<ul><li>Shares of Bikaji Foods listed at ₹321.15 against the allotment price of ₹300 per share.</li><li>The IPO was subscribed 26.67 times, with good interest from institutional buyers.</li><li>The market capitalisation of the company stood at ₹8,013 crore.</li></ul>Shares of Bikaji Foods International closed at ₹317.45 on the day of its market debut with nearly 6% gains, on Wednesday. The stock listed at a 7% premium over its allotment price. The stock listed at ₹321.15 moving up ₹21.15 from its allotment price of ₹300 per share. This was slightly lower than the grey market’s expectations, which predicted a gain of ₹25-30 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. The market capitalization of the company stood at ₹8,013 crore, according to BSE. The IPO was subscribed a whopping 26.67 times amidst volatile market conditions. Demand for the IPO was huge amongst qualified institutional investors who subscribed 80.63 times the IPO offer. Meanwhile, the retail portion of the IPO saw a subscription of 4.77 times. Analysts were of the opinion that investors must book listing gains considering falling margins and expensive valuation. “The issue had received a good response from investors on both the institutional as well as retail side, and the current GMP is 30 i.e. ~ 10% over its issue price. Nevertheless, the company's margins are on the declining side and a P/E valuation of 95.2 looks expensive. Therefore, we advise investors to lock in listing gains, and only aggressive investors should consider making a long-term commitment to the company,” said Pravesh Gour, senior technical analyst at Swastika Investmart. So far, 26 IPOs made their stock market debut this year on the BSE mainboard. Most of them gave positive listing gains, except seven issues. Here are the top five IPOs with highest listing gains in 2022. <table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;" class="redcator-table-advance"></colgroup><tbody><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Companies </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Highest listing gains per share </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Harsha Engineers International </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹155.9 </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Dreamfolks Services </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹136.65 </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Aether Industries </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹134.75 </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">DCX Systems </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹101.80 </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Syrma SGS Technology </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹93.05 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: BSE Competing with Haldirams and Balaji Bikaji Foods’ products fall broadly into six categories – bhujia, namkeen, packaged sweets, papad, western snacks as well as gift packs (assortments), frozen food, mathri range and cookies. The company will not receive any funds from the IPO as it is a complete offer for sale by promoters and shareholders. Bikaji Foods International is the third largest player in the Indian branded ethnic snack industry with 9% market share after Haldiram and Balaji. Some key competitors of the FMCG brand include Haldiram Foods International, Bikanerwala, Prataap Snacks, Balaji Wafers Private, ITC, Pepsico India Holdings and DFM Foods. In FY22, Bikaji Foods’ profit came down by 15.5% to ₹76 crore from ₹90 crore in FY21 due to raw material inflation. Meanwhile, its revenue rose to ₹1,610 crore in FY22 from ₹1,310 crore from the previous year. <table style="border-width: initial; border-style: none; background-color: rgb(255, 255, 255); font-size: 16px; line-height: 1.6em; box-shadow: none; width: 468pt; font-family: Merriweather; table-layout: fixed; padding-bottom: 10px !important; background-image: inherit !important; background-position: inherit !important; background-size: inherit !important; background-repeat: inherit !important; background-attachment: inherit !important; background-origin: inherit !important; background-clip: inherit !important;" class="redcator-table-advance"></colgroup><tbody><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Bikaji Foods </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Revenue </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">Profit </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">FY22 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹1,610 crore </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹76 crore </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">FY21 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹1,310 crore </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹90 crore </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">FY20 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹1,074 crore </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹56 crore </td></tr><tr><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">FY19 </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹901 crore </td><td style="padding: 5pt; border-width: 1pt; border-style: solid; border-color: rgb(0, 0, 0); font-size: 16px; vertical-align: top; overflow: hidden; overflow-wrap: break-word;">₹50 crore </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: DRHP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/whenever-small-caps-trade-at-a-discount-to-nifty-they-have-given-outsized-returns-incred-wealth/articleshow/95536784.cms">Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/archean-chemical-industries-ipo-how-you-can-check-the-allotment-status/articleshow/95533940.cms">Archean Chemical Industries IPO: Here’s how you can check the allotment status</a>

Bikaji Foods lists at a 7% premium in line with grey market expectations

<ul><li>Shares of Kaynes Technology listed at ₹775 against the allotment price of ₹587 per share.</li><li>Overall, the IPO received strong demand from investors as it was subscribed 34.16 times.</li><li>The market capitalisation of the company stood at ₹4,506 crore. </li></ul>Shares of Mysore-based Kaynes Technology on Tuesday listed at ₹775 per share, marking a 32% premium to an issue price of ₹587 and topping grey market expectations of a 27% premium. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">Grey market premium is the premium</a> at which initial public offering (IPO) shares are traded in an unofficial market before they are listed on the stock exchanges. Meanwhile, the stock markets were <a href="https://www.businessinsider.in/stock-market/news/indian-markets-open-mixed-tracking-global-cues-reliance-industries-kaynes-technology-ndtv-nykaa-among-stocks-to-watch-out-for/articleshow/95674551.cms">trading flat in early trade</a> as the Sensex rose by 8.73 points, and the Nifty50 gained 4.55 points. The market capitalisation of Kaynes Technology stands at ₹4,506 crore, according to BSE data. Overall, the <a href="https://www.businessinsider.in/stock-market/news/kaynes-technology-ipo-subscribed-by-34-16-times-on-last-day/articleshow/95512399.cms">IPO received strong demand </a>from investors as it was subscribed 34.16 times. The qualified institutional investors portion of the IPO was subscribed 98.47 times. The retail portion, however, was subscribed four times over. The company had raised ₹256 crore from anchor investors which included Nomura, Goldman Sachs, ICICI Prudential Mutual Fund, HDFC MF, Axis MF and WhiteOak Capital. The IPO included a fresh issue of shares worth ₹530 crore and an offer for sale by promoters and shareholders worth ₹327 crore. Also read: <a href="https://www.businessinsider.in/stock-market/news/kaynes-technology-ipo-allotment-tomorrow-checkout-current-gmp-value/articleshow/95560946.cms">https://www.businessinsider.in/stock-market/news/kaynes-technology-ipo-allotment-tomorrow-checkout-current-gmp-value/articleshow/95560946.cms</a> This year, 26 IPOs made their stock market debut on the BSE mainboard. Most of them gave positive listing gains, except seven issues. Here are the top five IPOs with highest listing gains in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Listing gains per share </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;">Issue price </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;">Year-to-date returns </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsha Engineers International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155.90 </td><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;">₹330 </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% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dreamfolks Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹136.65 </td><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;">₹326 </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;">-18% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aether Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134.75 </td><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;">₹642 </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% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DCX Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹101.80 </td><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;">₹207 </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% </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;">Syrma SGS Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹93.05 </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;">₹220 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-5% </td></tr></tbody></table>Source: BSE Kaynes Technology is an internet-of-things (IoT) solutions-enabled integrated electronics manufacturing company. The company’s business includes offering built-to-specification products, manufacturing printed circuit board assemblies (PCBA), making smart metres and smart street lights. Kaynes Technology also offers product engineering and IoT solutions to industries as well as common users. The company intends to use the proceeds of the issue for repaying some of its borrowings, funding capital expenditure requirements for expanding its manufacturing capacity, and for working capital needs. Analysts at Anand Rathi had said that at the upper price band of the IPO at ₹587 the company was demanding a price-equity multiple of 81.9 its trailing twelve-month earnings and a market cap of ₹3,412 crore. Anand Rathi said, “it is fairly priced considering its decent historical growth, strong revenue visibility and growing demand of automation across underlying industries.” Besides, Angel One broking had raised concerns about the fact that the company was generating a majority of its revenue from its top 10 customers only. It had recommended a ‘Neutral’ rating on the issue. Kaynes Technology <a href="https://www.businessinsider.in/stock-market/news/kaynes-technology-ipo-worth-530-crore-to-open-on-november-10/articleshow/95306059.cms">noted in its red herring prospectus</a> that in Q1 FY23, its top ten customers contributed to nearly 63% of its total revenue. The company’s profit jumped to ₹42 crore in FY22 from ₹10 crore in FY21. Its revenue increased 68% to ₹706 crore in FY22 from ₹421 crore in FY21. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-gdp-growth-forecast-continues-to-see-cuts/articleshow/95664894.cms">India's GDP growth forecast continues to see cuts</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a>

Kaynes Technology debuts at 32% premium on exchanges, tops grey market expectations

<ul><li>Shares of <keyword id="173264" type="General" weightage="20" keywordseo="sula-vineyards" source="Orion">Sula Vineyards</keyword> listed at ₹361 against the issue price of ₹357 per share.</li><li>Shares of Sula Vineyards were expected to list at a discount, according to grey market trends.</li><li>The market capitalisation of the company stood at ₹3,014 crore after listing.</li><li>The <keyword id="14083057" type="General" weightage="20" keywordseo="sula-vineyards-IPO" source="Orion">Sula Vineyards IPO</keyword> was subscribed 2.33 times, led by qualified institutional buyers. </li></ul>Shares of Nashik-based Sula Vineyards, India’s largest wine producer and seller, have debuted on the stock exchanges at ₹4 premium, at ₹361 against the issue price of ₹357. After opening at premium at 10:11 a.m, shares of the company fell over 2% to ₹349.90. Earlier, grey market trends hinted that the shares of the company could list at a discount of up to ₹15, eroding the premium of up to ₹60 from earlier this month. <a href="https://www.businessinsider.in/stock-market/news/grey-market-premium-what-is-it-and-where-is-it-coming-from/articleshow/95454371.cms">GMP is the premium at which IPO shares are traded</a> in the unofficial market before they are listed on the stock exchanges. The market capitalisation of Sula Vineyards stands at ₹3,014 crore, according to BSE data. Besides, <a href="https://www.businessinsider.in/stock-market/news/reliance-adani-enterprises-sula-vineyards-among-stocks-in-focus/articleshow/96414091.cms">positive stock market momentum</a> on Thursday also supported the tepid but positive IPO opening. At 9:51 a.m. Sensex was trading 172 points higher at 61,239 while Nifty50 was up 40 points at 18,250. The IPO received decent demand from investors as the issue was <a href="https://www.businessinsider.in/stock-market/markets/news/sula-vineyards-ipo-subscription-status/articleshow/96203121.cms">subscribed </a>2.33 times. The qualified institutional buyer portion was subscribed the most at 4.13 times. The portion reserved for retail was subscribed 1.65 times and that for non-institutional investors witnessed a subscription of 1.51 times. This year, 34 IPOs made their stock market debut on the BSE mainboard. <a href="https://www.businessinsider.in/stock-market/news/best-and-worst-performing-ipos-of-2022-in-india/articleshow/96160391.cms">All except eight</a> have given positive listing gains. Here are the top five IPOs with highest listing gains in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest listing gains per share </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsha Engineers International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155.90 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dreamfolks Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹136.65 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aether Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134.75 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DCX Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹101.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kaynes Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹103.10 </td></tr></tbody></table>Source: BSE Covid-19 impact resulted in a loss, but the company is back in the black Sula Vineyards said in its draft red herring prospectus (DRHP) that it has consistently gained market share (on the basis of their total revenue from operations) from 33% in FY09 in 100% grapes wine category to 52.6% in FY21 in the Indian market. However, the winemaker was severely impacted due to Covid-19 because of which it had delivered a loss of ₹15 crore in FY20. “In the first half of calendar year 2020, Covid-19 spread to a majority of countries across the world, including India. The Covid-19 pandemic has had, and may continue to have, significant repercussions across local, national and global economies and financial markets,” said the company in DRHP. Adverse climate conditions faced by farmers while harvesting is among key risks that would impact the quality of grapes, which is the primary raw material. The company is reliant on these third-party sellers (farmers) to supply grapes for its business operations. “Furthermore, the unavailability of raw materials can also be caused by other conditions, such as pandemics, seasonality, inflation and general economic and political conditions, all of which are beyond our control,” said the company. However, in FY22 its profits surged to ₹52 crore as against ₹3 crore in FY21. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total income </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Net profit </td></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;">FY22 </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;">₹456 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹52 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹421 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹3 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹523 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-₹15 crore </td></tr></tbody></table>Source: DRHP SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/gold-set-to-shine-bright-in-2023-as-world-heads-towards-recession/articleshow/96407944.cms">Gold set to shine bright in 2023 as world heads towards recession</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/indian-economy-to-recover-faster-than-developed-markets-nifty50-may-end-2023-at-19500/articleshow/96407973.cms">Indian economy to recover faster than developed markets – Nifty50 may end 2023 at 19,500</a>

Sula Vineyards shares fall over 2% after a tepid listing at ₹361

<ul><li>Tamilnad Mercantile Bank is likely to announce its share allotment status today.</li><li>Overall, the IPO has seen decent demand from investors amidst volatile market conditions and even as the grey market premium for the company’s shares have been falling.</li><li>The IPO will be listed on September 15 on exchanges.</li></ul>Thoothukudi-based Tamilnad Mercantile Bank is likely to announce the allotment status of its initial public offering (IPO) today, September 12. The IPO opened for subscription from September 5 to September 7. It received bids for 2.49 crore equity shares as against 87.12 lakh shares on offer. Overall, the IPO has seen decent demand from investors amidst volatile market conditions and even as the grey market premium for the company’s shares have been falling. Despite this, the retail portion of the IPO saw a subscription of 6.41 times the offer. Moreover, the grey market premium (GMP) of the company’s shares have come down to ₹5 from ₹35 earlier. The private sector bank is planning to raise ₹832 crore through a fresh issue of 1.58 crore shares. The lender has fixed the price band at ₹500-525 per share. Here is how to <keyword id="14957591" type="General" weightage="20" keywordseo="Tamilnad-Mercantile-Bank-IPO-allotment-status" source="Orion">Tamilnad Mercantile Bank IPO allotment status</keyword> on stock exchange website: <ul><li>Go to the <a href="https://www.bseindia.com/investors/appli_check.aspx">BSE website</a> or NSE website<a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp"> here</a>.</li><li>On BSE, Select 'Equity' and then from the dropdown, select ‘Tamilnad Mercantile Bank’.</li><li>Now, enter your application number and PAN.</li><li>Click on 'Search'.</li><li>Please note the details will only be available once the shares are allotted.</li></ul>You can also visit the registrar website (Link Intime India) to check your application status. <ul><li>Visit the registrar's website <a href="https://linkintime.co.in/MIPO/Ipoallotment.html">here</a>.</li><li>Click on 'Select company' and click on ‘Tamilnad Mercantile Bank’.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or the client ID.</li><li>Enter the captcha and click ’submit’.</li></ul>Once you hit 'submit', the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares you subscribed to and the number of shares allotted to you. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-to-open-next-week-grey-market-premium-is-already-at-150-per-share/articleshow/94099229.cms">Harsha Engineers IPO to open next week; grey market premium is already at ₹150 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ranbir-kapoors-brahmastra-wipes-out-over-800-crore-wealth-of-pvr-and-inox-investors/articleshow/94095579.cms">Brahmastra wipes out over ₹800 crore wealth of PVR and Inox investors</a>

Tamilnad Mercantile Bank IPO: Here’s how you can check the allotment status

<ul><li>Shares of Global Health that operates Medanta Hospitals listed at ₹398.15 against the allotment price of ₹336 per share.</li><li>The IPO was subscribed 9.58 times amidst volatile market conditions.</li><li>The market capitalisation of the company stood at ₹10,677 crore. </li></ul>Shares of Global Health that operates Medanta Hospital rallied on the day of its debut, on Wednesday. It closed 23.7% higher than its issue price at ₹415.6. The stock had listed at an 18.5% premium to its issue price, which was at ₹336 per share. At the end of the day, investors were rewarded with <keyword id="428830" type="General" weightage="20" keywordseo="listing-gains" source="Orion">listing gains</keyword> of ₹79.6 per share. These gains are around four times the grey market predictions, that expected gains to the tune of ₹20 per share. GMP is the premium at which IPO shares are traded in an unofficial market before they are listed on the stock exchanges. The market capitalisation of the company stands at ₹10,677 crore, according to BSE data. The IPO was subscribed 9.58 times amidst volatile market conditions. The qualified institutional buyer portion was subscribed 28.64 times. The reserved portion of non-institutional investors witnessed a subscription of 4.02 times. Retail portion saw poor demand as it had a subscription of just 0.88 times. This year, 26 IPOs made their stock market debut on the BSE mainboard. Most of them gave positive listing gains, except seven issues. Here are the top five IPOs with highest listing gains in 2022. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Companies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Highest listing gains per share </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Harsha Engineers International </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹155.90 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dreamfolks Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹136.65 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Aether Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹134.75 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">DCX Systems </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹101.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Syrma SGS Technology </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹93.05 </td></tr></tbody><tbody></tbody><tbody></tbody></table>(Source: BSE) The proceeds from the IPO will be invested in two of its subsidiaries -- Global Health Patliputra and Medanta Holdings in the form of debt or equity, for payment of debt. The company has key specialities in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. Global Health is backed by private equity investors such as Carlyle Group and Temasek. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Revenue </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;">Profit </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;">FY22 </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;">₹1,339 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹91 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY21 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹876 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹45 crore </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY20 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹899 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹21 crore </td></tr></tbody><tbody></tbody><tbody></tbody></table>Source: DRHP While Covid-19 had initially impacted the health of the company, its profitability showed a dramatic turnaround in the last two fiscal years. However, the risk of future Covid variants remains and may impact its financial condition in the future. “Further, as a result of the detection of new strains, evolving variants such as the ‘Omicron variant’ and subsequent waves of Covid-19 infections throughout the world, we may be subject to further lockdowns or other restrictions in the subsequent years, which may adversely affect our business operations,” said the company in the red herring prospectus. Another drawback concerning the firm is continuing losses by subsidiaries, which may impact the parent company. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/buy-on-dips-say-analysts-as-indian-markets-bounce-back-smartly-in-october/articleshow/95454116.cms">Buy on dips, say analysts, as Indian markets bounce back smartly in October</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/whenever-small-caps-trade-at-a-discount-to-nifty-they-have-given-outsized-returns-incred-wealth/articleshow/95536784.cms">Whenever small caps trade at a discount to Nifty, they have given outsized returns: InCred Wealth</a>

Medanta Hospitals operator Global Health extends listing gains to close 24% higher than issue price

<ul><li>Mukesh Ambani regained his No. 1 position even as his wealth grew only 2% in the year.</li><li>Nearly 65% of people in the list amassed a combined wealth of close to $1 trillion.</li><li>As many as 55 people dropped out of the rich list, the most notable being Byju Raveendran.</li><li>Startup founders’ wealth saw a collective dip of ₹85,000 crore. </li></ul>A lot has changed in the last one year, but there are few surprises in the 360 ONE Wealth Hurun India Rich List 2023 released on Tuesday. The chairman of Reliance Industries Mukesh Ambani surged to the top spot as India’s richest man. India has added 38 <keyword id="6393637" type="General" weightage="20" keywordseo="billionaires" source="Orion">billionaires</keyword> to its rich list, taking the total tally to 259. Even as the developed world is staring at a recession, India is cementing its position as an economic powerhouse. Nearly 65% of people in the rich list amassed a combined wealth of close to $1 trillion. This is akin to the combined GDP of Singapore and the UAE, Hurun said. Mukesh Ambani surpassed Gautam Adani, who dropped to the second spot, in spite of only a 2% growth in his wealth in the last one year. After Adani’s wealth more than halved in the last year, the gap between Ambani and Adani wealth widened by ₹3,30,000 crore. The top 10 has seen a lot of upheaval in the last one year – as only Shiv Nadar and Cyrus Poonawala were able to hold on to the positions they held last year. Gautam Adani’s brother Vinod Shantilal Adani who was the sixth richest Indian last year, exited the top 10 list this year. He is now the twelfth richest Indian after his wealth dropped by 37%. The other notable exit is Uday Kotak, the chairman of Kotak Mahindra Bank who is now the 11th richest man in the county after his wealth dropped 6% last year. Kumar Mangalam Birla &amp; family and Niraj Bajaj &amp; family made a remarkable return to the top 10 this year as wealth went up by 5% and 7% respectively. India <keyword id="8030144" type="General" weightage="20" keywordseo="top-10-richest" source="Orion">Top 10 richest</keyword> Indians <table style="border-width: initial; border-style: none;"></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;">Rank </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;">Name </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;">Wealth </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;">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;">1 </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;">Mukesh Ambani &amp; family </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;">₹808,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">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;">2 </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;">Gautam Adani &amp; family </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;">₹474,800 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-57% </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;">3 </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;">Cyrus S Poonawalla &amp; family </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;">₹278,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">36% </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;">4 </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;">Shiv Nadar &amp; family </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;">₹228,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </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;">5 </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;">Gopichand Hinduja &amp; family </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;">₹1,76,500 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </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;">6 </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;">Dilip Shanghvi </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;">₹1,64,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </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;">7 </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;">LN Mittal &amp; family </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;">₹1,62,300 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </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;">8 </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;">Radhakishan Damani &amp; family </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;">₹1,43,900 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-18% </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;">9 </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;">Kumar Mangalam Birla &amp; family </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;">₹1,25,600 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5% </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;">10 </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;">Niraj Bajaj &amp; family </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;">₹1,20,700 crore </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td></tr></tbody></table>Source: 360 ONE Wealth Hurun India Rich List 2023 ‘India a shining moon as world stares at recession’ The cumulative wealth of 1,319 individuals who possess more than ₹1,000 crore in the rich list went up by 8.5% in the last year. However, their average wealth has decreased by 9.3%. The India Rich List added 273 new entrants and 38 new billionaires over the last year. The number of dollar billionaires also went up to 259, up 38 as compared to last year. “The trends prove that India is a shining moon in a world that is staring at recession. While the China Rich List has dropped 10% for each of this year and last year, both in terms of average wealth and in terms of the number of people that make the list. India is closing the gap,” said Anas Rahman Junaid, MD and Chief Researcher, Hurun India. India has 259 billionaires, up 38 compared to last year. While industrial products, metals &amp; mining added the greatest number of new entrants to the list. Pharma still holds the numero uno position and contributed 133 entrants to the list. “Over the past five years, many entrepreneurs have witnessed extraordinary wealth growth, some experiencing an astonishing 1,000% surge. Construction and engineering emerge as the top gainers in the top 100 list, followed closely by pharmaceuticals which has a cut-off of ₹20,000 crore,” said Anirudha Taparia, co-founder and joint CEO, 360 ONE Wealth. Funding winter &amp; founders’ wealth While 264 in the Indian rich list saw their wealth drop in the last one year, there were as many as 55 dropouts. The most notable of the dropouts is Byju Raveendran. The founder of edtech Byju’s exited the list on the back of investor markdowns. The funding winter and its ripple effects led to startup founders on the list experiencing a collective wealth dip of ₹85,000 crore. Recent policies, like the retrospective GST imposition on gaming companies and the angel tax and so on, could potentially hinder long-term wealth generation by startups, Hurun said. However, a few IPOs that stumbled last year did make a comeback. As new-age internet companies gain in value, entrepreneurs like Deepinder Goyal of Zomato and Yashish Dahiya of PB Fintech have seen their wealth increase by over 70%. Startup wealth creation will persist, albeit within a changing landscape, Junaid said. The IPO stars: Public issues and rich list debuts The stock markets also rewarded many public debuts and made their founders into billionaires. Ramesh Kunhikannan’s Kaynes Technology made a strong stock market debut. And he entered the list with a wealth of ₹8,200 crore. The spectacular listing gains provided by stock market debuts of many companies have pulled their owners into the rich list. Some of them include Jagdish Prasad Chowdhary of Titagarh Wagons, Ranjit Pendurthi of Archean Chemical Industries and Ajay P Thakker &amp; family of Jupiter Life Line Hospitals. Pavan Kumar Bajaj and Karan Bajaj of Electronics Mart India and Harsha Engineers’ Harish Rangwala and Rajendra Shantilal Shah too entered the coveted list of richest Indians after their stocks skyrocketed on debut. But there is money to be made in private markets too. Manish Kejriwal of Kedaara Capital became the first Indian Private Equity fund manager to enter the list.

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

Equity benchmarks made a positive start to the week on Monday amid a supportive trend in Asian markets and robust <keyword id="441091" type="General" weightage="20" keywordseo="foreign-fund-inflows" source="Orion">foreign fund inflows</keyword>. Trading momentum was positive ahead of retail inflation and industrial output data, which will be announced after market hours. Rising for the third straight session, the 30-share BSE <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">sensex</keyword> climbed 274.07 points to 60,067.21. On similar lines, the broader NSE Nifty went higher by 79.45 points to 17,910.50. From the 30-share sensex pack, Tech Mahindra, Infosys, Bajaj Finserv, Mahindra &amp; Mahindra, Tata Steel and ICICI Bank were leading the gainers' chart. However, HDFC, Dr Reddy's, L&amp;T, Asian Paints and Kotak Bank were among the laggards. Elsewhere in Asia, markets in Japan were trading in the positive zone, while bourses in China and South Korea were closed for holidays. Wall Street had ended with smart gains on Friday. Foreign institutional investors (FIIs) were net buyers to the tune of Rs 2,132.42 crore on Friday, as per exchange data. "The most important bullish factor that has caused and is sustaining India's market outperformance is the strong growth recovery underway in India now. RBI's report which puts bank credit growth now running at 15.5 per cent is an endorsement of this fact. "While financials will continue to be resilient, some sector rotation can be expected at this juncture. The beaten down IT segment may participate in a pullback rally," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tamilnad-mercantile-bank-ipo-how-to-check-allotment-status/articleshow/94138952.cms">Tamilnad Mercantile Bank IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-to-open-next-week-grey-market-premium-is-already-at-150-per-share/articleshow/94099229.cms">Harsha Engineers IPO to open next week; grey market premium is already at ₹150 per share</a>

Sensex revisits 60,000-mark on supportive cues from global markets

<keyword id="8555" type="General" weightage="80" keywordseo="tata" source="Orion">Tata</keyword> Group is in discussions with a Taiwanese supplier to <keyword id="6354427" type="General" weightage="50" keywordseo="apple" source="Orion">Apple</keyword> in order to build an electronics manufacturing joint venture in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> and assemble <keyword id="57315" type="General" weightage="100" keywordseo="iphones" source="Orion">iPhones</keyword> here, Bloomberg reported on Friday. According to the report, the discussions with Wistron are aimed at making Tata a force in technology manufacturing and the Group wants to tap the Taiwanese company's expertise in product development, supply chain, and assembly. If the agreement is successful, Tata might become the first Indian business to manufacture iPhones, which are now largely put together in China and India by Taiwanese manufacturing behemoths like Wistron and Foxconn Technology Group, the report said. Meanwhile, earlier this month, industry analyst Ming-Chi Kuo claimed that the next <keyword id="6354606" type="General" weightage="80" keywordseo="iphone" source="Orion">iPhone</keyword> 15 is likely to be manufactured at the same time in India and China next year. "The iPhone 14's mass production schedule in India this year is still about six weeks behind China, but the gap has improved significantly. Therefore, it is reasonable to expect that India and China will be able to produce the new iPhone 15 at the same time next year," Kuo tweeted earlier. Last month, reports mentioned that the tech giant would start the production of the latest iPhones in India two months after its debut. However, Kuo later noted that it would be manufactured "about six weeks" later. Apple first started manufacturing iPhones in India in 2017 with iPhone SE. The tech giant manufactures some of its most advanced iPhones in the country, including iPhone 11, iPhone 12 and iPhone 13, at the Foxconn facility, while iPhone SE and iPhone 12 are being assembled at the Wistron factory in the country. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-to-open-next-week-grey-market-premium-is-already-at-150-per-share/articleshow/94099229.cms">Harsha Engineers IPO to open next week; grey market premium is already at ₹150 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/top-10-business-in-india/slidelist/94098030.cms">Top 10 business sectors in India that have also produced the most billionaires</a>

Tata in talks to build iPhones for Apple in India: Report

Direct-to-consumer (D2C) company <keyword id="11353130" type="General" weightage="20" keywordseo="Mensa-Brands" source="Orion">Mensa Brands</keyword> on Monday said it has acquired healthfood startup <keyword id="14190155" type="General" weightage="20" keywordseo="MyFitness" source="Orion">MyFitness</keyword> for an undisclosed sum, with an aim to make it a Rs 1,000 crore brand in the next three-four years. The acquisition will help Mensa Brands launch new categories, scale D2C, invest in brand-building and expand to global markets. "MyFitness is a fast-growing consumer-loved brand and we will scale the brand to have an omni-channel global presence by leveraging our tech-led playbook. We believe we can build MyFitness into a Rs 1,000 crore brand in the next three-four years," said Ananth Narayanan, Founder and CEO, Mensa Brands. Founded in 2019 by Mohammad Patel and Rahil Virani, MyFitness is popular among fitness enthusiasts, Millennials, Gen Z, and sportsperson. MyFitness is the first to launch a chocolate variant of Peanut Butter in India and the world's first crispy Peanut Butter. It is also the official snacking partner of IPL teams, Punjab Kings and Delhi Capitals. "We're thrilled to be partnering with Mensa Brands, a market leader proven to exponentially scale brands," said Patel. MyFitness currently has more than 30 SKUs (stock keeping units) with an average selling price of Rs 500. Mensa Brands, founded by Narayanan who is <keyword id="14960728" type="General" weightage="20" keywordseo="former-CEO-of-Myntra-and-Medlife" source="Orion">former CEO of Myntra and Medlife</keyword>, is backed by global investors like Accel Partners, Falcon Edge Capital, Norwest Venture Partners, Prosus and Tiger Global Management. It registered a net revenue run rate of Rs 1,500 crore in the first 12 months of operations. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-to-open-next-week-grey-market-premium-is-already-at-150-per-share/articleshow/94099229.cms">Harsha Engineers IPO to open next week; grey market premium is already at ₹150 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/queen-elizabeth-ii-remembering-her-visits-to-india/slidelist/94093345.cms">Queen Elizabeth II’s special connection with India</a>

Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand

Amid tough global market conditions, US-based <keyword id="3083286" type="General" weightage="100" keywordseo="patreon" source="Orion">Patreon</keyword> has announced that it is laying off 80 people, or about 17 per cent of the staff. CEO <keyword id="1667179" type="General" weightage="50" keywordseo="jack-conte" source="Orion">Jack Conte</keyword> said that he is deeply sorry to the kind, talented, creator-first people who will be leaving Patreon. "Today we will lay off 80 Patreon teammates from our Go-to-Market, <keyword id="6363823" type="General" weightage="50" keywordseo="operations" source="Orion">Operations</keyword>, <keyword id="25455" type="General" weightage="50" keywordseo="finance" source="Orion">Finance</keyword>, and People teams, with roughly 17 per cent of our team leaving the company. Before I get into the reasons for this decision, I want to recognise that today will be difficult for much of our team and even harder for those leaving Patreon," <keyword id="1170137" type="General" weightage="80" keywordseo="conte" source="Orion">Conte</keyword> wrote in a letter to the staff. "Over the last 9 months, we have seen the tech industry -- and the whole economy -- change considerably. Many of you have asked me about layoffs at All Hands meetings as we have set out to tighten our focus, and I have said that layoffs would be a last resort. Today we are taking that step�" he added. Conte mentioned that the pandemic introduced volatility to the broader trend, starting with a rapid acceleration during Covid lockdowns. "In response, we built an operating plan to support this outsized growth, but as the world began recovering from the pandemic and enduring a broader economic slowdown, that plan is no longer the right path forward for Patreon," he said. "I take full responsibility for choosing that original path forward, and for the changes today, which will be very difficult for our team," he added. The company is also planning to restructure its marketing efforts under a smaller, consolidated team in the near-term, focused on updating the brand, developing creator resources, and launching new products. It will also restructure its Creator Partnerships efforts to take a more scaled approach with a smaller, consolidated team in the US. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-opens-today-grey-market-premium-is-at-210/articleshow/94197117.cms" style="">Harsha Engineers IPO opens today; grey market premium is at ₹210</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/wpi-inflation-eased-for-the-third-consecutive-month-in-august-to-12-41/articleshow/94196834.cms">WPI inflation eased for the third consecutive month in August to 12.41%</a>

Patreon lays off 17% of its staff

<ul><li>Markets gained during the week after losing ground for the previous two consecutive weeks.</li><li><keyword id="91748" type="General" weightage="50" keywordseo="indian-rupee" source="Orion">Indian Rupee</keyword> gained 22 paisa or 0.28 per cent to close at Rs 79.58. </li><li>Shares which were issued at Rs 326, saw a discovered price of Rs 505 on <keyword id="35140" type="General" weightage="50" keywordseo="bse" source="Orion">BSE</keyword>, a high of Rs 550 and closed at Rs 462.65. </li></ul>Markets gained during the week after losing ground for the previous two consecutive weeks. BSESENSEX was up 989.85 points or 1.68 per cent to close at 51,793.18 points. <keyword id="6354813" type="General" weightage="50" keywordseo="nifty" source="Orion">NIFTY</keyword> gained 293.90 points or 1.68 per cent to close at 17,833.35 points. The broader indices saw BSE100, BSE200 and BSE500 gain 1.60 per cent, 1.67 per cent and 1.73 per centrespectively. BSEMIDCAP was up 1.86 per cent while BSESMALLCAP was up 2.53 per cent. Indian Rupee gained 22 paisa or 0.28 per cent to close at Rs 79.58. Dow Jones lost on the first two days and then gained on the remaining three days to end the week with gains of 833.27 points or 2.66 per cent to close at 32,151.71 points. In primary news, there was one listing, one issue which had opened for subscription and also closed and a third which had its roadshow. The issue from Dreamfolks Services Limited listed on Tuesday and fared well on expected lines. Shares which were issued at Rs 326, saw a discovered price of Rs 505 on BSE, a high of Rs 550 and closed at Rs 462.65. By Friday, shares lost some ground and closed lower at Rs 430.80. The issue from Tamilnad Mercantile Bank had tapped the markets with its fresh issue in a price band of Rs 500-525. The issue was subscribed 2.85 times with QIB portion subscribed 1.62 times, HNI portion was subscribed 2.94 times and Retail portion was subscribed 6.43 times. There were 1.33 lakh applications. Considering the issue, the response from QIB's could at best be said as tepid. The issue from Harsha Engineers Limited opens on Wednesday the 14th of September and closes on Friday the 16th of September. The price band is Rs 314-330. The company makes bearing cages as its key product and supplies to leading bearing manufacturers not only in India but also globally. Japanese manufacturers have begun to buy from Harsha and this could be a big boost in revenues going forward. The company reported revenues of Rs 1,321.48 crore for the year ended March 2022 and a profit after tax of Rs 91.94 crore. The PE at the top end of the band is 27.73 times. The company has undergone a restructuring exercise and has amalgamated all its businesses under one name. This has diluted the equity to some extent and while the basic EPS for the year ended March 22 was 16.06, on a diluted basis it works out to Rs 11.09. The share and the business look attractive. Coming to the markets in the week ahead, our markets would find strong resistance at the 17,750-800 levels and 59,450-59,550 levels. While we have almost closed at the above levels, we need to break out of them and sustain at higher levels. In case they do manage to break these levels for any reason, the previous tops made at 18,000 and 60,400 would be very strong resistances in the period coming up. Strong support exists at 17,350 and 58,200. If these break then the next level would be 17,000-17,050 and 57,250-57,350. For a clear trend to emerge, 17,000 and 57,250 on the lower side and 18,000 and 59,550 on the upper side need to be decisively broken. Currently we have no news or momentum in the markets to break these levels. The strategy would be to buy on dips and sell on rallies. One interesting development that has taken place in the last week, was that shorts in the futures were squared off to a large extent and to that effect markets have become hollow. In case there is any bad news and markets take a beating, the fall could become sharper than expected. Trade cautiously. (Arun <keyword id="6358183" type="General" weightage="100" keywordseo="kejriwal" source="Orion">Kejriwal</keyword> is the founder of <keyword id="715020" type="General" weightage="50" keywordseo="kejriwal-research-and-investment-services" source="Orion">Kejriwal Research and Investment Services</keyword>. The views expressed are personal) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/tamilnad-mercantile-bank-ipo-how-to-check-allotment-status/articleshow/94138952.cms">Tamilnad Mercantile Bank IPO: Here’s how you can check the allotment status</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-person-dying-every-44-seconds-due-to-covid-who-chief/articleshow/94131553.cms">One person dying every 44 seconds due to Covid: WHO chief</a>

The market strategy would be to buy on dips and sell on rallies: Arun Kejriwal

<ul><li>Made-in-India drone companies are seeing a boost in sales post ban of drone imports by the government. </li><li>Consumer brands like Swiggy, Zomato, Dunzo and <keyword id="41887" type="General" weightage="100" keywordseo="biryani" source="Orion">Biryani</keyword> by Kilo have started launching trials for delivery by drones. </li><li>Drones are being used for defense, consumer and delivery purposes. </li><li><keyword id="1605364" type="General" weightage="80" keywordseo="throttle" source="Orion">Throttle</keyword>, a drone manufacturing company based out of Bangalore, witnessed a 150% growth. </li></ul>Declaring the Indian drone industry as a ‘sunrise sector’, the Directorate General of Foreign Trade, under the Ministry of Commerce, banned the import of drones in February. This has given a fillip to homegrown drone companies that are finding innovative uses for these unmanned aerial vehicles. One of India’s leading drone companies <keyword id="7785402" type="General" weightage="50" keywordseo="throttle-aerospace-systems" source="Orion">Throttle Aerospace Systems</keyword> (TAS) witnessed a 150% growth since the announcement. Even e-commerce companies like Dunzo, Swiggy and Zomato have ventured into the drone delivery space. Last year, Zomato acquired a drone startup <keyword id="6576859" type="General" weightage="50" keywordseo="techeagle" source="Orion">TechEagle</keyword> to build models that can help deliver essentials and possibly food in the near future. Medicines and Biryani from the sky <keyword id="2757817" type="General" weightage="50" keywordseo="rattanindia" source="Orion">RattanIndia</keyword>’s drone company Neosky in association with TAS, is now planning to also supply drones for e-commerce and consumer-led initiatives besides defence. The companies have partnered with Dunzo, leading hospitals in India and even grocery delivery for Instamart, by Swiggy. At present, they are manufacturing 30 drones per month, aiming to go upto 45-50 units in the near future. Consumer brands like Swiggy recently partnered with Garuda Aerospace and Throttle to launch doorstep deliveries for groceries through Instamart. Its trials have already begun across Delhi-NCR and Bangalore. Another startup Biryani by Kilo delivered Biryani to eight influencers post the launch of eight stores in Hyderabad. As of now, the drone space in India is extensively being used in the defense sector and helping with delivery of average payload commodities. “We can see consumer led drones picking up but before that we would need designated drone corridors by the government. As of now, drones would be extensively used in the defense sector or for average load deliveries. Though it is exciting to witness food being delivered by a drone, it is further down the future,” said Sarath Chandra <keyword id="14985844" type="General" weightage="80" keywordseo="gudlavalleti" source="Orion">Gudlavalleti</keyword>, CEO of Neosky. The government too had founded extended uses for drones. During the pandemic, a box weighing 12 kilos of medicines and 20 vials of vaccines was delivered to rural parts of Telangana through drones in an initiative called ‘Medicines from the Sky’. ‘Laws for this sector are still being made’ The government is taking active steps to boost domestic manufacturing of drones. On July 6, 2022, India’s aviation ministry released the second provisional list of 23 beneficiaries of the production-linked incentives (PLI) scheme for the drone industry. Combined annual sales turnover of PLI beneficiaries in the drone industry reached ₹3.19 billion in 2021-22 from ₹880 million the previous year. “A welcome change by the government was to stop drone imports which has boosted Make In India drone companies. Dividing India’s airspace into Red, Green and Amber zones has also helped. But laws for this sector are still being made as it is very new,” said Gudlavalleti. The Ministry of Civil Aviation has divided the Indian airspace into three zones- Green (no permission required), Amber (controlled airspace) and Red (no drones allowed). The government also launched a DigitalSky platform in January 2022 for verification of Made in India drones. The drone defender Through small steps, the Indian government is also opening the door for commercial use of drones during disaster management and even economic mapping. Beginning April 2022, all drone operators have been allowed to promote secure operations without needing multiple approvals by possessing a valid UIN. Throttle is one such beneficiary. On Thursday, RattanIndia through their drone company Neosky assisted with manufacturing company Throttle launched a ‘drone defender.’ It was unveiled by Minister General <keyword id="6364699" type="General" weightage="50" keywordseo="v-k-singh" source="Orion">V K Singh</keyword>, MOS Aviation Ministry at Air Force Auditorium during the ‘Unmanned Aerial Systems India 2022’ event on September 13. “This drone is 70% indegenious and launches a soft-kill against approaching rogue drones without any human intervention. Instead of using direct attack, this drone will pull down the attacker by shooting a net,” said <keyword id="14985845" type="General" weightage="50" keywordseo="nagander-ramaswamy" source="Orion">Nagander Ramaswamy</keyword>, CEO of drone manufacturing company TAS. “We have acquired a 60% stake in Throttle and hope to build our capacity further,” said Gudlavalleti. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/cant-be-locking-horns-with-zomato-and-swiggy-says-restaurant-body/articleshow/94203208.cms">Can’t be locking horns with Zomato and Swiggy, says restaurant body</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sustainability/news/india-to-assume-g20-presidency-for-one-year-from-december-2022-host-over-200-meetings-and-mea-lists-priorities/articleshow/94194674.cms">India to assume G20 Presidency for one year from December 2022; host over 200 meetings and MEA lists priorities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-opens-today-grey-market-premium-is-at-210/articleshow/94197117.cms">Harsha Engineers IPO opens today; grey market premium is at ₹210</a>

Medicines and Biryani from the sky: Made-In-India drones witness growth post import ban

<ul><li>Hotels across India are now installing EV charging stations across India. </li><li>96% of Indian travelers say that sustainable travel is important to them. </li><li><keyword id="165027" type="General" weightage="80" keywordseo="radisson" source="Orion">Radisson</keyword> Blu Plaza Delhi International Airport launched an EV charging point on <keyword id="9906589" type="General" weightage="20" keywordseo="world-EV-day" source="Orion">world EV day</keyword>. </li><li>The approximate cost to fully charge a 90 kilowatt electric vehicle is ₹4,000. </li></ul>More <a href="https://www.businessinsider.in/india/news/indian-consumers-are-packing-their-bags-to-travel-to-goa-and-bali/articleshow/93393370.cms">Indians</a> are travelling post pandemic and hotel chains are prepping for it – with many of them adopting more sustainable practices to attract the increasingly eco- conscious <keyword id="159493" type="General" weightage="50" keywordseo="gen-z" source="Orion">Gen Z</keyword> and millennial travellers even as they do their bit to help cut emissions and mitigate growing climate risks. One of the steps being taken is the installation of electric vehicle (EV) chargers in the hotel premises to promote sustainable tourism. According to a Global Sustainable Tourism Council <a href="https://www.gstcouncil.org/india/#:~:text=According%20to%20research%20conducted%20by,travel%20again%20in%20the%20future.">report</a>, 96% of Indian travellers identified sustainable travel as important to them. Currently, India has a total of 1,640 operational public EV <a href="https://www.pib.gov.in/PressReleasePage.aspx?PRID=1799464#:~:text=Currently%2C%20India%20has%20a%20total,account%20for%20approximately%20940%20stations.">chargers</a> but private companies are also helping to install EV chargers. In Delhi, for instance, travellers staying at the <keyword id="6301371" type="General" weightage="50" keywordseo="radisson-hotel-group" source="Orion">Radisson Hotel Group</keyword> at Mahipalpur can now charge their 2-wheeler or 4-wheeler EVs on premises. An EV charger developed by Sunfuel Electric was installed in the hotel’s premises on Friday to mark World EV Day. This is an extension of the group’s partnership with Sunfuel last year to set up EV charging infrastructure across its portfolio of over 100 hotels in South Asia. “There has been an increase in travel in cars since the pandemic and we are catering to that population. There is a Radisson hotel every four hours, and we are positive that this will solve range anxiety amongst EV owners. The hotel group aims to install at least four EV chargers in each hotel ranging from Kashmir to Kanyakumari,” said Zubin Saxena, managing director, South Asia at Radisson Hotel Group. Other premium chains are also encouraging electric vehicle usage by installing chargers on premises — a move that will help reduce range anxiety among tourists, particularly avid travellers exploring the length and breadth of the country in their electric vehicles. For instance, Marriott International has partnered with ChargeZone to install 100 EV charging stations across India in June. amã Stays &amp; Trails, a unit of <keyword id="6383232" type="General" weightage="50" keywordseo="indian-hotels-company" source="Orion">Indian Hotels Company</keyword> (IHCL), joined hands with <keyword id="45008" type="General" weightage="50" keywordseo="tata-power" source="Orion">Tata Power</keyword> in December 2021 to install 30 EV chargers across 30 destination villas in India. Boosting EV infrastructure could go a long way in reducing carbon emissions while also helping the hotel chains meet their net-zero goals. “Sustainable and green transportation could take away 14% of carbon reduction globally. Radisson aims to achieve net zero emission by 2050. There is a huge misconception that green infrastructure is costly. Over 95% of travellers in Asia Pacific say they want to travel sustainably. The need to promote sustainable travel is complemented with the rise of EVs, especially in India,” said <keyword id="14942891" type="General" weightage="50" keywordseo="inge-huijbrechts" source="Orion">Inge Huijbrechts</keyword>, global senior vice president sustainability, Radisson Hotel Group. Pay for EV charging like a metrocard Hotel chains are trying to make sustainable travel attractive by helping to widen the electric vehicle charging infrastructure and optimising charging costs for the travellers. For instance, Sunfuel Electric will provide OTC cards for paying for EV charging on the hotel premises. To fully charge a KIA EV car that draws 77kw of electricity, it would approximately cost ₹4,000 and take 7 hours, costing ₹2 per kilometre, claims Sunfuel. “We already have 60 plus chargers across India and aim to install 300 chargers within the next three months. You can also recharge the OTC card like a metrocard to pay for EV charging with one tap. At Radisson, we will begin with one charger each first,” said Sudhir Nayak, co-founder of SunFuel Electric. Having used an electric car for seven years now, actor and former pilot <keyword id="8864" type="General" weightage="50" keywordseo="gul-panag" source="Orion">Gul Panag</keyword>, head of partnerships at Sunfuel said, “Don't let anyone tell you climate change is irreversible. Electric vehicles are 95% efficient technology. In a city like Bombay which has the highest electricity tariff, I still end up using less energy than a two-tonne AC.” SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/harsha-engineers-ipo-to-open-next-week-grey-market-premium-is-already-at-150-per-share/articleshow/94099229.cms">Harsha Engineers IPO to open next week; grey market premium is already at ₹150 per share</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/ranbir-kapoors-brahmastra-wipes-out-over-800-crore-wealth-of-pvr-and-inox-investors/articleshow/94095579.cms">Brahmastra wipes out over ₹800 crore wealth of PVR and Inox investors</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/king-charles-iii-the-new-british-monarch-who-runs-his-cars-on-english-wine/slidelist/94094039.cms">King Charles III - the new British monarch who runs his cars on English wine</a>

You Searched For "harsha engineers ipo" and got 13 results

Bikaji Foods lists at a 7% premium in line with grey market expectations

Bhakti Makwana

Kaynes Technology debuts at 32% premium on exchanges, tops grey market expectations

Bhakti Makwana

Sula Vineyards shares fall over 2% after a tepid listing at ₹361

Bhakti Makwana

Tamilnad Mercantile Bank IPO: Here’s how you can check the allotment status

Bhakti Makwana

Medanta Hospitals operator Global Health extends listing gains to close 24% higher than issue price

Bhakti Makwana

Hurun India Rich List: Birla and Bajaj back in the top ten with Ambani on top in 2023

Katya Naidu

Sensex revisits 60,000-mark on supportive cues from global markets

PTI

Tata in talks to build iPhones for Apple in India: Report

IANS

Mensa Brands acquires MyFitness, aims to turn it into a ₹1,000 crore brand

IANS

Patreon lays off 17% of its staff

IANS

The market strategy would be to buy on dips and sell on rallies: Arun Kejriwal

IANS

Medicines and Biryani from the sky: Made-In-India drones witness growth post import ban

Eetika Kapoor

Premium hotels add in a unique offer - EV charging stations for green travellers

Eetika Kapoor