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With <keyword id="23553727" type="General" weightage="20" keywordseo="Cyclone-Dana" source="keywords">Cyclone Dana</keyword> expected to make landfall anytime on Thursday, in <keyword id="19897145" type="General" weightage="20" keywordseo="Odisha" source="keywords">Odisha</keyword> and <keyword id="19896517" type="General" weightage="20" keywordseo="West-Bengal" source="keywords">West Bengal</keyword>, the <keyword id="19900359" type="General" weightage="20" keywordseo="Indian-Navy" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Navy" meta.hostid="261" meta.entityid="Indian Navy">Indian Navy</keyword> has been preparing to conduct any Humanitarian Assistance and <keyword id="20018481" type="General" weightage="20" keywordseo="disaster-relief" source="keywords">Disaster Relief</keyword> (HADR) operations needed. Additionally, the Navy has confirmed that ships equipped with supplies and rescue teams have also been kept at standby for any relief efforts. According to a statement by the Navy, the Eastern Naval command, while coordinating with Naval officers-in-charge (NOIC) in Andhra Pradesh, Odisha, and West Bengal, have activated a comprehensive disaster response mechanism. "The command is working closely with units such as the Base Victualling Yard (BVY), Material Organisation and the naval hospital INHS Kalyto provide essential supplies and medical support if sought by the State administration," read the statement. The Navy has sent essential clothing, drinking water, food, medicines, and emergency relief materials by road to various locations which are likely to be affected due to cyclone Dana. "Flood Relief and Diving Teams are being mobilised to assist in coordinated rescue and relief operations if needed," read the statement. According to a post by the India Meteorological Department (IMD), the cyclonic storm is moving northwest with a speed of 12 kilometers per hour for the past few hours. The storm was centred around 240 kilometers south of Odisha and 310 kilometers south of West Bengal. Evacuation started earlier today for people living in Dhamara and Bhadrak in Odisha, with people being brought to the cyclone shelter, according to officials. Odisha Chief Minister Charan Majhi said, "The state government is taking cyclonic storm 'Dana' very seriously. Arrangements are in place for the affected districts, including Kendrapara, Bhadrak, Balasore, Jagatsinghpur, and Puri." Notably, Airport authorities said that flight operations at Netaji Subhash Chandra Bose International Airport in Kolkata will be suspended for 15 hours starting at 6:00 PM on Thursday as a precautionary measure ahead of Cyclone Dana. West Bengal Governor CV Ananda Bose also expressed solidarity with the people in the wake of Cyclone, "Bengal will stand together. India will stand together. We shall overcome," he said. Additionally, teams from the National Disaster Response Force (NDRF) in both Odisha and West Bengal have been placed on standby. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Indian Navy prepares for Cyclone Dana landfall, two ships on standby to aid with relief efforts

The <keyword id="19900359" type="General" weightage="20" keywordseo="Indian-Navy" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Navy" meta.hostid="261" meta.entityid="Indian Navy">Indian Navy</keyword> has started rapid preparations to deploy <keyword id="19940434" type="General" weightage="20" keywordseo="humanitarian-assistance" source="keywords">Humanitarian Assistance</keyword> and <keyword id="20018481" type="General" weightage="20" keywordseo="disaster-relief" source="keywords">Disaster Relief</keyword> (HADR) operations in response to the devastating flash floods in Myanmar, in response to <keyword id="23060948" type="General" weightage="20" keywordseo="Typhoon-Yagi" source="keywords">Typhoon Yagi</keyword>. The typhoon, which has originated from the South China Sea, is being recognised as the most powerful storm in Asia this year. The Eastern Naval Command, in coordination with the Eastern Fleet, Base Victualling Yard (BVY), Material Organisation, and INHS Kalyani, has completed the overnight loading of essential relief supplies onto naval ships set to depart from Visakhapatnam. The supplies include critical items such as HADR gear, drinking water, rations, and medicines. These materials are being sent to Yangon. "This rapid mobilisation comes despite the short notice, showcasing the Navy's ability to swiftly respond to humanitarian crises in the region," the Ministry stated. Earlier on Sunday, External Affairs Minister S Jaishankar on Sunday, informed that, as a part of <keyword id="23180167" type="General" weightage="20" keywordseo="Operation-Sadbhav" source="keywords">Operation Sadbhav</keyword>, the government has dispatched humanitarian aid to Myanmar, Vietnam and Laos. In a post on X, External Affairs Minister, S Jaishankar said, "India launches Operation Sadbhav. Demonstrating our solidarity with the people affected by Typhoon Yagi, India is dispatching aid to Myanmar, Vietnam and Laos. 10 tons of aid including dry ration, clothing and medicines left for Myanmar onboard Indian Navy INS Satpura today. @IAF_MCC is carrying 35 tons of aid comprising of water purification items, water containers, blankets, kitchen utensils, solar lanterns for Vietnam. 10 tons of aid comprising genset, water purification items, hygiene supplies, mosquito nets, blankets and sleeping bags for Laos." Typhoon Yagi, recognised as the most powerful storm in Asia this year, has had a devastating impact across southern China and Southeast Asia over the past week. The storm, characterised by intense rainfall and powerful winds, initially struck the Philippines, causing over a dozen fatalities. The storm has been characterised by its intense rainfall and formidable winds, leading to substantial loss of life and extensive damage, CNN reported. The typhoon first made landfall in the Philippines, where it claimed the lives of over a dozen people. After striking the Philippines, Yagi continued its westward journey, impacting southern China before affecting parts of Vietnam, Thailand, Myanmar, and Laos. Almost a week after it initially hit, many regions in northern Vietnam and northern Thailand are still underwater. The relentless flooding has caused widespread disruption, and communities are facing severe challenges as they attempt to cope with the aftermath. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/webstories/arkade-developers-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/113384216.cms">Arkade Developers IPO – Price band to risk factors, all you need to know</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a> <a href="https://www.businessinsider.in/tech/mobile/news/motorola-edge-50-neo-with-dimensity-7300-50mp-camera-launched-in-india/articleshow/113386868.cms">Motorola Edge 50 Neo with Dimensity 7300, 50MP camera launched in India</a>

Indian Navy gears up for humanitarian assistance, disaster relief in Myanmar amid Typhoon Yagi

<ul><li>Mazagon Dock Shipbuilders IPO will open for subscription this week, price band fixed at ₹135-145 per share.</li><li>Here’s what makes the Mazagon Dock Shipbuilders ₹444 crore IPO a hot pick.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The state-owned defence firm Mazagon Dock Shipbuilders is set to float its ₹444 crore initial public offering in the market on September 29. The company has fixed the price band for the IPO at ₹135-145 per share. The IPO will remain open for subscription until October 1, and the shares are likely to list on both the stock exchanges— BSE and NSE on October 12. What does Mazagon Dock do? Mazagon Dock Shipbuilders is a wholly-owned Indian Government company, conferred with the ‘Miniratna-I’ status in 2006, by the Department of Public Enterprises. The company is engaged in the construction and repair of warships and submarines for the Indian Ministry of Defence for use by the Indian Navy and other vessels for commercial clients. <div type="image" title="Pic 2-INS Delhi D61" msid="78360753" hostid="261" caption="&amp;lt;p&amp;gt;INS Delhi built by Mazagon Dock Limited in Mumbai&amp;lt;/p&amp;gt;"></div> The company has also manufactured cargo ships, passenger ships, supply vessels, multipurpose support vessels, water tankers, dredgers, fishing trawlers, barges, and border outposts for various Indian and foreign customers. Here’s what makes the IPO hot! Its monopoly in the sector, says JM Financials According to JM Financials, its monopoly of being the only public sector defence shipyard constructing conventional submarines makes it an attractive bid for investors. Mazagon Dock is the only domestic yard that can build complex platforms such as Destroyers, Frigates, Corvettes, and conventional submarines. Strong order book and great revenue visibility, says Angel Broking According to Angel Broking, Mazagon Dock has a strong order book of around ₹ 54,074 crore currently, which provides revenue visibility for the long-term. The order book comprises: <ul><li>Four P-15 B destroyers</li><li>Four P-17A stealth frigates</li><li>Repair and refit of a ship</li><li>Four Scorpene-class submarines </li><li>One medium refit and life certification of a submarine.</li></ul>“MDL’s current order book is 11 times its FY20 revenues; this offers a runway for revenue growth for the next five years as it achieves the ‘bell curve’ impact on two of its largest shipbuilding projects viz. project,” the JM Financials report said. <div type="image" title="Mazagon Dock’s" msid="78360655" hostid="261"></div> India’s focus on indigenisation to boost Indian defence sector Mazagon Dock’s focus on indigenisation under ‘Make in India’, ‘Atmanirbhar Bharat,’ will be positive for growth. Recently Indian banned 101 defence items, which indicates the government’s focus on indigenisation to promote and create opportunities in the Indian defence sector. According to Angel Broking, such moves by the Indian government would be beneficial for companies like MDSL. <div type="image" title="Pic 1-Vice Admiral," msid="78360785" hostid="261" caption="&amp;lt;p&amp;gt;Narayan Prasad, CMD, Mazagon Dock Shipbuilders Ltd&amp;lt;/p&amp;gt;"></div> Here are some of the key challenges that the company faces: Dependence on the Ministry of Defense According to the HDFC report, Mazagon Dock is predominantly dependent on the Indian government for defence orders and has mostly been awarded such orders on a nomination basis by the MoD for use by the Indian Navy. However, the reports say that there is no assurance that future defence orders will be awarded to it by the MoD and which will impact its future revenue. It furthers says that “any decline, delay or reprioritisation of funding under the Indian defence budget or that of customers including the MoD for use by the Indian Navy could adversely affect MDSL’s ability to grow or maintain its sales, earnings, and cash flow.” Dependence on equipment import The HDFC report highlighted Mazagon Dock’s high dependency on foreign sources for equipment, weapons, sensors, and propulsion systems. And, any kind of delay in imports may impact their business. Mazagon Dock is also subjected to risks arising from currency exchange rate fluctuations, which could adversely affect the business, financial condition, and results of operations. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/upcoming-ipos-in-india-mazagon-dock-shipbuilders-uti-amc-and-likhitha-infrastructure/articleshow/78293918.cms" data-type="tilCustomLink">Three more IPOs to hit the Indian market next week — Mazagon Dock Shipbuilders, UTI AMC and Likhitha Infrastructure</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-cams-ipo-share-allotment-status/articleshow/78311094.cms" data-type="tilCustomLink">CAMS IPO allotment: Here’s how to check share allotment status</a>

Indian Naval Shipmaker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t

<ul><li>The Indian <keyword id="20211456" type="General" weightage="20" keywordseo="smartphone-shipments" source="keywords">smartphone shipments</keyword> declined by 2% in Q2 2024 amid a heatwave in the country.</li><li><keyword id="19901379" type="General" weightage="20" keywordseo="Xiaomi" source="keywords" meta.keywordsubtype="org" meta.entityname="Xiaomi" meta.hostid="261" meta.entityid="Xiaomi">Xiaomi</keyword> has emerged as the top smartphone maker, reclaiming its throne from <keyword id="19897758" type="General" weightage="20" keywordseo="Samsung" source="keywords" meta.keywordsubtype="org" meta.entityname="Samsung" meta.hostid="261" meta.entityid="Samsung">Samsung</keyword>.</li><li>Samsung still leads the <keyword id="20632895" type="General" weightage="20" keywordseo="Indian-smartphone-market" source="keywords">Indian smartphone market</keyword> in terms of value.</li></ul> The Indian smartphone shipments reported a year-on-year decline of 2% in Q2 2024 (April to June), resulting in an inventory build-up. Despite declining shipments, the market value hit a new record for Q2. According to a report by Counterpoint Research, the decline in smartphone shipments in Q2 2024 was due to the heatwave in the country, a seasonal slump and reduced demand from Q1 2024. “Heatwave conditions in various regions led to lower footfalls in offline channels and delayed smartphone purchases as consumers prioritised appliances like air conditioners and refrigerators,” said Shilpi Jain, senior research analyst, Counterpoint Research. <h2>Smartphone shipments <keyword id="20038792" type="General" weightage="20" keywordseo="market-share" source="keywords">market share</keyword></h2><table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.9% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">17.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.1% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">18.4% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Realme </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">12% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.4% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">11.3% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Counterpoint Research Xiaomi has dethroned Samsung to retake the top spot, with an 18.9% market share in Q2 2024, up from 15% in Q2 2023. The company reported a 23% year-on-year growth in shipments, driven by its streamlined and focused portfolio. Vivo has emerged as a close second with a market share of 18.8% in Q2 2024, up from 17.4% in Q2 2023. The company maintained the second spot. Samsung, which was at the top spot in Q2 2023 with an 18.4% market share was pushed to the third spot with a market share of 18.1%. Realme and Vivo maintained the fourth and fifth spots with a market share of 12.5% and 11.4% respectively. <h2>Indians moving towards <keyword id="19914395" type="General" weightage="20" keywordseo="premium-smartphones" source="keywords">premium smartphones</keyword></h2>Indian consumers are moving towards premium smartphones and this was evident in Q2 2024 as the value of smartphones shipped reached a new high for Q2 despite a decline in shipments. The ultra-premium segment, which consists of smartphones priced above INR 45,000 recorded a 24% year-on-year growth. Despite being third in terms of market share in shipments, Samsung occupies the top spot with nearly a quarter of the market value. <table style="border-width: initial; border-style: none;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2024 </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#000000;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Q2 2023 </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Samsung </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">24.5% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">23.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Vivo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Apple </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.3% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">16.2% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Xiaomi </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.8% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">8.1% </td></tr><tr><td style="border-left:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">Oppo </td><td style="border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">10.1% </td><td style="border-right:solid #000000 0.5008695000000001pt;border-bottom:solid #000000 0.5008695000000001pt;border-top:solid #000000 0.5008695000000001pt;vertical-align:bottom;background-color:#d9d9d9;padding:0pt 5pt 0pt 5pt;overflow:hidden;overflow-wrap:break-word;">9.6% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Source: Counterpoint Research Samsung tops the list with a 24.5% share in market value, up from 23.2% in Q2 2023. Vivo takes the second spot here as well, with a 16.8% share in market value, up from 16% in Q2 2023. Apple, which caters to the premium segment takes the third spot with a 16.3% share in in market value, slightly up from 16.2% recorded in Q2 2023. <h2><keyword id="20704187" type="General" weightage="20" keywordseo="5G-smartphones" source="keywords">5G smartphones</keyword> record new high</h2>5G smartphones have achieved a new record in share at 77% of overall shipments in Q2 2024. This has been driven by the reduction in the average selling prices (ASPs) of 5G smartphones. 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Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne but Samsung leads in terms of value

The launch of Boeing's Starliner spacecraft, scheduled to carry <keyword id="19939779" type="General" weightage="20" keywordseo="NASA-astronauts" source="keywords">NASA astronauts</keyword> <keyword id="21544825" type="General" weightage="20" keywordseo="Sunita-Williams" source="keywords">Sunita Williams</keyword> and Barry Wilmore to the International Space Station (ISS) was on Monday (local time) postponed after a valve glitch in the upper stage of the rocket set to propel it to space. Rocket company United Launch Alliance's Tom Heter III the director overseeing the launch announced the decision to delay the launch about two hours before the expected lift off from the Cape Canaveral Space Force Station in Florida, United States. NASA announced on social media platform X that the problem was identified with an oxygen valve on part of ULA's Atlas 5 rocket and that the space agency, Boeing and ULA have "scrubbed the launch opportunity on May 6 for the agency's Boeing Crew Flight Test to the International Space Station due to a faulty oxygen relief valve observation on the Atlas V rocket Centaur second stage. The crew and rocket remain safe and more information will be forthcoming." It said that NASA astronauts Wilmore and Williams exited the Starliner spacecraft at Space Launch Complex-41 at Cape Canaveral Space Force Station in Florida and will return to astronaut crew quarters. This would have marked the first human crewed flight for Starliner with Indian origin Sunita "Suni" Williams piloting the craft with fellow NASA pilot Barry "Butch" Wilmore. Boing had designed Starliner to rival the Dragon capsule of Elon Musk's SpaceX which carried out its crewed flight test in May 2020. SpaceX has handled most of NASA's crew transportation needs since then. However, just two hours before the scheduled launch, a valve glitch in the rocket's upper stage forced mission managers to call off the mission. It was a frustrating setback for Wilmore and Williams, both seasoned astronauts ventured to space on two previous journeys aboard NASA space shuttle and Russian Soyuz missions and had impressive backgrounds in naval aviation. The disappointment was tangible as they unstrapped from their seats, their hopes of soaring into space momentarily grounded, CBS News reported. Incidentally Sunita Williams has named the spacecraft "Calypso" for her love of the ocean and in reference to the ship of famed explorer <keyword id="21556039" type="General" weightage="20" keywordseo="jacques-cousteau" source="keywords">Jacques Cousteau</keyword>, who sailed across the world on his own ship named bearing the same name. Despite the setback, the seasoned duo maintained their composure, knowing that space travel demands patience and resilience. Clad in their distinctive Boeing pressure suits, Wilmore and Williams awaited news of the next launch window, ready to embark on their celestial journey at the earliest opportunity, as reported by CBS News. The Atlas 5 rocket, renowned for its reliability, stood ready for its milestone 100th flight - to launch Boeing's Crew Space Transportation (CST)-100 Starliner spacecraft. The plan was that following separation from Atlas 5, Starliner engines will burn taking it the rest of the way to orbit and on to the International Space Station, according to ULA. The Atlas 5 had successfully launching scientific spacecraft to Mars on five different occasions, plus research investigations to the Sun, the Moon, Jupiter, the Asteroid Bennu and Pluto The Atlas 5 consists of two major components: a booster and Centaur, its so-called upper stage. Starliner sits on top of Centaur, which in turn rests on the booster. The booster powers everything off the launchpad. During the flight, Centaur is designed to separate from the booster, propelling Starliner into a proper orbit. Then, Starliner separates from Centaur and flies on its own. It has delivered US national security assets into space, launched weather observatories that all Americans depend upon and deployed commercial satellites to connect the world. Williams, selected as an astronaut by NASA in June 1998, has spent a total of 322 days in space on two missions and accumulated 50 hours and 40 minutes of cumulative EVA time on seven spacewalks. Williams worked with Roscosmos on its contribution to the space station and with the first Expedition crew. Meanwhile, 61-year-old, Wilmore has logged 178 days in space and has 25 hours and 36 minutes of time on four spacewalks. NASA has been waiting half a decade for Starliner to begin flying crew, and the development of Starliner was beset by years of delays, setbacks and blunders. More broadly, Boeing as a company has suffered years of scandals in its aircraft division that have tarnished the legacy aerospace giant's brand, CNN reported. If successful, the Crew Test Flight could queue up Boeing to begin flying routine trips to the space station on NASA's behalf. Boeing has already planned six manned missions for the platform over the next six years, the projected end of the ISS' operating lifespan. NASA plans to use both SpaceX's Dragon and Boeing's Starliner to send up astronauts at least every six months from US soil. Both Boeing and SpaceX were given the responsibility in 2014 by NASA to send commercial crew missions to the ISS. Boeing received over USD 4 billion in US federal funds to develop the Starliner, while SpaceX received about USD 2.6 billion. 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Planned crewed launch of Indian-origin astronaut Sunita Williams on Boeing's Starliner spacecraft called off

<ul><li>The IPO will remain open for subscribers until October 1. </li><li>The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. </li><li>Here's what brokerage firms have to say about <keyword id="7036233" type="UNKNOWN" weightage="20" keywordseo="UTI-AMC-IPO">UTI AMC IPO</keyword>.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider. </a></li></ul>The Mutual Fund manager, UTI Asset Management Company, is set to float its ₹2,160 crore IPO in the market today (September 29). And, the grey market is already pegging a premium of ₹55-60 over the issue price of ₹552-554 per equity share. UTI AMC garnered ₹644.64 crore from several anchor investors including Morgan Stanley, Invesco Trustee, Avendus, Tara Emerging Asia Liquid Fund, Goldman Sachs, Nomura Singapore, HSBC, Kotak Funds among others to name a few. The IPO will remain open for subscribers until October 1. The shares of the UTI AMC will list on both the stock exchanges, BSE and NSE. The 17-year old company is backed by some marquee shareholders such as— SBI, LIC, Punjab National Bank, Bank of Baroda, and the US-based T Rowe Price. The company is the second-largest Asset Management Company in India in terms of total assets under management and the eighth largest asset management company in India in terms of mutual funds as of June 30. It manages 153 domestic mutual fund schemes comprising equity, hybrid, income, liquid and money market funds. The initial public offering aims to achieve the benefits of listing the equity shares on stock exchanges. It is worthy to note that the selling shareholders will get a part of the proceeds, and UTI will not. <div type="image" title="UTI AMC" msid="78376824" hostid="261"></div> Here's what brokerage firms have to say about UTI AMC IPO: Sector poised to grow According to HDFC Securities, the Indian mutual fund industry is expected to continue to grow due to supportive industry dynamics and long-term structural drivers, including the increasing financialisation of household savings, market penetration of mutual fund products, and favourable population and urbanisation trends. The UTI Asset Management Company will compete against its likes — Nippon Life India Asset Management and HDFC AMC on the stock exchanges. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock change since March 31 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nippon Life India Asset Management </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;"> HDFC AMC </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">8% </td></tr></tbody></table> Widespread customer reach and diverse portfolio The brand is widely recognised across the country for its strength and more than 55 years of heritage as a leading and pioneering, a participant in the mutual fund industry. The company also offers a diverse portfolio of domestic funds, including equity, hybrid, income, liquid and money market funds, as well as portfolio management services, retirement solutions, and offshore and alternative investment funds, which serves as its strength, according to ICICI Direct Research. Client wise distribution of AUM as on June 2020 <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Clients </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Live Folios </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Closing AUM </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% of Domestic Mutual Fund Closing AUM </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Individual investors (other than NR Is) </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">109 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹ 62910 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">43.80% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Corporate and other institutional investors </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹65110 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">45.40% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Banks and other financial institutions </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹4960 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.50% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Trusts </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹8140 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">NRIs </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2430 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.70% </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">111 lakh </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹143550 crore </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">100% </td></tr></tbody></table>Source: ICICI Direct Report Key concerns highlighted by brokers The IPO pricing At the upper price band of ₹554 per share, the company is being valued at ₹7000 crore and according to Nirmal Bang, the IPO pricing is undemanding given the valuation HDFC AMC and Nippon AMC are currently commanding. “From a more near-to-medium term perspective, we currently have a cautious view on the overall AMC sector. Even though we are positive on the industry prospects from a long-term perspective, we take cognizance of some of the near-to-medium term headwinds,” the Nirmal Bang report said. The growing uncertainty in the market Investment performance is one of the important factors for retaining existing customers and attracting new ones and, therefore, for maintaining and growing the company's AUM. The performance of UTI funds depends not only on its investment strategies but also on a number of factors including market, economic and other conditions. Poor investment performance could have a negative effect on business and growth as it could lead to loss of clients, ability to attract funds and negative investment performance will directly impact income from management fees, ICICI Direct report said. A huge reliance on big clients As of June 30, 2020, UTI AMCs top six active equity funds constituted 75.3% of total Quarterly Average Assets Under Management (QAAUM) of active equity funds while top five passive equity funds constituted 98.7% of total QAAUM of passive equity funds. UTI AMC has only four liquid and money market funds. And, according to brokerages, underperformance by any of these funds may have a disproportionate adverse impact on AUM and thereby income. 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UTI AMC’s ₹2,160 crore IPO opens today — Here’s all you need to know

<ul><li>Those who got shares of Paras Defence and Space Tech in the IPO nearly tripled their money within a few minutes of the listing.</li><li>There are other defence equipment makers in the country, but none of those listed have the kind of product portfolio Paras has.</li><li>Half of the company’s ₹1,433 crore revenue at the end of March 2021 came from government projects.</li></ul>The initial public offering (IPO) from the Navi Mumbai-based defence equipment maker was hot right from the word go. The listing for Paras Defence &amp; Space Technologies was even better. Those who got shares in the IPO nearly tripled their money within a few minutes of the listing before the exchanges put a stop on the trading because the share price had surged more than what the bourses allow on the opening day. List of companies in 2021 that made a blockbuster debut on stock exchanges with at least 100% gains on listing day <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;">% 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;">Tatva Chintan Pharma Chem </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;">100% </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;">G R Infraprojects </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;">105% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Clean Science and 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;">100% </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;">Paras Defence &amp; Space Technologies </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">171% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> It was hardly a surprise because people were already paying a ₹200 premium to get the shares in the grey market. These are some of the interesting facts about Paras Defence that make it such a hot stock. There are other defence equipment makers in the country, but none of those listed have the kind of product portfolio Paras has. It makes stuff for defence and space optics ⁠— such as space cameras, infrared devices, diffraction gratings which help in improving image resolutions ⁠— defence electronics, electro-magnetic pulse (EMP) protection solution and heavy engineering. So much so that Paras supplies inputs even to some of its listed peers. <table style="border-width: initial; border-style: none;" 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;">Other defence stocks </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;">Key products </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;">Share price change on Oct 1 </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;">Bharat Electronics </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;">Military communications, naval systems, electronic warfare systems, telecommunications, sound and vision broadcasting, opto-electronic </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;">-0.3% </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;">Hindustan Aeronautics </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;">Fighter jets, helicopters, jet engine and marine gas turbine engine, avionics among others </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;">-1.08% </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;">Bharat Dynamics </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;">Surface to air missiles (SAMs) for the Indian Armed Forces, anti-tank guided missiles (ATGMs), underwater weapons, launchers, countermeasures and test equipment. </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;">0.78% </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;">BEML </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;">Machines such as hydraulic excavators, bulldozers, wheel loaders, wheel dozers, dump trucks, motor graders, pipe layers, tyre handlers, water sprinklers and backhoe loaders </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;">-1.52% </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table> Two thirds of its current orderbook, worth ₹300 crore, is for these cameras and related products. The company has been a part of most of the earth observation and space exploration missions since 2018, said ICICI Direct report citing a Frost and Sullivan Report. The Indian government is increasingly pushing the Ministry of Defence to buy ‘made in India’ products as well as pushing Indian defence equipment makers to export. According to Motilal Oswal, the government outlay to buy products where Paras Defence is a player is expected to rise more than four times, from $3.2 billion allocated in the year ending March 2021 to over $14.5 billion, in the next decade. Half of the company’s ₹1,433 crore revenue at the end of March 2021 came from government projects. Another one third came from the private sector. The rest was from exports. The company has raised ₹170 crore from the IPO and wants to invest the money in new equipment. Some of Paras Defence’s products under development include: <table style="border-width: initial; border-style: none;" 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;">Turnkey Submarine Periscope </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;">It is a high performance sighting system designed to perform under extreme submarine environments making it a magical marvel. </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;">Optical/Multi/Hyper Spectral Cameras </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;">Drone payload cameras are high end imaging cameras providing exceptional imaging capabilities under dynamic moving conditions. It is used in various applications like homeland security, agriculture, industrial, etc. </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;">Large Sized Flow formed tubes </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;">Paras is proactively investing in one of its kind manufacturing setup to manufacture large sized flowform tubes which are used in space rockets. </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;">Optical Solar Reflectors </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;">OSRs are used for radiators on spacecraft. </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;">Complete Avionic Suite with Autopilot </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;">Complete Avionic Suite (Glass Cockpit) for FAR - 23 Aircraft </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;">Large Deployable Antenna </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;">For space application </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;">CFRP Structures </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;">Used for space application </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>Source: Motital Oswal However, if one had to evaluate the company on some of the traditional metrics like return on equity or return on capital employed, it may not seem as attractive. Since Paras Defence’s performance involves a lot of innovation and development, it’s working capital cycle is long, over 300 days, according to analysts. And the existing cash flow doesn’t cover it. Most of its contracts have a fixed price and so, the company runs the risk of cost overruns if it isn’t efficient. The company’s profit margin was a little over 12% in the financial year 2019 and has fallen since then, due to the effect of the pandemic, to a little over 11%. <div type="image" title="paras denfence" height="900" width="1200" msid="86677699" hostid="261"></div> SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/ritesh-agarwal-led-oyo-files-preliminary-papers-for-its-1-2-billion-ipo/articleshow/86674003.cms" target="_blank">Ritesh Agarwal-led OYO files preliminary papers for its $1.2 billion IPO</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" target="_blank">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" target="_blank">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a>

Paras Defence & Space Technologies makes space cameras and it just made the best listing post-IPO this year

<ul><li>The Indian government may not be able to fully utilise the budget it had allocated for the defence equipment and weapons purchases in 2021.</li><li>Strengthening the Navy may be one of the main focus for India's defence ministry as the threat coming from China rises.</li><li>India’s Defence budget has remained consistent roughly at 2% of the GDP in the last five years. </li></ul>The Indian government promised to spend 19% — of the ₹4.78 crore crore set aside for the defence sector — in buying new equipment, weapons, fighter jets et al before March 2022. That money may not be fully spent as planned, a national security and defence expert told Business Insider. The money may go into a corpus and is likely to be spent in the next year, according to <keyword id="300102" type="General" weightage="20" keywordseo="Sameer-Patil" source="Orion">Sameer Patil</keyword>, senior Fellow at ORF, who also believes that the upcoming budget on February 1 may focus more on strengthening India’s Navy. Not just Patil, another national security analyst Bhartendu Singh, also believes that while India’s allocation for defence will go up in absolute terms, it may remain small as a percentage of gross domestic product (GDP). India’s defence budget has remained consistent roughly at 2% of the GDP in the last five years. Even though the recommended <a href="https://prsindia.org/budgets/parliament/demand-for-grants-2021-22-analysis-defence#:~:text=Growth%20of%203%25%20over%20Budget,central%20government%20expenditure%20of%2014%25.">share is 3%</a>. <div type="image" title="This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers" msid="88989454" hostid="261"></div> Here’s why India needs to strengthen the Navy While India has been constantly battling China on its land borders, the budget this year may focus on building up and modernising its forces on the sea. This is largely because the Chinese threat in the Indian ocean has also been rising simultaneously, according to Patil. Commodore Anil Jai Singh, a submarine veteran, has also <a href="https://www.financialexpress.com/defence/china-raises-bay-of-bengal-security-concerns-with-ming-presence/2398960/">raised </a>concerns over China ‘gifting’ Type 035 Ming class diesel-electric submarine — the oldest class of submarines in the Chinese inventory — to Myanmar last month. China has been growing its presence in the Indian ocean even before the Galwan clash of 2021, Patil added. Some steps are already visible. “We have seen both L&amp;T and Mazagon dockyard have been shortlisted as India’s strategic partners for building the next set of submarines,” Patil added. This project — which aims to build P75i submarines — is likely to see an investment up to <a href="https://www.businessinsider.in/defense/news/the-defence-acquisition-council-dac-clears-the-issuing-request-for-proposal-rfp-for-the-indian-navys-mega-deal-to-procure-six-submarines/articleshow/83229317.cms">₹45,000 crore</a>. The Indian Armed Forces is also looking to defend itself by building anti-submarine warfare capabilities, purchasing more maritime surveillance drones and building a fleet of 300 for the <keyword id="6355100" type="General" weightage="20" keywordseo="Indian-navy" source="Orion">Indian navy</keyword>. According to Elara Capital’s report published in October 2021 the Indian Navy's Fleet stands at 150 ships and submarines,and the Coast Guard fleet is at 130 vessels. Each of these is expected to grow to 200 vessels by 2027. Orders are likely to be placed for 165 warships in the medium term, the report added. Government of India’s undertaking Garden Reach Shipbuilders &amp; Engineers (GRSE), in its red herring prospectus, highlighted that the Navy’s estimated capital budget up to 2027 is expected to be ₹4.5 lakh crore. <div type="image" title="This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers" msid="88989438" hostid="261"></div> If indeed, Finance Minister Nirmala Sitharaman makes provisions for higher spending on the Navy, these are some of the stocks to watch out for on Budget day. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Stock </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Change in last one month </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;">Reliance Naval </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;">-2.7% </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;">Cochin Shipyard </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;">4.98% </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;">Garden Reach Shipbuilders &amp; Engineers </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;">16.52% </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;">Bharat Electronics </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;">6.26% </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;">Paras Defence </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;">5.28% </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;">Hindustan Aeronautics Limited </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;">14.15% </td></tr></tbody></table>Source: BSE SEE ALSO <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/bajaj-finance-bajaj-auto-hero-motocorp-and-other-hot-stocks-on-january-19/slidelist/88985936.cms">Bajaj Finance, Bajaj Auto, Hero MotoCorp and other hot stocks on January 19</a> <a href="https://www.businessinsider.in/india/news/indias-daily-covid-19-cases-surge-by-7-8-in-a-day-active-cases-stand-at-1831000/articleshow/88987362.cms">India’s daily COVID-19 cases surge by 7.8% in a day, active cases stand at 18,31,000</a> <a href="https://www.businessinsider.in/stock-market/news/ags-transact-technologies-ipo-cash-management-firm-looking-to-halve-its-debt-with-ipo-money/articleshow/88987025.cms">AGS Transact is a cash management firm looking to halve its debt with IPO money</a>

This year’s defence budget may focus on building submarines, drones, warships and aircraft carriers

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

India’s first indigenous <keyword id="42406" type="PERSON" weightage="20" keywordseo="aircraft-carrier">aircraft carrier</keyword> <keyword id="312412" type="ORGANIZATION" weightage="20" keywordseo="INS-Vikrant">INS Vikrant</keyword> has begun its sea trials today and is set to be commissioned into the Eastern Naval Command by August 2022. This much-awaited maiden trial into the Arabian Sea will go on for four days. It started with 1,500 officials, including officers and sailors on board. This project is worth ₹24,000 crore (about $3.5 billion), originally targeted for commissioning in 2018, and was delayed due to the pandemic. The length of the ship is 262 m, while its beam is 62 m and has a depth of 25.6 m. It is the largest and most complex warship ever to be designed and built-in India. Vikrant is also known as the Indigenous Aircraft Carrier 1, or IAC-1. <div type="image" title="INS Vikrant" height="900" width="1200" msid="85035098" hostid="261"></div> India currently has one aircraft carrier, <keyword id="317546" type="ORGANIZATION" weightage="20" keywordseo="INS-Vikramaditya">INS Vikramaditya</keyword>, inducted from Russia in 2013. Constructed by the Cochin Shipyard Limited for the Indian <keyword id="42407" type="ORGANIZATION" weightage="20" keywordseo="Navy">Navy</keyword>, this became the first aircraft carrier to be built in the country. The basic trials were completed in December 2020. Vikrant will start to operate with approximately 24 Russian-built MiG-29K fighter jets <div type="image" title="INS Vikrant" height="900" width="1200" msid="85035195" hostid="261"></div> Defence Minister Rajnath Singh has already said that Vikrant, expected to be commissioned into service next year, will add superior combat capability, range, and versatility to the Navy. He also added that this will be a tribute to 75 years of India’s Independence. A tweet from <keyword id="11789559" type="UNKNOWN" weightage="20" keywordseo="spokesperson-navy">Spokesperson navy</keyword> mentioned that this is a ‘Proud and Historical Day’ moment for India <div type="twitter" handle="indiannavy" handlename="SpokespersonNavy" image="http://pbs.twimg.com/profile_images/871053127205625856/pGhIGmLN_normal.jpg" favoritecount="2158" retweetcount="618" status="Proud &amp; historic day for India as the reincarnated #Vikrant sails for her maiden sea trials today, in the 50th year… https://t.co/nhuh1t8G01" createdat="1628059013000" id="1422808740978364419"></div> Work on the ship's design began in 1999, and the keel was laid in February 2009. The carrier was floated out of its dry dock on December 29, 2011, and was launched on August 12, 2013. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/krsnaa-diagnostics-ipo-open-today-check-out-how-to-apply/articleshow/85017014.cms">Krsnaa Diagnostics IPO opens—here is all you need to know</a> <a href="https://www.businessinsider.in/business/startups/news/these-are-some-of-the-highest-paid-founders-of-indian-startups-tapping-capital-markets-this-year/slidelist/85005261.cms">These are some of the highest paid founders of Indian startups tapping capital markets this year</a>

INS Vikrant, the first made-in-India Aircraft Carrier worth nearly $3.5 billion is on for its maiden trial

San Francisco, After <keyword id="6354427" type="ORGANIZATION" weightage="20" keywordseo="apple">Apple</keyword>, <keyword id="18635" type="CITY" weightage="20" keywordseo="Amazon">Amazon</keyword> became the second US tech company to log its largest quarter by revenue of all time at $125.56 billion, as online shopping broke all records in the holiday quarter (October-December period) amid the <keyword id="8902449" type="UNKNOWN" weightage="20" keywordseo="covid-19-pandemic">Covid-19 pandemic</keyword>. The company doubled its net income to $7.2 billion for the quarter, compared to $3.3 billion for the same period in 2019. Amazon's full-year 2020 net sales were up 38 per cent, to $386.1 billion. The Amazon stock were up 1 per cent in extended trading on Tuesday. Amazon also announced that Jeff Bezos will transition to the role of Executive Chair in the third quarter of 2021 and Andy Jassy, CEO of AWS, will become Chief Executive Officer at that time. "Amazon is what it is because of invention. We do crazy things together and then make them normal. We pioneered customer reviews, 1-Click, personalized recommendations, Prime's insanely-fast shipping, Just Walk Out shopping, the Climate Pledge, Kindle, Alexa, marketplace, infrastructure cloud computing, Career Choice, and much more," said Bezos who founded Amazon in 1994. "When you look at our financial results, what you're actually seeing are the long-run cumulative results of invention. Right now I see Amazon at its most inventive ever, making it an optimal time for this transition," he added. During a call with investors, Amazon CFO Brian Olsavsky said the company has a "highly effective" succession plan in place. Amazon's cloud-computing arm AWS saw its revenue jump 28 per cent to $12.7 billion from $9.95 billion a year earlier. Earlier, riding on the stellar performance of iPhones, wearables and services in the festive December quarter, Apple posted an all-time record revenue of $111.4 billion in its history, up 21 per cent year over year, and quarterly earnings up 35 per cent. SEE ALSO: <a href="https://www.businessinsider.in/business/news/carlyle-brighton-park-invest-200-million-in-indian-healthtech-company-indegene/articleshow/80661573.cms">Carlyle, Brighton Park invest $200 million in Indian healthtech company Indegene</a> <a href="https://www.businessinsider.in/business/news/mukesh-ambani-ratan-tata-and-anand-mahindra-might-come-together-for-indias-new-national-hydrogen-mission/articleshow/80645570.cms">Mukesh Ambani, Ratan Tata, and Anand Mahindra might come together for India’s new National Hydrogen Mission</a> <a href="https://www.businessinsider.in/stock-market/news/indigo-paints-shares-listed-at-2607-which-is-at-75-premium-to-the-set-price-band-at-1488-1490-per-share/articleshow/80643645.cms">India’s fifth-largest paint maker Indigo Paints IPO lists at 75% premium over the issue price</a>

You Searched For "indian naval ship maker ipo" and got 11 results

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