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<ul><li>The Kerala based jewellery chain intended to raise around ₹2,300 crore via a public issue.</li><li>As of February 28, 2022 the company had total outstanding borrowings of ₹1,524 crore.</li><li>The company has a strong foot in the southern states with 92% of its revenue coming from the southern part of India.</li></ul>Kerala-based jewellery retail chain Joyalukkas India withdrew its ₹2,300 crore initial public offering (IPO), markets regulator Securities and Exchange Board of India SEBI said on its website on Tuesday. The regulator said that the issue was withdrawn on February 17. The jeweller had filed its draft red-herring prospectus (DRHP) with the <a href="https://www.businessinsider.in/business/corporates/news/joyalukkas-wants-to-raise-2300-crore-via-ipo-majorly-to-clear-off-a-big-pile-of-debt/articleshow/90515276.cms#:~:text=country's%20top%20players-,Joyalukkas's%20strong%20foothold%20in%20south%20India%20makes%20it%20a%20better,of%20the%20country's%20top%20players&amp;text=Jewellery%20retail%20chain%20Joyalukkas%20India,some%20for%20opening%20new%20stores.">regulator in March 2022.</a> It was expected to announce its IPO date early this year. The company had intended to raise around ₹2,300 crore through a fresh issue of shares. About 60% of the IPO proceeds were to be used to pay debt, with some earmarked towards opening new stores. As of February 28, 2022 Joyalukkas had total outstanding borrowings of ₹1,524 crore. Joyalukkas sells jewellery made of gold, studded and other jewellery products that include diamond, platinum, silver and other precious stones. The company has a strong foothold in the South with 92% of its revenue coming from the southern states. The company operates 85 showrooms under the “Joyalukkas” brand located across 68 cities. “We are currently present in most parts of the southern region and intend to deepen our penetration in such regions, where there could be potential for further expansion due to the demand of jewellery in the region,” the company had said in its DRHP. Large IPOs delayed or withdrawn Joyalukkas has joined a growing list of companies that have withdrawn or delayed their IPO plans. Last year, ecommerce player Snapdeal withdrew its plans to raise $152 million via public offer, citing market conditions. PharmEasy too cited market conditions as it withdrew its papers and is considering a <a href="https://economictimes.indiatimes.com/markets/stocks/news/pharmeasy-floats-rights-issue-to-raise-rs-750-crore/articleshow/94654915.cms?from=mdr">rights issue instead</a>. Used cars marketplace and unicorn Droom too went back on its plans to raise as much as <a href="https://www.businessinsider.in/business/startups/news/droom-files-for-3000-crore-ipo-the-online-car-dealer-wants-400-crore-for-acquisitions/articleshow/87664165.cms">₹3,000 crore via a public issue of shares</a>. B2B e-commerce player <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Udaan raised $120 million </a>in convertible notes and debt in November 2022, instead of going ahead with its IPO plans. After a stellar IPO season late last year, 2023 has had a slow start. Only two companies – Radiant Cash Management Services and Sah Polymers – listed on the stock exchanges in 2023, amid volatile market conditions. As many as 18 companies went in for IPOs in the quarter ending December 2022, says a report by Ernst Young. Indian markets have underperformed as compared to its peers this year, due to attractive investment opportunities <a href="https://www.businessinsider.in/stock-market/news/foreign-investors-continue-to-pull-out-of-indian-stocks-sell-equities-worth-3431-crore-in-feb-so-far/articleshow/97698730.cms">in China</a>, Hong Kong and South Korea with better valuations. Nifty50 slipped nearly 2% in 2023 so far while Sensex is down 0.74%. In the period, US benchmark indices such as Nasdaq, S&amp;P 500 and Dow Jones Industrial Average gained between 2-13%. The situation has reversed from last year when Indian markets <a href="https://www.businessinsider.in/stock-market/news/ril-eicher-motors-elin-electronics-among-stocks-to-watch-today/articleshow/96611190.cms">outperformed global markets </a>including the US, China, Hong Kong, UK and others. In 2022, Sensex gained 2.8%, Nifty50 up 2.7% while Nasdaq dropped 33%, Dow Jones Industrial Average was down 9%. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/indian-banks-dream-run-could-soon-be-over-as-deposit-rates-start-catching-up-to-lending-rates/articleshow/98117219.cms">Indian banks’ dream run could soon be over as deposit rates start catching up to lending rates</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/microsoft-bing-chatgpt-gives-death-threats-tries-to-break-a-marriage-and-more/articleshow/98091746.cms">Skynet, anyone? Microsoft’s Bing AI gives death threats, tries to break a marriage and more</a>

Jewellery retail chain Joyalukkas withdraws ₹2,300 crore IPO

Business-to-business (B2B) e-commerce platform <keyword id="6357316" type="General" weightage="100" keywordseo="udaan" source="Orion">Udaan</keyword> has raised $120 million in convertible notes and debt, as it plans an initial public offering (IPO) in the next 12-18 months amid the <keyword id="6357455" type="General" weightage="20" keywordseo="funding" source="Orion">funding</keyword> winter. Udaan's chief financial officer <keyword id="2753906" type="General" weightage="50" keywordseo="aditya-pande" source="Orion">Aditya Pande</keyword> wrote in an email seen by IANS that with this round, the total funds raised by Udaan through convertible notes and debt in the last four quarters have crossed $350 million, making it one of the largest structured instrument fundraises in the country. "Despite the funding-related challenges being experienced by the larger start-up ecosystem, this fundraise reflects the confidence of investors in our business model and their endorsement of the journey to unit economics, driven by great progress in the evolution of our business model and cost efficiency, that we initiated last year," said Pande. He added that these steps have not only helped us achieve positive unit economics last quarter, but also improved efficiency in the system, with huge cost benefits, "which is key to building a sustainable business, and being public market-ready in 12-18 months". The Bengaluru-headquartered startup improved its unit economics by "1,000bps with equally strong improvements in both gross margins and operating cost," said Pande. "The journey of right business design and unit economics has translated into over 60 per cent reduction in the burn. Continued focus on customer-first thinking and initiatives on strengthening our value proposition for them have resulted in monthly buyer repeat rates increasing by more than 500 bps in the last 2 quarters," he added. Earlier this year, Udaan raised $250 million, $200 million in a convertible note and $50 million in debt. In the calendar year 2021, Udaan raised $500 million, taking its total raise to $1.4 billion to date. To cater to the growing demand, Udaan plans to scale its warehouse capacity to 50 million square feet across the country in the next seven-eight years. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/jiomart-on-whatsapp-is-a-big-opportunity-for-paid-messaging-market-zuckerberg/articleshow/95114891.cms">JioMart on WhatsApp is a big opportunity for paid messaging market: Zuckerberg</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/kkr-to-acquire-digital-services-transformation-company-ness-digital-engineering/articleshow/95119920.cms">KKR to acquire digital services transformation company Ness Digital Engineering</a>

Udaan raises $120 mn in funding winter, plans IPO in 12-18 months

<ul><li>DCX Systems, Global Health, Fusion Micro Finance, and Bikaji Foods International have or will launch their issues this week.</li><li>In 2022, about 22 companies have launched their IPOs raising over ₹44,000 crore compared to 64 IPOs raising over ₹1 lakh crore in 2021.</li><li>After interest rate hikes and other macro concerns like inflation and more, <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">many companies such as </a>Udaan, OYO Rooms and Byjus<a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms"> have either delayed their IPOs </a>or postponed them.</li></ul>At a time when the stock market is on an upswing despite negative cues from global markets, the primary market in India is buzzing too. This week, four companies are launching their initial public offerings (IPOs) to collectively raise over ₹4,600 crore. DCX Systems, a manufacturer of electronic sub-systems and cable harnesses, launched its public issue on October 31. Global Health, operator of Medanta Hospitals; microfinance lender Fusion Micro Finance; and Bikaji Foods International will launch their public issues this week. In 2022, about 22 companies launched their IPOs raising over ₹44,000 crore compared to 64 IPOs raising over ₹1 lakh crore in 2021. Last year also saw many large issues like Paytm, Nykaa and Zomato. After interest rate hikes and other macro concerns like inflation and more, <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">many companies such as </a>Udaan, OYO Rooms and Byjus<a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms"> have either delayed their IPOs </a>or postponed them. In 2022, Indian benchmark indices have gained more than 2%, outperforming global peers. Domestic investors continue to infuse capital despite <a href="https://www.businessinsider.in/stock-market/news/fpis-have-sold-equities-worth-over-13000-crore-since-september-with-flows-reversing-after-the-last-us-fed-rate-hike/articleshow/95121693.cms">outflows by foreign institutional investors (FIIs) and macro concerns</a>. It has now become crucial for startups to achieve profitability before going public as investors have become very cautious about investing in loss-making startups as seen in the cases of Nykaa, Paytm and Zomato. “Last year several new public issues did not do well because of high price valuations by several companies. Investors are becoming choosy now after what happened last year, where people lost huge money to IPOs with exorbitant valuations. Comfortable valuation and business visibility are two things investors are looking at before making a decision to invest in an IPO,” Sanjiv Hota, vice president - head of research at Sharekhan, told Business Insider India. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPOs opening this week </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Start date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Close date </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">IPO size </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">DCX Systems </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">October 31 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹500 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Global Health </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 3 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 7 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;"> ₹2,205 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Bikaji Foods </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 3 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 7 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹881 crore </td></tr><tr><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">Fusion Micro Finance </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 2 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">November 4 </td><td style="border-left:solid #000000 0.8333325pt;border-right:solid #000000 0.8333325pt;border-bottom:solid #000000 0.8333325pt;border-top:solid #000000 0.8333325pt;vertical-align:bottom;padding:2pt 2pt 2pt 2pt;overflow:hidden;overflow-wrap:break-word;">₹1,103 crore </td></tr></tbody></table> <keyword id="13552162" type="General" weightage="20" keywordseo="DCX-Systems-IPO" source="Orion">DCX Systems IPO</keyword> to raise ₹500 crore Bengaluru-based DCX Systems’ ₹500-crore IPO, which includes a fresh issue of equity shares worth ₹400 crore and an offer for sale (OFS) of ₹100 crore, was launched on October 31. The price band of the IPO is set at ₹197-207 a share. The company is primarily engaged in system integration and manufacturing a comprehensive array of cables and wire harness assemblies. It has a manufacturing facility located at the Hi-Tech Defence and Aerospace Park SEZ in Bengaluru. The company has 26 customers in Israel, US, Korea and India, including Fortune 500 companies, MNCs and startups. It has clients across sectors ranging from defence and aerospace, to space ventures and railways. The IPO proceeds will be utilised towards debt repayment, funding working capital, investment in its subsidiary and general corporate purposes. <keyword id="15366973" type="General" weightage="20" keywordseo="Fusion-Micro-Finance-IPO" source="Orion">Fusion Micro Finance IPO</keyword> to open on November 2 The New Delhi-based microfinance company that provides financial services to underserved women across India opens its IPO for subscription on November 2 and closes on November 4. The price band of the IPO is set at ₹350-368 a share. The company's business runs on a joint liability group-lending model, wherein a small number of women form a group (typically comprising five to seven members) and guarantee one another's loans. The proceeds from the IPO will be utilised towards augmenting the capital base of the company. The total issue size of the IPO is ₹1,103 crore, which includes fresh issue of ₹600 crore and an offer for sale of 1.36 crore equity by the company's shareholders and promoters. <keyword id="15211795" type="General" weightage="20" keywordseo="Global-Health-IPO" source="Orion">Global Health IPO</keyword> to raise ₹2,205 crore Hospital chain Global Health that operates under the brand ‘Medanta’ will open its IPO for subscription on November 3 and close on November 7. The price band of the IPO is set at ₹319-336 a share. Global Health is backed by private equity investors such as Carlyle Group and Temasek. It operates five hospitals under the Medanta brand in Gurugram, Indore, Ranchi, Lucknow and Patna. It has another hospital under construction at Noida. The company has key specialities in cardiology and cardiac science, neurosciences, oncology, digestive and hepatobiliary sciences, orthopaedics, liver transplant, and kidney and urology. The proceeds from the IPO will be utilised towards repaying debt of its subsidiaries – Global Health Patliputra and Medanta Holdings and for general corporate purposes. The total issue size of the IPO is ₹2,205 crore, which includes fresh issue of ₹500 crore and an offer for sale of up to ₹1,705 crore via sale of 5.08 crore equity shares by the company's shareholders and promoters. Bikaji Foods ₹881 cr-IPO to open on November 3 Bikaji Foods International is a well known fast moving consumer goods (FMCG) brand that claims to be the largest manufacturer of Bikaneri Bhujia, packaged rasgulla, soan papdi and gulab jamun. Bikaji Foods’ products fall broadly into six categories – bhujia, namkeen, packaged sweets, papad, western snacks as well as other snacks, which primarily includes gift packs (assortment), frozen food, mathri range and cookies. The company sells more than 250 products under the Bikaji brand. The snack maker is backed by marquee investors like Avendus, Axis Asset Management, Lighthouse Funds, IIFL Asset Management and Intensive Softshare. The company will not receive any funds from the IPO as it is a complete offer for sale by promoters and shareholders. The price band of the IPO is set at ₹285-300 a share. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/nykaa-stock-climbs-over-5-after-it-reports-5-2-crore-profit-in-q2/articleshow/95229929.cms">Nykaa stock climbs over 5% after it reports ₹5.2 crore profit in Q2</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/amid-risks-of-a-slowdown-these-it-companies-are-best-placed-to-survive-the-storm/articleshow/95228871.cms">Amid risks of a slowdown, these IT companies are best placed to survive the storm</a>

Four IPOs to raise over ₹4,600 crore this week

<ul><li>Tiger Global has invested in three B2B ecommerce platforms <keyword id="8032183" type="General" weightage="20" keywordseo="infra-market" source="Orion">Infra.Market</keyword>, <keyword id="3119222" type="General" weightage="20" keywordseo="moglix" source="Orion">Moglix</keyword> and <keyword id="3259676" type="General" weightage="20" keywordseo="Ofbusiness" source="Orion">OfBusiness</keyword> this year.</li><li>The three players compete with each other in this sub segment of B2B, but the intricacies of their businesses are quite different.</li><li>OfBusiness is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits.</li></ul>OfBusiness, which allows businesses to purchase bulk orders from sellers online, has doubled its valuation to $3 billion in a $207 million fresh funding round led by Tiger Global. The company was valued at $1.5 billion in July, when it raised $160 million from SoftBank, Falcon Edge and Matrix Partners. Softbank, along with Falcon Edge-managed Alpha Wave Incubation, also participated in the latest round with an infusion of $43 million. New York-based Tiger Global — which is also an investor in other business-to-business (B2B) marketplaces Infra.Market and Moglix — has infused $150 million in the New Delhi-based startup. It is likely to infuse another $15-20 million in the coming round. This is the third major funding round closed by OfBusiness this year. In April this year, the company <a href="https://www.businessinsider.in/business/startups/news/sme-financing-platform-ofbusiness-raises-110-million-from-falcon-edge-capital-valuation-hits-800-million/articleshow/81962626.cms">had raised $110 million</a> led by Falcon Edge Capital at a valuation of $800 million. Interestingly, this is also the third unicorn investment made by Tiger Global in the B2B ecommerce space. Infra.Market, Moglix and OfBusiness are competitors in this sub segment of B2B, but the intricacies of their businesses are quite different. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Focus area </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Valuation </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Infra.Market </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Construction material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2.5 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">OfBusiness </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Manufacturing and infrastructure development material </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$3 billion </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Moglix </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrial and home products </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$1.33 billion </td></tr></tbody><tbody></tbody></table> The nearly $3 billion worth <keyword id="6357316" type="General" weightage="20" keywordseo="udaan" source="Orion">Udaan</keyword>, too, is a <a href="https://www.businessinsider.in/business/startups/news/udaan-fires-half-its-contract-employees/articleshow/75357229.cms">prominent player </a>in the B2B ecommerce space. It helps small businesses to procure products — across categories like electronics, home and kitchen, staples, fruit and vegetables, and more — at lower prices. <keyword id="7466761" type="General" weightage="20" keywordseo="zetwerk" source="Orion">Zetwerk</keyword> — valued at $1.33 billion — entered the unicorn club this year, when it raised $150 million in a round led by D1 Capital. It focuses on online sale of manufacturing material. What is OfBusiness up to? Founded by Asish Mohapatra, Bhuvan Gupta, Vasant Sridhar, Ruchi Kalra and Nitin Jain in 2015, the New Delhi-based startup is a tech-enabled platform that enables small and medium enterprises (SMEs) with procurement of raw materials and credits. It has a separate entity, NBFC Oxyzo Financial Services, to offer financing solutions to SMEs. This entity has a loan book of $240 million, with 5,000 borrowers to the list. The company claims to be at an annual revenue run-rate of $1.4 billion. It further plans to increase this with expansion of its operations and acquisition of other businesses, Mohapatra <a href="https://economictimes.indiatimes.com/tech/funding/ofbusiness-valuation-doubles-to-3-billion-after-tiger-global-led-funding/articleshow/86645251.cms">told</a> The Economic Times. It claims to be underway to close several such acquisitions. The company competes with platforms like Moglix, Infra.Market, Zetwerks and others on the B2B ecommerce business fronts. In SME lending, it is competing with other platforms like BharatPe, LendingKart, Aye Finance and many others. OfBusiness, along with its B2B ecommerce rivals mentioned above, are among the 28 startups that entered the unicorn club this year, with a valuation of over $1 billion. SEE ALSO <a href="https://www.businessinsider.in/stock-market/news/paras-defence-maruti-suzuki-airtel-vodafone-idea-and-other-top-stocks-to-watch-out-for-on-october-1/slidelist/86670108.cms" data-type="tilCustomLink">Paras Defence, Maruti Suzuki, Airtel, Vodafone Idea and other top stocks to watch out for on October 1</a> <a href="https://www.businessinsider.in/stock-market/news/paras-defence-space-tech-ipo-continues-to-demand-a-premium-of-200-in-grey-market/articleshow/86663834.cms" data-type="tilCustomLink">Paras Defence &amp; Space Tech IPO continues to demand a premium of ₹200 in grey market</a> <a href="https://www.businessinsider.in/business/startups/news/ola-electric-raises-200-million-from-softbank-falcon-edge-at-valuation-of-3-billion/articleshow/86649236.cms">4-year old Ola Electric is now worth over a half of its older sibling Ola</a>

Tiger Global is now an investor in three of the five B2B ecommerce unicorns in India

<ul><li>The IPO was fully subscribed within 4 hours of opening. Whereas, its IPO peers UTI AMC was subscribed 24%, and Likhitha Infrastructure was subscribed 75% in the same period. </li><li>On the first day, it received bids for 4.8 crore equity shares against the offered size of 3.05 crore shares, according to the <a href="https://www.chittorgarh.com/ipo/mazagon-dock-ipo/1064/">stock-exchanges data</a>.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>The state-owned Indian Naval shipbuilding firm Mazagon Dock Shipbuilders witnessed a stellar response from investors on the first day of subscription. The IPO was fully subscribed within 4 hours of opening, and by the end of the trading today, the offer was subscribed 159%. Whereas, UTI AMC was subscribed 24% and Likhitha Infrastructure was subscribed 75% in the same period. <div type="Article" hostid="261" msid="78360565" title="Indian Naval Shipmaker Mazagon Dock’s ₹444 crore IPO opens today— Here’s what works for it and what doesn’t" mstype="2" mssubtype="0"></div> On the first day, it received bids for 4.8 crore equity shares against the offered size of 3.05 crore shares, according to the <a href="https://www.chittorgarh.com/ipo/mazagon-dock-ipo/1064/">stock-exchanges data</a>. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Mazagon Dock IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15,126,750 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4,538,025 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">10,588,725 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">345,517 </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">30,599,017 </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of times issue subscribed </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.00x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.62x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.30x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">0.21x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.59x </td></tr></tbody></table>*Data as of Sept. 29 3:30pm The qualified institutional buyers have yet not started bidding for the IPO. However, the retail investors' portion saw a strong response and was subscribed 4.30 times by the end of the day itself. The employees' portion was subscribed 21%, and the non-institutional investors saw a 32% subscription. What does the grey market premium entail? <a href="https://www.ipowatch.in/2020/09/mazagon-dock-ipo-gmp-grey-market-premium.html">Mazagon Dock grey market premium</a> was trading at ₹140-₹150 apiece, which is the highest among other IPOs that are currently open for subscription. UTI AMC and Likhitha Infrastructure were trading at a premium of ₹60 and ₹10, respectively, as of September 29. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byju-raveendran-vijay-shekhar-sharma-nithin-kamath-and-udaan-co-founders-are-in-the-list-of-richest-entrepreneurs-of-india/articleshow/78380782.cms">From Byju Raveendran, Vijay Shekhar Sharma to Nithin Kamath and Udaan co-founders – Here are the richest entrepreneurs of India</a> <a href="https://www.businessinsider.in/india/news/list-of-top-ten-richest-people-in-india-according-to-hurun-rich-list-2020/slidelist/78380656.cms">These are the top ten billionaires in India, according to Hurun Rich List 2020</a>

Mazagon Dock Shipbuilders IPO fully subscribed on day one — led by robust retail demand

<ul><li>According to the 2020 <keyword id="424923" type="PERSON" weightage="20" keywordseo="Hurun-rich-list">Hurun rich list</keyword>, <keyword id="81713" type="PERSON" weightage="20" keywordseo="Ashok-Soota">Ashok Soota</keyword> was among the top 10 new entrants with a net worth of ₹3,700 crore.</li><li>The Soota backed Happiest Minds IPO received a stellar response from investors and was oversubscribed nearly 151 times on the last day of bidding </li><li>Hurun India dubbed Soota as “The IPO Star” — and placed him on the 282nd rank in the list of rich people in India. </li></ul>The Bengaluru-based IT speciality company Happiest Minds Technologies’ ₹702 crore IPO,⁠ which concluded two weeks ago, not only made its investors richer but also turned out to be a big moneymaker for its promoter Ashok Soota. According to the 2020 Hurun Rich List, Ashok Soota was among the top 10 new entrants to the list with a net worth of ₹ 3,700 crore. Hurun India dubbed Soota as “The IPO Star” — and placed him on the 282nd rank in the list of rich people in India. Happiest Minds IPO: The 8th most successful IPO in the decade The Soota-backed Happiest Minds IPO received a stellar response from investors and was oversubscribed nearly 151 times on the last day of bidding, making it the 8th most successful IPO in the decade. The Happiest Minds IPO received bids for 3.51 billion shares against the offer size of the 23.3 million. It was also the most subscribed IPO this year, followed by Route Mobile, which was subscribed 73 times. It was already on the cards! Well, Soota isn’t a newbie in the tech industry. The 77-year-old promoter brings with him more than 30 years of experience on the table. Before starting Happiest Minds 13 years ago, Soota was the founding Chairman and Managing Director of MindTree. Mindtree had completed its IPO in 2007 during his tenure and was subscribed 103 times by the investors. Soota also worked at Wipro for 14 years, rising to the post of the vice-chairman before he left Wipro to join Shriram Refrigeration Industries as senior vice president. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/byju-raveendran-vijay-shekhar-sharma-nithin-kamath-and-udaan-co-founders-are-in-the-list-of-richest-entrepreneurs-of-india/articleshow/78380782.cms">From Byju Raveendran, Vijay Shekhar Sharma to Nithin Kamath and Udaan co-founders – Here are the richest entrepreneurs of India</a> <a href="https://www.businessinsider.in/india/news/list-of-top-ten-richest-people-in-india-according-to-hurun-rich-list-2020/slidelist/78380656.cms">These are the top ten billionaires in India, according to Hurun Rich List 2020</a>

Happiest Mind Tech IPO makes Ashok Soota one of India’s richest – marks his debut on Hurun Rich List 2020

<ul><li>150 million children across East and <keyword id="325900" type="General" weightage="50" keywordseo="southern-africa" source="Orion">Southern Africa</keyword> are gripped by grinding poverty and climate disaster.</li><li>16.31 million children across <keyword id="6360004" type="General" weightage="80" keywordseo="kenya" source="Orion">Kenya</keyword> are living with the dual impacts of poverty and the climate emergency.</li><li>Kenya ranks 10th globally highest in terms of the overall number of children facing this double threat.</li></ul>More than 150 million children across East and Southern Africa are gripped by grinding poverty and climate disaster, an international charity report said. The charity, <keyword id="65750" type="General" weightage="80" keywordseo="save-the-children" source="Orion">Save the Children</keyword>, said in a report released here on Thursday that 16.31 million children across Kenya, or 67 per cent of the country's children, are living with the dual impacts of poverty and the climate emergency, reports <keyword id="106387" type="General" weightage="50" keywordseo="xinhua-news-agency" source="Orion">Xinhua news agency</keyword>. Save the Children Kenya and Madagascar Country Director <keyword id="15367326" type="General" weightage="50" keywordseo="yvonne-arunga" source="Orion">Yvonne Arunga</keyword> said the climate emergency and issues of inequality are deeply connected, and cannot be dealt with in isolation from each other. Arunga said crises like these push people even deeper into grinding poverty and leave millions of people even more vulnerable to the next flood or drought. "In Kenya, this connection could not be any more obvious. The devastating drought we have seen in Kenya and the larger Horn of Africa is the worst in 40 years and has hit the poorest parts of the country hardest, leaving millions of people hungry and many displaced," she added. South Sudan topped the list of countries in East and Southern Africa most likely to face this "double threat", with 87 per cent of children in the country affected, followed by Mozambique (80 per cent) and Madagascar (73 per cent), according to the report titled -- Generation Hope: 2.4 billion reasons to end the global climate and inequality crisis. Kenya ranks the 10th highest (67 per cent) globally and third in the region in terms of the overall number of children facing this double threat, said the report. The report found that while 21.24 million children in Kenya are estimated to be affected by at least one extreme climate event a year, some of them are at particular risk because they are living in poverty and so have fewer resources to protect themselves and recover. Save the Children warned that if the climate and inequality crisis is not addressed with urgency, the frequency and severity of humanitarian and cost of living crises are set to soar. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/musk-is-now-twitter-boss-fires-indian-origin-ceo-agrawal-other-top-execs/articleshow/95134427.cms">Musk is now Twitter boss, fires Indian-origin CEO Agrawal, other top execs</a> <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Amid startup funding crunch, Udaan raises $120 million and plans IPO after a year</a>

Over 150 million kids in Africa in the grip of poverty, climate disaster: Report

<ul><li><keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> gained 250 points to hit 60,000 in early trade while <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> went up 56 points to 17,794.</li><li>Heavyweight stocks like Reliance Industries, HDFC, IT stocks and Bajaj twins were trading in a positive range, boosting the Nifty50.</li><li>Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remain wary of Fed’s monetary policy decisions amid mixed economic data.</li></ul>Indian benchmark indices opened in the green on Friday shrugging off negative cues from Asian and the US markets as corporate earnings and expectations of smaller rate hikes improved investor sentiments. The Sensex gained 250 points to hit 60,000 in early trade while the Nifty50 went up 56 points to 17,794. “Sentiments have improved in the domestic markets and even globally they seem to be improving temporarily. Greater consensus is building up that rate hikes going forward will be smaller than what they have been so far. While fear of recession is there but it is now reducing,” said Deepak Jasani, Head, Retail Research, HDFC Securities. “Equity markets may do well for the next 1-2 weeks. While Q2 earnings have not been great, FPIs have come back into buy mode over the last few days which is helping <keyword id="46038" type="General" weightage="20" keywordseo="indian-markets" source="Orion">Indian markets</keyword> stabilise,” said Jasani. Meanwhile, Asian and the US markets were trading lower in a volatile session as investors remained wary of the US Fed’s monetary policy decisions amid mixed economic data. Also, the European Central Bank on Thursday raised interest rates by 75 basis points to the highest level since 2009 to fight a historic surge in inflation. Despite negative cues from global markets, Indian markets continued to rise. Heavyweight stocks like Reliance Industries, HDFC twins, IT stocks and Bajaj Auto were trading in a positive range, pushing up the Nifty50. Shares of Maruti Suzuki India rose over 1% in early trade ahead of its July-September quarter <keyword id="13655532" type="General" weightage="20" keywordseo="earnings-today" source="Orion">earnings today</keyword>. Among sectoral indices, auto, energy and FMCG were trading in the green. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top gainers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Top losers </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.42% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tata Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.16% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">ONGC </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.39% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hindalco Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-2.04% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Coal India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2.24% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">JSW Steel </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.97% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Reliance Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.97% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sun Pharmaceutical </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.88% </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Maruti Suzuki India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1.75% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Divi’s Laboratories </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">-1.35% </td></tr></tbody><tbody></tbody></table> Vedanta, Dr Reddy’s Laboratories, Tata Power, JSW Energy, Bandhan Bank, Blue Dart Express, Sona BLW and Eveready Industries are among companies set to release July-September quarter results today. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/sports/news/historic-decision-red-letter-day-bccis-pay-equity-decision-wins-hearts-of-smriti-irani-sachin-tendulkar-mithali-raj-and-more/articleshow/95125167.cms">Historic decision, red-letter day – BCCI’s pay equity decision wins hearts of Smriti Irani, Sachin Tendulkar, Mithali Raj and more</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Amid startup funding crunch, Udaan raises $120 million and plans IPO after a year</a>

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<ul><li>Tesla CEO <keyword id="6355315" type="General" weightage="50" keywordseo="elon-musk" source="Orion">Elon Musk</keyword> has finally taken over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Parag <keyword id="12857" type="General" weightage="80" keywordseo="agrawal" source="Orion">Agrawal</keyword>, Chief Financial Officer Ned <keyword id="3890570" type="General" weightage="80" keywordseo="segal" source="Orion">Segal</keyword>, the company's policy chief <keyword id="1847505" type="General" weightage="50" keywordseo="vijaya-gadde" source="Orion">Vijaya Gadde</keyword> and others.</li><li>According to media reports, Agrawal and Segal have left the company's San Francisco headquarters and will not be returning.</li><li>The executives <keyword id="364027" type="General" weightage="100" keywordseo="musk" source="Orion">Musk</keyword> fired have received handsome payouts.</li></ul>Tesla CEO Elon Musk has finally taken over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Parag Agrawal, Chief Financial Officer Ned Segal, the company's policy chief Vijaya Gadde and others. According to a CNBC report citing sources on Friday, Agrawal and Segal have left the company's San Francisco headquarters and will not be returning. Gadde, the head of legal policy, trust, and safety was also fired, The Washington Post reported. Sean Edgett, Twitter's general counsel, and chief customer officer Sarah Personette were also fired by Musk, reports Insider. The executives Musk fired have received handsome payouts. Agrawal received $38.7 million, Segal got $25.4 million, Gadde got $12.5 million, and Personette received $11.2 million, according to Insider. Musk's entrepreneur friend Jason Calacanis said: "Day zero. Sharpen your blades boys." "Seems like the twitter servers are still up and running!" Calacanis added. "Twitter CEO is my dream job," he had told Musk earlier. Musk on Thursday told advertisers why he is finally acquiring Twitter, telling them that he wants the platform to be the most respected advertising platform in the world where users can see movies or play video games, ranging from all ages to mature. In a letter to advertisers, he said that Twitter cannot become a free-for-all hellscape, where anything can be said with no consequences. "In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences, just as you can choose, for example, to see movies or play video games ranging from all ages to mature," Musk wrote to his more than 110 million followers. He said that the reason he acquired Twitter is because "it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence". He visited Twitter headquarters in San Francisco on Wednesday, with a kitchen sink in his hands. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/amid-startup-funding-crunch-udaan-raises-120-million-and-plans-ipo-after-a-year/articleshow/95122956.cms">Amid startup funding crunch, Udaan raises $120 million and plans IPO after a year</a> <a href="https://www.businessinsider.in/business/corporates/news/q2-corporate-earnings-report-banks-perform-well-moderate-growth-in-fmcg-auto/articleshow/95120418.cms">Q2 corporate earnings report: Banks perform well, moderate growth in FMCG, auto</a> <a href="https://www.businessinsider.in/sports/news/historic-decision-red-letter-day-bccis-pay-equity-decision-wins-hearts-of-smriti-irani-sachin-tendulkar-mithali-raj-and-more/articleshow/95125167.cms">Historic decision, red-letter day – BCCI’s pay equity decision wins hearts of Smriti Irani, Sachin Tendulkar, Mithali Raj and more</a>

Musk is now Twitter boss, fires Indian-origin CEO Agrawal, other top execs

<ul><li><keyword id="6354756" type="General" weightage="100" keywordseo="bcci" source="Orion">BCCI</keyword> today announced that its centrally-contracted male and female cricketers will get equal match fees, ending the gender pay gap. </li><li>Accordingly, women cricketers will now earn ₹15 lakh per Test, ₹6 lakh per ODI, and ₹3 lakh per T20I match. </li><li>The decision has been praised by the likes of Union Minister <keyword id="6612" type="General" weightage="80" keywordseo="smriti-irani" source="Orion">Smriti Irani</keyword>, former Indian women’s cricket team captain <keyword id="68864" type="General" weightage="80" keywordseo="mithali-raj" source="Orion">Mithali Raj</keyword>, current captain Harmanpreet Kaur, and other male cricketers. </li></ul>The Board of Control for Cricket in India (BCCI) today <a href="https://www.businessinsider.in/sports/news/bcci-announces-equal-pay-for-centrally-contracted-male-and-female-players/articleshow/95117601.cms">announced</a> that centrally-contracted women and men cricketers will get equal match fees. The board’s decision has won praise from Union Minister Smriti Irani, former Indian women’s team captain Mithali Raj, Jhulan Goswami, and others. According to the BCCI's announcement, centrally-contracted women cricketers will now earn ₹15 lakh per Test, ₹6 lakh per One Day International (ODI), and ₹3 lakh per T20 International (T20I) match. Earlier, the match fee was limited to ₹4 lakh per Test, and ₹1 lakh each for ODIs and T20Is. The pay equity announcement won BCCI praises from all quarters, with Union Minister Smriti Irani calling it a welcome step. <div type="twitter" handle="smritiirani" handlename="Smriti Z Irani" image="http://pbs.twimg.com/profile_images/1553995497253154816/vV5kbfO4_normal.jpg" favoritecount="1230" retweetcount="117" status="A welcome step 🎉 https://t.co/00nZTBLxNs" createdat="1666854841000" id="1585530239995682816"></div> Former Indian women’s cricket team captain Mithali Raj, who is also the leading scorer in women’s international cricket, called it a historic decision. <div type="twitter" handle="M_Raj03" handlename="Mithali Raj" image="http://pbs.twimg.com/profile_images/1576818157830176769/dcDODnkP_normal.jpg" favoritecount="3765" retweetcount="221" status="This is a historic decision for women’s cricket in India! The pay equity policy along with the WIPL next year, we a… https://t.co/8g4Q7rMilQ" createdat="1666855448000" id="1585532785942736896"></div> <div type="twitter" handle="JhulanG10" handlename="Jhulan Goswami" image="http://pbs.twimg.com/profile_images/1558427482742669313/hU-X1X8-_normal.jpg" favoritecount="491" retweetcount="34" status="Great initiative from @BCCI and @JayShah sir for the upliftment of women's cricket. This will motivate young girls… https://t.co/2syTkCZnZA" createdat="1666862642000" id="1585562960487157760"></div> Harmanpreet Kaur, the present captain of the women’s team, also welcomed the decision, calling it a “red letter day” for women’s cricket in India. <div type="twitter" handle="ImHarmanpreet" handlename="Harmanpreet Kaur" image="http://pbs.twimg.com/profile_images/1554360623890583552/6GbF1xDN_normal.jpg" favoritecount="21901" retweetcount="1194" status="Truly a red letter day for Women’s Cricket in India with pay parity announced for women and men. Thank you @BCCI and @JayShah" createdat="1666857127000" id="1585539828577636352"></div> <div type="twitter" handle="mandhana_smriti" handlename="Smriti Mandhana" image="http://pbs.twimg.com/profile_images/1567482867097255937/3rc-mWCu_normal.jpg" favoritecount="17439" retweetcount="879" status="What amazing news for Women's cricket in India 👏👏 https://t.co/Mn4shzF05r" createdat="1666861199000" id="1585556905476648960"></div> <div type="twitter" handle="LicypriyaK" handlename="Licypriya Kangujam" image="http://pbs.twimg.com/profile_images/1578300883040755712/tvciotSE_normal.jpg" favoritecount="735" retweetcount="67" status="This is a historic decision. We need equal pay for equal works at everywhere! ❤️Let's support every good initiati… https://t.co/fyAipxHHD2" createdat="1666861374000" id="1585557641463754752"></div> Former and current Indian men’s cricket team players also chimed in, including Sachin Tendulkar, VVS Laxman, Yuvraj Singh, Gautam Gambhir, Harbhajan Singh, Suresh Raina, and Cheteshwar Pujara. “Cricket has been an equalizer in many ways. This is a welcome step towards gender equality in the game and erasing discrimination from the sport,” said <a href="https://twitter.com/sachin_rt/status/1585579611215101953">Sachin Tendulkar</a>. Former fast bowler, Harbhajan Singh also believes that this decision can bring in more participation. “Happy to know that @BCCI has taken the decision of pay equity policy for sportspersons in cricket. BCCI has set a standard for other sports bodies. It will encourage greater participation of women in the game. A historic milestone indeed,” he <a href="https://twitter.com/harbhajan_singh/status/1585534997498589184">said in a tweet</a>. <div type="twitter" handle="VVSLaxman281" handlename="VVS Laxman" image="http://pbs.twimg.com/profile_images/1578679422072545280/LFcTkGJh_normal.jpg" favoritecount="1035" retweetcount="59" status="Kudos to @BCCI and @JayShah Pay equity for all contracted Men and Women cricketers is a praise worthy decision and… https://t.co/lsKHK22Jtl" createdat="1666867864000" id="1585584860529577986"></div> <div type="twitter" handle="YUVSTRONG12" handlename="Yuvraj Singh" image="http://pbs.twimg.com/profile_images/1554342872111259650/oTKdsRJD_normal.jpg" favoritecount="1513" retweetcount="86" status="Fantastic decision by @BCCI to have equal pay for all centrally contracted men &amp; women #TeamIndia cricketers 👏🏻… https://t.co/4kHXQE15CL" createdat="1666871935000" id="1585601938951114753"></div> <div type="twitter" handle="GautamGambhir" handlename="Gautam Gambhir" image="http://pbs.twimg.com/profile_images/1572983811474096128/48FOXFvh_normal.jpg" favoritecount="10306" retweetcount="446" status="When you empower players, you bring out the very best in them! Pay equity is a splendid initiative. Kudos @JayShah!! 👏👏 @BCCI" createdat="1666867196000" id="1585582060881981441"></div> <div type="twitter" handle="ImRaina" handlename="Suresh Raina🇮🇳" image="http://pbs.twimg.com/profile_images/1579087049713278976/K-vwasGT_normal.jpg" favoritecount="2436" retweetcount="96" status="Very happy to hear about the decision of implementation of pay equity policy for the Indian women cricketers, so pr… https://t.co/oy49xcAiU2" createdat="1666870120000" id="1585594325949612032"></div> <div type="twitter" handle="rpsingh" handlename="R P Singh रुद्र प्रताप सिंह" image="http://pbs.twimg.com/profile_images/1559790417755140096/GGJpGFUR_normal.jpg" favoritecount="123" retweetcount="6" status="New year, new dawn 🌤️The new pay equity policy for men &amp; women cricketers will see the new light for gender equal… https://t.co/yB0rLjNwCZ" createdat="1666864063000" id="1585568918088794113"></div> <div type="twitter" handle="cheteshwar1" handlename="Cheteshwar Pujara" image="http://pbs.twimg.com/profile_images/1559821405612519424/qins--Mk_normal.jpg" favoritecount="1287" retweetcount="34" status="A great step from the @BCCI towards uplifting women's cricket in India and setting an example for the world to foll… https://t.co/x9bEeVKGcz" createdat="1666859880000" id="1585551376448458752"></div> <cmsannotation type="cmsannotation" annotationid="BCCI joins New Zealand Cricket board in pay parity for women and men cricketers" comment="subhead" text="BCCI joins New Zealand Cricket board in pay parity for women and men cricketers">BCCI joins New Zealand Cricket board in pay parity for women and men cricketers</cmsannotation> With its decision today, BCCI has joined the New Zealand Cricket (NZC) board in announcing pay parity for women and men cricketers. Earlier this year, NZC <a href="https://www.nzc.nz/news-items/the-new-deal-cricket-s-ground-breaking-agreement/">struck</a> a deal with the players’ association to announce that its women cricketers will earn as much as men cricketers, allowing them to earn from NZ$575 for domestic T20s, to NZ$10,250 for Test matches. Last year, Cricket Australia<a href="https://www.espncricinfo.com/story/pay-increase-for-australia-s-female-domestic-players-as-part-of-funding-boost-1282639"> announced</a> wage hikes for women cricketers, but the gender pay gap still exists there too. 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