<img class="gwt-Image" src="/photo/57871005.cms" style="height: 600px; width: 800px;" /> 
 The <keyword id="4347704" type="UNKNOWN" weightage="20" keywordseo="indus-club">Indus Club</keyword> is a haven of well-planned, high-end facilities that will be available to its exclusive community of members comprising of the country’s leading influencers from the corporate, media and creative backgrounds. 
 <keyword id="54921" type="ENTERTAINMENT" weightage="20" keywordseo="spread">Spread</keyword> across 20,000 square feet, The Indus Club is the new-age private members club where achievers will be able to execute their latest mergers, conduct business meetings, host events, unwind and socialize with like-minded individuals - all under one roof. 
 
<a href="http://www.businessinsider.in/this-startup-provides-online-counselling-sessions-for-people-struggling-with-depression/articleshow/57854086.cms">ALSO READ: This startup provides online counseling sessions for people struggling with depression</a> 
 Located at One BKC, a commercial tower at the heart of <keyword id="6358070" type="COMPANY" weightage="20" keywordseo="Mumbai">Mumbai</keyword>’s bustling business district, the club will open its doors in April 2017. 
 
A “By Invitation Only” club, membership is open for promoters and CXO’s of respected companies, creative leaders from advertising, TV, motion pictures, and other eminent and acclaimed professionals. 
 
<a href="http://www.businessinsider.in/co-working-spaces-are-growing-even-as-start-ups-increasing-fail-in-india/articleshow/57810828.cms">ALSO READ: Co-working spaces are growing even as start-ups increasing fail in India</a> 
 
We are giving you a sneak peek into this exclusive club and the features it offers.

This Exclusive Club in Mumbai Charges Rs. Ten Lakhs as Membership Fee

<ul><li>The Association of Mutual Funds in India (<keyword id="6359050" type="General" weightage="20" keywordseo="AMFI" source="Orion">AMFI</keyword>) releases reclassification of largecap, midcap and <keyword id="1991700" type="General" weightage="20" keywordseo="smallcap-stocks" source="Orion">smallcap stocks</keyword> every six months on the basis of the companies’ six month average market capitalisation.</li><li>AMFI will release the official list in the first week of July 2023, which will be valid from August 2023 to January 2024.</li><li>This classification is important for the mutual fund industry since MFs are required to allocate a certain percentage of money into these categories of stocks.</li></ul>Freshly listed stock <keyword id="146847" type="General" weightage="20" keywordseo="Mankind-Pharma" source="Orion">Mankind Pharma</keyword>, along with Punjab National Bank and <keyword id="46156" type="General" weightage="20" keywordseo="tvs-motor" source="Orion">TVS Motor</keyword> — are among stocks that are likely to be upgraded to large cap from mid cap in the upcoming AMFI Semi Annual Categorization, according to Nuvama Alternative &amp; Quantitative Research. The Association of Mutual Funds in India (AMFI) releases reclassification of largecap, midcap and smallcap stocks every six months on the basis of the company’s six month average market capitalisation. AMFI will release the official list in the first week of July 2023 and the list will be valid from August 2023 to January 2024. The stellar debut of Mankind Pharma on May 9 brought it into the <a href="https://www.businessinsider.in/business/corporates/news/mankind-pharma-debuts-in-top-100-as-per-market-value-after-a-stellar-listing/articleshow/100123765.cms#:~:text=With%20a%20marketcap%20of%20%E2%82%B9,UPL%2C%20Indian%20Hotels%20and%20Zomato.">top 100 companies club </a>on its debut day. TVS Motor is also likely to become large cap after its stock rallied post its Q4 results wherein it fared better than Bajaj Auto, Hero MotoCorp on profits and margins. After posting <a href="https://www.businessinsider.in/business/auto/news/tvs-motor-hits-52-week-high-on-strong-q4-analysts-bullish-on-the-stock/slidelist/100004348.cms">strong March-quarter earnings</a>, the shares of the motorcycle manufacturer hit a 52-week high of ₹1,235 on May 5. Meanwhile, stocks that are to take a fall from largecap to midcap include Nykaa, Tata Elxsi, JSW Energy, Indus Towers, Page Industries, Macrotech Developers, Info Edge and PI Industries. Some stocks have been battered heavily in the last six months like — Nykaa losing 30% of its value, Indus Towers down 28%, JSW Energy falling 20% and Page Industries down 11%. Degrading to midcap isn’t necessarily a negative indicator. It is also because other companies did well and have increased their market cap more than others in a rank. Potential changes in stocks from mid cap to large cap and large cap to mid cap <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">From Midcap to Largecap </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;">From Largecap to Midcap </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;">Jindal Steel &amp; Power </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;">Fsn E-Commerce (Nykaa) </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;">IDBI Bank </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;">JSW Energy </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;">Punjab National Bank </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;">Tata Elxsi </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;">Canara Bank </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;">Indus Towers </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;">TVS Motor Co </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;">Page Industries </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;">Tube Investments </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;">Macrotech Developers </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;">Zydus Lifesciences </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;">Info Edge </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;">Mankind Pharma </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;">PI Industries </td></tr></tbody><tbody></tbody></table>Source: Nuvama Alternative &amp; Quantitative Research This classification is important for the mutual fund industry since MFs are required to allocate a certain percentage of money into these categories of stocks. For example, a large cap scheme should invest at least 35% of its assets in large cap companies. According to Nuvama Research, an upward recategorisation does not necessarily mean inflows but it does lift stocks. The upgraded list helps equity fund managers realign their portfolios by adding and removing stocks according to the stock category and fundamentals. Largecap stocks are companies ranked from 1st to 100th companies as per its six month average market capitation, midcap companies are ranked 101st to 250th and smallcap are companies ranked from 251st onwards. As per the circular released by SEBI in October 2017, the listed stocks must be strictly categorized into baskets with a well-defined classification of large cap, midcap and small cap stocks. <keyword id="698826" type="General" weightage="20" keywordseo="Rail-Vikas-Nigam" source="Orion">Rail Vikas Nigam</keyword>, Bharat Dynamics, IIFL Finance, Punjab &amp; Sind Bank, New India Assurance and The Fertilisers And Chemicals Travancore are among companies likely to turn mid cap from small cap. Multibagger Rail Vikas Nigam is likely to enter the mid cap category after its <a href="http://ews/rail-vikas-nigam-marks-a-strong-journey-in-2023-share-price-of-68-to-140/slidelist/100069014.cms">dazzling returns in the last one year</a>. The company has bagged several large orders in the last one year. The Fertilisers And Chemicals Travancore that gave a huge 151% returns to investors in the last one year is also on the list. The Kerala state government has said it would acquire the company’s land at Eloor and hand it over to Cochin University of Science and Technology (Cusat) for setting up a science park. Potential changes in stocks from small cap to mid cap and from mid cap to small cap. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">From Smallcap to Midcap </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;">From Midcap to Smallcap </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;">Punjab &amp; Sind Bank </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;">Piramal Pharma </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;">Carborundum Universal </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;">Tata Teleservice </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;">Bank of Maharashtra </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;">Fine Organic Industries </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;">The Fertilisers And Chemicals Travancore </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;">Nippon Life India </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;">New India Assurance </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;">Blue Dart Express </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;">Jindal Stainless </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;">Gillette India </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;">Rail Vikas Nigam </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;">Clean Science &amp; Technology </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;">Trident </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;">IIFL Finance </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;">Dr Lal Pathlabs </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;"> </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;">Avalon Technologies </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;"> </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;">Divgi Torqtransfer </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;"> </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;">Radiant Cash Management </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;"> </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;">Global Surfaces </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;"> </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;">Sah Polymers </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;"> </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;">Udayshivakumar Infra </td></tr></tbody><tbody></tbody></table>Source: Nuvama Alternative &amp; Quantitative Research SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-companies-sc-appointed-panel-finds-no-evidence-of-regulatory-breach-by-adani/articleshow/100352920.cms">Hindenburg row: SC appointed panel finds no evidence of regulatory breach by Adani, Sebi wants to search some more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/small-and-mid-cap-stocks-start-to-outperform-large-cap-stocks/articleshow/100344464.cms">Small and mid cap stocks start to outperform large cap stocks</a>

Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap

<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/55b800e6371d2212008ba9b7-1984-1488/7454479488_170e4e0d59_k.jpg" alt="taxis new york city manhattan traffic jam" data-mce-source="Flickr / joiseyshowaa" data-link="https://www.flickr.com/photos/joiseyshowaa/7454479488" /><a href="https://www.flickr.com/photos/joiseyshowaa/7454479488">Flickr / joiseyshowaa</a></div></div></div>Uber is crushing the taxi industry that has dominated New York City - and other cities - for so many years.Data from the Taxi and Limousine Commission analyzed by the <a href="http://www.nydailynews.com/new-york/taxi-pickups-plummet-77-million-2015-analysis-article-1.2327367">New York Daily News</a> shows total trips in the first half of 2015 were down 10 percent to 77 million, compared to same period last year. Revenues from yellow cab fares have declined as well. And in July, there were <a href="http://www.wsj.com/articles/uber-logs-major-gains-in-new-york-city-figures-show-1445821132">100,000 Uber trips in New York City per day</a>, a 4x increase from last summer.It's hard for taxis to compete with Uber, the ubiquitous car-hailing service said to be raising an <a href="http://www.nytimes.com/2015/10/24/business/dealbook/uber-said-to-plan-another-1-billion-in-fund-raising.html?_r=0">additional $1 billion</a> round of funding at a $60 to $70 billion valuation.But a new startup called <a href="http://karhoo.com/">Karhoo</a> is hoping to give taxi drivers in several cities a leg up.Karhoo, a 10-month-old startup that won't launch until January 2015, has raised a $250 million round of funding, with plans to raise more than $1 billion in capital. Karhoo works with licensed taxi companies to let you hitch a ride from any number of taxi services, <a href="http://www.ft.com/intl/cms/s/0%2Fbb5fa9ee-78e7-11e5-933d-efcdc3c11c89.html#axzz3pg0ivYLc">the FT reports</a>.In New York City, Karhoo is working with for-hire vehicle companies like Dial 7 and Carmel. In the UK, it's partnering up with minicab company Addison Lee. Karhoo will launch in three cities in January: New York, London, and Singapore. Its investors so far include Nick Gatfield, the former CEO of Sony Music Entertainment, and David Kowitz, the cofounder of hedge fund Indus Capital Partners."[Uber] can't subsidise prices forever; they have to be profitable, especially if they want to IPO. We can go in and we can level the playing field," Karhoo founder and CEO Daniel Ishag told the FT.New York City is one of Uber's largest markets; the company generates <a href="http://www.businessinsider.com/uber-revenue-rides-drivers-and-fares-2014-11?op=1">hundreds of millions of dollars of revenue</a> there. And the taxi industry in the city is feeling the burn from Uber's presence.In August, Gothamist<a href="http://gothamist.com/2015/08/21/why_yellow_cabs_are_taking_up_all_o.php#photo-1"> published a story</a> about the increasing number of abandoned taxis piling up on the streets of Brooklyn outside of taxi dispatchers.<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/562e25e09dd7cc25008c49c0-1476-677/screen shot 2015-10-26 at 9.08.43 am.png" alt="karhoo" data-mce-source="Screenshot/Karhoo" />Screenshot/Karhoo</div></div></div>Hossam Yossri, who also works at McGuinness Management in Greenpoint, Brooklyn, told Gothamist that taxi drivers keep quitting, abandoning their vehicles to defect to Uber. He says drivers are jumping ship to Uber because they don't have to worry about paying a lease or interacting with a dispatch.Gus Kodogiannis, who opened McGuinness Management almost 30 years ago, said: "Honestly, yes, it's Uber. We've lost 40% of our business in the last year and a half."Earlier this year, a bill that would cap the number of for-hire vehicles given permits - including the cars of people who drive for Uber and Lyft - was defeated after vocal protests by Uber drivers and its supporters. Instead, the city announced a plan to study the effects of for-hire vehicles such as Uber on congestion in Manhattan.Karhoo isn't the only startup to band together taxis to take on Uber, but it may be the most well-funded. <a href="https://www.goarro.com/">Arro</a>, which launched last month in NYC, connects users with taxis in New York, promising no surge pricing.Stiff competition has also caused the relative value of taxi medallions to plummet. In 2013, a taxi medallion was worth an estimated $1.3 million. Today, <a href="http://nycitycab.com/Business/TaxiMedallionList.aspx">online listings</a> range from $600,000 to $900,000.Medallion owners are in a frenzy to protect their assets. The largest single owner of medallions, Gene Friedman of Taxi Club Limited, recently filed for bankruptcy, <a href="http://observer.com/2015/05/largest-medallion-owner-gene-freidman-appears-in-court-to-press-for-relief/">telling the Observer</a> that the city was unwilling to work with him as the value of his medallions plummeted. <div class="margin-top"> <h3>NOW WATCH: <a href="http://www.businessinsider.com/gett-uber-flat-fares-surge-pricing-gmc-yukon-camry-2015-10">We tried the 'Uber-killer' that offers flat fares and no surge pricing</a></h3> <div> <div> <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script> <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="1ocmdjeDrP7UksbISVgKIAdKEOCnZQBg" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div> <script> if (typeof RunFunctions === 'undefined') { var RunFunctions = []; } RunFunctions.push(function() { var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', '1ocmdjeDrP7UksbISVgKIAdKEOCnZQBg',{ autoplay: 'false' }); }); </script> <noscript><div>Please enable Javascript to watch this video</div></noscript></div> </div> <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script> </div>

You Searched For "indus club" and got 3 results

This Exclusive Club in Mumbai Charges Rs. Ten Lakhs as Membership Fee

Tanya Dubey

Mankind Pharma, PNB among stocks to become largecap from midcap; mutibagger Rail Vikas Nigam to turn midcap from smallcap

Bhakti Makwana

Uber is vaporizing the taxi industry - so a new startup is raising $250 million to help cabs compete

Maya Kosoff