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<ul><li>Balaji Speciality’s offer consists of a fresh issue of equity shares worth ₹250 crore.</li><li>The company’s shareholders and promoters have proposed to sell up to 26 lakh equity shares.</li><li>It intends to use the proceeds to repay ₹68 crore in debt and use ₹119.5 crore for working capital.</li></ul>Solapur-based speciality chemical company <keyword id="14702583" type="General" weightage="20" keywordseo="balaji-speciality-chemicals" source="Orion">Balaji Speciality Chemicals</keyword> on August 12 filed its preliminary papers with the Securities and Exchange Board of India (SEBI) for an initial public offering (IPO). Balaji Speciality Chemicals, in its draft red herring prospectus (DRHP), mentioned that the offer consists of a fresh issue of shares worth ₹250 crore and an offer-for-sale (OFS) of up to 26 lakh equity shares sold by the promoters and shareholders in the company. <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;">Selling Shareholder </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;">Type </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;">Number of Equity Shares Up For Sale </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;">Ande Prathap Reddy </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;">Promoter Group </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;">Up to 1,030,000 equity shares </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;">Ande Srinivas Reddy </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;">Promoter Group </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;">Up to 5,600,000 equity shares </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;">Ram Reddy Dundurapu </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;">Promoter Group </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;">Up to 1,900,000 equity shares </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;">Rajeshwar Reddy Nomula </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;">Promoter Group </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;">Up to 2,300,000 equity shares </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;">Gaddam Hemanth Reddy </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;">Promoter Group </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;">Up to 660,000 equity shares </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;">Achanta Annapurna </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;">Promoter Group </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;">Up to 2,250,000 equity shares </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;">Dundurapu Vandana Reddy </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;">Promoter Group </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;">Up to 2,000,000 equity shares </td></tr></tbody></table> The company intends to use the proceeds from the issue to repay ₹68 crore in debt and use ₹119.5 crore for working capital and general corporate purposes. The company may also look to raise an additional ₹50 crore in a pre-IPO placement. Incorporated in 2010, Balaji Speciality Chemicals is a subsidiary of Balaji Amines Ltd, which is the sole manufacturer of niche chemicals such as Ethylene Diamine (EDA), Piperazine Anhydrous (PIP), Diethylenetriamine (DETA), Aminoethyl ethanolamine (AEEA) and Aminoethyl Piperazine (AEP), using the MonoethanolAmine (MEA) process. The chemicals manufactured by Balaji Speciality Chemicals is an import substitute and are used in various industries such as speciality chemicals, agrochemicals, and pharmaceuticals. Its key customers include Nanjing Union Chemical Co. Ltd, Korea India Ltd, UPL Ltd, Dr. Reddy's Laboratories Ltd and Aarti Drugs Ltd. Its customer base has grown from 45 to 182 customers in the last two fiscal years, the company said.The company’s revenue from operations almost tripled to ₹514.28 crore in fiscal year 2022, from ₹174.4 crore a year ago. Its profit also grew 10 fold to ₹108.95 crore in FY2022 from ₹10.4 crore in FY2021. SEE ALSO <a href="https://www.businessinsider.in/india/news/pathan-liger-godfather-heres-a-list-of-forthcoming-movie-releases-that-will-decide-the-fate-of-the-multiplexes/articleshow/93482455.cms" style="">Pathan, Liger, Godfather: Here’s a list of forthcoming movie releases that will decide the fate of the multiplexes</a> <a href="https://www.businessinsider.in/business/news/laal-singh-chaddha-raksha-bandhan-and-brahmastra-may-not-be-able-to-drive-people-to-theaters-survey/articleshow/93482593.cms" style="">Indian moviegoers might stay home this August in spite of big releases, says survey</a> <a href="https://www.businessinsider.in/business/startups/news/web3-is-at-an-inflection-point-where-online-assets-will-start-staying-online-survey/articleshow/93482801.cms" style="">Web3 is at an inflection point where online assets will start staying online: Survey</a>

Balaji Speciality Chemicals files draft papers for IPO

<ul><li><keyword id="12068207" type="General" weightage="20" keywordseo="specialty-chemicals-stocks" source="Orion">Specialty chemicals stocks</keyword> have been gaining for the last few weeks due to rising prices in the global markets.</li><li>This run-up is a temporary seasonal effect and does not indicate long-term demand recovery, say experts.</li><li>Without a meaningful demand recovery, rising crude prices can hurt the margins of chemical companies, fear market experts.</li></ul> Specialty chemical stocks have been running up in the last few weeks, thanks to the rise in prices of basic chemicals in the international markets. However, this exuberance might be short-lived with many headwinds ahead that the sector has to weather through in spite of its long-term potential. The rise in prices of chemicals is being interpreted by the market as demand recovery which does not seem to be the case, says a report by Kotak Institutional Equities. “The firmness in prices appears to be related more to short-term and seasonal factors than to a structural improvement in demand-supply, which seems likely to remain challenged for the next few quarters,” the report adds. Chemicals under pressure Most <keyword id="767604" type="General" weightage="20" keywordseo="Specialty-Chemicals" source="Orion">specialty chemicals</keyword> and chemicals stocks have been under pressure for the last one year — with dumping by China affecting their sales as well as margins. “FY24 will be the year of consolidation with headwinds present as Chinese resurgence, inventory destocking, macro challenges and weak demand. In our view, companies with deep chemistry expertise, scale of products and financial discipline will be the winners,” says a report by IDBI Capital. After being known as a breakout sector for many years, most specialty chemical stocks have been giving negative returns in the last one year. Even now, experts believe that the valuations in the sector are stretched. “We note that any recovery is coming off a very depressed base, earnings estimates already factor in a recovery in the second half of FY24 and valuations are now even more stretched for most stocks. Besides, the outlook for end demand remains unclear for 2024 and the supply overhang from China continues to loom,” said Kotak. In August, mutual funds have completely exited Deepak Nitrite and Balaji Amines; and selling was also seen in large cap as well as small cap companies like Pidilite Industries and Anupam Rasayan. <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;">Stock </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 year change </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;">Aarti 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;">-35% </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;">Atul Ltd </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;">-20.5% </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;">Clean Science </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;">-23.2% </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;">Deepak Nitrite </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;">8% </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;">SRF </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;">-11% </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;">Vinati Organics </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;">-16.9% </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;">Balaji Amines </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;">-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;">Anupam Rasayan </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;">26.8% </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;">Pidilite 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;">-11% </td></tr></tbody></table>Source: BSE A crude shock ahead Crude oil prices have been hovering around $90 per barrel due to supply cuts taken by oil cartel OPEC as well as Russia. This has started a rally in the downstream chemical prices to cover the prices of basic raw materials that are linked to crude. But rise in commodity prices in combination with a slow demand outlook is a dangerous combination for the sector – especially Indian chemical makers who are already fighting off Chinese competition. “We are of the view that if demand does not recover meaningfully going ahead, chemical companies could see the darkest situation of low demand and higher cost which could further drag the margins,” said a research report by SMIFS. Most Indian specialty companies have also been adding capacity in view of the long-term prospects which are robust. The Indian chemical industry is poised for growth and has potential to become a $1 trillion market by 2040 with a compounded annual growth rate of 8-10% over 2021-40, as per IDBI Capital. “Despite global headwinds, India still remains on a strong footing in chemicals led by increasing interest of global companies to source from India to de-risk their supply chain, increasing share of speciality chemicals in overall product mix and robust capex aligned by chemical companies to capture future growth,” says SMIFS. Moreover, the sector has significant entry barriers as players need to possess chemistry proficiency along with R&amp;D as well as technical infrastructure. But, to be able to build for better growth, most specialty companies will have to fight off the medium-term headwinds. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

Specialty chemicals stocks maybe having a temporary reaction that could fizzle out

<ul><li>New hires are likely to be highest for entry level and junior positions in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>. </li><li>Most jobs will likely be created in Bangalore, Chennai, Mumbai, <keyword id="66" type="General" weightage="20" keywordseo="delhi" source="Orion">Delhi</keyword> and Hyderabad. </li><li>Large companies show the highest intent to hire, while small businesses exhibit the highest growth in the intent to hire. </li></ul><keyword id="46431" type="General" weightage="50" keywordseo="india-inc" source="Orion">India Inc</keyword> may hire more people in the second quarter than it did in the first. According to a <keyword id="133742" type="General" weightage="100" keywordseo="teamlease" source="Orion">TeamLease</keyword> report, hiring intent – or the percentage of employers likely to hire employees – rose to 61% for the July-September quarter, from 54% in April-June 2022. However the new hires are likely to be for entry level and junior roles, where the intent to hire is highest. The hiring intent drops progressively for mid-level jobs, hitting the lowest for senior positions, according to TeamLease’s Q2 Employment Outlook <a href="https://group.teamlease.com/insights/employment-outlook-report-q2-july-september-2022/">Report</a>. “India’s GDP for FY 2021-22 touched 8.7% after contracting by 6.6% during the previous fiscal. This, and a slew of public investments in the PLI (production-linked incentive) schemes – in solar cells manufacturing and in bulk drugs for instance – are likely to provide a fillip to job creation in the coming quarter,” the report said. The <keyword id="6377129" type="General" weightage="50" keywordseo="government-of-india" source="Orion">Government of India</keyword>’s ₹2.65 lakh crore stimulus package to generate jobs and provide liquidity support across tourism, aviation, construction and housing, is also aiming to bring revenue and jobs in these sectors to the pre-pandemic levels, the report added. Hiring intent, however, was highest in the IT sector, followed by educational services, e-commerce and allied startups, healthcare and pharmaceuticals, and telecommunications. Most of these jobs are likely to be in the metros – Bangalore, Chennai, Mumbai, Delhi and Hyderabad, in that order. Pune, Ahmedabad, Kolkata have ‘moderate’ intent, the report added. “The bottomline is that, rural places and tier-3 cities do not have as much hiring intent as bigger cities, and the sluggish increase suggests it could take quite a while for opportunities to grow any further in these geographies,” the report said. The survey was conducted across 14 Indian cities and 23 sectors, covering 865 small and medium plus large enterprises. According to TeamLease, the IT sector had the highest attrition rate of 22% during April-June 2022. E-commerce and allied startups came a close second. The other sectors with high attrition rate were EVs, FMCG and the textile sector. The hiring intent for engineering roles saw a 13% increase. The job role that’s most in demand is marketing that jumped from 53% to 63% in the second quarter. Large companies show the highest intent to hire, and small businesses exhibit the highest growth in the intent to hire. The survey also discovered that unicorns and ‘Soonicorns’ (soon-to-be unicorns) showed the highest intent to hire followed by “mature” category businesses and startups. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/mumbai-indians-emirates-announces-the-squad-ahead-of-uaes-t20-league/articleshow/93523932.cms">Akash Ambani’s MI Emirates name squad for UAE’s inaugural ILT20 — Here are the team members</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/balaji-speciality-chemicals-files-draft-papers-for-ipo/articleshow/93517206.cms">Balaji Speciality Chemicals files draft papers for IPO</a>

India intends to hire people more in the July-September quarter: TeamLease

<ul><li>Tata Technologies, Snapdeal, Fabindia and Navi Technologies are some of the most awaited IPOs of the season. </li><li>Around 13 companies filed their DRHPs between April to June 2023. </li><li>More tech, fintech and direct to consumer companies are expected to go public in the next two years.</li></ul>After a slow start in 2023, the <keyword id="6354763" type="General" weightage="20" keywordseo="ipo" source="Orion">IPO</keyword> market picked steam after the new financial year started in April. As many as 20 new companies listed on BSE and NSE, raising as much as ₹15,000 crore as of August. An IPO (Initial Public Offer) is the first sale of shares by a privately owned company to institutional and retail investors. Though it’s a far cry from ₹58,346 crore raised in 2022 — a lot of large and small companies alike have filed their draft red herring prospectus (DRHPs) with market regulator SEBI — promising an exciting year ahead. As per an E&amp;Y report, around 13 companies filed their DRHPs in April to June 2023, adding to the pipeline. Most active sectors in recent IPOs include hospitality &amp; construction, automotive &amp; transportation, diversified industrial products, and real estate. Apart from Rishabh Instruments’ ₹490 crore public offer and Ratnaveer Precision Engineering’s ₹165 crore public offers in the coming weeks, the stage has also been set for large companies looking to be listed. Amongst the most anticipated IPOs are Tata Technologies wherein Tata Motors is selling stake. This would be the first Tata company to go public in 19 years as the last company that was listed by the group is industry major TCS. <cmsannotation type="cmsannotation" annotationid="Upcoming IPOs" comment="subhead" text="Upcoming IPOs">Upcoming IPOs</cmsannotation> <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Amount </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Rishabh Instruments Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹490.78 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ratnaveer Precision Engineering Limited </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹165.03 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><cmsannotation type="cmsannotation" annotationid="Companies who have filed their DRHP" comment="subhead" text="Companies who have filed their DRHP">Companies who have filed their DRHP</cmsannotation> Let’s look at some of the companies who have filed their DRHP and may soon announce their IPO - <ul><li>Navi Technologies</li><li>Tata Technologies</li><li>Balaji Speciality Chemicals</li><li>Snapdeal</li><li>Fabindia</li><li>NSDL</li><li>Imagine Marketing (boAt)</li></ul><cmsannotation type="cmsannotation" annotationid="Techs, fintechs &amp; more" comment="subhead" text="Techs, fintechs &amp; more">Techs, fintechs &amp; more</cmsannotation> New-age companies like Snapdeal filed their papers with the regulator and would be very watched due to the mixed reactions that Internet companies are continuing to receive. Moreover, it would be one the first large e-commerce companies to test the markets. Sachin Bansal’s Navi Technologies is another fintech company that will join the likes of Policybazaar, and household brand FabIndia has also refiled its papers. In spite of a lot of investor concern around new-age companies, experts believe that India will see a lot of tech IPOs in the coming years. Mamaearth’s parent Honasa Consumer has also received a nod from SEBI for their IPO, even though it was delayed as of March this year. “By FY25, India is likely to have up to 40 listed/IPO ready new-age companies, which can grow to 90 by FY28. SaaS, B2C Product Companies, and FinTech are amongst the most promising categories to produce IPO-ready companies," Rohan Agarwal, partner at Redseer said in a recent report. These companies, Agarwal believes, have sizable revenues, sustainable growth, a strong EBITDA, and operate on defensible business models, making them strong candidates for IPO. Another Solapur based specialty chemicals company Balaji Specialty Chemicals also hopes to add to the many companies that have provided outsized returns to their investors in the last few years — as the sector is on an upcycle. "India's current IPO market trend showcases its immense potential and has witnessed a remarkable surge in recent years. In the forthcoming months, there is anticipated to be significant momentum in the Indian IPO market, encompassing both the main and SME market segments," said Adarsh Ranka, partner, financial accounting advisory services leader, network firm of EY Global. <cmsannotation type="cmsannotation" annotationid="Fundraising in 2023" comment="subhead" text="Fundraising in 2023">Fundraising in 2023</cmsannotation> <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#000000;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Funds raised in 2023 </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vishnu Prakash R Punglia </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹309 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aeroflex Industries </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹351 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pyramid Technoplast </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹153 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">TVS Supply Chain </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹880 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Concord Biotech </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,551 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBFC Finance </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1,025 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Yatharth Hospital </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹686 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Netweb Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹631 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Utkarsh Small Finance Bank </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹500 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Senco Gold </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹405 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cyient DLM </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹592 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ideaforge Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹567 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">HMA Agro </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹480 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">IKIO Lighting </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹606 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divgi TorqTransfer </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹412 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Global Surface </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Udayshivkumar Infra </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹66 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mankind Pharma </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;background-color:#d9d9d9;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4,326 crore </td></tr><tr><td style="border-left:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Avalon Technologies </td><td style="border-right:solid #000000 0.6260872500000001pt;border-bottom:solid #000000 0.6260872500000001pt;border-top:solid #000000 0.6260872500000001pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹865 crore </td></tr></tbody></table>

IPOs galore – India’s primary market to remain buzzing in 2023

India's exports rose by 2.14 per cent to USD 36.27 billion in July while the <keyword id="113688" type="General" weightage="20" keywordseo="trade-deficit" source="Orion">trade deficit</keyword> almost tripled to USD 30 billion during the month, according to official data released on Friday. Imports shot up by 43.61 per cent to USD 66.27 billion in the month compared to July 2021, the data showed. The trade deficit was USD 10.63 billion in July 2021. Preliminary data released earlier this month had shown a 0.76 per cent contraction in exports at USD 35.24 billion for July against USD 35.51 billion in July 2021. The trade deficit was pegged at a record USD 31 billion in the month fuelled by over 70 per cent rise in crude oil imports. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/winning/news/india-intends-to-hire-people-more-in-the-july-september-quarter-teamlease/articleshow/93524237.cms">India intends to hire people more in the July-September quarter: TeamLease</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/balaji-speciality-chemicals-files-draft-papers-for-ipo/articleshow/93517206.cms">Balaji Speciality Chemicals files draft papers for IPO</a>

India's exports rose to $36 billion in July; trade deficit almost triples

The country's <keyword id="163339" type="General" weightage="20" keywordseo="foreign-exchange-reserves" source="Orion">foreign exchange reserves</keyword> declined USD 897 million to USD 572.978 billion in the week ended August 5, according to the <keyword id="6354335" type="General" weightage="20" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> (RBI). In the previous week ended July 29, the reserves had risen USD 2.315 billion to USD 573.875 billion. In the week ended August 5, the fall in the foreign exchange reserves was due to a dip in the Foreign Currency Assets (FCA), a major component of the overall reserves, as per the Weekly Statistical Supplement released by RBI on Friday. FCA declined USD 1.611 billion to USD 509.646 billion, the data showed. Expressed in dollar terms, FCA includes the effect of appreciation or depreciation of non-US units like the euro, pound and yen held in the foreign exchange reserves. Gold reserves increased USD 671 million to USD 40.313 billion in the week ended August 5. The Special Drawing Rights (SDRs) with the International Monetary Fund (IMF) rose USD 46 million to USD 18.031 billion. The country's reserve position with the IMF declined USD 3 million to USD 4.987 billion in the reporting week, the data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-which-one-will-offer-faster-and-more-reliable-5g-services/articleshow/93516727.cms">Jio vs Airtel: Which one will offer faster and more reliable 5G services?</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/balaji-speciality-chemicals-files-draft-papers-for-ipo/articleshow/93517206.cms">Balaji Speciality Chemicals files draft papers for IPO</a>

India's foreign exchange reserves fall to $573 bn

Vedanta-Iron and Steel Business has recently partnered with <keyword id="61708" type="General" weightage="20" keywordseo="iit-bombay" source="Orion">IIT Bombay</keyword> (IIT-B) on an R&amp;D project to develop cost-effective technology for producing Green Steel using hydrogen targeting significant carbon footprint reduction in Iron and Steel space. Further Vedanta-Iron and Steel and IIT�B will collaborate on exchange of knowledge and technology for process innovation and excellence. The first project kick-off meeting between Vedanta-Iron and Steel leadership team and IIT-B senior executives was held through virtual platform which was chaired by Sujal Shah, CEO, Sesa Goa Iron Ore Business, Vedanta Limited, and Prof. Arindam Sarkar, IIT-B along with the project team. This engagement with IIT- B, is a significant step in line with Vedanta's larger vision of achieving carbon neutral operations by 2050 and country's larger vision of producing Green Hydrogen and aims to create benchmark transformation in steel making process. <keyword id="11157611" type="General" weightage="20" keywordseo="Sauvick-Mazumdar" source="Orion">Sauvick Mazumdar</keyword>, CEO, Iron and Steel Sector, Vedanta Limited, said: "At Vedanta, we are fully committed towards our ESG goal of achieving <keyword id="14703196" type="General" weightage="20" keywordseo="Carbon-Neutrality" source="Orion">'Carbon Neutrality</keyword>' by 2050 or before, and this engagement with IIT-B is a massive step forward in our endeavour to adopt 'Green Technologies' to significantly reduce the carbon footprints. I congratulate my Iron and Steel Business team and IIT-B for this fruitful association which will surely lay foundation for yet another landmark transformation for metal &amp; mining industry." Milind D. Atrey, Dean R&amp;D, IIT-B expressed his excitement for this strategic alliance with Vedanta-Iron &amp; Steel Business. He said: "I really commend Vedanta- Iron &amp; steel Business for this proactive step towards R&amp;D for Green Steel making which will prove to be a key landmark in creating greener future. We at IIT-B are extremely happy to be associated with this unique endeavour." Vedanta's Iron and Steel Business has implemented several high impact initiatives towards adoption of most sustainable business practices such as systematic reclamation of one of the largest open cast iron ore mine in Goa, 60 MW clean power generation through waste heat recovery power plants, state-of-the-art Environment management practices and much more over the decades. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/balaji-speciality-chemicals-files-draft-papers-for-ipo/articleshow/93517206.cms">Balaji Speciality Chemicals files draft papers for IPO</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/jio-vs-airtel-which-one-will-offer-faster-and-more-reliable-5g-services/articleshow/93516727.cms">Jio vs Airtel: Which one will offer faster and more reliable 5G services?</a>

Vedanta partners with IIT-B to develop green steel technology

French researchers have documented the first case of a dog with confirmed monkeypox virus infection that might have been acquired through human transmission. Published in medical journal <keyword id="456544" type="General" weightage="20" keywordseo="The-Lancet" source="Orion">The Lancet</keyword>, a team from the <keyword id="1487229" type="General" weightage="50" keywordseo="sorbonne-university" source="Orion">Sorbonne University</keyword> in Paris recorded the case of <keyword id="14704650" type="General" weightage="20" keywordseo="Monekypox-virus" source="Orion">monekypox virus</keyword> in two men who have sex with men: an HIV-positive <keyword id="268421" type="General" weightage="80" keywordseo="latino" source="Orion">Latino</keyword> man, aged 44 years, living with undetectable viral loads on antiretrovirals; and a HIV-negative white man, aged 27 years. Twelve days after the onset of monkeypox symptoms, their male Italian greyhound, aged 4 years and with no previous medical disorders, tested positive for the virus. The men, who are non-exclusive partners living in the same household, presented with anal skin ulcer 6 days after sex with other partners. In the Latino man, anal skin ulcer was followed by rash on the face, ears, and legs, while the white man had it on the legs and back. In both cases, rash was associated with weakness, headaches, and fever 4 days later. The dog, who was co-sleeping with the men, presented with mucocutaneous (involving both typical skin and mucous membrane) lesions, including red, tender bumps with white pus on abdomen and anal skin ulcer. The team sequenced monkeypox virus DNA from the dog and the Latino man and found that the samples contained virus of the hMPXV-1 clade, lineage B.1, which has been spreading in non-endemic countries since April. "To the best of our knowledge, the kinetics of symptom onset in both patients and, subsequently, in their dog suggest human-to-dog transmission of monkeypox virus," Sophie Seang,from theA University's Infectious Diseases Department, along with her team wrote in the paper. Given the dog's skin and mucosal lesions as well as the positive monkeypox virus PCR results from anal and oral swabs, we hypothesise a real canine disease, not a simple carriage of the virus by close contact with humans or airborne transmission (or both)," the team added. In endemic countries, only wild animals (rodents and primates) have been found to carry monkeypox virus. However, transmission of monkeypox virus in prairie dogs has been described in the US and in captive primates in <keyword id="28249" type="General" weightage="50" keywordseo="europe" source="Orion">Europe</keyword> that were in contact with imported infected animals. But infection among domesticated animals, such as dogs and cats, has never been reported, the researchers said, suggesting the need to keep pets away from infected patients. "Our findings should prompt debate on the need to isolate pets from monkeypox virus-positive individuals," the team said, calling for further investigation on secondary transmissions via pets. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/vedanta-partners-with-iit-b-to-develop-green-steel-technology/articleshow/93518361.cms">Vedanta partners with IIT-B to develop green steel technology</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/balaji-speciality-chemicals-files-draft-papers-for-ipo/articleshow/93517206.cms">Balaji Speciality Chemicals files draft papers for IPO</a>

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Balaji Speciality Chemicals files draft papers for IPO

Kritti Bhalla

Specialty chemicals stocks maybe having a temporary reaction that could fizzle out

Katya Naidu

India intends to hire people more in the July-September quarter: TeamLease

Eetika Kapoor

IPOs galore – India’s primary market to remain buzzing in 2023

Sourabh

Katya

India's exports rose to $36 billion in July; trade deficit almost triples

PTI

India's foreign exchange reserves fall to $573 bn

PTI

Vedanta partners with IIT-B to develop green steel technology

IANS

A new study documents first human-to-dog transmission of Monekypox virus in France

IANS

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