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There have been more than 20 gaps in federal government funding since 1976, with varying levels of shutdowns that have affected agencies -- and the public -- in different ways. During Donald Trump's first term as president, roughly 800,000 of the federal government's more than 2 million employees were sidelined for more than a month starting in December 2018. The economy took a major hit. As lawmakers raced to secure a funding deal that would keep the government open beyond Friday's midnight deadline, Washington and its large federal workforce braced for a potentially disruptive holiday season. Travel would still likely proceed without major interruptions, as Transportation Security Administration employees and air traffic controllers would largely continue to work. But like during the late 2018 shutdown, travelers could face delays at airports. Carter Langston, a Transportation Security Administration spokesperson, said Thursday that 59,000 of the agency's 62,000 employees were considered "essential," meaning they would continue working without pay during a shutdown. The agency expects to screen 40 million passengers over the holidays. "While our personnel have prepared to handle high volumes of travelers and ensure safe travel, an extended shutdown could mean longer wait times at airports," Langston said. A shutdown would cause enormous strain on furloughed government workers and those required to still work, most of whom would do so without pay until funding is restored. How does the federal government prepare? The White House's Office of Management and Budget maintains a collection of plans that federal agencies have developed in the event of a shutdown. Other Washington institutions, like the National Gallery of Art, have also developed plans as part of that list. Federal agencies organize their employees by the urgency of their work in a shutdown, using categories such as "necessary to perform activities expressly authorized by law"; "necessary to the discharge of the president's constitutional duties and powers"; and "necessary to protect life and property." Departments provide estimates of how many employees in those categories would be likely to work during a shutdown. The Health and Human Services Department would keep roughly 50,000 of its employees working through a shutdown, and would furlough more than 40,000 people by the second day of a break in funding. Divisions within the department with workers more urgent to human health would keep going. The National Institutes of Health's clinical center would care for and admit new patients "for whom it is medically necessary," while the Food and Drug Administration would monitor and respond to food-borne illnesses and flu outbreaks. But some core food safety work would be "reduced to emergency responses." Like in past shutdowns, government labs could close, halting research. More than 150,000, or over half, of the Homeland Security Department's workforce would keep working because of their status as "necessary to protect life and property." How are federal workers' lives affected? Federal employees, including those who are furloughed, will receive back pay once the president signs legislation funding the government. And employees who worked overtime can typically claim extra wages after a shutdown concludes. Those protections are not necessarily guaranteed for the many contractors who keep government agencies running, such as janitors and cafeteria workers. They may still be entitled to unemployment compensation if they were furloughed or could not work. A break in pay would affect a wide swath of workers, potentially delaying paychecks for members of the military. Many federal employees do clerical or administrative work that keep agencies functioning, and do not have large salaries. Past shutdowns have led to scenes of anguish and desperation among federal workers who struggled to afford food and essentials. In 2019, as the more than monthlong shutdown extended well past New Year's Day, there were long lines at Washington-area food banks, where federal workers waited for brown bags of meals. The U.S. Office of Personnel Management has published a shutdown guide for federal workers. How is the public affected? Some aspects of a shutdown would be more noticeable to Americans, like changes in the operations of national parks and museums. Some would be harder to spot: In past shutdowns, inspections of chemical factories, power plants and water treatment plants ground to a halt, while some routine food safety inspections were paused. Social Security and Medicare benefits continue uninterrupted, as does medical care for veterans. Because of how the Postal Service is funded, regular mail operations would continue. Depending on the length of a shutdown, low-income Americans who rely on food stamps or WIC -- the Special Supplemental Nutrition Program for Women, Infants, and Children -- could see access lapse. (This article originally appeared in The New York Times)

ET Intelligence Group: Ahmedabad-based Senores Pharma is a formulations company catering to regulated as well as emerging markets. It is rolling out an IPO of ₹582 crore comprising a fresh issue of ₹500 crore and an offer-for-sale of ₹82 crore that dilutes the promoter shareholding from 66.6% to 45.7%. Of the issue proceeds, ₹303 crore are going to be used for repayment of borrowings, incurring capex and working capital.Business OverviewIncorporated in 2017, the company identifies, develops and commercialises speciality and complex niche products in mid-market range. It also undertakes contract manufacturing for its customers. It earns through in-licensing fee, transfer pricing and profit sharing. Over 60% of its revenues come from supplying to regulated markets of the US, Canada and the UK and 32% from emerging markets. Financials & Growth ProspectsTwo acquisitions-Havix and Ratnatris-integrated during FY24. While the company's revenues and net profit for FY24 stood at ₹214 and ₹24.9 crore respectively, the same for six months ended September 2024 stood at ₹181 crore and ₹24 crore respectively. The Ebitda margin too improved from 20.7% to 26% during the same period.Senores intends to significantly enhance market presence in North America and launch products with potential of NDA approval in the US. 116486028Valuations & Risk FactorsAt an implied market cap of around ₹1,800 crore, the IPO values the company at five times its annualised revenues for FY25 and 37.6 times its annualised earnings for FY25. These are aggressive valuations for a small company with a differentiated business model in the high-clutter pharma sector. Long-term investors interested in a niche pharma company can consider investing in the issue bearing the risk that the company may not be able to maintain the strong growth momentum seen in the first half of FY25.

A look at some of the latest stock recommendations by analysts. These stocks are expected to return between 13% and 26% as per analysts’ price targets.SWIGGY BROKERAGE: JP MORGAN Price Target: Rs 730 CMP: Rs 582 Upside: 25.4% Company to catch up across food delivery (FD) and quick commerce (QC) with renewed focus and improved execution Stock trading at 32–42% discount to Zomato that appears overly pessimistic Bolt (10 min FD) could help Swiggy regain shareMOTILAL OSWAL FIN SERV BROKERAGE: INVESTEC Price Target: Rs 1,200 CMP: Rs 954 Upside: 25.8% All operating businesses well-positioned and gaining market share Invests excess cash generated by operating businesses in equity, enhancing shareholder value Change in equity market sentiment is a key riskDR REDDY’S LABS BROKERAGE: NOMURA Price Target: Rs 1,500 CMP: Rs 1,326 Upside: 13% Upgrade stock to buy as risk-reward is favourable Relative underperformance of stock suggests that concerns about the high contribution of Revlimid are priced in Catalysts are sustaining aboveaverage market growth in India, and low-competition injectable launches in the US