victorybull

Author: victorybull

  • 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.

  • Profit-booking in banking, financial, and IT stocks has sent the indices back into the red

    After a recent rise, the Sensex and Nifty50 stock indices fell roughly 1% on Wednesday due to profit-booking in banking, financial, and IT firms.

    The 30-stock BSE Sensex fell 537.22 points, or 0.94 percent, to 56,819.39, as 24 of its constituents fell. It fell 772.57 points, or 1.34 percent, during the day, reaching a low of 56,584.04.

    The broader NSE Nifty50 index fell 162.40 points (0.94%) to 17,038.40, with 39 of its constituents ending the day in the red.
    With a 7.24 percent decline, Bajaj Finance was the worst performer on the Sensex. ICICI Bank fell 2.21 percent, Bajaj Finserve fell 3.88 percent, and SBI fell 1.78 percent.
    Infosys was down 1.68 percent, and Wipro was down 1.91 percent. Titan was down 2.19 percent, Dr. Reddy’s was down 1.94 percent, UltraTech Cement was down 1.63 percent, M&M was down 1.46 percent, and Maruti was down 1.44 percent.

    Tata Steel, on the other hand, increased by 1%, as did Asian Paints, HCL Technologies, TCS, Kotak Mahindra Bank, Reliance Industries, and HDFC Bank.
    The BSE midcap index fell 0.88 percent, while the smallcap index fell 0.61 percent in the broader market.

    Power slid the most (1.86%) among BSE sectors indices, followed by utilities (1.81%), telecom (1.72%), banking (1.40%), and oil and gas (1.40%). (1.24 per cent). Metal was the sole asset to gain ground, gaining 0.02 percent.

    There were 2,202 stocks that fell, 1,161 that rose, and 120 that were constant.

    Stock markets dropped substantially lower in continuation of the current consolidation period, according to Ajit Mishra, VP – Research, Religare Broking Ltd.

  • After Q4 earnings, Bajaj Auto shares fell over 2% to Rs 3,804.80 on the BSE.

    Bajaj Auto's stock fell over 2% in early Thursday trade after the business reported a 2% drop in consolidated net profit for the fourth quarter ended March 2022.

    Bajaj Auto’s stock fell over 2% in early Thursday trade after the business reported a 2% drop in consolidated net profit for the fourth quarter ended March 2022.

    On the BSE, Bajaj Auto shares fell 2.58 percent to Rs 3,804.80.

    The stock fell 2.57 percent to Rs 3,805 per share on the NSE.

    Bajaj Auto reported a 2% drop in consolidated net profit to Rs 1,526 crore for the fourth quarter ended March 2022, owing to sluggish demand and a semiconductor shortage in both domestic and international markets.
    In the January-March quarter of 2020-21, the Pune-based company posted a combined net profit of Rs 1,551 crore.

    Total revenue from operations fell to Rs 7,975 crore in the fourth quarter of FY21, down from Rs 8,596 crore the previous year.

    In the fourth quarter, the company’s total two-wheeler and commercial vehicle sales fell by 17% to 9,76,651 units, compared to 11,69,664 units in the same time of the 2020-21 fiscal year.

  • Reliance Industries has become the first Indian business to have a market capitalization of Rs 19 trillion

    After reaching a new high, Mukesh Ambani’s Reliance Industries Ltd (RIL) became the first Indian listed firm to have a market capitalization of Rs 19 trillion. In an otherwise sluggish market, the stock set a record high of Rs 2,827.10, up 2% on the BSE in intraday trade on Wednesday.

    RIL’s market capitalization was Rs 19.02 trillion at 09:33 a.m., according to BSE data, with the stock up 1.3 percent at Rs 2,811.85. The S&P BSE Sensex, on the other hand, was down 0.61 percent at 56,977.

    RIL’s stock price has increased by 11% in the last seven trading days, from a low of Rs 2,544 on April 18, 2022. The stock has gained 20% in the last three months, compared to a 0.42 percent fall in the S&P BSE Sensex.

    “Reliance industries is firing on all cylinders because its petchem business is doing extremely well on the back of a surge in Oil and Gas prices where Singapore gross refining margin (GRM) is at an all-time high. Its telecom business is unaffected by geopolitical tension and inflation whereas it is exploring synergies in its retail business. It is continuously expanding its path in the renewable energy business that opening more opportunities for the company,” said Santosh Meena, Head of Research, Swastika Investmart.

    RIL is a well-diversified commercial entity with a presence in refining or marketing petrochemicals (O2C), oil and gas exploration, retail, digital services, and media, making it one of India’s largest conglomerates. O2C and oil and gas contributed 50% of EBITDA in the 9MFY22 period, whereas retail, digital, and others contributed 10%, 34%, and 6%, respectively.

    On Tuesday, RIL and Abu Dhabi Chemicals Derivatives Company RSC (TA’ZIZ) inked a shareholder agreement for a chemical project in Abu Dhabi’s Ruwais. The development is significant because it will concentrate on the manufacturing of chlor-alkali, ethylene dichloride (EDC), and polyvinyl chloride (PVC), which are all used in a variety of industrial applications.

  • In early trade, the rupee fell 16 paise to 76.72 against the US dollar.

    stock exchange data

    In early trade on Wednesday, the rupee fell 16 paise to 76.72 against the US dollar, driven down by the greenback’s strength and continuous foreign fund outflows.

    The rupee opened at 76.69 versus the dollar on the interbank foreign exchange, before losing ground to quote at 76.72, a drop of 16 paise from the previous close.

    The rupee was trading at 76.56 against the dollar on Tuesday. According to Sriram Iyer, Senior Research Analyst at Reliance Securities, the rupee opened worse against the dollar on Wednesday as the American currency resumed its upward trend.

    Asian and emerging market counterparts were mixed, but Iyer noted that anticipation of Chinese intervention should limit the peers’ depreciation bias and boost sentiment for the local currency.

    The dollar index, which measures the strength of the greenback against a basket of six currencies, was up 0.05 percent at 102.34.

    Concerns about China’s weakening growth and predictions that the Federal Reserve will raise rates rapidly increased demand for the greenback, according to Iyer.

    On the domestic front, the 30-share Sensex was down 392.12 points, or 0.68 percent, at 56,964.49, while the wider NSE Nifty was down 126.25 points, or 0.73 percent, at 17,074.55.

    Brent crude prices increased 0.27 percent to USD 105.27 per barrel, the global benchmark.

    According to stock exchange data, foreign institutional investors were net sellers in the capital market on Tuesday, offloading shares worth Rs 1,174.05 crore.