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Imagine a bustling jewellery market teeming with diamonds and gold. Amidst this glittering chaos, a small stall is trying to sell handcrafted gemstones. Even as newer and shinier outlets keep cropping up, all vying for attention, this gemstone store offers some of the oldest yet valuable jewels at a discount. Though they lack immediate sparkle, these rare gems reveal their value to the discerning buyer. This is how South Korea appears for many experts in global capital markets: a trove of undervalued gems, overshadowed by brighter, more aggressively marketed investment options. This undervaluation, known as the "<keyword id="24399183" type="General" weightage="20" keywordseo="korean-discount" source="keywords">Korean Discount</keyword>," reflects how South Korean companies are priced much lower than their global peers despite robust fundamentals — strong financial performance and consistent profitability. Contributing factors are many, ranging from opaque governance structures to geopolitical risks. But the fact stays, if you are a seasoned conglomerate listed in South Korea, you are likely undervalued. <keyword id="19906087" type="General" weightage="20" keywordseo="hyundai" source="keywords">Hyundai</keyword> Motor India Ltd. (HMIL), a subsidiary of the Korean giant Hyundai Motor Company (HMC), recently sought to escape this valuation trap by listing in India, a market where investor optimism commands premium pricing. But its valuation raised many eyebrows! Now that a month and a half has gone by since its listing, time is apt to examine if this gamble paid off. Will <keyword id="93460" type="General" weightage="100" keywordseo="hyundai-india" source="Orion">Hyundai India</keyword> justify its high valuation? Or does the listing highlight broader questions about the overheated valuation dynamics of Indian markets? A record-breaking <keyword id="19898327" type="General" weightage="20" keywordseo="ipo" source="keywords">IPO</keyword> but questions remain Hyundai Motor India’s mega Initial Public Offering (IPO), launched in October 2024, broke records by raising ₹27,870 crore, making it India’s largest-ever IPO. The offer was oversubscribed by 2.37 times, highlighting robust demand. But many investors remained sceptical: was this IPO an honest attempt to expand Hyundai’s footprint in India or was it trying to offer a way to cashout for existing investors and promoters? Or perhaps, is it an attempt by the Korean chaebol — a large family-owned business conglomerate — to break free from the aforementioned “Korean Discount”? When shares listed on October 22, these concerns seemingly weighed on the minds of most investors and the stock promptly dipped 5% below the issue price on the day. A tepid grey market performance had already foreshadowed this muted debut in the Indian markets. Now, after almost 35 trading sessions on Indian market, the stock remains almost exactly at price it listed on October 22 at Rs 1820—no gain, no loss. <h3>The gamble of hyper-valuation</h3>Much of this hesitation stemmed from Hyundai’s valuation. On listing, Hyundai was valued at $18 billion, positioning it as one of India’s most valuable automotive companies. However, such high valuations often temper investor enthusiasm, resulting in more cautious short-term outcomes. For most investors, the Price-to-Earnings (P/E) ratio is the most preferred parameter to gauge if a company is overvalued or undervalued. With a P/E ratio of 26.3, HMIL was priced significantly above the Indian automotive industry average of 24.4. Globally, automotive companies operate with much lower P/E ratios, reflecting mature market conditions and slower growth trajectories. HMIL’s South Korean parent Hyundai Motor Company (HMC) trades at a meagre 3.07, believe it or not! For Indian investors, the high premium hinted at overvaluation despite Hyundai’s strong domestic position. Such stark difference in valuation obviously sparked debates — is the Indian market assigning a premium to Hyundai Motor India’s growth potential, or is it simply reflecting the general exuberance around the prospects of the Indian economy? Another concern is the allocation of IPO proceeds. Hyundai’s IPO was structured as an offer for sale (OFS), meaning all funds raised would flow to the parent company rather than Hyundai India’s operations. Although Hyundai has committed to investing in R&amp;D for EVs and hybrids, critics argue that the lack of immediate reinvestment in India’s operations reflects a missed opportunity for domestic growth. Despite the early disappointment, Hyundai was confident that the valuation was fair. It did have some factors going for it, in addition to the fact that other auto giants like Mahindra &amp; Mahindra and <keyword id="19909974" type="General" weightage="20" keywordseo="maruti-suzuki" source="keywords">Maruti Suzuki</keyword> command even higher P/E ratios. And looking at the company fundamentals, it does seem like Hyundai is playing a long-term game. <h3>Hyundai in India: A proven track record</h3>Despite the initial stumble, Hyundai India’s long-term story is compelling. Since entering the Indian market in 1996, the automaker has sold over 8 million vehicles and firmly occupies the second spot in the domestic passenger vehicle market, trailing only Maruti Suzuki. Hyundai’s blockbuster SUV offerings, like the Creta and Venue, have been critical in building this dominance. Despite some challenge from Maruti Suzuki Brezza and Tata Punch, Creta has retained the tag of ‘most-selling SUV in India’ successfully so far this year. <div type="image" title="Hyundai" agency="Business Insider India" msid="116156234" hostid="261" caption="&amp;lt;p&amp;gt;Selling over 17,000 units per month on average this year, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva)&amp;lt;/p&amp;gt;"></div> Selling over 17,000 units per month on average, Creta has edged past major competitors to be the most-selling SUV in India in 2024. As Indian consumers preference continues to shift gradually towards premium products over budget segments, Hyundai stands to benefit (Wikimedia Commons / Canva) Hyundai India’s market share of 14% in October 2024 underscores its clout. The company’s ability to tap into India’s premiumisation trend, where consumers increasingly prefer high-end vehicles, positions it well for growth. With plans to expand in electric vehicles (EVs) and hybrid technology, Hyundai is poised to capitalise on both domestic demand and export opportunities. The company’s ability to capitalize on its strong brand, extensive dealer network, and leadership in segments like SUVs and exports will determine its future performance. Hyundai’s strategic focus on expanding electric vehicle production also aligns with global trends towards sustainability, potentially positioning it as a leader in the segment. By listing in India, Hyundai aims not only to expand its operations but also to make India a global manufacturing and export hub for its products, especially SUVs and EVs. Therefore, despite early setbacks, Hyundai’s gamble seems to have paid off. The stock has rebounded, gaining 5% in the past month. More good news came in this week, as positive projections from Morgan Stanley and JPMorgan forecast an impressive 17-28% upside for the stock over the next year, reflecting growing investor optimism. <h3>A strategic pivot from the Korean Discount?</h3>The Korean Discount has long plagued South Korea’s chaebols, including Hyundai. Experts attribute this to several factors: <ul> <li>Chaebol Governance: South Korea’s conglomerates, known as chaebols, are often criticised for opaque governance structures and excessive family control.</li> <li>Geopolitical Risks: Tensions with North Korea contribute to investor caution, adding a layer of perceived risk.</li> <li>Limited Domestic Liquidity: South Korea’s relatively small investor base can constrain market activity and valuation potential.</li> </ul> By listing in India, Hyundai sought to unlock better valuations for its subsidiary, leveraging the optimism of Indian markets. India’s stock market has a trailing P/E ratio of 24.4, far above South Korea’s Kospi average of 16-17. The Indian market’s appetite for high-growth stories provides a fertile ground for companies like Hyundai to escape the valuation constraints of their home market. A successful IPO could encourage other such conglomerates to follow suit, setting a precedent. While Hyundai India has a robust track record, its future success hinges on navigating key challenges: <ul> <li>Supply Chain Vulnerabilities: Hyundai relies heavily on its Chennai plant, making it vulnerable to disruptions.</li> <li>Intensifying Competition: Domestic rivals like <keyword id="19906967" type="General" weightage="20" keywordseo="tata-motors" source="keywords">Tata Motors</keyword> and MG Motors are making aggressive inroads into the EV market.</li> <li>Policy Risks: The automotive sector’s reliance on government incentives for EVs and hybrids adds a layer of unpredictability.</li> </ul> High valuations come with risks. Hyundai will need to prove that it can sustain its growth trajectory in India, fend off competition from established players like Maruti Suzuki and Tata Motors, and navigate challenges such as supply chain disruptions and regulatory hurdles. If Hyundai successfully capitalises on its strong brand and market leadership, it could not only redefine its value but also serve as a case study for other Korean companies seeking better recognition and valuations in global markets. <h3>Is Hyundai saga a reflection of overheated Indian markets?</h3>The bigger question here is, does Hyundai’s IPO highlights a broader narrative about Indian markets’ premium valuations? With a trailing P/E ratio of 24.4, Nifty 50 index is among the highest in emerging markets. India’s stock markets consistently command a premium due to robust retail participation, strong economic growth prospects, and a burgeoning middle class. While this premium reflects optimism about India’s long-term growth story, it also signals potential risks of overvaluation, particularly in sectors like technology, automotive, and consumer goods. With a record ₹94,017 crore outflow by Foreign Portfolio Investors (FPIs) in October 2024, concerns about overheated valuations are mounting. Sustaining such unprecedented valuations required companies to consistently perform above global averages, and retaining robust earnings growth quarter after quarter remains a challenge in today’s uncertain world. For Hyundai, the high valuation is both an opportunity and a risk. While it underscores investor confidence, it narrows the margin of safety, making the stock vulnerable to corrections during economic downturns. Take for example, the high-profile IPO of Life Insurance Corporation of India (LIC) that raised over ₹21,000 crore. Its listing was met with disappointment as the stock began trading at a 9% discount to its issue price, and subsequent performance has remained subdued. LIC’s post-IPO journey also highlights how inflated valuations can lead to long-term underperformance, as the stock gave only 12% return over the past 30 months when even the Nifty 50 index went up by over 44%. This happens when when the company's growth narrative fails to align with its pricing. Despite being a household name with a dominant market share, LIC's stock has struggled to meet expectations, partly due to concerns about its operating efficiency and the limited use of IPO proceeds for growth initiatives. Make no mistake, Hyundai Motor India’s IPO is a landmark event! It showcases the potential for Korean companies to leverage emerging markets like India for better valuations. It also shows that strong fundamentals can help justify a company such premium valuations even amidst bearish economic prospects. However, it also serves as a cautionary tale about the risks of overvaluation. For Hyundai, the next steps involve proving its long-term growth story, navigating competitive challenges, and maintaining investor confidence. For Indian markets, Hyundai’s IPO underscores the need to balance optimism with realistic expectations as they continue to evolve as global investment hotspots. To sustain the country’s economic narrative as a land of unmatched opportunities, corporate India must work on improving long-term fundamentals and mitigating long-term risks. As global investors watch closely, Hyundai India’s success or failure could shape how international companies view India as a listing destination in the years to come.

Tackling the 'Korean Discount': A deep dive into curious case of Hyundai Motor India's market listing

<ul class="summary-list"><li>Sean "Diddy" Combs' "white parties" were known for extravagance and celebrity attendance.</li><li>The famed parties held throughout the late 1990s and early 2000s also regularly featured nude women.</li></ul>Endless Champagne, celebrities galore, and naked women hanging out in the sprawling pool.This was a common sight at <a target="_blank" class="" href="https://www.businessinsider.com/sean-diddy-combs-arrested-grand-jury-indictment-2024-9">Sean "Diddy" Combs'</a> famed annual "<a target="_blank" class="" href="https://www.businessinsider.com/celebrities-sean-diddy-combs-parties-lawyer-indictment-charges-2024-10">white parties</a>" throughout the late 1990s and early 2000s, said a veteran celebrity photographer who attended at least five of the bashes hosted by the now indicted hip-hop mogul."His parties were always over the top — the best food, the best drinks," Selma Fonseca, who has made a career out of photographing and writing about the rich and famous, told Business Insider.It was not unusual to find nude women at Combs' soirees, the photojournalist said.At the time, though, Fonseca said, that was pretty typical at elite affairs, especially in ritzy locales like the Hamptons, where the "I'll Be Missing You" rapper held many of his summertime white parties."It's the summer, and people are at the white party with Diddy, and I guess, you know, they get naked in the pool," Fonseca said."They were beautiful," she said, "but I'm not sure if they were getting paid to entertain people or if they were guests."<div type="image" title="Sean &quot;Diddy&quot; Combs surrounded by other celebrities at one of his white parties." height="2053" width="3000" msid="114284746" hostid="261" sizebytes="490188"></div>Combs' lavish shindigs, held mostly at the East Hampton, New York, mansion he owned at the time or in Beverly Hills, are now being looked at in a new light after the entrepreneur was <a target="_blank" href="https://www.businessinsider.com/sean-diddy-combs-bond-court-jail-trial-2024-9">indicted by a Manhattan grand jury</a> last month on federal charges of sex trafficking, racketeering conspiracy, and transportation for the purposes of prostitution.Combs, 54, has vehemently denied the charges, as well as any sexual-misconduct accusations that have been lodged against him in <a target="_blank" class="" href="https://www.businessinsider.com/timeline-sean-diddy-combs-sexual-misconduct-timeline-2024-2">civil lawsuits</a>.At least three civil lawsuits against Combs focus on the rapper's white parties. In one, <a target="_blank" class="" href="https://www.businessinsider.com/sean-diddy-combs-lawyer-nyc-sex-trafficking-charges-2024-7">Adria English</a>, a former adult-film actor, alleges she was forced to have sex with guests at the white parties, while another alleges that a <a target="_blank" class="" href="https://www.businessinsider.com/sean-combs-diddy-new-allegations-lawsuits-2024-10">then-16-year-old boy was molested by Combs</a> at his 1998 white party. In another lawsuit, a man alleges he was drugged and sexually assaulted by Combs while working as a security guard at the music mogul's 2006 white party.Fonseca, who said she'd attended and photographed as many as 30 events where Combs was also present, can't speak to what may have happened behind closed doors on the nights of the parties but said nude women were a common occurrence at high-profile events during her two-decade career.The nudity alone didn't raise concerns at the time, she said, adding that it was a common site when she photographed A-list parties in the Hamptons."Especially at that time when there was no social media," she said. "It's not like people are taking pictures and posting them on Instagram."David Allen, another celebrity photographer who attended Combs' 1999 white party in the Hamptons, told BI he remembered seeing topless women "in and around" Combs' in-ground pool."But to me, it wasn't a big deal," Allen said.Attorneys for Combs did not respond to a request for comment for this story, but a Combs spokesperson previously called the white parties "a true convergence of hip-hop, Hollywood, and Black excellence.""It's disappointing to see the media and social commentators twist these cultural moments into something they were not," the spokesperson said.In response to the recent barrage of lawsuits against Combs, his attorneys said in a statement: "In court, the truth will prevail: that Mr. Combs has never sexually assaulted anyone—adult or minor, man or woman."<div type="image" title="Sean &quot;Diddy&quot; Combs held many of his white parties at his East Hamptons mansion." height="1968" width="3000" msid="114284986" hostid="261" sizebytes="443660"></div><h2 id="08a93f7d-7036-493a-b76d-70cdc4e4879c">At one white party, bikini-clad women swung</h2>Combs' white parties had a reputation for being <a target="_blank" href="https://www.businessinsider.com/mark-cuban-glad-he-never-hung-out-with-diddy-2024-9">ultraextravagant events</a> that attracted A-list celebrities across the worlds of music, movies, and sports.Federal prosecutors have alleged that behind the scenes, Combs was holding a much more nefarious type of party — <a target="_blank" class="" href="https://www.businessinsider.com/sean-diddy-combs-indictment-allegations-freak-off-sex-performances-2024-9">drug-fueled sex sessions called "freak-offs"</a> where they say Combs "used force, threats of force, and coercion" to get female victims to engage in sex acts with male commercial sex workers.The indictment said these freak-offs were "elaborate and produced sex performances that Combs arranged, directed, masturbated during, and often electronically recorded."For decades, prosecutors allege, Combs "abused, threatened, and coerced women and others around him to fulfill his sexual desires, protect his reputation, and conceal his conduct."Aside from naked women, Fonseca told BI that she never saw anything that raised red flags at Combs' parties that she attended.Business Insider has seen dozens of the photographs and videos taken by Fonseca at white parties."I never saw people having sex, like intercourse, but people do make out," she said. "They're making out on the couch and maybe touch a little."At Combs' 2009 Beverly Hills white party, Fonseca recalled women clad in bikinis on swings that were suspended above a vast pool. At one point, a white-sunglasses-wearing Ashton Kutcher also swung across the pool.Combs "had girls in the swings, in a bathing suit swinging back and forth, and just people like sexy girls swimming," Fonseca said, adding: "There's always sexy girls around when there is rich people, celebrities. That's just the way it is."<div type="image" title="Actor Ashton Kutcher pictured on a swing above a pool at one of Sean &quot;Diddy&quot; Combs' white parties." height="2152" width="3000" msid="114284984" hostid="261" sizebytes="444858"></div><h2 id="5edcef42-89c1-412b-88da-e75f55f2e2dc">Combs was always dancing, drinking, and posing for pictures, photog says</h2>Fonseca, who has authored two photo books, including "Partying With Selma: Inside the Life of Rock Stars," said she never went inside the house at any of Combs' parties."There was bodyguards at the door to get inside of the house, so you had to be invited or a celeb, I guess," Fonseca said, adding that Combs' Hamptons home was full of large windows, "so everyone could see what was happening in the living room from the outside."She described the events as "well organized," with Combs' expansive backyard transformed into something like a giant living room filled with couches and pillows.There was exceptional service, an extensive array of foods like salmon, steak, and corn, fire-spitting entertainers, and "celebs everywhere," the photographer said.<div type="image" title="Sean &quot;Diddy&quot; Combs poses with waiters at one of his white parties." height="2000" width="3008" msid="114284978" hostid="261" sizebytes="429204"></div>Fonseca recalled seeing stars like Busta Rhymes, Leonardo DiCaprio, Russell Simmons, Tyson Beckford, Tommy Lee, Mariah Carey, Lindsay Lohan, Lil' Kim, Mary J. Blige, Russell Brand, and Chris Brown at Combs' extravaganzas over the years."I think that's why his parties were so popular besides the food and drink and everything," Fonseca said. "If you want to meet someone, or if you want to do business with someone, it was a way to meet the celebs."The celebrities have been photographed at Combs' white parties over the years but have not been accused of wrongdoing.A representative for Beckford confirmed he attended one white party, but "remained outdoors where the festivities were held." Representatives for the other celebrities seen by Fonseca didn't immediately return requests for comment from BI.Fonseca — who captured a photo of Combs and <a target="_blank" class="" href="https://www.businessinsider.com/celebrities-received-warnings-over-sponsored-instagram-posts-2017-5">Jennifer Lopez</a> kissing on the balcony early on in their then-relationship at the 1999 party — said she remembered Combs "always walking around, dancing, drinking Champagne, talking to people, posing for photos, having fun always."Allen said Combs was a "regular, normal gentleman.""What I saw was a regular party with a white theme, with people doing their own thing all around," he said. "Some were smoking pot, keeping it semihidden. Others were around and in the pool being served Champagne, some topless."At one white party, Combs issued a warning to guests from atop his balcony about children needing to leave the event."I think I made my point clear, so if child welfare come in here in 30 minutes — that's on y'all," he said into a microphone, according to a video viewed by BI. "My kids are downstairs. Fifteen minutes, the kids have to go, thank you very much."Fonseca said that it was common knowledge for those in attendance that once it got darker, kids would leave the party, so it was "more like an adult party."While giving tips for what makes a good party during a now resurfaced <a target="_blank" class="" href="https://www.youtube.com/watch?v=mqXhXi81yDg">2002 appearance</a> on Conan O'Brien's late-night show at the time, Combs said locks on the doors were a must."This is what you need to do," Combs told O'Brien before saying a party needed "beautiful women" and "beautiful men for the ladies.""We need alcohols," Combs added. "You need some water.""A lot of ladies drink water at parties, so if you don't have what they need, they're going to leave. Got to keep them there. You need locks on the doors," Combs said, adding, "It's a little kinky."

At Diddy's A-list 'white parties,' naked women were a staple — but that didn't seem to raise eyebrows at the time

Foreign Institutional Investors (FIIs) have been rapidly exiting Indian markets, and this high-speed exodus does not look like it will stop anytime soon. In October 2024, FIIs withdrew Rs 1,14,445.89 crores from Indian markets. Yesterday, FIIs withdrew $770.67 million from the markets, with equity outflows of $440.86 million and debt outflows standing at $327.44 million across various categories. Per NSDL data, hybrid outflows amounted to $2.31 million. While this may sound dissuading at first, a recent SBI report underlined that FIIs still hold a massive $ 18.241 billion in Indian markets. So far, FY25 has seen FII inflows worth $ 8.924 billion. However, the situation may quickly turn alarming as well, given that FII holdings in Indian equities have already come down to a 12-year low. Says Anirudh Garg, Partner and Fund Manager at Invasset PMS, "The current valuation of Indian stocks, trading at around 24 times expected earnings, appears high compared to Chinese stocks, which are at approximately 10 times. Economic concerns, including weak corporate earnings and declining consumer demand, further exacerbate this situation. Additionally, renewed fears of inflation and potential monetary tightening by central banks have led FIIs to withdraw from the Indian market." In the meantime, DIIs (domestic institutional investors) are stepping in big time. During October 2024, DIIs infused Rs 1,07,254.68 crore in Indian markets. In November so far, DIIs have been keeping the fund momentum going, infusing Rs 12,265.74 crore in India, while FIIs have offloaded Rs 16,445.49 crore this month. But despite this strong uptick, SBI's recent report suggests that consumer confidence in India remains below 100, signaling muted positivity and optimism in the economy. While household consumption is gradually recovering, it grew at 4% last year, much below the 7% levels recorded pre-pandemic. <h2>FII share in <keyword id="20868945" type="General" weightage="20" keywordseo="NSE-listed-companies" source="keywords">NSE-listed companies</keyword> takes a dip, DII stake rise </h2>FIIs share in NSE-listed companies stood at 15.98% in October, with assets under their custody in the equity segment coming to Rs 71.08 lakh crore last month. In September, this stood at Rs 77.96 crore. Experts suggest that this is likely to continue for some time to come. Mutual funds, on the other hand, saw their share in NSE-listed companies hit a record high of 9.58%, as opposed to their 9.32% stake in September 2024. FIIs turned net sellers in the debt segment as well in October, dumping $771 million in Indian markets. This comes after 2 consecutive months of healthy inflows in this segment in August and September 2024, where the figures stood at $2,806 million and $2,295 million, respectively.

FII stake in Indian equities dips to a 12-year low

The retention lists of all ten franchises for the <keyword id="6354831" type="General" weightage="20" keywordseo="Indian-Premier-League" source="Orion">Indian Premier League</keyword> (<keyword id="6354312" type="General" weightage="100" keywordseo="IPL" source="Orion">IPL</keyword>) season next year were finally unveiled on Thursday, with several big names like Jos Buttler, Aiden Markram, Glenn Maxwell, Faf Du Plessis, KL Rahul, Rishabh <keyword id="19900230" type="General" weightage="20" keywordseo="pant" source="keywords">Pant</keyword>, <keyword id="19904097" type="General" weightage="20" keywordseo="shreyas-iyer" source="keywords">Shreyas Iyer</keyword> etc being let go by their respective franchises. The surprising retentions and releases by all ten franchises have laid down the foundation for what could be an exciting, fun and record-breaking auction later this year. Let us look at several takeways from the auction: <h2>Several captaincy options available</h2> With the release of IPL winning skipper Shreyas Iyer from Kolkata Knight Riders (<keyword id="19924483" type="General" weightage="20" keywordseo="kkr" source="keywords">KKR</keyword>), Rishabh Pant from Delhi Capitals (DC) and KL Rahul from Lucknow Super Giants, three top-class Indian captaincy options are available. <h2>Auction could be defined by wicketkeepers pulling double/triple duties</h2>The announcement of retention lists have seen many wicketkeeping options being released by their respective franchises, including Pant (from DC), KL (from LSG), Ishan Kishan (from Mumbai Indians) and Jos Buttler (from Rajasthan Royals). With all of them having captaincy experience at various levels, including international <keyword id="1521" type="General" weightage="20" keywordseo="Cricket" source="Orion">cricket</keyword> in case of Pant, KL and Buttler, several teams could go after them. Their experience and strong records as wicketkeepers and top-order batters, particularly opening except for Pant, will help teams find a captain, wicketkeeper and an opener in just one player and save them plenty of money. <h2>No English players retained? Could withdrawing/not playing full season be a cause?</h2> No England players have been retained by franchises this team around. Various stars players like Jos Buttler, Liam Livingstone, Jonny Bairstow, Moeen Ali, Sam Curran, Harry Brook, Phil Salt, Will Jacks etc have been let go. These players missed out some part of their season due to international commitments, while Harry Brook pulled out due to personal reasons. England batter Jason Roy pulled out of IPL ahead of this season due to personal reasons. These all developments damaged the team balance at times, with several teams dependent on their overseas talent. Has the habit of not honouring contracts and missing matches caused this move? The hammer strikes at auction could answer this question. <h2>Caribbean power trusted ahead of mega auction</h2>Four of current top West Indies stars, Nicholas Pooran, Shimron Hetmyer, Andre <keyword id="20287010" type="General" weightage="20" keywordseo="russell" source="keywords">Russell</keyword> and Sunil Narine have been retained by their respective franchises. Pooran has dominated the T20 run charts this year, scoring a record-setting 2,251 runs in 68 matches with a century and 15 fifties at a strike rate of 160.90. Hetmyer is one of the best finishers in T20 circuit and Rajasthan Royals trusts in his abilities. Russell (222 runs in nine matches and 19 wickets) and Narine (488 runs and 17 wickets) have also been reaped rewards for their title winning performances last season and their loyalty to KKR brand. While seven West Indies talents have been released, namely, Shai Hope, Sherfane Rutherford, Kyle Mayers, Shamar Joseph, Romario Shepherd, Alzarri Joseph and Rovman Powell, the four modern-day T20 greats keeping their spots safe with the franchise shows how much trust franchise has in Caribbean power. And who knows, the released names could get brought using right-to-match card or find a new home at a higher price. <h2>Another setback for Ishan Kishan?</h2> Five-time champions Mumbai Indians (MI) placed their trust in Indian core, consisting of skipper Hardik Pandya, former captain Rohit Sharma, pacer Jasprit Bumrah, 360-degree hitter Suryakumar Yadav and young left-hander Tilak Varma. It was expected that Ishan could retain his place, given his youth and experience with the franchise. Aged just 26, he had spent seven seasons with the franchise and did reasonably well. However, after being brought for Rs 15.25 crores ahead of 2022 season, the price tag seemed to have caught up with Kishan. In next 44 matches for the franchise till the 2024-season-end, Kishan scored 1,192 runs in 43 innings at an average of 28.98, with just seven fifties. While these numbers are not bad, it could be debatable that he did not deliver as per expectations, with 19 scores being below 20. In the 2024 season, he could score just 320 runs at an average of just over 22, with just a fifty to his name. After being excluded from the Board of Control for Cricket in India (BCCI) central contract this year after not participating for red-ball cricket, this is another big setback for Kishan, who has not been considered for international cricket despite participating and doing well in red-ball tournaments like Buchi Babu Trophy, Duleep Trophy and Ranji Trophy recently. <h2>DC era 2.0 on cards?</h2> With wicketkeeper-batter and biggest superstar of the franchise, Pant released from the franchise and looking for a new franchise as per several media reports, Delhi Capitals could be moving to their 2.0 era, placing trust in young, under-the radar names like Axar Patel (235 runs with two fifties and 11 wickets in 2024), Tristan Stubbs (378 runs with three fifties and three wickets), Abhishek Porel (327 runs with two fifties) and Kuldeep Yadav (16 wickets at an average of 23.25) after good performances last year. Franchise has also released big time stars like David Warner, Mitchell Marsh, Anrich Nortje, Prithvi Shaw. Could this be the start of a new era for DC? Only time will tell. <h2>Shreyas Iyer joins unfortunate list of captains</h2>The IPL winning captain Shreyas Iyer has been let go after winning the title for his franchise KKR this year, their first in a decade and overall third. While many argue his batting stats of 351 runs in 14 innings with two fifties at a strike rate of 146.86 could be a reason behind his release, the other half of the story is that the in-form KKR top-order did not leave the middle-order with much to do. His recurring fitness issues, which caused him to miss 2023 season, also could be a reason. Irrespective of what the reason could be, one thing is for sure, Iyer is up there with likes of Adam Gilchrist (released by Deccan Chargers in 2011 after title win in 2009, semifinal finish in 2010), David Warner (released by Sunrisers Hyderabad ahead of 2022 season despite 2016 title win and multiple playoff finishes) as one of the most unluckiest captains in IPL. <h2>Strong faith in Indian uncapped/inexperienced stars</h2>The franchises have been extremely bold this time around, opting to release experienced, household Indian/overseas names and placing their trust in several Indian uncapped/inexperienced players. Out of a total of 46 players retained across all franchises, 36 players are Indian. Out of these, 10 players are uncapped Indians stars. These players are Abhishek Porel, Rahul Tewatia, Shahrukh Khan, Ramandeep Singh, Harshit Rana, Mohsin Khan, Ayush Badoni, Shashank Singh, Prabhsimran Singh, Yash Dayal. Also, out of other 24 capped Indians, 13 players have played less than 30 international matches and eight have played 10 or less international games for India. Of these 24 uncapped players, no one has all format experience for India and only two have Test cricket experience, Dhruv Jurel and <keyword id="20022019" type="General" weightage="20" keywordseo="rajat-patidar" source="keywords">Rajat Patidar</keyword>. Notably, it is Jurel, who has just played international matches for India, who has received the biggest pay hike, going from Rs 20 lakh this season to Rs 14 crores next season. <h2>End of 'KGF' era for Royal Challengers Bengaluru?</h2> With stars like Faf and Maxwell released, it could spell the end of 'Kohli, Glenn, Faf' (KGF) era for <keyword id="20282652" type="General" weightage="20" keywordseo="rcb" source="keywords">RCB</keyword>, which lasted from 2022-24. During this phase, they all scored heavily for RCB. Despite a lull in 2022 season, Virat scored 1,721 runs in 45 matches and innings at an average of 44.12, with three centuries and 13 fifties. Skipper Faf also scored 1,636 runs in 45 innings at an average of 38.05, with a strike rate of 146.99 and 15 fifties to his name. Maxwell sits at the third spot with 1,266 runs at an average of 28.77 and a strike rate of over 159, with 12 half-centuries in 50 innings. The only player that came closer to the trio was Indian wicketkeeper-batter Dinesh Karthik, who made 796 runs in 44 matches and 42 innings at an average of 29.48, with three fifties. If RCB had Virat-AB de Villiers-Chris Gayle in 2010s, KGF dominated the RCB batting numbers in 2020s. When RCB starts rebuilding their side from scratch in the auction, they would have a huge task in hand of finding one or two highly popular, capable and consistent foreign stars to help Virat unleash the carnage in a "Play Bold" avatar. Also, with the Rajat Patidar being retained for 11 crores, RCB might have made it clear that he could be the next big Indian batter the franchise invests in. His exceptional spin abilities have made a lot of difference for the side. Ever since he was brought by the franchise in 2021 for Rs 20 lakh, Patidar has played 27 matches, scoring 799 runs at an average of 34.73 with a strike rate of 158.84 and having registered a century and seven fifties. A complete list of retained players is as follows: <ul><li>Chennai Super Kings: Ruturaj Gaikwad, Matheesha Pathirana, Shivam Dube, Ravindra Jadeja, MS Dhoni</li><li>Delhi Capitals: Axar Patel, Kuldeep Yadav, Tristan Stubbs, Abhishek Porel</li><li>Gujarat Titans: Rashid Khan, Shubman Gill, Sai Sudharsan, Rahul Tewatia, Shahrukh Khan</li><li>Kolkata Knight Riders: Rinku Singh, Varun Chakaravarthy, Sunil Narine, Andre Russell, Harshit Rana, Ramandeep Singh</li><li>Lucknow Super Giants: Nicholas Pooran, Ravi Bishnoi, Mayank Yadav, Mohsin Khan, Ayush Badoni</li><li>Mumbai Indians: Jasprit Bumrah, Suryakumar Yadav, Hardik Pandya, Rohit Sharma, Tilak Varma</li><li>Punjab Kings: Shashank Singh, Prabhsimran Singh</li><li>Rajasthan Royals: Sanju Samson, Yashaswi Jaiswal, Riyan Parag, Dhruv Jurel, Shimron Hetmyer, Sandeep Sharma</li><li>Royal Challengers Bengaluru: Virat Kohli, Rajat Patidar, Yash Dayal</li><li>Sunrisers Hyderabad: Pat Cummins, Abhishek Sharma, Nitish Kumar Reddy, Heinrich Klaasen, Travis Head.</li></ul>

From spotlight on uncapped stars to big releases, a look at key takeways from latest IPL retention lists

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

<ul class="summary-list"><li>Elon Musk was named by Donald Trump to cut spending with his Department of Government Efficiency.</li><li>Musk reposted on Wednesday a list of cuts from Sen. Rand Paul, a longtime critic of the federal budget.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/trump-elon-musk-vivek-ramaswamy-department-government-efficiency-doge-2024-11">Elon Musk</a> is on the hunt for federal spending to cut — and a Republican senator's list caught his eye.Musk late on Thursday reposted part of a long-running series by Sen. Rand Paul of Kentucky, a Republican who has devoted much of his career to lamenting federal spending.In Paul's crosshairs were medical research projects, foreign aid, and public information projects."The Department of Government Efficiency (@DOGE ) will fix this," said a post by Musk's America PAC, which Musk <a target="_blank" class="" href="https://x.com/america/status/1857228761915412814/photo/1">reposted on X</a>.<h2 id="ed7520d5-8d1b-4d2e-a51b-350e8f79c556">'Festivus' complaints</h2>It could offer a window into the types of programs that will attract the focus of Musk and his partner in the project, Vivek Ramaswamy.Paul has been publishing his end-of-year spending critiques for at least a decade, calling them "The Festivus Report" in a nod to the holiday popularized on "Seinfeld" that celebrates complaining.Though the America PAC post said DOGE would act on the list, that is far from a sure thing.The list includes long-standing focuses of Paul's — like his opposition to federal health agencies — and also highlights spending that isn't easy to cut, like the cost of mistakes or debt on interest.<h2 id="4c0bdd06-3567-4514-a2f2-cd51467f3e51">African tourism, public information projects</h2>The lists are sourced from internal government watchdogs, media outlets, and congressional and government websites.In his latest list, published last year, Paul highlighted foreign aid spending, including an $8.6 million investment in the port city of Esna, Egypt, meant to support tourism jobs there. (That program was due to end in October 2024.)A prior report highlighted <a target="_blank" class="" href="https://tn.usembassy.gov/the-united-states-injects-usd-50-million-into-tunisias-tourism-sector-with-the-visit-tunisia-project/">$50 million of US funding for Tunisia's tourism industry</a>, meant to help it increase visitor numbers through 2026.<h2 id="cbcc6b7c-683c-4395-a63d-9f5ac3499d0a">Government ad campaigns</h2>The most recent report noted that an agency of the Department of Homeland Security produced graphic novels to increase public awareness of disinformation.And in 2022 the report noted the Department of Transportation spent $200,000 to encourage people to obey safety rules at railway crossings.<h2 id="684d1fd2-e26f-400a-81a1-7443926bf0af">Animal research</h2>A frequent target is research programs on animals, which came up five times in the 2023 report and 12 times since 2021.The 2023 report outlined a USDA study on whether Labrador fur color affects their body temperature, while the 2022 report highlighted a Cornell University study on social communication between parrots.The 2023 report noted government-funded research on monkeys, including funding for an island off South Carolina where some 3,500 rhesus monkeys are kept for research.It also featured studies funded by the National Institutes of Health, examining the effects of hormones and drugs on monkeys, which the authors said could have implications for human health.Those criticisms are familiar topics for Paul, a prominent critic of agencies like the NIH and the National Institute of Allergy and Infectious Diseases.<h2 id="0133be91-571a-438f-af98-bc19ac01b7bd">Old-fashioned incompetence</h2>Another major feature of Paul's lists are accidental waste, often by the US military.The 2023 report highlighted some $150 million of military equipment that was written off after being stored in the open air, and more than $200 billion that federal agencies paid out by mistake.<h2 id="373674a4-9816-4d5f-9180-2a4343455bf3">The DOGE agenda</h2>Details are still scarce on how or when DOGE would take any action. But Musk has emphasized his desire to do identify wasteful spending in public, culminating in <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">a leaderboard of spending deemed wasteful</a>.Writing on <a target="_blank" class="" href="https://x.com/elonmusk/status/1856520760656797801?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1856520760656797801%7Ctwgr%5Ee41af7071c96f14e61e48a8fa993a290769e757a%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.businessinsider.com%2Felon-musk-doge-leaderboard-federal-government-spending-trump-2024-11">X</a> on Wednesday, Musk said the DOGE's actions "will be posted online for maximum transparency.""Anytime the public thinks we are cutting something important or not cutting something wasteful, just let us know!" he said.

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From spotlight on uncapped stars to big releases, a look at key takeways from latest IPL retention lists

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Reliance, Tata on TIME's list of world's most influential companies

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