victorybull

Author: victorybull

  • 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.

  • As the yen falls on the dovish BOJ, the dollar reaches a 20-year high and the euro a 5-year low

    The dollar rose to a 20-year high against its peers on Thursday as the Bank of Japan maintained its dovish stance, sending the yen to its lowest level since 2002 and the euro to a five-year low amid concerns about the region’s economic growth.

    The dollar soared beyond 130 yen as the Bank of Japan reaffirmed its commitment to maintaining ultra-low interest rates by promising to buy an infinite number of bonds everyday to meet its yield target.
    Given the pressure mounting throughout foreign exchange markets, there had been considerable market speculation that the BOJ might take a step back.

    After reaching a high of 103.93, the dollar index was last seen at 103.73, up 0.74 percent for the day.

    After data showed that the US economy unexpectedly fell in the first quarter due to a resurgence in COVID-19 cases, the greenback lost ground.

    Rai, on the other hand, claimed that the data did not necessarily show a sluggish economy, but that it was skewed by a much higher trade deficit caused by rising imports.

  • As Facebook’s user base grows again, Meta Platforms’ stock rises 19%

    meta

    Meta Platforms, the parent company of Facebook, saw its stock rise as much as 19% on Thursday after the company reported that its main platform added more users than expected in the first quarter, assuaging concerns that the company is losing steam as a new generation flock to younger sites like TikTok.

    Meta announced on Wednesday that its primary platform has 1.96 billion daily users, a return to growth following the first-ever fall in the December quarter. Analysts had predicted a total of $1.94 billion.

    Revenue increased 6.6 percent to $27.9 billion, the smallest growth in a decade, and would have been higher if not for the conflict in Ukraine, according to the company.

    Investors became increasingly concerned that Meta’s core business and profit engine, advertising in its social media feeds, was losing steam, and the stock had plummeted nearly 50% this year.

    Those fears appear to have been allayed — at least for the time being — since Facebook just added 31 million new daily active users. Many of Meta’s problems still exist. Mark Zuckerberg, Facebook’s CEO, has admitted that TikTok, a video-sharing app, is a significant competitor for young users’ attention.
    The stock soared to a high of $208.20 per share, the most intraday gain since July 2013.

    A sustained decline would make it more difficult for the company to justify Zuckerberg’s costly, virtual-reality-fueled metaverse vision, a business that won’t turn a profit for years, if ever.

    On a conference call with analysts on Wednesday, Zuckerberg repeated that Meta’s Reality Labs section, which is developing AR and VR technology, will not contribute significantly to the company’s business for several years. Meanwhile, Facebook has announced that it will invest billions of dollars and hire thousands of people to turn the platform, which Zuckerberg sees as the next major computing shift, into a fully immersive digital environment where users will interact virtually while working, shopping, and playing games.