victorybull

Author: victorybull

  • Investors are panicking as Bitcoin falls below the $30,000 level

    Cryptocurrency, Bitcoin, Market, News,

    On Tuesday, the global cryptocurrency market reached its lowest point in history, with Bitcoin falling below $30,000 a coin, sending millions of investors into a panic.

    The whole global cryptocurrency market fell 13%, hovering around $1.37 trillion in market capitalization, its lowest level this year.

    Bitcoin had dropped more than 55% from its all-time high of $69,000 in November of last year.

    Cardano (20%), Solana (16%), XRP (13%), BNB (16%), and Ethereum (16%) were among the digital assets that experienced double-digit percentage declines (10 per cent),

    According to experts, the combination of rising interest rates and declining economic activity has created a risk-off atmosphere.

    Terraform Labs (TFL), the company behind UST, LUNA, and the Luna Foundation Guard (LFG), has depleted its treasury wallet of all of its bitcoin (about 42,530 bitcoin) worth $1.3 billion.

    According to TechCrunch, the UST stablecoin lost its 1:1 dollar peg for the second time in three days on Monday, falling as much as 5.3 percent to 95 cents.

    The drop is due to concerns about the US Federal Reserve’s willingness to combat inflation. The Federal Reserve raised interest rates by 50 basis points last week.

    The GST council in India is considering a 28 percent tax on cryptocurrencies, similar to the present GST on casinos, betting, and lottery, which might further damper the attitude of crypto investors in the country.

    Bitcoin is worth approximately $650 billion and accounts for almost a third of the cryptocurrency market.

  • Adani Wilmar is down for the eighth consecutive day, down 34% from its 52-week high

    Adani Wilmar's stock

    Adani Wilmar’s stock fell 5% to Rs 583.25 on the BSE on Tuesday, marking the eighth consecutive day of losses. For the fifth day in a row, the stock of Adani Group Company, which is in the edible oil business, has been stuck in a 5% lower circuit. After the company announced a mixed bag of results for the quarter ending March 2022, it fell 34% from its 52-week high of Rs 878 reached on April 28, 2022. (Q4FY22).

    On the NSE and BSE, a total of 781,497 equity shares changed hands until 10:41 a.m., with 2.73 million shares pending sell orders. The S&P BSE Sensex, on the other hand, was up 0.19 percent at 54,575 points.

    Adani Wilmar is currently listed on the BSE in the T group and on the NSE in the BE category. Each trade in the T2T and BE segments must result in delivery, and no intra-day netting of positions is permitted.

    Adani Wilmar is a joint venture between the Adani and Wilmar groups, and the Fortune brand is India’s top edible oil manufacturer. In addition to oil, the corporation sells wheat flour, rice, legumes, sugar, and packaged meals.

    Adani Wilmar had previously collected Rs 3,600 crore through an initial public offering (IPO) and launched on the stock exchanges on February 8, 2022. From its issue price of Rs 230 per share, the stock had risen 282 percent. However, on the day of the IPO, it hit an intra-day low of Rs 221.

    Adani Wilmar’s net profit for Q4FY22 declined 26% year on year (YoY) to Rs 219.2 crore, owing to higher tax burden. However, revenue from operations increased by 40.2 percent year on year to Rs 14,960.4 crore. “Inflation caused a decrease in rural demand,” the business explained.

    Analysts at KRChoksey Shares and Securities, on the other hand, feel that Adani Wilmar’s focus on growing its FMCG and packaged food businesses, as well as its shift to value added goods, will result in increased market share and margin expansion.

  • Reliance Industries loses 3% after the March quarter results; it has dropped 9% in the last six days

    Reliance Industries (RIL) shares

    Reliance Industries (RIL) shares fell up to 3% to Rs 2,542.1 on the BSE in intraday trade on Monday after the Mukesh Ambani-led oil-to-chemicals (O2C) firm reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022 (Q4 FY22), up 22.5 percent from the year-ago period’s Rs 13,227 crore, but falling short of expectations.

    The stock was trading lower for the sixth consecutive trading day, down 9% over time. On April 29, 2022, it reached a record high of Rs 2,855. In comparison, the S&P BSE Sensex was down 1.5 percent at 54,039 points at 09:25 a.m.

    Reliance Industries (RIL) shares fell up to 3% to Rs 2,542.1 on the BSE in intraday trade on Monday after the Mukesh Ambani-led oil-to-chemicals (O2C) firm reported a consolidated net profit of Rs 16,203 crore for the quarter ended March 31, 2022 (Q4 FY22), up 22.5 percent from the year-ago period’s Rs 13,227 crore, but falling short of expectations.

    The stock was trading lower for the sixth consecutive trading day, down 9% over time. On April 29, 2022, it reached a record high of Rs 2,855. In comparison, the S&P BSE Sensex was down 1.5 percent at 54,039 points at 09:25 a.m.

    The retail category created 714 new outlets, pushing the total number of establishments to 15,000, while sales topped pre-Covid levels.

    While sim consolidation led to the third consecutive quarter of net subscriber decline, the positive surprise came from better ARPU growth and a minor beat at EBITDA levels due to higher topline.

  • As crude oil prices rise, the rupee falls to an all-time low of 77.42 per dollar

    Crude Oil Price

    The Indian rupee has broken over the 77-per-dollar barrier for the first time, owing to rising crude oil prices and a growing trade deficit.
    The rupee was trading at 77.32 per dollar, 41 paise lower than its previous close.
    The US Federal Reserve’s hawkish posture has resulted in higher US bond yields, with the dollar index reaching a 20-year high.
    The RBI has been robust in its intervention in the foreign exchange market in the past, and was seen protecting the Rs 77 per dollar levels.

    As a result, foreign exchange reserves have fallen by roughly $45 billion from their all-time high of $642 billion, which was recorded for the week ending September 3, 2021.
    According to the most recent figures issued by the RBI on Friday, the country’s foreign exchange reserves dipped to $598 billion for the week ending April 29.

    Risk appetite has diminished, according to forex traders, due to growing fears about inflation, which may prompt more aggressive rate hikes by global central banks.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.35 percent at 104.02, reflecting rising US yields and concerns about higher interest rates.

    Furthermore, Asian and developing market rivals began the day badly and likely impact on mood.

    The 30-share Sensex was trading 737 points, or 1.34 percent, lower at 54,098.58 points, while the wider NSE Nifty was down 220.25 points, or 1.34 percent, at 16,191.00 points.

    Brent crude futures increased 0.14 percent to USD 112.55 per barrel, the global oil benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Friday, offloading shares worth Rs 5,517.08 crore.

  • 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.