<img class="gwt-Image" src="/photo/55155689.cms" /><br /> If the tunes of ‘Hey Jude’ and ‘Yellow Submarine’ get you to tap your feet and you just can’t stop yourself from humming ‘Back in the <keyword id="69222" type="COUNTRY" weightage="20" keywordseo="USSR">USSR</keyword>’ while it’s played nearby, there is hardly any doubt about your dedication to <keyword id="24243" type="ORGANIZATION" weightage="20" keywordseo="Beatles">Beatles</keyword>. The short lived band of the 70s, Beatles has redefined music of the youth.<br />
<br /> It seems to be redefining fashion now because there’s a watch that has Beatles album names inscribed in the dial. All thanks to <keyword id="376904" type="PERSON" weightage="100" keywordseo="Raymond-Weil">Raymond Weil</keyword>, the bespoke Swiss watchmaker who has introduced the <keyword id="3799007" type="UNKNOWN" weightage="20" keywordseo="maestro-beatles">Maestro Beatles</keyword> limited edition timepiece. Each item is presented with a dedicated watchcase celebrating the music icons.<br />
<br />
An impressive drum with the official Beatles logo decorates the top of the box while the inside features the 13 album titles that are marked on the dial of the limited edition. The watch features a mechanical self-winding movement housed in a 39.5 mm polished steel case.<br />
<br /> Talking exclusively to Business Insider, <keyword id="358985" type="PERSON" weightage="20" keywordseo="Olivier-Bernheim">Olivier Bernheim</keyword>, the owner and president of Raymond Weil, said - “We have been in India for a long time. We have received appreciation across segments and seen a lot of growth opportunities here. The latest limited edition Maestro Beatles celebrates the 40th anniversary of the brand. We have always derived inspiration from music and this bespoke timepiece pays tribute to The Beatles. The limited edition watch is perfect for the die-hard Beatles fan as well as music connoisseurs.”<br />
<br />
“To bring this masterpiece to the Indian market, as well as deepen our engagement locally we have exclusively partnered with Ethos Watch Boutiques and Helios. Our partnership with Ethos is primarily due to their reach and trust and their commitment to promising authenticity and safeguarding customers from various malpractices rampant in the watch industry,” he added.<br />
<br />
<strong>Here’s the best part</strong><br />
The 13 Beatles’ album titles are placed around the bespoke dial, with a special “Help” index at 4 o’clock which recalls the cover of the iconic album released in 1965. The silver galvanic dial matches the polished steel bracelet. It features the official Beatles logo and a date window at 3 o’clock. The case back presents a smoked sapphire crystal that carries the official Beatles logo and the limited edition number engraved. This unique timepiece paying tribute to the legendary Fab Four is limited to 3,000 pieces for India.<br />
<br />
Remember, if you want ot own one of these, you will have to walk into one of Ethos Watch Boutiques.

Raymond Weil’s Beatles themed luxury Swiss watch is every gadget freak’s dream

The shopping scenario in the last couple of years has gone through a massive shift across all segments in India, luxury segment is no different. Luxury goods are becoming more and more affordable and easily available to the consumers.<br /><br />It’s not just the high net worth individuals who are donning the latest trends available in the hi-end segment but with consumers overall are warming up to the idea of E.M.I options for their luxe shopping, jump from hi-street to hi-end has become rather easy.<br />

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<strong>A watching trend<br /></strong><br />When it comes to watches which are a novelty item for most, luxury brands are a favorite.<br /><br />Leading the growth story of watches with 40% <keyword id="34527" type="B2BTAGS" weightage="40" keywordseo="market-share">market share</keyword> online, <keyword id="6354742" type="B2BCOMPANY" weightage="80" keywordseo="Flipkart">Flipkart</keyword> has been witnessing an unusually high demand for premium watches which has been fuelled by an increase in brand awareness and purchasing power of Indian shoppers.<br /><br />According to a recent study released by <keyword id="6355988" type="ORGANIZATION" weightage="20" keywordseo="assocham">ASSOCHAM</keyword>, the luxury retailing will grow at 25 per cent from 2013 till 2018 and is likely to touch $ 18 billion mark from the ongoing level of $ 14 billion by the end of 2018.<br /><br />At Flipkart, the projected growth momentum in this segment has been exceeded where premium watches priced between 15-20K have witnessed close to 250% YoY growth while premium watches priced over 10K have witnessed a 200% YoY growth in sales.

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<br />With the category currently contributing to 10% of the overall watches business, Flipkart aims to increase this to 15% by the end of 2017 which translates into tie-ups with the brands such as Rado, <keyword id="54994" type="UNKNOWN" weightage="20" keywordseo="Tag-Heuer">Tag Heuer</keyword>, Longines, Movado, <keyword id="6368261" type="B2BCOMPANY" weightage="20" keywordseo="Raymond">Raymond</keyword> Weil, Fredrique Constant, Tissot and others.<br /><br /><strong>Ruling roost<br /></strong><br />Men however lead the way at least in this category, “Close to 55% of sales in this category come from metros and tier I cities, with a majority of sales being concentrated in Delhi. Men contribute to close to 75% sales in this category. We aim to maintain this category’s growth momentum by increasing it by 4X times during the upcoming ‘The Big Billion Days’. A couple of exclusive lines with best-selling luxury watch brands too are in the works for the festive sale season,” Rishi Vasudev, Head- Flipkart Fashion told Business Insider.<br /><br />With easy options such as ‘No Cost <keyword id="6357050" type="ORGANIZATION" weightage="20" keywordseo="emi">EMI</keyword>’ and ‘Buy Now Pay Later available for buying luxury goods online, Vasudev credited the rise of luxury watch category to the 'price-conscious' consumers for whom the 'timing' couldn't be better to invest in that hi-end watch they always aspired to buy. <br />

Online luxury watch segment is growing over a whopping 200% in India, Flipkart Fashion Head explains why

<ul><li>Shares of Ethos listed at ₹830 while the shares were allotted at ₹878 per share.</li><li>The IPO received decent response from investors as it was subscribed 1.04 times on the last day of the bidding.</li><li>The market capitalisation of the company stood at ₹1,937 crore.</li></ul>Chandigarh-based luxury watch retailer Ethos was widely expected to make a tepid listing debut on the stock markets. Yet, there was a silver of optimism since the Sensex soared 800 points on opening today. <br /><br />In reality, there was no such respite - its stock fell 5.47% on listing - just as the grey market predicted. The unofficial grey market suggested that it would list at a discount of ₹5 per share. <br /><br />The market capitalisation of the company stands at ₹1,937 crore, according to BSE data.<br /><br />The IPO was oversubscribed 1.04 times by investors. Retail investors had subscribed to the IPO by 0.84 times.<br /><br />Analysts believe that Ethos is a very small company focused on one category as compared to other listed retail players. However, they believe there is scope for growth in future as it is expanding its stores in the next three years.<br /><br />The company will use IPO money to repay its debt, as working capital, and to establish new stores and upgrade existing stores.<br /><br />The company has a portfolio of 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser &amp; Cie, Rado, Longines, Baume &amp; Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. <br /><br />It has a market share of 20% in the exclusive luxury segment, and 13% share in the total retail sales in the premium and luxury segments.<br /><br />Ethos has made a profit of ₹5.78 crore in FY21 as against a loss of ₹1.33 crore in FY20. However, its revenue has been on a decline for the last three fiscal years.<br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/theatres-cross-pre-pandemic-gross-revenue-collection-despite-pricey-movie-tickets/articleshow/91839566.cms">Theatres cross pre-pandemic gross revenue collection despite pricey movie tickets</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="http://www.businessinsider.in/business/startups/news/former-twitter-india-head-quits-his-latest-metaverse-edtech-venture/articleshow/91838317.cms">Former Twitter India head quits his latest metaverse edtech venture</a>

Luxury watch retailer Ethos misses stock market cues; lists at a 5% discount

<ul><li>Ethos, a luxury watch retailer is planning to raise ₹472 crore from the public.</li><li>The IPO is open for subscription from today (May 18) and will conclude on May 20.</li><li>The price band of the issue is fixed at ₹836 - ₹878 per share.</li></ul>Ethos is a Chandigarh-based luxury watch retailer that is set to open its initial public offering (IPO) from today, May 18 till May 20.<br /><br />The IPO consists of ₹472 crore including a fresh issue of equity shares worth ₹375 crore and an offer for sale (OFS) of up to 11.08 lakh equity shares by the promoters and shareholders of the company.<br /><br />The IPO proceeds will be used towards repayment of debt, funding working capital, capex for establishing new stores and upgrading existing stores.<br /><br />The company has a portfolio of 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser &amp; Cie, Rado, Longines, Baume &amp; Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. It has a market share of 20% in the exclusive luxury segment, and 13% share in the total retail sales in the premium and luxury segments.<br /><br />It has 50 physical retail stores in 17 cities in India and offers an omnichannel experience to its customers via website and social media platforms. As of December 31, 2021, the company's website had 2.18 crore visitor sessions.<br /><br />Here are some of the important dates related to the IPO:<br /><table style="border-width: initial; border-style: none;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><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;">Issue details<br /><br /></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;"><br /></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;">Price band<br /><br /></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;">₹836 to ₹878<br /><br /></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;">IPO open date<br /><br /></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;">May 18<br /><br /></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;">IPO close date<br /><br /></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;">May 20<br /><br /></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;">Allotment date<br /><br /></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;">May 25<br /><br /></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;">Initiation of refunds<br /><br /></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;">May 26<br /><br /></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;">Credit of shares to demat account<br /><br /></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;">May 27<br /><br /></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;">IPO listing date<br /><br /></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;">May 30<br /><br /></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;">Minimum lot<br /><br /></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;">46<br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>The luxury watch retailer made a profit of ₹5.78 crore in FY21 as against a loss of ₹1.33 crore in the previous year.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars <br /><br /></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;">Revenue<br /><br /></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;">Profit<br /><br /></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;">FY21<br /><br /></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;">₹403 crore <br /><br /></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;">₹5.78 crore <br /><br /></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;">FY20<br /><br /></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;">₹461 crore <br /><br /></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 crore <br /><br /></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;">FY19<br /><br /></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;">₹445 crore <br /><br /></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;">₹9.88 crore <br /><br /></td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table><br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/paradeep-phosphates-ipo-company-revenue-profit-growth-outlook-in-10-points/slidelist/91619298.cms">Paradeep Phosphates IPO: Company revenue, profit, growth outlook in 10 points</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/there-is-a-strong-case-to-go-long-on-lic-say-analysts-and-macroeconomic-indicators/articleshow/91615346.cms">There is a strong case to go long on LIC say analysts and macroeconomic indicators</a>

Ethos IPO opens today — check out important details related to the IPO

<ul><li>Ethos, a <keyword id="13975628" type="General" weightage="20" keywordseo="luxury-watch-retailer" source="Orion">luxury watch retailer</keyword> intends to raise ₹472 crore with the initial public offer of its shares.</li><li>Analysts have mixed views about investing in Ethos’ shares because of moderate growth in financial performance, while some believe that valuations are attractive and the firm has potential for strong growth in the next three years.</li><li>The grey market suggests a weak listing as shares of the company were trading at 10% discount to a higher price band of ₹878 per share.</li></ul>On the second day of its subscription, the ₹472 crore IPO of luxury watch retailer Ethos was subscribed 32%. This lukewarm response has been captured by the many analyst views who believe the company can either provide long-term returns while a few suggested they skip it. <br /><br />Analysts at ICICI Securities assign an ‘avoid’ rating to the IPO as it says they “await consistency in improvement in profit metrics that the company has exhibited in recent quarters.”<br /><br />The luxury watch retailer made a profit of ₹5.78 crore in FY21 as against a loss of ₹1.33 crore in the previous year. However, its revenue has been declining for the last three fiscal years. <br /><div type="image" title="ethos profit, revenue" height="900" width="1200" msid="91662431" hostid="261"></div><br /><strong>Good portfolio but the IPO view is ‘neutral’</strong><br />The company has a portfolio of 50 premium and luxury watch brands including Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, Rado, Tissot, Raymond Weil and Balmain. Even those analysts who appreciated their portfolio are unconvinced about the returns it can provide. <br /><br />“Ethos has strong brands and a wide range of products but we believe that these positives are captured in the valuations commanded by the company. Thus, we have a neutral rating on the issue,” said analysts at Angel One. <br /><br />The grey market too suggests a weak listing as its shares were trading at 10% discount to a higher price band of ₹878 per share.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Brokerage firms<br /><br /></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;">Recommendation <br /><br /></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;">Angel One<br /><br /></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;">Neutral<br /><br /></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;">ICICI Securities<br /><br /></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;">Avoid<br /><br /></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;">Nirmal Bang<br /><br /></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;">Subscribe for long term<br /><br /></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;">Hem Securities<br /><br /></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;">Subscribe for long term<br /><br /></td></tr></tbody></table><br /><strong>A good ‘long’ term bet <br /></strong>The company has 50 outlets and it plans to launch 13 more in three years with new categories. A few analysts believe that it has good potential. <br /><br />“We understand that the company is very small as compared to other listed retail players and focused on one category (currently), we believe that there is scope for growth in future,” said a report by Nirmal Bang. <br /><br />Ethos not only has the highest revenue among its peers into multi brand outlets (MBOs), it is also the dominant market leader.<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Peers with multi brand outlets <br /><br /></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;">FY20 revenue<br /><br /></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;">Share in luxury watch market <br /><br /></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;">Ethos <br /><br /></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;">₹457.8 crore <br /><br /></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;">20%<br /><br /></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;">Kapoor Watch<br /><br /></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;">₹242.4 crore <br /><br /></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;">10%<br /><br /></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;">Johnson Watch<br /><br /></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;">₹161.6 crore <br /><br /></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;">7%<br /><br /></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;">Zimson<br /><br /></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;">₹150.5 crore <br /><br /></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;">6%<br /><br /></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;">Kamal Watch<br /><br /></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;">₹111.2 crore <br /><br /></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;">5%<br /><br /></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;">Khimani Watch<br /><br /></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;">₹55.9 crore <br /><br /></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%<br /><br /></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;">Helvetica Boutique <br /><br /></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;">₹35.7 crore <br /><br /></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%<br /><br /></td></tr></tbody></table><br />The company has access to a large base of luxury customers. “It enjoys a leadership position in an attractive luxury watch market with early mover advantage in certified pre-owned business. Also Ethos being a founder-led company is supported by a professional management team. With strong growth prospects, we believe the company to be a candidate for long term investment purposes,” said a report by Hem Securities. <br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/heatwave-has-turned-acs-from-a-luxury-to-a-necessity-but-margins-remain-muted-for-the-players/articleshow/91655568.cms">Heatwave has turned ACs from a luxury to a necessity — but margins remain muted for the players</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/google-russia-has-no-money-to-pay-salaries-to-its-100-employees-heads-for-bankruptcy/articleshow/91658749.cms">Google Russia has no money to pay salaries to its 100 employees, heads for bankruptcy</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/almost-all-92-of-ladakh-children-suffer-from-anaemia-and-the-rest-of-the-country-isnt-faring-any-better-either/articleshow/91658320.cms">Almost all — 92% — of Ladakh children suffer from anaemia and the rest of the country isn’t faring any better either</a>

Ethos IPO — Either avoid or go long-term say analysts

<ul><li>Three new IPOs will open their subscriptions this week – Paradeep Phosphates, Ethos and eMudhra.</li><li>Meanwhile, LIC will be listed on Indian stock exchanges tomorrow, May 17.</li><li>All the three IPOs together intend to raise over ₹2,300 crore from investors this week.</li></ul>Even in times of volatile market conditions, three companies are looking to raise over ₹2,300 crore from the primary markets. The IPOs of Paradeep Phosphates, Ethos, eMudhra will open their issues next week.<br /><br />Meanwhile, India’s largest IPO of LIC which closed last week will make its debut on the exchanges tomorrow (May 17). The <a href="https://www.businessinsider.in/stock-market/news/sensex-nifty-50-tank-nearly-2-and-here-are-the-top-losers-in-it-banking-and-other-sectors/articleshow/91363804.cms">current weak market </a>sentiment may have some bearing on the flow of primary investments, as investors are concerned about rising inflation, and the rising interest rates. <br /><br />Here are the three IPOs opening next week:<br /><table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"><colgroup></colgroup><col /><col /><col /><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company<br /><br /></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;">IPO open date<br /><br /></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;">IPO close date <br /><br /></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;">Paradeep Phosphates<br /><br /></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;">May 17 <br /><br /></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;">May 19<br /><br /></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;">Ethos <br /><br /></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;">May 18 <br /><br /></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;">May 20 <br /><br /></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;">eMudhra<br /><br /></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;">May 20 <br /><br /></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;">May 24 <br /><br /></td></tr></tbody></table><br /><strong><keyword id="12539694" type="General" weightage="20" keywordseo="emudhra-ipo" source="Orion">eMudhra IPO</keyword> to open on May 20 to raise ₹412 crore<br /></strong><br />eMudhra is a certifying authority (CA) authorised by the controller of certifying authority (CCA) for issuance of Digital Signature Certificates in India. <br /><br />The company claims to be the largest licensed certifying authority in India with a market share of 37.9% as of FY21, which grew from 36.5% in FY20.<br /><br />It’s issuing fresh shares worth ₹161 crore and an offer for sale up to 98.35 lakh equity shares.<br /><br />The company is engaged in the business of providing digital trust services and enterprise solutions like individual/organizational certificates, digital signature certificates, SSL/TLS certificates and device certificates, a portfolio of digital security and paperless transformation solutions, multi-factor authentication, mobile application security, website security testing, IT policy assessment, etc.<br /><br />The firm has issued more than 50 million digital signature certificates since inception. It caters to all kinds of subscribers who use digital signature certificates for income tax return filing, filings with the Ministry of Corporate Affairs (Registrar of Companies), tenders, foreign trade, banking, railways and many other needs.<br /><br />The proceeds from the IPO will be used to repay debt, funding working capital, buy equipment for data centers, investment in eMudhra INC for augmenting its business development, sales, marketing and other related costs to growth. <br /><br />The IPO will open on May 20 and close on May 24 with a price band of ₹243 - ₹256 per share.<br /><br /><strong><keyword id="13028832" type="General" weightage="20" keywordseo="ethos-ipo" source="Orion">Ethos IPO</keyword> will open on May 18 to raise ₹472 crore <br /></strong><br />Ethos is a Chandigarh-based luxury watch retailer that is coming up with an IPO worth ₹472 crore including a fresh issue of equity shares worth ₹375 crore and an offer for sale (OFS) of up to 11.08 lakh equity shares.<br /><br />The company has a portfolio of 50 premium and luxury watch brands like Omega, IWC Schaffhausen, Jaeger LeCoultre, Panerai, Bvlgari, H. Moser &amp; Cie, Rado, Longines, Baume &amp; Mercier, Oris SA, Corum, Carl F. Bucherer, Tissot, Raymond Weil, Louis Moinet and Balmain. It has a market share of 20% in the exclusive luxury segment; and 13% share in the total retail sales in the premium and luxury segment.<br /><br />It has 50 physical retail stores in 17 cities in India and offers an omnichannel experience to its customers via website and social media platforms. As of December 31, 2021, the company's website had 2.18 crore visitor sessions.<br /><br />The IPO proceeds will be used towards repayment of debt, funding working capital, capex for establishing new stores and upgrading existing stores. The IPO will open on May 18 and close on May 20 with a price band of ₹836 - ₹878 per share. <br /><br /><strong>Paradeep Phosphates to open on May 17 to raise ₹1,501 crore <br /></strong><br />The fertilizer company is primarily engaged in manufacturing, trading, distribution and sales of a variety of complex fertilizers such as Di-Ammonium Phosphate (DAP), three grades of Nitrogen-Phosphorus-Potassium (NPK), Zypmite, Phospho-gypsum and Hydroflorosilicic Acid (HFSA). <br /><br />It caters to farmers across the country through its fertilizers marketed under the brand names Jai Kisaan-Navratna and Navratna.<br /><br />The company is looking to raise ₹1,500 crore including fresh issue of shares worth ₹1,004 crore and offer for sale comprises of up to 60.18 lakh equity shares by Zuari Maroc Phosphates and up to 11.24 crore equity shares by The President of India, acting through the Ministry of Chemicals and Fertilizers, Government of India.<br /><br />The Company intends to utilize IPO proceeds from the fresh issue to part-finance the acquisition of the Goa facility, repayment of debt and general corporate purposes. <br /><br />The IPO will open on May 17 and close on May 19 with a price band of ₹39 - ₹42 per share. <br /><br /><br /><strong>SEE ALSO: </strong><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-most-valuable-startups-in-india-in-2021-22/slidelist/91594694.cms">Top 10 most valuable startups in India</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zepto-has-been-taking-over-reliance-backed-dunzo-and-zomato-backed-blinkit-says-report/slidelist/91594636.cms">A nine-month old startup is racing past Reliance, Tata and Zomato backed startups in the 10-min delivery market</a><br /><a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/adani-group-companies-will-benefit-through-backward-integration-with-buyout-of-ambuja-and-acc-cement-companies/articleshow/91591119.cms">Adani Group companies will benefit through backward integration with buyout of two major cement firms — Ambuja Cements, ACC</a>

Three new IPOs opening this week — Paradeep Phosphates, Ethos, eMudhra while LIC to list on exchanges tomorrow

<ul><li>Myntra said that 3.5 million consumers shopped and placed orders for 10 million products. </li><li>At the peak of the sale, 18,800 items per minute at peak and the platform recorded over 30% growth in traffic year-on-year. </li><li>The company said that the most popular men’s product was T-shirts with over 17 lakh units sold, while for women it was kurtas with 8 lakh units sold. </li></ul>E-commerce portal Myntra just concluded its End of Reason sale – the first sale after the coronavirus lockdown and it saw shoppers making a virtual queue for the products. According to Myntra’s report, 3.5 million consumers shopped and placed  4 million orders for 10 million products. <br /><br />At the peak of the sale, 18,800 items per minute at peak and the platform recorded over 30% growth in traffic year-on-year. <br /><br />“Over 3.5 million customers shopped during the event, with about 13.5 million unique visitors, generating close to 120 million sessions. We have recorded an 86% increase in the number of customers from tier 2 and 3 cities and beyond, the highest so far. Keeping safety as their guiding principle, our Kirana partners are currently delivering 2.4 lakh items per day across the country,” said Amar Nagaram, CEO, Myntra. <br /><br />The company said that the most popular men’s product was T-shirts with over 17 lakh units sold, while for women it was kurtas with 8 lakh units sold. <br /><br />Meanwhile the most expensive item sold was a Raymond Weil Watch for over ₹1,30,000. <br /><br />Interestingly, while this is the 12th edition of the sale, this was the first time Myntra’s core employees worked from home during the sale. “This has also been the first event managed successfully from home by some of the core team members, who have collaborated and worked with each other virtually. In the first-ever remote working model for managing customer service operations, employees answered over 2 lakh customer calls during the course of the event,” said the company. <br /><br />SEE ALSO:<br /><br /><a href="https://www.businessinsider.in/business/news/mukesh-ambani-radhakishan-damani-and-shiv-nadar-took-over-10-years-to-become-a-billionaire/slidelist/76547186.cms">Indians took 17 years on an average to make their first billion— and it has gotten a lot faster recently</a><br /><br /><a href="https://www.businessinsider.in/business/news/the-13-billion-hinduja-brothers-the-richest-people-in-the-united-kingdom-are-fighting-with-each-other-over-letter-dispute/articleshow/76548920.cms">The $13 billion Hinduja brothers, the richest people in the United Kingdom, are fighting with each other over a letter dispute</a><br /><br /><br />

Myntra’s End of Reason sale at its peak saw almost 19,000 orders in a minute – the most expensive item sold was a watch for ₹1,30,000

<p><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5474e0836bb3f7924c8b4569-1525-1034/screen shot 2014-11-25 at 3.01.53 pm.png" alt="tesoro oil refinery american flag" data-mce-source="REUTERS/Lucy Nicholson" data-mce-caption="A general view of Tesoro's Los Angeles refinery in Los Angeles, California October 10, 2014." /><p class="source"><span>REUTERS/Lucy Nicholson</span></p><p class="caption">A general view of Tesoro's Los Angeles refinery.</p></div><p></p></div></div>Crude <a href="http://www.businessinsider.com/crude-oil-prices-august-21-2015-8">oil prices are diving</a> to levels we haven't seen in years.</p><p>Gasoline, a product that's derived from refining oil, is also seeing prices fall. But the pace of decline is not near what we're seeing in oil.</p><p>While there is a time lag between when oil is drilled and pumped and when it's refined into gasoline and delivered to consumers, the discrepancy between oil and gas prices has been increasingly significant.</p><p>In one year, gas prices have dropped 23%, from $3.55 a gallon, according to data from the EIA. During that time, oil prices have slid from $94 a barrel to around $40 today, a decline of 57%, nearly double the drop in gas prices.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/55d4c7cb371d2232008c123b-1097-654/screen shot 2015-08-19 at 2.13.10 pm.png" alt="crude oil vs. gas" data-mce-source="GasBuddy.com" /><p class="source"><span>GasBuddy.com</span></p></div><p></p></div></div></p><h2>Refining is an intensive, costly process</h2><p>One of the biggest reasons for this discrepancy is what refiners are doing with the crude oil they receive.</p><p>In order to be suitable for a car, crude oil has to go through a refining process. Occasionally these refineries break down or operate below their capacity, creating a bottleneck in supply that causes gas prices to go up.</p><p>According to <a href="http://www.howardweil.com/docs/Reports/WEEKLY%20REPORTS/REFININGReport.pdf">weekly refinery research</a> from Blake Fernandez and Leonard Raymond at energy-investment firm Scotia Howard Weil, however, supply is just fine.</p><p><div class="KonaFilter image-container display-table float_right"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/55d4c83b2acae7c7018c1708-906-567/screen shot 2015-08-19 at 2.16.42 pm.png" alt="refinery utilizatuon" data-mce-source="Scotia Howard Weil" /><p class="source"><span>Scotia Howard Weil</span></p></div><p></p></div></div>Their research shows that refinery utilization in the US is above both the five-year average and 2014 levels, at around 95%.</p><p>Also, refineries in four out of the five regions designated by the EIA are operating above their five-year averages.</p><p>So, like crude oil, it seems that refined petroleum is experiencing a supply glut.</p><p>The difference is that while oil producers are getting squeezed by low oil prices, the refiners are cleaning up on the difference between their oil costs and the selling prices of their refined products.</p><h2>Refiners are cashing in on the crack spread</h2><p>For oil producers, or the upstream businesses, low oil prices mean lower profits. But for refiners, or the downstream businesses, crude oil is a cost. So, if crude oil prices are falling faster than the prices of refined products like gasoline and jet fuel, refiners could actually see profits surge. </p><p>This is all capture in something called the "crack spread," which is the difference between what refiners pay for the crude oil they bring in and the price of the petroleum product as it goes out. This spread, or refining margin, is hitting multiyear highs.</p><p>According to Fernandez and Raymond's report, crack spreads per barrel for East Coast, Gulf Coast, and West Coast refiners are all above their five-year ranges. The Chicago crack spread, while below the five-year high, is above 2014 levels.</p><p>"To-date downstream margins have been supported by declining crude prices largely on the heels of excess supply, while demand has remained robust," said the analysts.</p><p><div class="KonaFilter image-container display-table float_left"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/55d73cc6bd86ef0e008b4ed5-930-693/screen shot 2015-08-21 at 10.56.12 am.png" alt="east coast crack spread" data-mce-source="Scotia Howard Weil" data-mce-caption="East Coast crack spread is measured using the cost of 6 barrels of Brent crude oil and subtracting the price of 3 barrels of gasoline, 2 barrels of fuel oil used mainly for home heating and one barrel of residual oil" /><p class="source"><span>Scotia Howard Weil</span></p><p class="caption">East Coast crack spread is measured using the cost of six barrels of Brent crude oil and subtracting the price of three barrels of gasoline, two barrels of fuel oil (used mainly for home heating) and one barrel of residual oil.</p></div><p></p></div></div></p><p>The West Coast refining margin has jumped from $16.85 a barrel in the third quarter of last year to $36.47 so far this quarter.</p><p><span>The East Coast spread</span><span> has gone from $8.75 during 3Q of 2014 to $13.45 so far in 3Q of 2015.</span></p><p>Chicago's spread has jumped from $20.55 in 3Q of 2014 to $25.08 so far this quarter.</p><p><span>Fernandez and Raymond explain that p</span>art of this margin widening is due to the fact that some large companies refine their own oil. </p><p>The EIA <a href="http://www.eia.gov/todayinenergy/detail.cfm?id=21692">reported in June</a> that for the first quarter of this year, integrated companies' upstream profits were down 80%, while downstream profits were the highest in years.</p><p>"<span>Profits in the downstream sector, however, were the largest for any quarter since third-quarter 2012, almost $6 billion (95%) higher than in first-quarter 2014, which offset some of the decline from the upstream segment," said the EIA.</span></p><h2><span>Refinery stocks are going bonkers</span></h2><p>Independent refiners are doing very well these days. Valero, an independent US refiner, <a href="http://www.valero.com/InvestorRelations/FinancialReports_Filings_Statements/Documents/VEC_2Q15_10Q.pdf">reported a $1.1 billion increase</a> in earnings in the second quarter of 2015 over last year from refining operations:</p><blockquote class="blockquote">"The $1.1 billion increase in refining-segment operating income in the second quarter of 2015 compared to the second quarter of 2014 was <strong>due to higher margins on gasoline and other refined products</strong> (e.g., petroleum coke, propane, and sulfur) relative to Brent crude oil, partially offset by lower discounts on sour crude oils relative to Brent crude oil," said their quarterly filing.</blockquote><p>Another refiner, HollyFrontier, <a href="http://investor.hollyfrontier.com/secfiling.cfm?filingID=48039-15-55&amp;CIK=48039">posted operating profits of $589 million</a> in the second quarter of 2015, up from $296 million during the same quarter last year, according to the company's SEC filing. The gain was made despite the fact that the sales revenue for the company decreased 31% year over year for the quarter, to $3.7 billion this year from $5.4 billion last year.</p><p>The company was able to do this in part due to the drop in cost of goods sold, mostly crude oil, for which the company paid $1.8 billion less - all while increasing refinery utilization from 99.1% to 100.7%. This accounted for approximately half of the costs cut for the company in the quarter.</p><p>"<span>Overall gross refining margins per produced product sold increased 20% and 17% over the respective three and six months ended June 30, 2014," said the filing.</span></p><p>So, while the S&amp;P 500 has lost money for investors, refinery stocks have been surging. Check out this chart of refining giants Valero, Tesoro, and Holly Frontier.</p><p><div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/55d7a1e69dd7cc10008b537d-891-481/screen shot 2015-08-21 at 5.49.14 pm.png" alt="refiners" data-mce-source="Google Finance" /><p class="source"><span>Google Finance</span></p></div><p></p></div></div></p><p>So while the refiners are saving from the lower price of oil, a good portion of that is not being passed along to consumers and is instead being added to the crack.</p>    <div class="margin-top">        <h3>NOW WATCH: <a href="http://www.businessinsider.com/amount-people-cattle-oil-texas-2015-4">These facts about Texas will blow your mind</a></h3>        <div>            <div>    <script src="http://player.ooyala.com/v3/6e12e8b3387a44daacfb73afba25a76e"></script>    <div class="ooyala-video-player" data-video-autoplay="false" data-video-id="lscWxubTpMckOGeoeVLd_ZvgtbKXxxuD" data-player-variable="ooyalapopvideo" id="ooyalaplayer_popvideo" style="width:1280px;height:720px"></div>    <script>    if (typeof RunFunctions === 'undefined') { var RunFunctions = []; }     RunFunctions.push(function()    {         var ooyalapopvideo = OO.Player.create('ooyalaplayer_popvideo', 'lscWxubTpMckOGeoeVLd_ZvgtbKXxxuD',{ autoplay: 'false' });     });    </script>    <noscript><div>Please enable Javascript to watch this video</div></noscript></div>        </div>        <script>(function() { function createPlayer() { OO.ready(function() { RunFunctions.forEach(function(ooyalaFunction) { ooyalaFunction(); }); RunFunctions = [];}); } createPlayer(); }()); </script>    </div>

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