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<ul><li>The stock has given 26% returns in the last one year, but analysts believe it has a good run up due to its strong order book, and bidding pipeline.</li><li>In Q1, it bagged orders worth ₹758 crore taking its order book to ₹5,321 crore.</li><li>The company’s lean balance with zero net debt status and asset light operating model are other positives, analysts say.</li><li>A significant rise in commodity prices and delay in execution of key projects are the downside risks. </li></ul>Construction company <keyword id="4344404" type="General" weightage="80" keywordseo="psp-projects" source="Orion">PSP Projects</keyword> was incorporated in 2008, but has started making waves in recent times as it’s started bidding for high value projects by entering into new areas like railway projects. The company is a contractor with diverse construction and allied services with focus on industrial, institutional, government and residential projects. The stock, which listed in 2017, has given 26% in the last one year, and has run up 14% in the last three months. Sectoral watchers believe that the company has good potential ahead. “Prudent management, strong execution track record, healthy order book, net debt free status and robust return ratios are the key strengths of PSP,” says a report by <keyword id="5820614" type="General" weightage="50" keywordseo="icici-direct-research" source="Orion">ICICI Direct Research</keyword>. In the first quarter of the current financial year (FY24), PSP Projects bagged orders worth ₹758 crore taking its total order book size to ₹5,321 crore. Its orderbook is executable over the next two to three years and is 2.1 times the estimated FY24 revenue, according to <keyword id="15851570" type="General" weightage="50" keywordseo="nuvama" source="Orion">Nuvama</keyword>. “We derive comfort from its healthy order book”, adds Nuvama but believes that its entry into high-value projects will not be easy. “We expect high-ticket size orders to be a challenge in near term as the company is L2 (with the second lowest bid) in an ₹2,500 crore project in Navi Mumbai and given the uncertainty pertaining to the acceptance of bids for new <keyword id="353583" type="General" weightage="50" keywordseo="central-vista" source="Orion">Central Vista</keyword> projects,” it adds. The construction company has bid for projects to the tune of ₹6,000 crore, including railway station redevelopment projects in Ahmedabad and Delhi — with project sizes of ₹2,000-₹5,000 crore. However, it has to form joint ventures for the same, as it does not have the requisite pre-qualification for infrastructure projects. “We note that all its projects are in the execution/ fully mobilised state, while bid pipeline conversion will boost further growth visibility,” says ICICI. A double-digit growth story For the last five years, the company’s financial profits, EBIDTA and revenues have been growing in double digits. Its revenue from operations have been growing at a compounded annual growth rate (CAGR) of 21.4%, EBIDTA at 17% and net profit at 15.6% between FY18-FY23. EBIDTA is earnings before interest tax depreciation and amortization. ICICI expects it to report revenue CAGR of 21.3% during FY23-25E with margin likely to hover at around 12.5%. Thanks to the pick up in activity, the construction sector is seeing a favourable status. With improved execution and a lean balance sheet, PSP could be in a position to gain from it. “Despite the business being working capital intensive, PSP Projects has the industry’s best working capital cycle of 41 days,” the company said in its investor presentation. Moreover, it has less to spend on account of capex. “The company expects only maintenance capex of 3-4% of revenue,” says a report by <keyword id="147352" type="General" weightage="50" keywordseo="idbi-capital" source="Orion">IDBI Capital</keyword>. Analysts believe that the stock has potential to provide double digits returns ahead. “This is our high conviction smallcap idea,” says ICICI which values it at 15 times the price to earnings ratio (P/E) on FY25 earnings, arriving at a target price of ₹975 per share. The stock has been trading at a value that’s 11 times the P/E of its FY25 earnings. “We revise our P/E multiple to 13x from 12x due to a ramp up in execution. We revise our target price to ₹844,” says Nuvama. A significant rise in commodity prices and delay in execution of key projects are downside risks to the stock reaching its earnings potential. <div type="javascript" title="Custom" contenttype="Text"><cdata><![CDATA[]]></cdata></div>

This small stock eyes the big leagues with a robust orderbook in hand

Share of domestic institutional investors (DIIs), which includes domestic mutual funds, insurance companies, banks, financial institutions, pension funds along with retail and High Net-worth Individual (HNI) investors reached an all time high of 23.53 per cent as on June 30, 2022 from 23.34 per cent as on March 31, 2022, on the back of net inflows from DIIs of a huge Rs 1.28 lakh crore during the quarter, as per Primeinfobase, an initiative of <keyword id="3502344" type="General" weightage="50" keywordseo="prime-database-group" source="Orion">PRIME Database Group</keyword>. Meanwhile, net outflows from Foreign Portfolio Investors (FPIs) of Rs 1.07 lakh crore during the quarter resulted in FPIs share declining further to a 10-year low of 19.20 per cent as on June 30, 2022, down by 96 bps from 20.16 per cent as on March 31, 2022. According to Pranav Haldea, Managing Director, PRIME Database Group, this further showcases the rise of domestic investors and the huge counter balancing role they have played to foreign investors. To also put this in perspective, as on March 31, 2015, <keyword id="725142" type="General" weightage="80" keywordseo="fpi" source="Orion">FPI</keyword> share was 23.3 per cent while the combined share of DII, retail, and HNI was just 18.47 per cent. There were 10 companies in which the trinity of promoters, FPIs and DIIs all increased their stake during the quarter these being (in descending order by market capitalisation) <keyword id="12780221" type="General" weightage="50" keywordseo="escorts-kubota" source="Orion">Escorts Kubota</keyword>, Great Eastern Shipping Co, KRBL, <keyword id="201442" type="General" weightage="50" keywordseo="delta-corp" source="Orion">Delta Corp</keyword>, <keyword id="325705" type="General" weightage="50" keywordseo="maharashtra-seamless" source="Orion">Maharashtra Seamless</keyword>, NCC, <keyword id="5562434" type="General" weightage="50" keywordseo="apcotex-industries" source="Orion">Apcotex Industries</keyword>, <keyword id="3520014" type="General" weightage="20" keywordseo="mold-tek-packaging" source="Orion">Mold-Tek Packaging</keyword>, <keyword id="4344404" type="General" weightage="50" keywordseo="psp-projects" source="Orion">PSP Projects</keyword>, and Zota Health Care. Following from the above, the gap between FPI and DII holding decreased to its lowest level in this quarter, DII holding now being just 26.77 per cent lower than FPI holding (on March 31, 2022, DII holding was 31.99 per cent lower than FPI holding). The widest gap between FPI and DII holding was in the quarter ending March 31, 2015, when DII holding was 55.45 per cent lower than FPI holding. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/43-lakh-unseen-and-uneaten-biryani-missing-hardware-shops-jk-football-association-under-acb-net/articleshow/93325538.cms">₹43 lakh unseen and uneaten biryani, missing hardware shops; J&amp;K Football Association under ACB net</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/auto/news/pawan-munjal-invests-in-ev-charging-company-exponent-energy/articleshow/93325365.cms">Pawan Munjal invests in EV charging company Exponent Energy</a>

Domestic investor holding hit an all-time high in June quarter: Prime database

<ul class="summary-list"><li>Toronto's Downsview Airport is being transformed into a residential area for 55,000 residents.</li><li>The $22 billion project will feature seven neighborhoods with housing, businesses, and parks.</li></ul>An old airport in <a target="_blank" class="" href="https://www.businessinsider.com/toronto-things-to-never-do-there-canada-according-to-local">Toronto</a> is being transformed into a new development for almost 55,000 residents.The former Downsview Airport will be refurbished into seven walkable neighborhoods with housing, businesses, and public parks.It will become "a city, within a city," according to the <a target="_blank" class="" href="https://www.northcrestdev.ca/">developer's website</a>.A spokesperson for the developer told Business Insider that the project is expected to cost around $30 billion Canadian dollars, or around $22 billion.Downsview Airport was first used as an air base for the Royal Canadian Air Force in World War II and was most recently a testing facility for the aircraft manufacturer Bombardier, <a target="_blank" class="" href="https://www.wsj.com/real-estate/the-22-billion-plan-to-turn-a-defunct-airport-into-a-small-city-a73ca6ab?mod=real-estate_lead_pos1">The Wall Street Journal</a> reported.<div type="image" title="Downsview airport development" height="1687" width="3000" msid="112573048" hostid="261" sizebytes="1121786"></div>Bombardier sold the site to PSP Investments in 2018 for around $635 million, the Journal reported. The company created Northcrest Developments to manage and oversee the project.But unlike some previous airport developments, where original infrastructures were scrapped, Northcrest is leaning into the site's unique elements.For example, the former runway will be a focal point of the area, connecting all seven neighborhoods with a pedestrian street that will be just over a mile in length.<div type="image" title="Downsview airport runway street" height="1125" width="2000" msid="112573052" hostid="261" sizebytes="121240"></div>It will be seen as "the spine of community life," according to a project document obtained by Business Insider."It's hard to make a planned community seem authentic when everything is brand new," Derek Goring, chief executive of Northcrest Developments, told the Journal."So we really decided to lean into the aerospace legacy," he added.Goring said Northcrest had once considered scrapping the entire site and starting afresh but decided it "was not a good idea," adding that the maintenance and reuse of historic buildings had shown success in other development projects around the world.<div type="image" title="Downsview airport" height="1152" width="2048" msid="112573055" hostid="261" sizebytes="300704"></div>He added that the airport's original hangers, built between the 1950s and 1990s, would be the ideal space for film production, light manufacturing, and clean tech companies."So there's an opportunity to attract companies that actually want to be here but can't because they can't find these types of locations," he said.The project, which is expected to take 30 years to complete, will boast 28 million square feet of residential space and 74 parks and green spaces.It will be able to house nearly 55,000 people and create 22,000 jobs.The first of the seven neighborhoods, the Hanger District, is in the initial development phase and is expected to create 2,850 new homes and 7,000 jobs.It's not the only project of this kind. Developers in Greece are transforming a former Athens airport into an <a target="_blank" class="" href="https://www.businessinsider.com/ellinikon-greece-athens-abandoned-airport-smart-city-photos-2024-6">$8 billion smart city </a>that will have the country's first skyscraper, a high-end mall, and a sports park.Speaking to BI, the developers said they wanted to create a "zip-code paradise" that would combine coastal scenery with technologically advanced, sustainable infrastructure.They estimate that the project's first phase will be completed by 2026.

A former airport in Canada is being transformed into a $22B development with 7 unique neighborhoods 

<keyword id="19895436" type="General" weightage="20" keywordseo="Adani-Green-Energy-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Green Energy Ltd" meta.hostid="261" meta.entityid="Adani Green Energy Ltd">Adani Green Energy Ltd</keyword> (AGEL) on Friday posted a 38.85 per cent decline in consolidated net profit to Rs 310 crore for the March quarter, mainly on account of increased expenses. Its net profit was Rs 507 crore in the January-March period of the preceding 2022-23, the company said in an exchange filing. During the fourth quarter of FY24, the company's total income fell to Rs 2,806 crore from Rs 2,977 crore a year ago. The company's expenses surged to Rs 2,379 crore during the period under review, as against Rs 2,053 crore in the year-ago period. In a separate statement, the company said its operational capacity grew at 35 per cent year-on-year to 10,934 MW with greenfield addition of 2,848 MW renewable capacity, including 2,418 MW solar and 430 MW wind projects. With this, AGEL became the first company in India to cross the 10,000 MW <keyword id="19895602" type="General" weightage="20" keywordseo="renewable-energy" source="keywords">renewable energy</keyword> capacity. AGEL's 10,934 MW operational portfolio will power more than 5.8 million homes and avoid about 21 million tonnes of CO2 emissions annually. The sale of energy increased 47 per cent year-on-year to 21,806 million units in FY24, primarily backed by strong capacity addition, consistent solar CUF (capacity utilisation factor) and improved wind and hybrid CUF. The revenue from power supply rose 23 per cent to Rs 1,575 crore from Rs 1,941 crore earlier. <keyword id="19919864" type="General" weightage="20" keywordseo="Adani-Green-Energy" source="keywords">Adani Green Energy</keyword> Ltd Chief Executive Officer Amit Singh said, "We have deployed the first 2 GW of the 30 GW of renewable capacity under construction at Khavda in just 12 months of breaking ground. "Our highest capacity addition of 2.8 GW in FY24 demonstrates our strong execution capabilities, and we are confident of continuing the momentum." The company aims to commission at least 5 GW of hydro-pumped storage projects by 2030, and set a higher target of 50 GW RE capacity by 2030, which will contribute towards India's non-fossil fuel capacity target of 500 GW, he said. AGEL further said it has commenced construction work on its first hydro pumped storage project (PSP) of 500 MW on the Chitravathi river. The project is located at Peddakotla in Sri Sathya Sai district of Andhra Pradesh. The existing reservoir will act as the lower reservoir and the upper reservoir is to be developed. The generation capacity will be 500 MW with estimated 6.2 generation hours in a day. All necessary approvals, including the final DPR approval are in place and financial closure has been achieved for the project. Part of Adani Group, AGEL is India's largest and one of the leading renewable energy companies in the world enabling clean energy transition. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/electric-two-wheeler-sales-crater-in-april-2024-as-prices-increase-amid-reduced-subsidies/articleshow/109806054.cms" target="_blank">Electric two-wheeler sales crater in April 2024 as prices increase amid reduced subsidies</a><a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/t20-world-cup-here-are-the-squads-announced-by-major-participating-countries-so-far/slidelist/109787165.cms" target="_blank">T20 World Cup: Here are the squads announced by major participating countries so far</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a>

Adani Green Energy Q4 net profit declines 39 pc to Rs 310 cr due to rising expenses

<ul class="summary-list"><li><keyword id="1121907" type="PERSON" weightage="100" keywordseo="OpenSpace">OpenSpace</keyword> announced that it has raised a $50 million Series C funding round.</li><li>A former commerce secretary invested as part of the round, led by hedge fund <keyword id="11171402" type="UNKNOWN" weightage="60" keywordseo="alkeon">Alkeon</keyword> Capital Management.</li><li>The <keyword id="11171401" type="UNKNOWN" weightage="60" keywordseo="construction-tech">construction tech</keyword> company said it saw a 150% growth in customers last year.</li></ul>OpenSpace CEO Jeevan Kalanithi wasn't planning to raise any more money after a fundraising effort last year netted the company $15.9 million.The Series B round in July 2020 <a href="https://www.businessinsider.com/openspace-pitchdeck-15-million-raise-menlo-jll-construction-tech-2020-7">helped the company hone and expand the use of its software</a>, which uses video to help contractors, architects, and developers track the progress of under-construction buildings remotely.But then pandemic brought in even more customers who wanted to monitor construction sites from afar via photos, videos, and artificial intelligence.So when Alkeon Capital Management, a New York hedge fund and tech investor that <a href="https://www.cnbc.com/2020/05/30/this-under-the-radar-hedge-fund-is-riding-e-commerce-plays-to-a-big-return-here-are-its-next-bets.html">CNBC described as an "under-the-radar" fund "trouncing" the market</a>, came knocking, Kalanithi saw opportunity to speed up the company's growth.OpenSpace announced on Wednesday that it had raised a $55 million Series C funding round, led by Alkeon. New investors included PSP Partners, the firm run by Obama-era Secretary of Commerce and billionaire real-estate heiress Penny <keyword id="1893417" type="PERSON" weightage="60" keywordseo="Pritzker">Pritzker</keyword>, Asia-focused real-estate tech investors GreenPoint Partners, and Hong Kong landlord and real estate firm New World Development.Kalanithi, who is also OpenSpace's cofounder, plans to use the latest capital to both attract customers worldwide and offer more features to existing customers.Returning investors <a href="https://www.businessinsider.com/lux-captials-shahin-farshchi-sees-coming-wave-of-smart-automation-2020-7">Lux Capital</a>, Silicon Valley heavyweights Menlo Ventures, JLL Spark, the venture arm of commercial real estate firm JLL, and <keyword id="7034821" type="UNKNOWN" weightage="60" keywordseo="PropTech">proptech</keyword> specialists Navitas Capital and Zigg Capital also participated in the round.The San Francisco-based company declined to provide a valuation, but the startup has now raised a total of $88.3 million in funding since it launched in 2016. The company says that its customer base increased 150% in 2020, while usage was up 300%, suggesting that existing customers were also capturing more snapshots of job sites.OpenSpace uses computer vision - a type of machine learning that trains computers to analyze visual data - to make digital, detailed models of construction sites that are updated daily, or even more often. These models can be rendered by OpenSpace's own cameras, third-party cameras, or soon, <a href="https://appleinsider.com/articles/21/03/02/how-to-use-the-lidar-scanner-in-iphone-12-pro">new iPhones with LiDAR-technology</a>. <div type="image" title="This photo shows a comparison of site imagery captured with OpenSpace and the project's BIM." height="750" width="1536" msid="82294170" hostid="261"></div>The company then builds software tools on top of this underlying data. Most recently, it created what it calls ClearSight Progress Tracking, which calculates overall progress on a construction site by comparing its physical shape to the digital blueprints of the job. Another feature is object search, which allows someone to search for different items on a job site, such as a palette of wood. <h2>Taking the old-school construction industry digital</h2>OpenSpace's growth came as the pandemic turned construction-tech adoption from a possibility to a necessity, especially for its particular offering, which allows stakeholders intimate looks into job sites from anywhere in the world.Its impact has already rippled industry-wide: It was one of the most-nominated firms that appeared on <a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=&amp;cad=rja&amp;uact=8&amp;ved=2ahUKEwj0udCilZ_wAhV3KFkFHfI_BU8QFjABegQIBBAD&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fproptech-startups-the-hottest-real-estate-and-construction-tech-companies-2021-2&amp;usg=AOvVaw1inXSip9TwSI7E-_d3-Nfq1-2&amp;usg=AOvVaw1inXSip9TwSI7E-_d3-Nfq">Insider's list of the hottest proptech companies</a>. The buzz meant that OpenSpace didn't need to actively fundraise, or even make a pitch deck. Instead, investors came to OpenSpace with their own presentations, explaining how they could help the company expand even further."What stood out to us about OpenSpace is its rapid adoption across industry leaders, including our own construction teams," Pritzker, of PSP Partners, wrote in a press release. "This level of validation is rare for a young company and a promising indicator of its future potential."Investors not only saw OpenSpace gaining customers during an unprecedented era of remote work but also predicted that the range of options it offers clients will eventually become the norm in the field."We know that this will be the expectation," Kalanithi said. "If you're a project manager at a real-estate development firm or a superintendent, sooner or later you'll expect that you can open up your phone or look at your computer and see at your project."The company already has customers across the globe, but is hoping to use its biggest cash infusion yet to expand its global operations, with a specific focus on the Asia-Pacific region.Kalanithi said one of the OpenSpace's two goals is to "be everywhere." The other is to continue to build more software tools that build off of its data set.The company has already, he added, essentially become a time machine for construction sites that can allow future facilities managers to see exactly how buildings were put together in the past. This same data, though, could also help builders become more efficient early in a project's life cycle. OpenSpace feedback, delivered mid-construction, could inform their strategies or tactics for the rest of the job. "With time-series information, we can start to make predictions and manage changes in construction," Kalanithi said. "That's really what our customers care about."OpenSpace now counts large retail chains among its customers. They use the company's models to manage their sprawling square footage, to keep track of renovations, and to allow brand managers to check in on stores remotely.The company's plan to use the LiDAR sensor on the new iPhones, which uses light to accurately measure distance and depth, should open it up to even more customers who will have now have OpenSpace-capable devices in their pockets.It will also allow the company to create much more accurate digital models of analog construction tools, which could be more specific and accurate than their physical counterparts. As an example, Kalanithi highlighted tape measures: They're essential on a job site, but often, two different workers can record different dimensions for one piece of wood. "You'd think a tape measure as the most objective thing out there," Kalanithi said. "You'd be surprised. Tape measures are pretty subjective."

So many people want to monitor construction sites remotely that proptech startup OpenSpace just raised $50 million without even trying

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://www.nasa.gov/press-release/parker-solar-probe-briefings-and-events">NASA/Johns Hopkins APL/Steve Gribben</a>An artist's concept of NASA's $1.5-billion Parker Solar Probe mission passing by the sun.</div></div></div><ul><li><a href="https://www.businessinsider.com/category/nasa" target="_blank" rel="noopener">NASA</a>'s Parker Solar Probe is scheduled to launch Saturday, August 11 around 3:33 a.m. EDT.</li><li>To "touch" <a href="https://www.businessinsider.com/category/sun" target="_blank" rel="noopener">the sun</a> and study its weather, the $1.5-billion mission must survive hellish conditions.</li><li>Temperatures will reach a searing 2,500 degrees when the <a href="https://www.businessinsider.com/category/spacecraft" target="_blank" rel="noopener">spacecraft</a> zooms through the star's atmosphere at 430,000 mph.</li><li>Once the probe runs out of fuel, pretty much everything but its carbon heat shield will be destroyed.</li></ul>Touching a star isn't easy. The sun is an enormous, searing-hot orb of plasma that generates a chaos of magnetic fields and can unleash deadly blasts of particles at a moment's notice.But that is precisely what NASA plans to do - 24 times or more - with its car-size <a href="https://solarprobe.jhuapl.edu/" target="_blank" rel="noopener">Parker Solar Probe</a> (PSP). The goal of the $1.5-billion mission is to edge within 4 million miles of the sun, which is close enough to study the star's mysterious <a href="https://www.businessinsider.com/solar-eclipse-totality-corona-simulated-pictures-2017-8">atmosphere</a>, <a href="https://www.businessinsider.com/category/solar-wind" target="_blank" rel="noopener">solar wind</a>, and other properties.Information gathered by the probe may help space weather forecasters better predict violent solar outbursts that can <a href="https://www.businessinsider.com/solar-storm-risk-map-united-states-2016-9">overwhelm electrical grids</a>, harm satellites, <a href="https://www.businessinsider.com/solar-storms-could-damage-electronics-2018-6">disrupt electronics</a>, and possibly lead to <a href="https://www.businessinsider.com/massive-solar-storm-wipe-out-technology-coronal-mass-ejection-flare-2016-4">trillions of dollars</a>' worth of damage.The car-size spacecraft is slated to launch from the Florida coast on Saturday at 3:33 a.m. EDT, should weather cooperate, though NASA can wait as late as August 23 to fire off its probe. PSP will reach the sun a few months later.Here are some of the brutal conditions and tremendous challenges NASA's probe will have to survive to pull off its unprecedented mission.<h2>The tricky process of touching a star</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="https://parkersolarprobe.jhuapl.edu/The-Mission/index.php">Johns Hopkins University Applied Physics Laboratory</a>The orbital path that NASA's Parker Solar Probe will have to fly to "touch" the sun.</div></div></div>The first hurdle PSP needs to clear is Earth itself.To make the trip, the probe will ride atop a <a href="https://www.businessinsider.com/how-vulcan-rocket-works-united-launch-alliance-2018-2">Delta 4 Heavy</a> rocket, which is one of the most powerful operational launch vehicles on Earth (though not quite as powerful as SpaceX's new <a href="https://www.businessinsider.com/falcon-heavy-spacex-epic-rocket-launch-in-person-2018-2">Falcon Heavy</a> system).NASA chose the rocket because it's surprisingly hard to get to the sun, which is 93 million miles away.Earth orbits the sun at a speed of 67,000 mph, and so does anything launched off of the planet. To fall toward the sun, PSP will have to slow down by 53,000 mph, NASA said in <a href="https://www.youtube.com/watch?v=dhDD2KaflSU" target="_blank" rel="noopener">a video</a> about its mission.Three different rocket stages (one firing after the other runs out of fuel) in the Delta 4 Heavy will help considerably with boosting PSP toward that goal, but it's not enough to repeatedly fly the probe close to the sun.Instead, the rocket will shoot the probe on a path toward Venus, a planet it will fly past seven times over six years. The world's strong gravitational field will help gradually absorb PSP's "sideways motion" imparted by Earth and direct it closer and closer to the sun.The consequence of this orbital dance is that PSP will fall toward the sun faster and faster after each pass. On its first orbit of the sun in November 2018, the probe will be some 15.4 million miles from the sun. About 21 orbits later, in December 2024, it will sneak within 4 million miles of the sun, traveling at a speed of nearly 430,000 mph relative to the star.Achieving such a velocity would make PSP the fastest a human object in space. It's nearly 120 miles per second - fast enough to fly from New York to Tokyo in less than a minute - and 3.3 times as fast as <a href="https://www.businessinsider.com/nasa-juno-probe-at-jupiter-new-photos-2018-7">NASA's Juno spacecraft</a>, which zips past Jupiter at speeds of 130,000 mph.<h2>How to fly through hell and back</h2><div class="KonaFilter image-container display-table"><div><div class="image on-image">David McNew/Getty Images; NASA; JHUAPL; Jenny Cheng/Business InsiderNASA's Parker Solar Probe must withstand blistering temperatures and incredible speeds near the sun.</div></div></div>During its journey, PSP must withstand sunlight 3,000 times more powerful than occurs at Earth. Outside the spacecraft, in the outer fringes of the sun's corona or atmosphere, temperatures may reach 2,500 degrees Fahrenheit - hot enough to <a href="https://education.jlab.org/qa/meltingpoint_01.html" target="_blank" rel="noopener">liquify steel</a>.The probe also must contend with a "solar wind" of charged, high-energy particles that can mess with electronics.The key to protecting the probe, as well as its sensors for measuring the sun's magnetic fields and solar wind, is a special heat shield called the Thermal Protection System.<div class="KonaFilter image-container display-table float_right"><div><div class="image on-image"><a href="https://images.nasa.gov/details-KSC-20180627-PH_GEB01_0050.html">NASA</a>The carbon-foam-and-composite heat shield of NASA's Parker Solar Probe is craned into place atop the spacecraft on June 27, 2018.</div></div></div>Made of 4.5 inches of carbon foam sandwiched between two sheets of carbon composites, the eight-feet-wide shield will absorb and deflect solar energy that might otherwise fry the probe. A water cooling system will also help prevent the spacecraft's solar panels from roasting and keep the spacecraft a cozy 85 deg F.PSP's mission is to crack two 60-year-old mysteries: why the sun has a solar wind at all, and how the corona - the star's outer atmosphere - can heat up to millions of degrees. Both factors are key to understanding what leads to potentially devastating solar storms."That defies the laws of nature. It's like water rolling uphill," Nicola Fox, a solar physicist at the Johns Hopkins University Applied Physics Laboratory, said during a NASA briefing in 2017."Until you actually go there and touch the sun, you can't answer these questions," said Fox, who's a project scientist for the new mission.You can watch the Parker Solar Probe launch toward the sun on Saturday, August 11, around 3 a.m. EDT <a href="https://www.businessinsider.com/nasa-tv-webcast-2016-3">via NASA TV</a>.The probe's mission will end many years from now, after it runs out of the propellant it needs to keep its heat shield pointed at the sun. When that happens, the star's blistering heat will burn up "90% of the spacecraft," <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword> writer Shannon Stirone <a href="https://twitter.com/shannonmstirone/status/1027604918532591616" target="_blank" rel="noopener">said on Twitter</a> - but not the heat shield itself."The heat shield will then orbit the sun for millions of years," she said. <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/white-house-plan-against-solar-storm-2016-3">The White House has a plan in case a solar storm wipes out our technology</a></h3> <div> </div> </div>

NASA is about to 'touch' a star for the first time - here are the hellish conditions the Parker Solar Probe must survive

<a href="https://science.nasa.gov/missions/solar-probe">NASA/JHU/APL</a>An illustration of NASA's Parker Solar Probe (previously called Solar Probe Plus) as it flies toward the sun.<ul><li>NASA is a launching a probe to get closer to the sun than any mission in history.</li><li>The robot is designed to survive the sun's brutal environment and unlock longstanding mysteries of physics.</li><li>The mission may ultimately help scientists predict violent space weather events.</li></ul>NASA on Wednesday released new details about its $1.5 billion effort to "touch" the sun.The <a href="http://solarprobe.jhuapl.edu/" target="_blank" rel="noopener noreferrer">Parker Solar Probe</a> (SPS), as the space agency has re-named the its Solar Probe Plus mission, is scheduled to launch sometime between July 31 and August 19 in 2018.The robot is designed to survive sunlight 3,000 times more intense than occurs at Earth and plow through a "solar wind" of high-energy particles that can get as hot as several thousand degrees.Its mission is to crack two 60-year-old mysteries: why the sun has a solar wind at all, and how the corona - the star's outer atmosphere - can inexplicably heat up to millions of degrees."That defies the laws of nature. It's like water rolling uphill," Nicola Fox, a solar physicists at the Johns Hopkins University Applied Physics Laboratory (JHUAPL), said during a televised NASA briefing."Until you actually go there and touch the sun, you can't answer these questions," said Fox, who's a project scientist for the new mission.If the robot pulls off all the science that NASA and its partners hope, it might also help researchers learn critical information about <a href="http://www.businessinsider.com/solar-storm-risk-map-united-states-2016-9">solar outbursts that can overload power grids</a>, cripple satellites, disrupt electronics, and inflict <a href="http://www.businessinsider.com/massive-solar-storm-wipe-out-technology-coronal-mass-ejection-flare-2016-4">trillions of dollars</a>' worth of damage in a matter of hours.<h2>How to 'touch' the sun 24 times and survive</h2>Dragan Radovanovic/Business InsiderOrbiting a star as close as we do does means we live inside its atmosphere: a sea of moving particles, or solar wind, that spews outward at about 1 million mph and bombards planets like Earth that are great distances away.Eugene Parker, a now-89-year-old scientist after whom the probe was named after on May 31, first discovered the solar wind in the mid-1950s. An editor of a science journal famously rejected his seminal paper in 1958 and scolded Parker - who was later found to be correct - for submitting it. ("He didn't have any real critique, so it must have been a really good paper," Parker said he jokingly thought at the time.)Since then, physicists have questioned what accelerates this stream of particles to breakneck speeds, and how it can jump from thousands of degrees Fahrenheit to millions of degrees in a tight region just above the sun's surface."We want to go down there, take the challenge of going into the worst environment in the solar system and … really prove what the processes are that, in fact, make and accelerate the solar wind," Thomas Zurbuchen, the associate administrator of NASA's Science Mission Directorate, said during the briefing. PSP will fly some 3.9 million miles away, or roughly 4 times the width of the sun. That's seven times closer than any spacecraft has ever traveled, allowing it to take unprecedented measurements of the sun's corona, solar wind, magnetism, and other properties.The idea to do a mission like SPS started nearly 60 years ago, but at this distance, temperatures reach about 2,500 degrees - so "the materials didn't exist," Fox said, to make it happen.<a href="http://solarprobe.jhuapl.edu/The-Mission/index.php#Timeline">NASA/JHUAPL</a>The timeline of NASA's Parker Solar Probe mission, from launch in July 2018 to Dec. 2024.That changed only recently with the development of a state-of-the-art, lightweight carbon composite. Engineers have crafted that material into a 4.5-inch-thick "ram" for the probe, which will always face the sun, <a href="http://www.businessinsider.com/solar-probe-plus-will-need-to-withstand-crazy-conditions-2016-9">absorb and deflect solar radiation</a>, and protect a suite of gadgets behind it in room-temperature shade.During its 24 flybys of the sun, the probe will swing around the planet Venus seven times to close in on the star while reaching speeds of more than 425,000 mph, which is akin to traveling from New York City to Tokyo in a minute."Solar probe is going to be the hottest, fastest, and - as I like to call it - the coolest mission under the sun," Fox said.<h2>Protecting Earth from violent solar outbursts</h2> Earth's magnetic field and atmosphere typically protect us from the solar wind.However, the surface of the sun occasionally flings giant blobs of solar particles at us in events called solar storms or coronal mass ejections, which not only trigger beautiful auroras at our planet's poles, but can also temporarily disturb Earth's magnetic field, which can in turn disturb electrical systems of all kinds.While protecting Earth isn't the main goal of PSP, researchers like Fox hope the mission equips heliophysicists with new information that can help them predict, characterize, and prepare the world for a potentially crushing solar blow."Until we can explain what is going on up close to the sun, we will not be able to accurately predict space weather effects that can cause havoc at Earth," states the <a href="http://solarprobe.jhuapl.edu/">mission's website</a> by JHUAPL.NASA is almost done assembling the probe, and it should begin a brutal testing program (including sizzling-hot thermal exposure) by the end of summer 2017.If all goes well after its launch, PSP should make its first pass of the sun in November 2018 and its final one in June 2025. <h3>NOW WATCH: <a href="http://www.businessinsider.com/molten-salt-reactor-technology-power-world-millions-years-2016-12">This Cold War-era technology could safely power the world for millions of years</a></h3> Please enable Javascript to watch this video

NASA is gearing up to fly a robot dangerously close to the sun and 'touch' the star

<ul class="summary-list"><li><a href="https://www.businessinsider.com/category/united-airlines">United Airlines</a> has cut work hours for its managers and administrative (M&amp;A) employees, and warned that layoffs are coming.</li><li>However, workers say that the cuts violate terms of the <a href="https://www.businessinsider.com/category/cares-act">CARES Act bailout</a>, prohibiting pay cuts or furloughs before September 30.</li><li>Business Insider spoke with United M&amp;A workers who described stress, anxiety, and frustration with the airline as they prepare for what could be massive job cuts.</li><li>Are you an employee at United or another airline? Contact this reporter with your thoughts or tips at <a href="mailto:dslotnick@businessinsider.com">dslotnick@businessinsider.com</a>.</li></ul>Two months after <keyword id="137254" type="COMPANY" weightage="60" keywordseo="United-Airlines">United Airlines</keyword> agreed to terms with the federal government and accepted a $5 billion bailout for payroll support, workers at United <keyword id="44023" type="ORGANIZATION" weightage="60" keywordseo="airlines">Airlines</keyword> are accusing the airline of breaking its promise.Earlier this month, United announced that it <a href="https://www.businessinsider.com/united-airlines-unpaid-cut-days-layoffs-memo-2020-5">would require management and administrative (M&amp;A) employees to take 20 unpaid days off</a> between May 15 and September 30. The requirement came as airlines around the globe — including United — reduced flights and grounded portions of their fleets due to a collapse in travel demand during the <keyword id="1754604" type="PERSON" weightage="60" keywordseo="coronavirus">coronavirus</keyword> pandemic.The airline also warned that it would need to reduce its M&amp;A payroll by "at least" 30% — <a href="https://www.businessinsider.com/american-airlines-memo-free-flights-buyouts-layoffs-coronavirus-2020-5">American has announced similar plans</a>.However, under the federal <keyword id="9073299" type="UNKNOWN" weightage="60" keywordseo="cares-act">CARES Act</keyword>, the $2 trillion financial package passed in late March, airlines accepting certain types of aid as part of a $25 billion payroll protection scheme are prohibited from laying off, furloughing, or otherwise cutting employee pay until after September 30.Airlines receiving a portion of that aid are also temporarily prohibited from buying back stock or paying dividends to shareholders, and are required to cap executive salaries.United agreed to the terms with the US Treasury Department to receive $5 billion in aid under the payroll program. Seventy percent of that is in the form of grants, while 30% — about $1.5 billion — is available as low-interest loans, which must be paid back. In <a href="https://www.businessinsider.com/united-traffic-passengers-coronavirus-layoffs-2020-4">a memo to employees in April</a>, then-CEO Oscar Munoz and President Scott Kirby (Kirby took over as CEO in May, part of a planned transition) said that amount would not cover the airline's total payroll expense, which "only represents about 30% of our total costs."According to a United spokesperson, the required days off are not considered a furlough and comply with the CARES Act because they do not involve a reduction in pay rate, only in the number of hours worked.Lawmakers have contested that interpretation. Sen. Elizabeth Warren of Massachusetts and several House Democrats <a href="https://www.businessinsider.com/airlines-bailout-pay-cut-warren-mnuchin-2020-5">have written to airlines and the Treasury Department in recent days</a> arguing that the hourly cuts broke both the spirit and the letter of the CARES Act. <h2>Cutting hours, but not the workload</h2>In interviews with Business Insider, several United employees who work in M&amp;A roles said they saw the unpaid time off as a violation of the requirements and the spirit of the CARES Act.Another employee, Kenneth England, filed a class-action suit against the airline. In a statement, one of England's lawyers, Douglas M. Werman, said the lawsuit raised important issues about who the stakeholders of the payroll support program actually are."Our view is that one stakeholder is United's own employees, and that the terms of the PSP Agreement" — Payroll Support Program — "between United and the Treasury Department plainly precludes United's Unpaid Time Off Policy," he said.In conversations with the other United workers, employees described stress, uncertainty, and falling morale, contrasting with a degree of appreciation for the airline's pragmatism amid the uncertainty."United couldn't be handling it worse," said one employee, an engineer, who works in an office at the airline's Chicago headquarters.Like the other employees interviewed for this article, they asked for anonymity because they were not authorized to speak on behalf of the company, and did not want to jeopardize possible future employment.Initially, United announced a reduction in hours for 27,000 customer service workers and baggage handlers. It quickly repealed the cut after the union representing them, the <a href="https://www.businessinsider.com/category/iam">International Association of Machinists and Aerospace Workers</a> (IAM), <a href="https://www.businessinsider.com/united-airlines-lawsuit-cuts-bailout-2020-5">filed an injunction in the United States District Court for the Eastern District of New York</a> earlier this month.The same week, the airline <a href="https://www.businessinsider.com/united-airlines-unpaid-cut-days-layoffs-memo-2020-5">announced a similar cut for M&amp;A workers</a>, requiring them to take 20 unpaid days off between May 15 and September 30 — most employees not directly involved in day-to-day airline operations will work a four-day workweek to meet that 20-day threshold. That reduction was not rolled back along with the cuts to IAM-represented workers' hours."It's been handled incredibly poorly," the engineer said. "And now there's some tension over union cuts versus administrative workers' cuts."While some M&amp;A workers are paid hourly, many other M&amp;A employees are salaried. They are often responsible for projects or overseeing teams or segments of operations, rather than performing a task contained to each shift, and they say their responsibilities and workloads have remained the same. They just have less time to complete their tasks."Salaried work is based on doing the tasks of that job, not working a certain number of hours," one Chicago-based employee, who works on a customer experience team, said. "It's not like there's less work — I still have 50 hours worth of work to do each week, regardless of what they're paying me for.""It feels like a violation of the spirit of how the CARES Act was supposed to work," the employee added. "It's a technicality."The engineer said it is impossible to complete their tasks with one less day in the workweek.Adding to the frustration: the airline asked its employees to lobby for the CARES Act, promising that it would protect them."It was portrayed as a stimulus for airline employees," a maintenance manager said. "The company asked us to call our congresspeople and senators for support, and now they're taking pay away.""Some of us budgeted for the next year assuming we'd make our full salaries through September. Now, we don't even have that little bit of protection," the manager added. "I support my company, I like working here, but that feels wrong to me."<h2>United takes a different tone than its competitors</h2>Despite their stress and unhappiness with the pay cuts, the employees Business Insider spoke with all said that they appreciated the company's pragmatism."I have friends at other airlines, and their management is sugar-coating things," the customer experience worker said. "I think they're going to be in for a shock once the job protections expire."United has taken an unvarnished tone about the current economic environment compared to its rivals, repeatedly saying that it <a href="https://www.businessinsider.com/united-traffic-passengers-coronavirus-layoffs-2020-4">expects to be "smaller" following the crisis</a> and <a href="https://www.businessinsider.com/united-layoffs-may-be-coming-october-coronavirus-bailout-2020-3">expects to reduce its workforce in October</a>."But the challenging economic outlook means we have some tough decisions ahead as we plan for our airline, and our overall workforce, to be smaller than it is today, starting as early as October 1," former CEO Oscar Munoz and former president, now current CEO Scott Kirby wrote in an April 15 memo. "Throughout this crisis, we have been candid and upfront with you. And today is no different."American, Delta, and Southwest have all suggested a need to downsize, but have not as openly discussed future layoffs. In a CNBC interview in April, American Airlines CEO Doug Parker said that while he expects the airline's situation to remain bleak through the second quarter, he projected a "very gradual recovery through the third and fourth quarters."In a communication to employees that week, Parker and airline president Robert Isom wrote that they expect Americans to be "regularly flying again" by September 30."It seems unrealistic," one of the United workers said.A maintenance manager said United's approach "helps us see the reality."<h2>What happens next</h2>"It's not fun losing control over your future," the customer experience employee said. "There's a level of insecurity and anxiety across the board."Fueling the anxiety is the fact that there had been a lot of poor information given out, the maintenance manager said."There's not a lot of good information to help you figure out whether you'll be on the layoff list or not," the employee said. "You don't know whether you should take a buyout or not.""People are paranoid, and it's a shame. You can't reach out and get clarity, because you're afraid that if you do, or if you push back, you'll end up getting on the list," they added.After the announcement of cuts to M&amp;A workers' hours, <a href="https://www.businessinsider.com/united-memo-free-flights-buyouts-layoffs-coronavirus-2020-5">the airline published buyout offers, known as Voluntary Separation Programs, or VSPs, that workers can apply for.</a> The benefits include five years of free flights, and continued pay at 33% of their regular compensation through November 30.Workers who do not take the buyout and are involuntarily laid off will be notified in July, the airline said, but will remain on the payroll through September 30 in accordance with the CARES Act.Laid off workers will not receive any cash severance. Instead, employees said, workers can expect to be "walked off the property" when they're notified in July, and continue to be paid despite not working. "Those last few months of pay are your pseudo-severance," the engineer said.Workers debating taking the VSP are left with a difficult decision. Unlike frontline workers, whose employment contracts dictate that layoffs are handled based on seniority, the rationale around the M&amp;A layoffs is less clear."We have no clue what the criteria is for the layoff," the engineer said. "There's no standard or predictability. It's frustrating."Are you an employee at United or another airline? Contact this reporter with your thoughts or tips at <a href="mailto:dslotnick@businessinsider.com">dslotnick@businessinsider.com</a>.Read the original article on <a href="https://www.businessinsider.com/united-airlines-inside-employees-cuts-layoffs-amid-coronavirus-pandemic-2020-5">Business Insider</a>

Fear and anger are growing inside United Airlines, where workers are slamming the company over pay cuts after it took billions of dollars in government bailout money

The IPO lane is getting busy as companies have lined up initial public offerings worth Rs 20,000 crore in the coming months to fund their business expansion and meworking capital requirements, according to a news report by PTI. 
 
The year 2016 saw 26 companies collectively raising over Rs 26,000 crore trough their respective IPOs, making it the best in six years. 
 
Hudco, NSE, Central Depository Services Ltd, Nakshatra World and Cochin Shipyard are among the names that plan to launch share-sale offers in coming months. 
 
Most of these companies plan to utilise initial public offer (IPO) proceeds for business expansion as well as working capital requirements. 
 
Besides, the firms are taking IPO route to achieve benefits of listing the equity shares on the bourses. 
 
Some of the firms believe the listing of the equity shares will enhance their brand name and provide liquidity to the existing shareholders. 
 
At present, five companies -- Hudco, Central Depository Services Ltd, S Chand and Company, Genesis Colors and Security &amp; Intelligence Services (India) Ltd -- have secured Sebi's go-ahead to float their respective public offers. 
 
In addition, 11 companies including GTPL Hathway, NSE, Bharat Road Network, Tejas Networks, Eris Lifesciences, Salasar Techno Engineering, Au Financiers, Prataap Snacks, PSP Projects are awaiting the regulator's approval to float IPOs. 
 
Together, these companies are expected to raise about Rs Rs 20,000 crore. 
 
Moreover, companies like SBI Life Insurance are expected to file IPO papers in the near future. 
 
Besides, five companies including leading bourse BSE and Avenue Supermarts, the operator of retail chain D-Mart, have already hit the Dalal Street this year so far. 
 
NSE's IPO will see existing shareholders offloading 20-25 per cent shares to the public through the OFS route. 
 
It is expected to be one of the biggest in recent times, with an estimated size of over Rs 10,000 crore, sources said. 
According to experts, the IPO market is expected to see some activity this year as half a dozen companies have filed their draft papers with Sebi in 2017 so far to launch public offers and many are awaiting the regulator's nod. 
 
Also, proactive regulatory environment coupled with general uplift in investor sentiment has helped the IPO market. 
 
Market watchdog Sebi has taken numerous steps that are encouraging companies to sell shares. One key enabler was making Asba (Application Supported by Blocked Amount) mandatory for all investors, including retail. Also, Sebi's proactive approach to the market has ensured that investors need not fear about frauds. 
 
Quantum AMC Director I V Subramaniam said, "Attractively priced IPO will get a solid response from investors as its chances of listing with gains get higher. Conversely, if an IPO is over-priced, it may not be able to list attractively". 
 
The year 2016 saw 26 companies collectively raising over Rs 26,000 crore trough their respective IPOs, making it the best in six years.

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