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<ul><li>Shares of <keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> listed on the stock exchanges at ₹1,359 per share, which is nearly 9% less than the issue price.</li><li>The company’s initial public offer (IPO) was oversubscribed by 3.82 times.</li><li>It intends to use parts of the proceeds towards repaying its loans worth ₹120 crore, while the rest will go to shareholders selling their shares – the promoters and investors.</li></ul>Shares of Craftsman Automation, a Coimbatore-based manufacturer of engineering products, debuted at ₹1,359 per share, which is nearly 9% lower than its issue price of ₹1,490. At 10:05 am, the share price of Craftsman Automation was hovering around ₹1,415, down by 5% over the issue price. The engineering products and services company floated its ₹824 crore initial public offer (IPO) earlier this month. The IPO was oversubscribed by 3.82 times, with qualified institutional investors leading the fray. The Coimbatore-based Craftsman Automation plans to repay its debts worth ₹120 crore from the proceeds of the IPO. The remaining amount will go to the promoters and investors who are selling their shares. The grey market premium for Craftsman Automation’s shares was hovering around the ₹30-35 mark, which translates to approximately 2% of the issue price of ₹1,490. It is worth noting that grey market premium is not an official measure of market premium. Craftsman Automation commenced operations in 1986. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. In its IPO note, SMC Global Securities stated that Craftsman Automation’s revenue is diversified across customers, which shields it from the market uncertainties. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/anupam-rasayan-ipo-lists-at-520-per-share-on-the-india-stock-exchange/articleshow/81663145.cms">Anupam Rasayan fails to dazzle on its stock market debut – shares down by nearly 8% soon after listing</a> <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/business/corporates/news/adani-green-energy-share-price-hit-upper-circuit-after-the-company-adds-two-renewable-energy-projects-to-its-kitty/articleshow/81627604.cms">Adani Green Energy shares hit upper circuit after the company adds two renewable energy projects to its kitty</a>

Those who got Craftsman Automation IPO shares lost 9% of their investment in the first tick

<ul><li><keyword id="267527" type="COMPANY" weightage="20" keywordseo="Craftsman-Automation">Craftsman Automation</keyword> has launched its ₹824 crore initial public offer (IPO) today, and it will be open for subscription till March 17.</li><li>The price band is fixed at ₹1,488-1,490, and each lot consists of 10 equity shares.</li><li>While some investment experts are bullish on the stock and suggest subscribing, others have pointed out certain risk factors.</li><li>This includes the risk posed by electric vehicles and supply chain shocks, among others.</li></ul>It’s raining initial public offers (IPO) this month, and the latest to join the list is the ₹824-crore <keyword id="10449692" type="UNKNOWN" weightage="20" keywordseo="Craftsman-Automation-IPO">Craftsman Automation IPO</keyword>. The Coimbatore-based company has kicked off its IPO today, March 15, with a price band of ₹1,488-1,490, netting you 10 shares per lot. The total IPO size is worth ₹824 crore, but Craftsman Automation has already secured ₹247 crore from anchor investors. 50% of the issue is reserved for qualified institutional buyers (QIB), 15% for non-institutional bidders and the remaining 35% for retail investors. <cmsannotation type="cmsannotation" annotationid="Understanding the business of Craftsman Automation" comment="subhead" text="Understanding the business of Craftsman Automation">Understanding the business of Craftsman Automation</cmsannotation> Craftsman Automation was founded in 1986 in Coimbatore. It has vertically integrated manufacturing capabilities and primarily caters to three business verticals – automotive-powertrain, automotive-aluminum, and industrial &amp; engineering. Craftsman is the leading player when it comes to machining of cylinder blocks and cylinder heads which are used in the commercial vehicles and construction equipment industries. It is also one of the top companies when it comes to supplying these parts in the tractor segment. Coming to the automotive-aluminum vertical, Craftsman has an array of processes in the high pressure, low pressure and gravity die casting for manufacturing auto components for passenger vehicles. In the industrial and engineering vertical, Craftsman builds aluminum products for power transmission, high-end precision products like gear boxes, marine engines and more. <cmsannotation type="cmsannotation" annotationid="Here are some of the clients of Craftsman Automation" comment="subhead" text="Here are some of the clients of Craftsman Automation">Here are some of the clients of Craftsman Automation</cmsannotation> Craftsman Automation has an impressive list of clients that includes companies like Daimler India, Tata Motors, Ashok Leyland, Mahindra &amp; Mahindra, Escorts, John Deere, JCB India, TVS Motors, Royal Enfield among others. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Brokerage </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 1pt;border-top:solid #000000 0.5pt;vertical-align:bottom;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Recommendation </td></tr><tr><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Prabhudas Lilladher </td><td style="border-left:solid #000000 0.5pt;border-right:solid #000000 0.5pt;border-bottom:solid #000000 0.5pt;border-top:solid #000000 1pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5.75pt 0pt 5.75pt;overflow:hidden;overflow-wrap:break-word;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;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;">ICICI Direct </td><td style="border-left:solid #000000 0.5pt;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;">Subscribe </td></tr><tr><td style="border-left:solid #000000 0.5pt;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;">Canara Bank Securities </td><td style="border-left:solid #000000 0.5pt;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;">Subscribe for long term </td></tr><tr><td style="border-left:solid #000000 0.5pt;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;">Marwadi Financial Services </td><td style="border-left:solid #000000 0.5pt;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;">Subscribe </td></tr></tbody></table> <cmsannotation type="cmsannotation" annotationid="Craftsman Automation – strengths and risk factors" comment="subhead" text="Craftsman Automation – strengths and risk factors">Craftsman Automation – strengths and risk factors</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Diversified engineering company" comment="subhead" text="Diversified engineering company">Diversified engineering company</cmsannotation> Craftsman is the largest player in the machining of cylinder blocks and cylinder heads used in commercial vehicles and construction industry. Apart from this, it also offers products in the passenger vehicle, power transmission, marine engine segments, among others. “Its diversification of revenue across multiple customers allows it to prevent any possible customer concentration in any of its business segments,” stated a report by SMC Global Securities dated March 10. <cmsannotation type="cmsannotation" annotationid="Strong in-house processes and designing capabilities" comment="subhead" text="Strong in-house processes and designing capabilities">Strong in-house processes and designing capabilities</cmsannotation> The SMC report further adds that Craftsman has a ‘strong focus’ on research and development. Its manufacturing automation teams integrate robots and gantry systems, which helps in ensuring consistent quality. The report notes that Craftsman’s design capability is unique amongst its competitors. <cmsannotation type="cmsannotation" annotationid="Impressive domestic and global clientele" comment="subhead" text="Impressive domestic and global clientele">Impressive domestic and global clientele</cmsannotation> Craftsman has a range of marquee clientele, both domestic as well as global. Some of the big domestic names include Tata Motors, Mahindra &amp; Mahindra, Ashok Leyland, TVS Motors, Royal Enfield and others. Global names in the list include the likes of John Deere, India subsidiaries of Daimler, JCB among others. <cmsannotation type="cmsannotation" annotationid="Improving margins despite challenging business environment" comment="subhead" text="Improving margins despite challenging business environment">Improving margins despite challenging business environment</cmsannotation> Despite a challenging business environment and falling revenues, Craftsman has been able to improve its earnings. While its revenues fell by nearly 18% from March 2019 to March 2020, its earnings before interest, tax, depreciation and amortisation (EBITDA) improved from 25.12% to 27.24%. EBITDA is a measure of the company’s financial performance. <cmsannotation type="cmsannotation" annotationid="Powertrain and allied components prone to electric vehicles risk" comment="subhead" text="Powertrain and allied components prone to electric vehicles risk">Powertrain and allied components prone to electric vehicles risk</cmsannotation> While Craftsman’s prowess in the powertrain segment adds heft to the company’s profile, powertrain components would be obsolete when the present internal combustion engine (ICE) based vehicles are replaced by electric vehicles (EVs). <cmsannotation type="cmsannotation" annotationid="Low aftermarket presence ties company’s fortunes to OEMs" comment="subhead" text="Low aftermarket presence ties company’s fortunes to OEMs">Low aftermarket presence ties company’s fortunes to OEMs</cmsannotation> Craftsman caters to original equipment manufacturers (OEMs) across its three business verticals. Some of these OEMs operate in industries like automotive, steel, cement among others, which are cyclical in nature. As such, the demand tapers off in some seasons, and since Craftsman directly serves OEMs, its fortunes are tied to those of the OEMs. <cmsannotation type="cmsannotation" annotationid="Limited long-term contracts, prone to supply chain risk" comment="subhead" text="Limited long-term contracts, prone to supply chain risk">Limited long-term contracts, prone to supply chain risk</cmsannotation> According to the ICICI Direct report dated March 12, Craftsman does not have any exclusive supply arrangements and purchases material on a spot order basis. This exposes the company to supply chain risks. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/the-760-crore-anupam-rasayan-ipo-has-received-a-mixed-response-from-brokerages-heres-what-works-for-it-and-what-doesnt/articleshow/81462495.cms">The ₹760-crore Anupam Rasayan IPO has received a mixed response from brokerages — here's what works for it and what doesn't</a> <a href="https://www.businessinsider.in/stock-market/news/bitcoins-path-to-5-trillion-plus-the-markets-20-most-shorted-spacs-right-now/articleshow/81501083.cms">Bitcoin's path to $5 trillion, plus the market's 20 most-shorted SPACs right now</a> <a href="https://www.businessinsider.in/business/startups/news/tata-tryst-with-e-grocery-starts-with-a-billion-dollar-acquisition-of-bigbasket-heres-why-it-could-be-a-sweet-deal-for-both/articleshow/81478849.cms">Tata’s tryst with e-grocery starts with a billion dollar acquisition of BigBasket – here’s why it could be a sweet deal for both</a>

The ₹824-crore Craftsman Automation IPO opens today – should you subscribe?

<ul><li>Barbeque Nation is looking to raise ₹180 crore from the public markets by selling 54.5 lakh shares.</li><li>As of November 2020, the company’s net debt was ₹148 crore.</li><li>In an interview with Business Insider ahead of the IPO, the company’s chief executive officer Rahul Agrawal shares how Barbeque Nation survived the COVID-19 pandemic, its new delivery business and their growth plans.</li></ul>Indian casual dining chain Barbeque Nation Hospitality has finally made its way to the public markets, after a failed attempt at it over three years ago. 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 54.5 lakh shares. <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;">Issue opens </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;">March 24 </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;">Issue closes </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;">March 26 </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;">Price band </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;">₹498-500 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;">Market lot </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;">30 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;">Minimum order value </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;">₹15,000 </td></tr></tbody></table> In an interview with Business Insider ahead of the IPO, the company’s chief executive officer Rahul Agrawal shares how Barbeque Nation survived the COVID-19 pandemic, its new delivery business and their growth plans. Agrawal said that they have been ‘unlucky with the way they filed the IPO’. “We filed our papers in February 2020, and COVID-19 happened right after that,” he said. The company, which had initially got an approval to raise ₹1100 crore, has now cut it short drastically to ₹180 crore. The company hopes to raise ₹453 crore at the upper end of the price band. “Later on, some investors weren’t keen to exit, that's why the IPO size got reduced. We also raised a pre-IPO round that’s how the primary component came down,” said Agrawal. Barbeque Nation in a pre-IPO round raised ₹150 crore from Xponentia Capital, founded by private equity veteran Ajay Relan, and Jubilant Foodworks, the parent company of Domino’s Pizza in India. It is also backed by CX Capital, a PE firm, and Alchemy Capital, the investment firm headed by ace stock market expert Rakesh Jhunjhunwala. “We are raising ₹180 crore, of which ₹75 crore will go in repayment of debt, ₹55 crore will go for expansion, and the balance will be for general corporate expenses,” he said. As of November 2020, the company’s net debt was ₹148 crore. <cmsannotation type="cmsannotation" annotationid="Surviving COVID-19" comment="subhead" text="Surviving COVID-19">Surviving COVID-19</cmsannotation> With the COVID-19 pandemic and the subsequent nationwide lockdown, Barbeque Nation saw its business being completely shut in April and May, last year. “Frankly, lockdown was extremely challenging. We have over 160 outlets, 8000 people, the business had some debt, which still hasn’t been repaid. I don't think anything could have gone worse,” said Agrawal. But the team was swift to jump into precautionary measures. “We were very transparent to all our stakeholders – from employees to guests. The team also went ahead and started asking for rebates, renegotiating contracts etc.,” he said. During the pandemic, Barbeque Nation managed to save 98% of its outlets. “Once the lockdown happened, we went back to our landlord partners and asked them for assistance in terms of rental waivers given the fact that it was no business time. We are happy to say that we were able to save 98% of our stores. Unfortunately, three outlets, which were at high rental places, two in Mumbai and one in Delhi had to shut down,” Kushal Budhia, head of strategy and investor relations of Barbeque Nation told Business Insider. While in April and May there was barely any business, eventually, the growth started from June and by November, their business was at 84% of last year’s November numbers. <div type="image" title="BBN new" msid="81626190" hostid="261"></div> <cmsannotation type="cmsannotation" annotationid="Diving into a new business category" comment="subhead" text="Diving into a new business category">Diving into a new business category</cmsannotation> As COVID-19 pandemic made the transition to online inevitable for all companies, Barbeque Nation, which is famous for its dine-in business, jumped into the online delivery model. The company launched a new concept of ‘Barbeque in a box’ for delivery. “The delivery business has seen good response and is growing – it does digital numbers as a proportion of revenue,” said Agrawal. “Barbeque Nation stands for value for money, service and experience. The last two components you can’t replicate in a delivery business. We thought of it differently – the largest market size is for Indian cuisine. Our thesis is very simple: the market is there, delivery is going higher. We said that don’t confuse us with giving the same experience of Barbeque Nation at home. Instead, they have been ordering Indian food, so we carried forward our value and variety concept,” he said. <cmsannotation type="cmsannotation" annotationid="Ready for troubled times ahead" comment="subhead" text="Ready for troubled times ahead">Ready for troubled times ahead</cmsannotation> As Barbeque Nation opens its doors to the public markets, there’s also the fear of another nationwide lockdown, while several cities are already subject to lockdown or night curfew. But Agrawal said that while there may be a short term disruption in business, their long term vision to grow in the Indian restaurant industry remains intact. “This will be the nature of the business going forward for at least a couple of quarters – different states will have different restrictions. In the short term, you would see business disruption. We believe that we have already gone through a strict lockdown in the past, and survived it and that will help us sail through this,” he said. As things stabilise, the company also plans to get back to its expansion plans, having gone from 80 restaurants in FY17 to over 160 restaurants now. “We will also focus majorly on the new delivery vertical,” said Agrawal. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-laxmi-organic-ipo/articleshow/81624672.cms">Laxmi Organic IPO allotment live – how to check allotment, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-craftsman-automation-ipo-allotment-status/articleshow/81625011.cms">Craftsman Automation IPO allotment live – how to check allotment, listing date and more</a>

With an IPO on its plate, Barbeque Nation hopes to clear off some of its debt and double down on not just dining but its new delivery business

<ul><li><keyword id="10930883" type="COMPANY" weightage="20" keywordseo="laxmi-organic">Laxmi Organic</keyword> made its debut on the National Stock Exchange (NSE) at a premium of 21.5%.</li><li>The ₹600 crore IPO was subscribed to over 100 times.</li><li>At 10:15am, the share price settled at around ₹158.55 after hitting a low of ₹143.25.</li></ul>Laxmi Organic, the speciality chemicals manufacturer, made its debut on the stock market today. It got listed at ₹155.50 a share — 21% higher than the IPO issue price of ₹129 to ₹130 per share. The ₹600 crore IPO, which was subscribed <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-laxmi-organic-ipo/articleshow/81624672.cms">106.81 times</a> hit a low of ₹143.25 and a high of ₹161.70 within the first ten minutes of trading. At 10:15 am, the price settled at around ₹158.55. While the opening price was above the slated issue price, it is under the listing premium of 25% to 45% as expected by analysts. Prior to listing, the company’s shares were trading at ₹182 in the grey market, 21% higher than the IPO price, according to Unlisted Arena. What has investors excited about Laxmi Organic? The rally behind Laxmi Organic’s IPO stems from its dominance in the market. The company has been a player in large scale manufacturing of chemicals for over three decades and has been able to capture 30% of India’s ethyl acetate market. Ethyl acetate is a colourless liquid commonly used in glues, nail polish removers, and in the decaffeination process of tea and coffee. “Today’s event [the listing] has been an inevitability for Laxmi. Laxmi would have arrived at this point at some point in time” said Partha Roy Chowdhury, the chief financial officer for Laxmi, at the listing. The company has been the largest exporter of ethyl acetate from India in the six months ending in September 2020. And, since 2012, Laxmi Organic was one of the largest exporters of ethyl acetate to Europe from India. It's also the only player in the country to make diketene derivatives — used in the making of paper, pharmaceuticals, insecticides and dyes. With the new inflow of capital, the company plans on setting up a new manufacturing facility for fluoro speciality chemicals in addition to using the funds to meet its working capital requirements and upgrade existing units. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/those-who-got-craftsman-automation-ipo-shares-lost-9-of-their-investment-in-the-first-tick/articleshow/81682618.cms">Those who got Craftsman Automation IPO shares lost 9% of their investment in the first tick</a> <a href="https://www.businessinsider.in/education/news/jee-main-march-results-declared-check-the-names-of-13-students-who-scored-100-percentile/articleshow/81682541.cms">JEE Main March results declared – here are the 13 students who scored 100 percentile</a> <a href="https://www.businessinsider.in/personal-finance/news/your-take-home-salaries-could-shrink-sharply-in-april-with-indias-new-definition-of-wages/articleshow/81631662.cms">Your take-home salaries could shrink sharply from April with India’s new definition of wages — but companies are hoping for a delay</a>

Laxmi Organic lists at 21% premium — and continues to gain amid market volatility

Equity benchmark <keyword id="6484188" type="PERSON" weightage="20" keywordseo="sensex">Sensex</keyword> tumbled over 300 points in early trade on Monday, tracking losses in <keyword id="10617334" type="UNKNOWN" weightage="20" keywordseo="index-majors-reliance-industries">index majors Reliance Industries</keyword>, HDFC Bank and <keyword id="6653" type="DOMAIN" weightage="20" keywordseo="ICICI-bank">ICICI Bank</keyword> amid a weak trend in global markets. The 30-share BSE index was trading 305.33 points or 0.61 per cent lower at 49,552.91, and the broader NSE <keyword id="6354813" type="COMPANY" weightage="20" keywordseo="Nifty">Nifty</keyword> fell 76 points or 0.52 per cent to 14,668. PowerGrid was the top loser in the <keyword id="9940028" type="UNKNOWN" weightage="20" keywordseo="sensex-pack">Sensex pack</keyword>, shedding around 2 per cent, followed by <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword>, ICICI Bank, HDFC Bank and IndusInd Bank. On the other hand, <keyword id="44642" type="DOMAIN" weightage="20" keywordseo="Sun-Pharma">Sun Pharma</keyword>, Dr Reddy's, Asian Paints and <keyword id="6354512" type="DOMAIN" weightage="20" keywordseo="Infosys">Infosys</keyword> were among the gainers. In the previous session, Sensex ended 641.72 points or 1.30 per cent higher at 49,858.24, and Nifty surged 186.15 points or 1.28 per cent to finish at 14,744. Foreign institutional investors (FIIs) were net buyers in the capital market on Friday as they bought shares worth Rs 1,418.43 crore, as per exchange data. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the market is in an excessively volatile zone. Support comes from sustained FII buying which has crossed Rs 7,000 crore during the last four trading days. "But, there is a major dampener in the form of fast-rising COVID-19 cases, especially in some economically significant cities. Restricted economic activity in these regions might impact the optimistic growth projections for FY 22," he added. Elsewhere in Asia, bourses in Shanghai and Seoul were trading on a positive note in mid-session deals, while Hong Kong and Tokyo were in the red. Meanwhile, the global oil benchmark Brent crude was trading 0.50 per cent lower at USD 64.21 per barrel. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-laxmi-organic-ipo/articleshow/81624672.cms">Laxmi Organic IPO allotment live – how to check allotment, listing date and more</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-craftsman-automation-ipo-allotment-status/articleshow/81625011.cms">Craftsman Automation IPO allotment live – how to check allotment, listing date and more</a> <a href="https://www.businessinsider.in/thelife/article/a-4-foot-tall-humanoid-robot-called-doozy-may-just-be-the-party-symbol-for-tamil-nadus-immk-but-it-can-do-much-more-than-that/articleshow/81605666.cms">A 4-foot-tall humanoid robot called Doozy may just be the party symbol for Tamil Nadu’s IMMK, but it can do much more than that</a>

Sensex drops over 300 points in early trade, Nifty below 14,700

Ed-tech platform <keyword id="2016957" type="COMPANY" weightage="20" keywordseo="Vedantu">Vedantu</keyword> on Tuesday said it aims to <keyword id="46280" type="PERSON" weightage="20" keywordseo="hire">hire</keyword> 2,500 employees in the next three months across the board, like product, technology, academics and business, to make deeper inroads into smaller towns and cities. Currently, the company employs 6,000 people and the strength will grow to 8,500 after the expansion. According to the company, the new hires will be at entry and <keyword id="4512110" type="PERSON" weightage="20" keywordseo="mid-level">mid-level</keyword> from <keyword id="3658" type="COUNTRY" weightage="20" keywordseo="India">India</keyword>'s premium B-schools and engineering institutes. "With the boom in online learning adoption, we aim to hire highly driven and inspired individuals who can become a part of the Vedantu mission. We are further expanding our presence in tier 2 and 3 markets," said Vamsi Krishna, CEO, and Co-Founder, Vedantu. The e-learning platform last month acquired Instasolv, a doubt-solving app for students from Class 6 to 12 for science, mathematics, IITJEE and NEET, for an undisclosed sum. According to the company, the acquisition will enhance its doubt-solving and reinforce presence in tier 2 and Tier 3 markets. This was Vedantu's first acquisition in an EdTech company to strengthen its focus in the instant doubt-solving space. Last year, Vedantu invested $2 million as part of a pre-series A funding in Instasolv. Vedantu has witnessed six to seven times growth with 75 million hours of classes delivered across its platform last year as millions stayed home. The number of students attending Live classes on the platform grew to 6.3 million across the K-12 category and competitive exams such as JEE and NEET, the company informed. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stage</a> <a href="https://www.businessinsider.in/business/corporates/news/elon-musks-net-worth-has-eroded-60-billion-in-just-two-months-as-teslas-market-cap-falls-35/articleshow/81407453.cms">Elon Musk’s wealth has eroded $60 billion in just two months as Tesla's market cap falls 35%</a>

Vedantu plans to hire 2,500 people over the next three months as it take ed-tech to smaller towns

British oil firm <keyword id="262456" type="COMPANY" weightage="20" keywordseo="Cairn-Energy-Plc">Cairn Energy Plc</keyword> on Tuesday said it has identified Indian sovereign assets overseas, which it can seize in the event of New Delhi failing to return over USD 1.7 billion that an international arbitration tribunal has ordered after rescinding a <keyword id="10021078" type="UNKNOWN" weightage="20" keywordseo="retrospective-tax-demand">retrospective tax demand</keyword>. "<keyword id="64469" type="COMPANY" weightage="20" keywordseo="Cairn">Cairn</keyword> is extremely confident that satisfaction of the award will be achieved either by negotiated settlement or by enforcement against Indian assets," the firm said in its 2020 annual earnings statement. The firm has moved courts in nine countries to get the arbitral award registered and recognised. "The tribunal ruled unanimously that India had breached its obligations to Cairn under the UK-India Bilateral Investment Treaty and awarded to Cairn damages of USD 1.2 billion-plus interest and costs, which immediately became payable. The total due at the year-end was USD 1.7 billion," it said. The firm said it has engaged directly with the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">government of India</keyword> regarding satisfaction of the award, which is also enforceable against Indian-owned assets in more than 160 countries that have signed and ratified the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards. "Cairn has already taken steps to have the Award recognised in certain major jurisdictions in which Indian sovereign assets have been identified," the statement said. had on March 8 reported that the December 21 award from a three-member tribunal at the <keyword id="1056875" type="COMPANY" weightage="20" keywordseo="Permanent-Court-of-Arbitration">Permanent Court of Arbitration</keyword> in the Netherlands has been recognised and confirmed by courts in the US, the UK, Netherlands, Canada and France. Further, the firm has started the process to register the award in Singapore, Japan, the United Arab Emirates and the Cayman Islands. "Cairn's engagement with the Government of India on its arbitration award will continue in parallel with pursuing options of enforcement and monetisation of the Award in order to safeguard shareholders' rights," the statement noted. The registration of the award is the first step towards its enforcement in the event of the government not paying the firm. Once the court recognises an arbitration award, the company can then petition it for seizing any Indian government assets such as bank accounts, payments to state-owned entities, aeroplanes and ships in those jurisdictions, to recover the monies due to it. So far the government has not directly commented on honouring or challenging the Cairn arbitration award, but Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> had last week indicated going in for an appeal. The tribunal had on December 21 ruled that the government breached an investment treaty with the UK and was therefore liable to return the value of shares it had seized and sold, dividend confiscated and tax refund stopped to adjust a Rs 10,247 crore tax demand. Simon Thomson, Chief Executive, Cairn, said: "We have engaged with the Government of India regarding adherence to the ruling and we are pursuing all avenues to protect our shareholders' rights to the value of the award". Cairn said the tribunal ruled that the dispute was within the scope of the Treaty and other relevant legal parameters. "It further ruled that the application to Cairn of the retrospective tax amendment introduced by the Government of India was "grossly unfair", discriminatory and in breach of the "Fair and Equitable Treatment" standard of the Treaty," the statement said. The tribunal, therefore, ordered the withdrawal of the tax demand in India and awarded to Cairn compensation equal to the value of the shares held in Cairn India Limited (subsequently merged with <keyword id="2819168" type="DOMAIN" weightage="20" keywordseo="Vedanta-Limited">Vedanta Limited</keyword>) seized by India in 2014 and withheld tax refunds due on other matters, totalling USD 1.223 billion-plus interest and costs, which is now payable. "Interest is payable based on USD six-month LIBOR plus a semi-annual margin of 1.375 per cent, accruing from 2014, and the costs awarded totalled USD 22 million. The total amount due to Cairn on December 31, 2020, was USD 1.725 billion," it said. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/gold-prices-are-falling-and-the-worlds-biggest-market-for-the-yellow-metal-is-hoping-for-more-shoppers/articleshow/81406658.cms">Gold prices are falling and the world’s biggest market for the yellow metal is hoping for more shoppers</a> <a href="https://www.businessinsider.in/stock-market/news/craftsman-automation-has-fixed-a-price-band-of-14881490-a-share-for-its-150-crore-ipo/articleshow/81408729.cms">Auto components maker Craftsman Automation’s ₹150 crore IPO to hit the capital markets next week — price band fixed at ₹1,488–1,490</a> <a href="https://www.businessinsider.in/india/news/india-is-using-the-quad-alliance-to-get-help-from-the-us-japan-and-australia-to-match-chinas-covid-19-vaccine-push/articleshow/81408044.cms">India is asking the QUAD for money to boost vaccine production and counter China’s moves on the global stag</a>

Cairn says it has identified Indian assets for seizing should it be not paid

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image">Joe Raedle / Getty Images</div></div></div>Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours.Legendary bond investor Bill Gross released his monthly outlook for October on Tuesday and again <a href="http://www.businessinsider.com/bill-gross-central-bankers-turned-economy-into-casino-2016-10">compared the world's central banks to a dangerous game</a> - this time blackjack.He called the world's largest central banks "martingale gamblers without a purse," referring to the strategy in which a gambler in a casino will eventually win if he or she continually increases the size of his or her bets with each loss, unless he or she goes completely broke first.<a href="http://www.businessinsider.com/deutsche-bank-hit-by-it-glitch-that-stops-people-getting-cash-2016-10"></a>In banking news, <a href="http://www.businessinsider.com/deutsche-bank-hires-brian-pitz-jack-rabun-2016-10">Deutsche Bank has made some new hires</a> in its tech investment-banking and financial institutions groups. That firm's <a href="http://www.businessinsider.com/deutsche-bank-share-price-movement-on-tuesday-october-2016-10">shares were</a><a href="http://www.businessinsider.com/deutsche-bank-share-price-movement-on-tuesday-october-2016-10"> fighting back on Tuesday</a> after returning to trading following Monday's holiday in Germany.JPMorgan CEO <a href="http://www.businessinsider.com/jamie-dimon-john-stumpf-wells-fargo-scandal-2016-10">Jamie Dimon on Monday weighed in on the recent Wells Fargo scandal</a>, suggesting that comments made by politicians, including by lawmakers during CEO John Stumpf's testimonies on Capitol Hill, are getting out of hand.And the Massachusetts secretary of the commonwealth <a href="http://www.businessinsider.com/massachusetts-morgan-stanley-cross-selling-sales-pressure-wells-fargo-2016-10">accused Morgan Stanley of sales tactics</a> eerily similar to what got Wells Fargo in trouble. Here are the top Wall Street headlines at midday <a href="http://www.businessinsider.com/point72s-matthew-granade-on-alternative-data-and-a-new-kind-of-trader-2016-10">Meet the man Steve Cohen hired to oversee big data</a> - Matthew Granade oversees data ranging from sell-side research to alternative data which is then incorporated into the firm's quant and fundamental investing strategies.<a href="http://www.businessinsider.com/sears-is-soaring-after-reports-it-may-sell-craftsman-2016-10">Sears is soaring after reports it may sell part of its business</a> - Sears Holdings has received a number of bids for its Craftsman tool business and the stock is soaring, according to Bloomberg.<a href="http://www.businessinsider.com/olive-garden-darden-ceo-restaurant-industry-closures-2016-10">Olive Garden just signaled an ominous threat to the restaurant industry</a> - The restaurant industry needs some bloodletting, according to the CEO of the major restaurant chain.<a href="http://www.businessinsider.com/manhattan-condo-sales-fall-in-q3-2016-10">Manhattan's housing market is slowing down</a> - Fewer people are buying condos in Manhattan because they have more choices and can more easily reject exorbitant prices.<a href="http://www.businessinsider.com/samsungs-biologics-ipo-2016-10">Samsung's biotech drug manufacturer is looking to raise $2 billion in its IPO</a> - The Samsung Group, under new de facto leader Jay Y. Lee, has been keen to strengthen its biopharmaceutical businesses as the smartphones-to-construction business empire hunts for new sources of growth.<a href="http://www.businessinsider.com/us-labor-force-projections-2016-10">These 9 charts could define the future of America's workforce</a> - America's labor force in 2060 could be smaller, older and more racially diverse than it is now.<a href="http://www.businessinsider.com/trust-is-eroding-away-in-markets-2016-10">Deutsche Bank is a perfect example of an essential part of markets that's disappearing before our eyes</a> - Deutsche Bank CEO John Cryan sent a letter trying to assuage the fears of his investors and employees, and in it he said a potentially deadly sickness had attacked the nervous system of his bank.<a href="http://www.businessinsider.com/kevin-mcpartland-greenwich-on-virtu-jpmorgan-2016-9">Here's what Space-X and a high-speed trading firm have in common</a> - Over the last decade we've seen the talent pool for trading and space exploration become increasingly overlapped.

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