victorybull

Author: victorybull

  • Elon Musk has secured almost $7 billion in new cash for his purchase of Twitter

    Elon Musk

    Elon Musk has obtained approximately $7.1 billion in new finance pledges for his proposed $44 billion takeover of Twitter, gaining the support of some of the world’s most powerful investors.

    He was also anticipated to act as Twitter’s interim CEO for a few months once the acquisition was completed

    The equity commitments come as the Tesla billionaire raises funds to fund one of the most significant tech industry takeovers. Binance, Brookfield Asset Management, Fidelity Management & Research, and Qatar Holding are among the investors identified in the filing on Thursday.
    Musk has also garnered the backing of fellow entrepreneur and Oracle co-founder Larry Ellison, who has a significant position in Tesla and serves on its board of directors. Ellison’s trust has pledged $1 billion to Musk’s takeover.

    In intraday trading, Twitter shares surged 3.63 percent.

    On April 25, the world’s wealthiest individual agreed to buy Twitter using a financing strategy that has concerned some Tesla investors. Musk promised to provide $21 billion in equity in addition to promising tens of billions of dollars in Tesla stock to support margin loans. According to the filing on Thursday, that figure has climbed to $27.25 billion.

    Saudi Prince Alwaleed bin Talal, chairman of the board at Kingdom Holding Firm and one of Twitter’s most ardent supporters, has agreed to pledge nearly 35 million shares in Twitter — worth $1.9 billion — in order to maintain a stake in the company following Musk’s takeover.

    He earlier rejected Musk’s offer, claiming that it fell “far short of the underlying worth of Twitter.” Musk is reportedly in talks with Twitter co-founder Jack Dorsey about contributing some of his shares to the purchase.

    Musk’s new investors include a slew of traditional asset managers, venture capital firms, boutique hedge funds, and one of the world’s largest capital pools. Qatar Holding, a subsidiary of the country’s sovereign wealth fund, has committed to provide $375 million.

  • Uber reports a $5.9 billion net loss as Asian investment values tumble

    Uber

    Uber reported a net loss of $5.9 billion owing to unrealized losses from holdings in Didi Global, Grab Holdings, and Aurora Innovation, but provided a good earnings projection for the current period. It indicated that the firm intends to capitalize on strong ride demand without jeopardizing earnings by focusing on product upgrades rather than incentives to overcome the driver shortage.

    The ride-sharing and delivery company forecasted second-quarter gross bookings of $28.5 billion to $29.5 billion and adjusted earnings before interest, tax, depreciation, and amortization of $240 million to $270 million. The upper end of both ranges outperformed the average analyst forecast.

    Uber‘s positive results contrasted with rival Lyft’s poor prediction on Tuesday, which indicated that the driver shortage that has plagued both ride-hailing businesses for the past year will continue into the second quarter. In extended trading, shares fell as much as 27% after Lyft said it would increase spending on driver incentives to bring the number of drivers on its marketplace back into balance with rebounding rider demand.

    Uber’s estimate comes after revenue increased 136% to $6.9 billion in the first quarter, the firm said in a statement on Wednesday.

    Adjusted Ebitda earnings were $168 million in the quarter, exceeding the $135 million projected by analysts.

  • In early trade, the rupee climbs 29 paise to 76.11 against the US dollar

    The rupee rose 29 paise to 76.11 against the US dollar in early trade on Thursday, as the US currency fell in the international market.

    The rupee rose 29 paise to 76.11 against the US dollar in early trade on Thursday, as the US currency fell in the international market.

    The rupee began at 76.17 against the US dollar on the interbank foreign exchange, then gained ground to quote at 76.11, a 29-paise increase from the previous day.

    The rupee had finished at 76.40 versus the US dollar on Wednesday.

    According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the Indian rupee opened stronger against the US dollar on Thursday following a surprise rate hike by the Reserve Bank of India and US Fed Chairman Powell pushing back against a steeper 75-basis point rate hike in the coming months.
    Furthermore, foreign money inflows into domestic assets via the LIC IPO could boost sentiment.

    However, Asian and developing market currencies have begun to fall, and a rise in oil prices could limit the appreciation bias. Furthermore, the bearish rupee forecast remains unchanged due to the anticipation of more 50-basis-point rate hikes by the US Fed in the coming months, according to Iyer.

    The dollar index, which measures the strength of the US currency against a basket of six currencies, was 0.03 percent lower at 102.55.
    The US dollar fell more in Asian trade on Thursday morning after Powell stated that the committee was not actively exploring a sharper 75-basis-point rate hike in the coming months, despite the fact that inflation remains well above the Fed’s 2 percent target.
    The 30-share Sensex was trading 399.81 points, or 0.72 percent, higher at 56,068.84 points, while the wider NSE Nifty was up 125.75 points, or 0.75 percent, at 16,803.35.

    Brent crude futures increased 0.35 percent to USD 110.53 per barrel, the global oil benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Wednesday, offloading shares worth Rs 3,288.18 crore.

  • In April, auto retail sales increased 37% due to a low Covid-hit base impact

    auto retail sales

    Automotive retail sales in India surged by 37% in April on a low base of COVID-affected April last year, according to the automobile dealers’ group FADA on Thursday.

    Total sales across all categories increased to 16,27,975 items in April, up from 11,87,771 units the previous year.

    When compared to April of last year, all vehicle types, including passenger vehicles and two-wheelers, increased year on year.

    Passenger car registrations totaled 2,64,342 units in April, up 25% from 2,10,682 units in April of last year.
    Similarly, two-wheeler sales were 11,94,520 units, up 38% from the previous year.

    Commercial vehicle retail sales in April were 78,398 units, up 52% from 51,515 units in April 2021.

    When compared to April of previous year, three-wheeler sales increased by 96%, while tractor registrations increased by 26%.

  • The selling of a private bond to Apollo Global nets the Mumbai airport $750 million

    Mumbai International Airport

    After delaying a scheduled note offering, Mumbai International Airport Ltd. has raised $750 million through a private bond sale to Apollo Global Management Inc.

    According to a stock exchange notification, the operator of India’s No. 2 airport, which is controlled by the country’s richest man, issued 7.25-year dollar notes to Apollo-managed funds to refinance current debt and fund new capital investment. The deal’s terms were not specified in the statement.

    Several Asian firms have revised their dent sale plans as a result of a worldwide bond market rout. Last month, Kalyan Jewellers India Ltd. announced the cancellation of a dollar bond offering, and India’s local currency debt market has experienced a slew of cancellations in recent months.

  • IN EARLY TRADE, THE RUPEE JUMPED 8 PAISE TO 76.40 AGAINST THE US DOLLAR

    In early trade on Wednesday, the rupee rose 8 paise to 76.40 against the US dollar in anticipation of foreign fund inflows through the LIC IPO.

    The rupee began at 76.46 against the dollar on the interbank foreign exchange, then gained ground to quote at 76.40, an increase of 8 paise from the previous close.

    The rupee was trading at 76.48 against the US dollar on Monday.

    Due to Id-Ul-Fitr, the FX market was closed on Tuesday.

    The government is selling 22,13,74,920 shares in the Life Insurance Corporation (LIC) at a price range of Rs 902-949 per share, with a target of raising Rs 21,000 crore. From May 4 to 9, institutional and retail buyers will be able to purchase the issue.

    The anchor investor part of LIC’s IPO has been fully subscribed, raising roughly Rs 5,620 crore.

    Foreign fund inflows from the LIC IPO, according to Sriram Iyer, Senior Research Analyst at Reliance Securities, could counter a strong currency, which has extended gains amid aggressive rate hikes by the US Fed.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.05 percent at 103.51.

    The 30-share Sensex was down 21.42 points, or 0.04 percent, at 56,954.57 points, while the wider NSE Nifty was down 9.65 points, or 0.06 percent, at 17,059.45.

    Brent crude futures increased 0.99 percent to USD 106.01 per barrel, the global benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Monday, offloading shares worth Rs 1,853.46 crore.

  • The10 gm of gold is Rs 51,510, while the price of a kg of silver is Rs 62,700

    On Tuesday, the price of ten grammes of 24-carat gold fell by Rs 1,280 to Rs 51,510, while the price of one kilogramme of silver fell by Rs 800 to Rs 62,700 per kilogramme.

    the price of 10 grams of 22-carat gold has dropped by Rs 1,190, and the precious metal is now selling for Rs 47,200.

    The price of 10 grammes of 24-carat gold in Delhi and Mumbai is the same as it is in Bengaluru, Hyderabad, and Kolkata, with the precious metal retailing at Rs 51,510 in these cities.

    However, 10 kilos of 24-carat gold sell for Rs 52,970 in Chennai, whereas 10 grammes of 22-carat gold sells for Rs 48,550.

    In Delhi, Mumbai, and Kolkata, one kilogramme of silver costs Rs 62,700, while the metal costs Rs 67,600 in Chennai, Bengaluru, and Hyderabad.

    By the drop in international precious metal prices, gold in the national capital fell from Rs 745 to Rs 50,936 per 10 kilos on Monday. Silver fell by Rs 1,228 per kilogramme to Rs 63,028, down from Rs 64,256 per kilogramme in the previous trading.

  • ZEPTO HAS RAISED $200 MN TO DEVELOP ITS 10-MINUTE DELIVERY SERVICE THROUGHOUT INDIA

    Zepto, a rapid commerce startup founded by two 19-year-old Stanford dropouts nine months ago, has raised $200 million in a Series D funding round, valuing the company at about $900 million. Zepto intends to use the funds to expand 10-minute grocery delivery across the country and continue to grow responsibly.

    Y Combinator Continuity doubled in and spearheaded rapid commerce Zepto’s Series D, with Kaiser Permanente joining the company as a new investor. All of the company’s previous investors have upped their stakes, including Nexus Venture Partners, Glade Brook Capital, and Lachy Groom, signaling yet another vote of confidence in the company’s prospects.

    The funding would also help Zepto compete with companies like Dunzo, Swiggy, Zomato, Amazon, and Flipkart, which are all spending big on the country’s quickly rising online food sector.

    “The core of what we’re doing is delivering groceries in 10 minutes,” said Zepto co-founder and CEO Aadit Palicha in an interview. “The way we do that is through a network of highly optimized delivery centers. We have scaled to millions of customers across the country. Today, we’re doing hundreds of thousands of orders a day. We have achieved a scale that took food delivery players years to achieve and we did that in a few months. The business continues to grow at a very fast pace.”

    According to Palicha, Zepto’s revenue increased by 800% QoQ (quarter-over-quarter), but burn decreased by 5X on a per-order basis. He claimed that at scale, the company had an 88-point NPS (net promoter score) and 60% Month-1 Buyer Retention.

    The company has secured $360 million in total from well-known investors in Silicon Valley and India. In just a few months, the company claims to have established an all-star bench of executive talent and expanded its team to over 1,000 individuals. The funds will allow it to continue hiring across all departments, including engineering, analytics, operations, marketing, finance, and human resources.

    What sets Zepto apart, according to the company, is its capacity to regularly supply over 3,000 products in under 10 minutes. The goal is to establish 10-minute delivery as the new standard.

  • Bajaj Auto’s April sales fell 20% to 310,774 units, with domestic sales down 24%

    Bajaj Auto Ltd reported a 20% drop in overall sales in April to 3,10,774 units on Monday. Bajaj Auto said in a statement that it sold 3,88,016 vehicles in the same month last year.

    It stated that total domestic sales in April 2021 were 1,02,177 units, down 24% from 1,34,471 units in April 2021.
    Last month’s exports were also down 18%, at 2,08,597 units, compared to 2,53,545 units a year ago.
    Domestic two-wheeler sales were 93,233 units, down 26% from 1,26,570 units in the same month previous year, according to the business.

    It said that the company’s two-wheeler shipments were down 15% to 1,88,478 units in April 2021, compared to 2,21,603 units in April 2021.

    Commercial vehicle sales in the domestic market, on the other hand, increased by 13% to 8,944 units from 7,901 units in the same month last year, according to Bajaj Auto.

    However, commercial vehicle exports fell 37% to 20,119 units in April 2021, compared to 31,942 units in April 2021, according to the business.

  • In early trade, the rupee rose 6 paise to 76.44 against the US dollar

    In early trade on Monday, the rupee rose 6 paise to 76.44 against the US dollar, owing to a drop in global petroleum prices. However, currency traders claimed that the rupee’s advances were restrained by a sluggish trend in domestic equities and a strong dollar in the overseas market.

    The rupee opened strong at 76.48 against the US dollar on the interbank foreign exchange, rising 6 paise from the previous close to 76.44. The rupee had finished at 76.50 against the greenback in the previous session.

    The 30-share Sensex was down 336.59 points, or 0.59 percent, at 56,724.28, while the wider NSE Nifty was down 102.60 points, or 0.60 percent, at 16,999.95 on the domestic equity market.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, increased by 0.43 percent to 103.40.

    Brent crude futures fell 0.94 percent to USD 106.13 per barrel, the global benchmark. According to exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 3,648.30 crore.