The production and distribution of CNC machinery is the area of expertise for Jyoti CNC Automation. Everything you need to know about the company’s January 9 subscription opening for its IPO is provided here.
The entire value of the Jyoti CNC Automation IPO is anticipated to be raised through the new issuance of 3.02 crore shares, or Rs 1,000 crore.
The first public offering (IPO) of Jyoti CNC Automation Limited is scheduled to begin on January 9; subscriptions are accepted through January 11. The IPO, which will be funded entirely by the new issue of 3.02 crore shares, is anticipated to be valued at Rs 1,000 crore and will be priced between Rs 315 and Rs 331 per share.
The shares are scheduled to debut on both the Bombay Stock Exchange and the National Stock Exchange on January 16, and investors interested in this offering can expect the allotment process to begin on January 12.
For retail investors, the minimum investment required is Rs 14,895, with a minimum lot size of 45 shares.
Jyoti CNC Automation is a January 1991-founded company that specializes in the production and distribution of CNC machinery.
Its product line consists of multitasking machines, simultaneous 3-axis and simultaneous 5-axis CNC machining centers, CNC turning centers, CNC turning-milling centers, CNC vertical machining centers (VMCs), and CNC horizontal machining centers (HMCs).
Jyoti CNC Automation demonstrated a significant improvement in its financial performance in FY23, reporting a net profit of Rs 15.06 crore and revenue of Rs 952.60 crore, following a loss of Rs 29.68 crore in FY22.
The FY23 EBITDA increased 34% YoY to Rs 97.4 crore, and the margin increased by 74 basis points to 10.47 percent.
Market watchers note that the unlisted shares of Jyoti CNC Automation have a grey market premium (GMP) of Rs 84, indicating an expected listing gain of 25.38 per cent from the public issue. The GMP could change and is dependent on market sentiment.
Investors should be mindful of the risks attached to Jyoti CNC Automation, though, as these include a greater reliance on its top 10 clients, a comparatively high debt-to-equity ratio of 10.17x in FY23, and lower Return on Capital Employed (RoCE) and Return on Equity (RoE) in comparison to peers.
Based on diluted EPS, the Price-to-Earnings (P/E) ratio for FY23 varies from 308.82 times to 324.51 times, depending on which end of the price range is being considered.
The IPO’s book running lead managers are Equirus Capital Private Limited, ICICI Securities Limited, and SBI Capital Markets Limited. Link Intime India Private Ltd is the issue’s registrar.
UPI has close to 40 crore users in the country, and more than 16 lakh crore transactions have been made through UPI in 2023. In 2023, an amount of Rs 30,000 crore was stolen through cybercrime through UPI. Upi is expected to be widely used in the next three years, with transactions estimated to reach $100 billion. In cyber crimes, the RBI has tightened the rules only because the amount stolen through UPI is huge.
RBI makes nine major changes to UPI rules
1. The GPay, PhonePe, Paytm, and BHIM apps are installed on phones, and if you have not used this app once between January and December, your UPI ID will be blocked from January 1, 2024, and temporarily closed for security reasons.
2. The daily UPI transaction limit will be up to Rs 1 lakh.
3. Educational institutions and hospitals will be able to pay fees or amounts up to Rs 5 lakh for a day.
4. If you want to settle more than Rs 2,000, it will now take four hours. The RBI has made this change to prevent cyber crime. E.g., immediately after the transaction, the money used to be deposited in the seller’s account, but now, from January 2024, if you give more than Rs 2,000 to any new person or shopkeeper, then it will take four hours for the seller’s account to deposit that amount. But if you are always paying that person or shopkeeper, then this rule will apply to you.
5. If you make a payment to a new person or shopkeeper, you will be able to cancel it within four hours. Also, that amount will be credited back to your account. This will be of great benefit to cybercriminals in recovering the stolen money. If the money accidentally goes to someone else’s account, they can now get it back.
6. Now the seller’s real name will be revealed. Irrespective of the name of the SIM card, you will see the same name as the bank account while making payments.
7. Now you can spend more than the balance amount by requesting the bank. Your bank will check your track record or CIBIL course and provide you with this facility.
8. RBI has partnered with Japan’s Hitashi Company for UPI ATMs. Also, these UPI ATM machines will be available everywhere. For example, if you withdraw money from ATMs through debit cards, now you can withdraw money by scanning the QR code in the ATM machine.
9. If you pay from your UPI wallet, you will have to pay a service charge of 1.1 percent.
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📣Reserve Bank of India has announced the list of holidays for the month of January. Banks will remain closed for 16 days in the month of January. The 16-day bank holidays will include all Sundays, second Saturdays, and fourth Saturdays. Even when banks are closed, you can get your work done through Citizen Mobile Banking, UPI, and Internet Banking.
The list of bank holidays in the month of January is as follows:
▪️January 1: Happy New Year
January 7: Sunday
▪️January 11 – Missionary Day (Mizzarom)
▪️January 12 – Swami Vivekananda Jayanti
January 13: Second Saturday
January 14: Sunday
January 15: Pongal
January 16: Tusu Puja
▪️January 17 – Guru Gobind Singh Jayanti
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Tesla is recalling Cars to fix the Autopilot monitoring system.
Over 2 million of Tesla’s model-range vehicles have been recalled in the United States in order to address a malfunctioning system that is meant to make sure drivers are paying attention when using Autopilot.
According to documents released by US safety authorities on Wednesday, the company will release a software update to address the issues.
The National Highway Traffic Safety Administration conducted a two-year investigation into a number of crashes that occurred during the use of the Autopilot partially automated driving system, which led to the recall. A few were lethal.
According to the agency, its investigation revealed that Autopilot’s attention-getting mechanism may not be sufficient and may result in “foreseeable misuse of the system.”
According to the documents, the additional safeguards and warnings will “further encourage the driver to adhere to their continuous driving responsibility.”
Although the recall is a positive step, safety experts pointed out that it still places responsibility on the driver and doesn’t address the fundamental issue of Tesla’s automated systems failing to recognize and stop for obstacles in their path.
Models Y, S, 3, and X manufactured between October 5, 2012, and December 7 of this year are included in the recall. Certain impacted vehicles were supposed to receive the update on Tuesday; the remaining vehicles would receive it later.
Autosteer and traffic-aware cruise control are two of the features that Autopilot offers. Autosteer is designed to be used on restricted-access freeways when it’s not in use, and it has a more advanced feature called Autosteer on City Streets.
Where Autosteer can be used will be restricted by the software update. According to the recall documents, “Autosteer will not engage if the driver attempts to engage it when conditions are not met for engagement. The feature will alert the driver that it is unavailable through visual and audible alerts.”
More checks on whether Autosteer is being used outside of controlled access roads and when approaching traffic control devices, “and eventual suspension from Autosteer use if the driver repeatedly fails to demonstrate continuous and sustained driving responsibility” are among the additional controls that, depending on a Tesla’s hardware, include “increasing prominence” of visual alerts, making Autosteer easier to turn on and off, and more.
According to recall documents, Tesla held meetings with agency investigators beginning in October to discuss their “tentative conclusions” regarding the monitoring system’s fix. Although it disagreed with the agency’s analysis, Tesla said that it consented to the recall on December 5 in an attempt to wrap up the investigation.
Stronger regulation of the driver monitoring system, which primarily determines whether a driver’s hands are on the steering wheel, has been demanded by proponents of auto safety for many years. They have demanded cameras, which are employed by other automakers with comparable systems, to ensure that a driver is paying attention.
“While we monitor the efficacy of Tesla’s remedies and continue to work with the automaker to ensure the highest level of safety,” the NHTSA stated in a statement on Wednesday that the investigation into the Tesla company is still ongoing.
The software update, according to Carnegie Mellon University professor of electrical and computer engineering Philip Koopman, is a compromise that doesn’t address Tesla’s inability to recognize and stop for obstacles and their lack of night vision cameras to monitor drivers’ eyes.
According to Koopman, “the compromise is disappointing because it does not address the issue that the older cars lack sufficient hardware for driver monitoring.”
Koopman and Michael Brooks, the executive director of the nonprofit Center for Auto Safety, argue that one safety flaw that goes unaddressed is colliding with emergency vehicles. According to Brooks, “it’s not getting to the bottom of what the investigation is looking at.” “It doesn’t address the question of why Teslas operating on Autopilot fail to recognize and react to emergency situations.”
“The benefits of doing this now outweigh the costs of spending another year wrangling with Tesla,” according to Koopman, who stated that NHTSA reportedly determined that the software change was the most it could get from the company.
“While we monitor the efficacy of Tesla’s remedies and continue to work with the automaker to ensure the highest safety,” the NHTSA stated in a statement on Wednesday that the investigation is still ongoing.
Despite its name, Autopilot is a driver-assist system that cannot drive itself; instead, it can steer, accelerate, and brake automatically within its lane. The monitoring system is so easily tricked, according to independent tests, that drivers have been caught operating a vehicle while intoxicated or even just sitting in the back seat.
Tesla stated that the Autopilot’s controls “may not be sufficient to prevent driver misuse” in a defect report that it submitted to the safety agency.
Early on Wednesday, a message was left asking the Austin, Texas-based business for additional comment.
According to Tesla’s website, Full Self-Driving and Autopilot are designed to assist drivers who must always be prepared to take over. Tesla owners are testing fully autonomous vehicles on public roads.
Tesla stated that safety is increased when Autopilot is used in a statement that was published on X, formerly Twitter, on Monday.
Since 2016, the NHTSA has sent investigators to 35 Tesla crashes where it believes the cars were operating on an automated system. Countless individuals have lost their lives.
The investigations are a component of a broader NHTSA investigation into several incidents of Teslas using Autopilot and colliding with emergency vehicles. The NHTSA has stepped up its efforts to investigate safety issues with Tesla vehicles, such as the software recall for fully autonomous driving.
NHTSA is under the jurisdiction of Transportation Secretary Pete Buttigieg, who stated in May that Tesla shouldn’t be calling the system Autopilot because it isn’t self-driving.
Due to a 3.5-magnitude earthquake that occurred on Monday night, Disneyland in Anaheim, California, was forced to close several of its rides.
At about 8:09 p.m., according to the U.S. Geological Survey, an earthquake occurred, with the epicenter located two miles north of Disneyland and just over a mile east of Fullerton. At about 8:30 p.m., a smaller aftershock was reported to have occurred.
Despite the fact that no damage or injuries were reported in the immediate wake of the earthquake, Disneyland closed dozens of its well-known rides while workers performed necessary safety inspections.
A post by unofficial Disneyland information source MiceChat on X, formerly Twitter, at 8:24 p.m. stated, “Damage is very unlikely, but guests will be inconvenienced while rides are inspected.”
A post stating, “All attractions and queues are now closed,” was shared by the account about 20 minutes later. Attractions are alerting visitors that they will reopen following safety inspections.”
Disneyland has very seldom closed in its entirety. This happened most recently in March 2020, during the height of the COVID-19 pandemic. The park was closed for the first time in 1963 during the national mourning period following President John F. Kennedy’s assassination and for a second time in 2001 following the September 11 attacks.
Disneyland Park has only previously closed to inspect damage following the 1994 Northridge earthquake, which rocked the southern Californian San Fernando Valley.
Regarding Monday’s brief closure, Disneyland Park has not posted anything on its official social media pages.
Since November 16, the Disneyland Resorts X account has not shared any content. Disney, the company’s parent, removed its advertisements from X last month due to hate speech and antisemitic remarks being shared there. A number of other businesses have also stopped running advertisements on X, including Apple, IBM, Warner Bros., and Lionsgate.
According to a recent report by the Anti-Defamation League, antisemitism on X has increased since Elon Musk took over. According to the report, it has increased by almost 1,000 percent since the start of the current Israel-Hamas conflict in early October.
Media Matters looked into X’s ad placement as well and found that, despite promises that this would not happen, big businesses were sharing their advertisements next to content that contained white nationalist hashtags.
Elon Musk, who purchased the social media network in October 2022, came under fire last month for openly endorsing a conspiracy theory that was perceived as antisemitic. The billionaire attacked the Anti-Defamation League, a group that monitors antisemitism, after promoting a post in which he claimed Jews were inciting hatred.
During the New York Times Dealbook Summit last week, CEOs of Tesla and SpaceX, Elon Musk, were questioned about Disney and other companies ceasing to advertise on X. Earlier in the day, Bob Iger, the CEO of Disney, also spoke at the summit.
“What this advertising boycott is going to do is kill the company,” Musk stated. “And the whole world will know that those advertisers killed the company.”
Additionally, he addressed Iger directly when he said, “Don’t advertise. If someone tries to use advertising as a form of blackmail on me,? Use money as a form of blackmail.
If you’re in the audience, hello, Bob. I feel that way; please don’t promote it.”
But Musk also acknowledged that his response to the contentious X post with the conspiracy theory was “one of the most foolish” things he had ever shared on the social media site.
“I should, in retrospect, not have replied to that particular post and should have expanded in greater length about what I meant,” he said. “What I am trying to illustrate is that sometimes I say the wrong thing.”
Iger also talked about Disneyland Park’s choice to no longer run ads on X.
“I have a lot of respect for Elon and what he has accomplished,” Iger stated. We are aware that Elon is a real-life superhero in many ways and that his brand is closely associated with the businesses he founded or now owns. We felt that the association he made was not always favorable for us because of the public stance he took.”
