.</li></ul>The Indian equity markets added another stock to the list of new age technology stocks — logistics startup company Delhivery — among others like Zomato, Paytm, Nykaa. Delhivery’s shares listed at ₹493, higher by just 1.23%, while the price band was fixed at ₹462 - ₹487 per share. Shares of the Gurugram-based logistics and supply chain company Delhivery made a tepid listing mainly due to weak market sentiment and poor financials of the company. The IPO had struggled too as only 24% of the issue was subscribed in the first two days of subscription. The lack of demand was due to volatile market conditions that spooked investors. On the last day, the issue was subscribed 163% mainly because of oversubscription in the qualified institutional buyer category. A tepid listing of Delhivery was much expected by analysts The unofficial grey market indicated a negative listing for the stock as they were being traded at ₹10 discount to issue price of ₹487. Investors too stayed away from the IPO as Delhivery is a loss-making <a href="https://www.businessinsider.in/stock-market/news/delhivery-delivers-parcels-to-over-90-of-india-but-will-its-ipo-deliver-profits-to-its-investors-heres-what-analysts-are-saying/articleshow/91470992.cms">company</a>. Not to forget, investors were already once bitten after <a href="https://www.businessinsider.in/stock-market/news/zomato-policybazaar-nykaa-and-paytm-shares-witness-sharp-corrections/articleshow/91365062.cms">new age companies like Paytm, Zomato</a>, whose shares have sunk massively after listing. “Looking at expensive valuation and some correction in the market in the last two weeks expect a soft listing of <keyword id="6661978" type="General" weightage="20" keywordseo="delhivery-ipo" source="Orion">Delhivery IPO</keyword>,” said Yash Gupta, equity research analyst at Angel One. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/foreign-investors-have-pulled-out-more-money-this-year-than-they-brought-in-between-2009-2021/articleshow/91747269.cms">Foreign investors have pulled out more money this year than they brought in between 2009-2021</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paradeep-phosphates-ipo-how-to-check-allotment-status/articleshow/91745969.cms">Paradeep Phosphates IPO — how to check allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/aether-industries-limited-ipo-open-today-check-out-other-important-dates/articleshow/91745866.cms">Aether Industries Limited IPO open today — check out other important dates</a>

Delhivery makes a tepid debut on exchanges as it rises 1% on listing day

<ul><li>The Moto G82 5G was recently launched in Europe now it will be making its way to India on June 7.</li><li>The handset will compete against phones between ₹15-20k.</li><li>It packs mid-range specifications, but we’re unsure if the Indian variant will have the same on offer.</li></ul>Motorola has been rolling out an affordable range of phones in India quite frequently. Now, the company has confirmed the launch date of the Moto G82 5G via its Twitter handle. As per the tweet smartphone will be launching on 7th June also teaser revealed its design. The Moto G82 5G has a punch-hole display in front and a triple camera unit in the rear. <div type="twitter" handle="motorolaindia" handlename="Motorola India" image="http://pbs.twimg.com/profile_images/1310465012578754561/XWFrnf_D_normal.jpg" favoritecount="680" retweetcount="58" status="Get ready for the all new #motog82 5G. A smartphone with Flagship 120Hz 10-BIT Billion Colours pOLED Display, India… https://t.co/U2BGYUd2nW" createdat="1654175376000" id="1532348708863770624"></div> Moto G82 was released a few weeks back in Europe, so the specifications are already known. Also, some of the specifications are revealed by its seller partner Flipkart. In Europe, the device was priced at 329.9 Euros (₹26,500). Keeping in mind that India is the second-largest smartphone market, the device may be sold at a lucrative price under ₹25,000. Now let’s take a look at the specifications and features that the device will sport in India. Moto G82 5G specifications The Moto G82 5G will feature a 6.6-inch pOLED display along with a maximum refresh rate of 120Hz. The smartphone is packed with Qualcomm Snapdragon 695 chipset which is used in several mid-range smartphones (₹20,000 to ₹25,000). Similar to the European version, the smartphone will be coupled with 6GB RAM and 128GB of internal storage along with a dedicated microSD card slot allowing you to expand storage up to 1TB. Camera specifications Similar to the European version, the G82 5G might feature a triple rear camera setup, 50MP for the primary sensor, 8MP for ultra-wide angle and 2MP for macro. It will be equipped with a 16MP of front camera. Coming to camera features, we might see burst shooting mode, portrait mode, AR stickers and more. Battery and availability As per the specification shared on Flipkart, the device is powered with a 5000mAh battery along with 33W quick charging. Coming to availability, the company has not shared any specific date but as per the tweet, G82 5G will be available on Flipkart and Reliance Digital store. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/asus-rog-phone-6-is-all-set-for-its-global-debut-on-june-5/articleshow/91976487.cms">Asus ROG Phone 6 is all set for its global debut on June 5</a> <a href="https://www.businessinsider.in/stock-market/news/aether-industries-beats-market-expectations-to-list-at-a-10-premium/articleshow/91976231.cms">Aether Industries beats market expectations to list at a 10% premium</a>

Moto G82 5G India launch confirmed — check out expected price, specifications, availability and more

India’s jet-set: Here’s how billionaires earned, lost and donated in 2022

Small is the new big: SME IPOs double in 2022, while mainboard IPOs halve

IPOs in FY23 have been fewer but many have fared better than the previous year

<ul class="summary-list"><li>The <keyword id="43587" type="ORGANIZATION" weightage="60" keywordseo="pandemic">pandemic</keyword> initially disrupted the legal <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> industry, but 2020 saw record sales of $17.5 billion.</li><li><keyword id="677653" type="PERSON" weightage="60" keywordseo="dispensaries">Dispensaries</keyword> navigated changing regulations and markets to find new ways to reach customers.</li><li>A cannabis producer in Las Vegas told The New York Times sales in Nevada could top $1 billion in 2021.</li></ul>Shortly after Nevada officials announced that licensed cannabis stores and medical dispensaries could reopen after lockdown, Nicolas MacLean said cars were lined up for five blocks waiting for curbside pickup.Like many industries in Las Vegas, the cannabis industry used to rely on tourists for sales, but that changed when the pandemic hit, MacLean, who serves as the CEO of Las Vegas-based cannabis producer <a href="https://www.aethergardens.com/">Aether Gardens</a>, told <a href="https://www.nytimes.com/2021/05/31/business/cannabis-marijuana-industry-pandemic-dispensaries.html">The New York Times</a>."Locals are very discerning - they want something they aren't going to find on the black market," MacLean said. "Especially when you are stuck at home."The year of 2020 saw extraordinarily strong sales of legal cannabis in the US, up 46% from 2019 to a record $17.5 billion, according to cannabinoid <a href="https://bdsa.com/wp-content/uploads/2021/04/Canaccord_BDSA-2020_21-Cannabis-Market-Review-_-Feb-2021.pdf">market research firm BDSA</a>."I expect this will be the first year Nevada does over a billion in cannabis sales," MacLean said. "And it happened on the back of what I think no one expected."In western Massachusetts, where recreational cannabis use is legal, Meg Sanders, CEO of <a href="https://cannaprovisionsgroup.com/">Canna Provisions</a>, said government restrictions and later social-distancing requirements forced her to radically change her sales strategy.At first, only medical dispensaries were allowed to remain open, while recreational-use retailers were forced to close."To have liquor stores deemed essential and not adult-use cannabis - especially when the law passed in Massachusetts was about regulating cannabis like alcohol - was surprising and unfortunate," Sanders told The Times.As Canna Provisions was allowed to re-open, the shop's particular boutique-style in-person shopping experience had to change in favor of over-the-phone preorders."Our county is an internet desert," she explained.Now when customers call, they speak with a salesperson who can answer their questions and walk them through the available topicals, edibles, and smokables - a method, she said, is "working" for business."In our Lee store, preorders have become almost 100 percent of our business, so we bought more handsets and hired more people to answer the phones, and our revenue is up," she said.In Florida, Oswaldo Graziani Lemoine, the creative director at <a href="https://getfluent.com/">Fluent Cannabis Care</a>, said his company's 19 locations were able to remain open for the roughly half million state residents with medical cannabis cards. (Recreational use is illegal in the state of Florida.)"For us, it became less about the in-store experience and more about offering our customers deals and the ease of pickup," he told The Times.In addition to offering special discounts, Graziani said future locations will be designed with pre-orders and drive through sales in mind - no counter, no lobby, just green.

Legal cannabis sales shot up to $17.5 billion during the pandemic as dispensaries helped Americans stock up on marijuana

GettyApple may be working on satellites.The company best known for the iPhone has hired two Google executives who were working on building satellites for the search giant, <a href="https://www.bloomberg.com/news/articles/2017-04-21/apple-hires-top-google-satellite-executives-for-new-hardware-team">Bloomberg reported on Friday</a>.John Fenwick and Michael Trela joined Apple in recent weeks from Google, and they'll report to Greg Duffy, who was the founder of Dropcam, which was bought by Alphabet-owned Nest. Duffy joined Apple <a href="http://www.businessinsider.com/apple-hired-the-founder-of-dropcam-2017-1">earlier this year</a>. The Information reported that he was leading "a special project at Apple that is operating like a startup within the company." Bloomberg suggests that Apple may be working on satellites that distrubute broadband service, as Facebook and Google have experimented with in the past. According to the report, Apple bought a company called Aether Industries LLC in 2015 that specialized in "near-space technology." At a recent satellite conference, Apple was rumored to be backing a Boeing plan to launch 1000 satellites for providing broadband internet access. Of course, Apple is working on lots of stuff, and Duffy's background is in consumer products, such as the web-connected security camera Dropcam. We reached out to Apple.<a href="https://www.bloomberg.com/news/articles/2017-04-21/apple-hires-top-google-satellite-executives-for-new-hardware-team">There are a lot more details over at Bloomberg</a>. <h3>NOW WATCH: <a href="http://www.businessinsider.com/protect-phone-data-privacy-united-states-border-customs-require-open-device-david-kennedy-2017-3">US Customs could require you to open your phone at the border - here's how to protect your privacy</a></h3> Please enable Javascript to watch this video

Apple just nabbed two top Google executives to run a secret hardware team

<div class="KonaFilter image-container display-table"><div><div class="image on-image">US Marine photo by Lance Corporal Tayler P. SchwambMarine Corps Commandant Gen. Robert B. Neller uses a HoloLens to manipulate virtual objects at the Marine Corps Installations Pacific Innovation Lab aboard Camp Foster, Okinawa, Japan, April 4, 2017.</div></div></div><ul class="summary-list"><li>A group of Microsoft employees are protesting the company's $749 million contract with the US Army.</li><li>The contract involves providing HoloLens augmented reality tech for soldiers, but the workers say it makes them into unwilling "war profiteers."</li><li>More than 50 employees have now signed an open letter calling on Microsoft's leadership to change course.</li></ul>A group of Microsoft employees are demanding that the company's leadership abandon a contract with the United States Army that they say makes them into "war profiteers" - a contract that relates to Microsoft's HoloLens augmented reality technology.On Friday, a group of workers at the Redmond, Washington tech giant released an open letter in which they slammed a $749 million contract the company holds to develop a "Integrated Visual Augmentation System" (IVAS) to build "a single platform that Soldiers can use to Fight, Rehearse, and Train that provides increased lethality, mobility, and situational awareness necessary to achieve overmatch against our current and future adversaries.""We did not sign up to develop weapons, and we demand a say in how our work is used," the letter reads. "As employees and shareholders we do not want to become war profiteers. To that end, we believe that Microsoft must stop in its activities to empower the U.S. Army's ability to cause harm and violence."50 employees have signed the letter so far, and organisers say that number is expected to grow.The organized action comes just days before Microsoft is widely expected to unveil a new HoloLens headset at the Mobile World Congress technology conference in Europe, and is a sign of the rising tide of labor activism in the American technology industry."We are going public with the demand to cancel the Hololens DoD contract because we want our voices to be heard on this life or death matter," a Microsoft worker who asked to remain anonymous told Business Insider. "We haven't heard back from Microsoft officially, or from any execs at this point - we're hoping this open letter will help get us a response."Microsoft employees have also <a href="https://gizmodo.com/employees-protest-microsoft-bid-for-huge-military-contr-1829740921">protested company bids for other military contracts before</a>. And multiple other tech companies have also been roiled by protests over military applications of their technology over the last year.In June 2018, Google cancelled a US military contract after internal uproar. Amazon has also faced protests over military contracts, though CEO Jeff Bezos has said the company has no plans to end them - even implicitly rebuking Google for its actions as unpatriotic. "If big tech companies are going to turn their back on the US Department of <keyword id="6354810" type="UNKNOWN" weightage="60" keywordseo="defense">Defense</keyword>, this country is going to be in trouble," Bezos said in October.The same anonymous Microsoft worker challenged this argument, saying: "Jeff Bezos and other tech execs reap massive profits from military contracts. Patriotism is just a front. If we look at who benefits, it is certainly not the individual engineers working at these companies."A Microsoft spokesperson did not immediately respond to Business Insider's request for comment.<h2>Here's the full letter:</h2>Dear Satya Nadella and Brad Smith,We are a global coalition of Microsoft workers, and we refuse to create technology for warfare and oppression. We are alarmed that Microsoft is working to provide weapons technology to the U.S. Military, helping one country's government "increase lethality" using tools we built. We did not sign up to develop weapons, and we demand a say in how our work is used.In November, Microsoft was awarded the $479 million Integrated Visual Augmentation System (IVAS) contract with the United States Department of the Army. The contract's stated objective is to "rapidly develop, test, and manufacture a single platform that Soldiers can use to Fight, Rehearse, and Train that provides increased lethality, mobility, and situational awareness necessary to achieve overmatch against our current and future adversaries." Microsoft intends to apply its HoloLens augmented reality technology to this purpose. While the company has previously licensed tech to the U.S. Military, it has never crossed the line into weapons development. With this contract, it does. The application of HoloLens within the IVAS system is designed to help people kill. It will be deployed on the battlefield, and works by turning warfare into a simulated "video game," further distancing soldiers from the grim stakes of war and the reality of bloodshed.Intent to harm is not an acceptable use of our technology.We demand that Microsoft:1) Cancel the IVAS contract;2) Cease developing any and all weapons technologies, and draft a public-facing acceptable use policy clarifying this commitment;3) Appoint an independent, external ethics review board with the power to enforce and publicly validate compliance with its acceptable use policy.Although a review process exists for ethics in AI, AETHER, it is opaque to Microsoft workers, and clearly not robust enough to prevent weapons development, as the IVAS contract demonstrates. Without such a policy, Microsoft fails to inform its engineers on the intent of the software they are building. Such a policy would also enable workers and the public to hold Microsoft accountable.Brad Smith's suggestion that employees concerned about working on unethical projects "would be allowed to move to other work within the company" ignores the problem that workers are not properly informed of the use of their work. There are many engineers who contributed to HoloLens before this contract even existed, believing it would be used to help architects and engineers build buildings and cars, to help teach people how to perform surgery or play the piano, to push the boundaries of gaming, and to connect with the Mars Rover (RIP). These engineers have now lost their ability to make decisions about what they work on, instead finding themselves implicated as war profiteers.Microsoft's guidelines on accessibility and security go above and beyond because we care about our customers. We ask for the same approach to a policy on ethics and acceptable use of our technology. Making our products accessible to all audiences has required us to be proactive and unwavering about inclusion. If we don't make the same commitment to be ethical, we won't be. We must design against abuse and the potential to cause violence and harm.Microsoft's mission is to empower every person and organization on the planet to do more. But implicit in that statement, we believe it is also Microsoft's mission to empower every person and organization on the planet to do good. We also need to be mindful of who we're empowering and what we're empowering them to do. Extending this core mission to encompass warfare and disempower Microsoft employees, is disingenuous, as "every person" also means empowering us. As employees and shareholders we do not want to become war profiteers. To that end, we believe that Microsoft must stop in its activities to empower the U.S. Army's ability to cause harm and violence.Microsoft WorkersGet the latest Microsoft stock price<a href="http://markets.businessinsider.com/stock/MSFT-Quote"> here.</a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/secret-room-facts-mount-rushmore-presidents-south-dakota-inaccessible-tourists-lincoln-2017-1">There's a secret room behind Mount Rushmore that's inaccessible to tourists</a></h3> <div> </div> </div>

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