Friday, March 29

Market

Economic news- Know the latest news about the commodity market price up and down, share market up and down, latest highest price rise and lowest down for shares and commodities all over the world.

RCom shares zoom 10% after payment to Ericsson
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RCom shares zoom 10% after payment to Ericsson

Shares of Reliance Communications zoomed 10 per cent Tuesday after the company cleared dues of a Swedish service provider at the eleventh hour. The scrip jumped 10 per cent to Rs 4.40, its upper circuit limit, on the BSE. At the NSE, shares rose sharply by 10 per cent to Rs 4.40. Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh and his wife Nita, whom he thanked for standing by him in trying times and extending "timely support".Anil's heavily debt-laden Reliance Communications made a Rs 550 crore payment, including interest, to Ericsson just a day before the expiry of the deadline set by the Supreme Court of India to clear dues or face a th...
Lyft beats bigger rival Uber, File for $2 billion IPO
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Lyft beats bigger rival Uber, File for $2 billion IPO

USA based online cab aggregator platform Lyft beat bigger rival Uber Technologies in filing for an IPO. JPMorgan Chase & Co, Credit Suisse and Jefferies managing Lyft's IPO. Founded in 2012, the San Francisco based company currently valued at about $15 billion. The cab sharing platform was founded by John Zimmer and Logan Green. However, Lyft did not specify the number of shares in a filing with the Securities and Exchange Commission. Lyft company is planning for the roadshow to fetch the interest of investors due to escalating trade tensions between the United States and China, which causes turmoil in the financial markets. Investors main concern is the recent stock market weakness that could result in reduced interest in their road shows or fail to fetch them a reas...
Tesla Selling Shares to raise Money for Car Delivery Trailers
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Tesla Selling Shares to raise Money for Car Delivery Trailers

Tesla selling $13 million worth of stock to buy trucks and trailers that will transport its electric vehicles to customers. After online only order this is the second big announcement from Tesla to improve its delivery services. In new security filing on Monday, Tesla issued $13.8 million worth in stock. Tesla offers 49,967 shares at a maximum price of $277.05 a share as of February 12 to buy the trailers. Tesla’s statement within the securities filing: As part of Tesla’s ongoing logistics strategy to increase its vehicle transport capacity, reduce vehicle transportation time, and improve the timeliness of scheduled deliveries, Tesla agreed to issue shares of Tesla’s common stock in connection with its acquisition of certain car-hauling trucks and trailers from Central Valley ...
India’s Supermarket Chain D-Mart shares down nearly 10% post Q3 earnings
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India’s Supermarket Chain D-Mart shares down nearly 10% post Q3 earnings

Shares of Avenue Supermarts, which runs the D-Mart supermarket chain, slumped nearly 10 percent today after its December 2018 quarter earnings failed to cheer investors. On NSE, shares of the company tumbled 9.90 per cent to Rs 1,416. Avenue Supermarts Saturday posted 2.1 percent jump in its net profit to Rs 257 crore for the December 2018 quarter. The company had reported a net profit of Rs 252 crore in the corresponding quarter a year ago, it said in a BSE filing. While the gross margin impact of its now-known strategy of driving higher throughout its stores by lowering prices across categories has been built into forecasts, the disappointment this time round was led by a surprisingly sharp surge in other expenses' (45 per cent), it said. "DMart's other expenses have rare...
Hong Kong based Fit Boxx Files for US IPO
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Hong Kong based Fit Boxx Files for US IPO

China's Fit Boxx Holdings, which sells beauty, fitness and health care products and devices, is looking forward to raise about $20 million in an initial public offering (IPO) on the US stock market. The company is planning to offer its IPO of 2,500,000 ordinary shares (or 2,875,000 ordinary shares if the underwriters exercise their over-allotment option in full) at a price range of $7.50 to $8.50 apiece. The company anticipates to be listed on the Nasdaq under the ticker symbol of "FBOX." WestPark Capital is the sole bookrunner on the deal. Founded in 2009, the Hong Kong-based company is specialized in the sourcing, marketing, selling and distribution of a variety of beauty device products and fitness and health care products, which are mainly for home use, under various bra...
Sports Tech Company Golflan Plans to go Public
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Sports Tech Company Golflan Plans to go Public

A sports tech company called Golflan which is focused on golf announced its plans of going public by 2020 by launching an IPO, expecting its current streak of growing at 100 per cent annually to continue. It has been stated that the company was on track to close this year with revenues of $6million as against $3million last year.  “We are breaking even operationally and will look at listing the company once we hit a revenue run rate of Rs 100 crore,” said Dhruv Verma, CEO Golflan. He has also estimated that Golflan would be at a revenue run rate of Rs 50 crore by 2019, and between Rs80-100 crore by 2020. Also, he is currently in talks with merchant bankers on how they could go ahead with this.  As of now, the company has been focused on the b2b side of the ...
China’s Tencent Music Secures $1.1 Billion in US IPO
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China’s Tencent Music Secures $1.1 Billion in US IPO

China’s largest streaming company, Tencent Music has raised $1.1 billion in a U.S. IPO after it priced its shares at $13 a piece ahead of a listing on the Nasdaq. This development makes it one of the largest tech listings of the year, but the pricing is at the bottom end of its $13-$15 range indicating that the much-anticipated IPO has felt the effects of an uncertain market. The company is said to have paused the listing process, which it started in early October, for a time so choppy are the waters right now — and that’s not even mentioning a shareholder-led lawsuit that was filed last week. The company operates a constellation of music streaming services in China which span orthodox Spotify-style streaming as well as karaoke and live-streaming se...
Cab Aggregator Uber Secretly Plans an IPO
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Cab Aggregator Uber Secretly Plans an IPO

Soon after cab aggregator Lyft applied for nearly 2019 initial public offering, Uber is on the same path and the company issecretly planning to file for an IPO, marking the beginning of a race for thetwo ride-hailing giants to the stock markets. Most recently,Uber’s private market valuation was a whopping $72 billion value. Founded in2009, Uber has raised a total of nearly $20 billion in a combination of debtand equity funding. Uber’s currentchief executive officer Dara Khosrowshahi previously said he expected the company to completean IPO in mid-2019 but today’s news puts Uber on pace to debut in the firstquarter of next year. “[Uber] has allthe disadvantage of being a public company, with the spotlight on us, with none of the advantages,” Khosrowshahi said. The com...
Berkshire Hathaway Looking to Pick up Stake in Kotak Mahindra Bank
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Berkshire Hathaway Looking to Pick up Stake in Kotak Mahindra Bank

As per the report, Warren Buffett's Berkshire Hathaway Inc was planning to pick up stake in India's Kotak Mahindra Bank. Berkshire Hathaway may invest between USD 4 billion and USD 6 billion in the lender by buying promoter stake or through a preferential allotment. Following the news, the stock of kotak mahindra which opened on a positive note, further jumped 13.86 per cent to the hit an intra-day high of Rs 1,345.35. At 1330 hrs the stock was trading at Rs 1,239, up 4.87 per cent from the previous close. On NSE, following a similar trend, the stock soared 14.03 per cent to Rs 1,345.95, its highest during the day. It was quoting at Rs 1,238.35, an increase of 4.92 per cent from the previous close, at 1330 hrs. The Reserve Bank had earlier asked promoters of the bank to b...
Ballooning United States Deficit is Good News for Indian Gold Investors
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Ballooning United States Deficit is Good News for Indian Gold Investors

The United States federal deficit for October ballooned up to more than $100 billion, which is almost 58 percent more than the figures we had for last year. In October of 2017, the United States saw a monthly deficit of $63 billion, but the figures have gone even higher this year. The net spending by consumers in October rose by some 18 percent, whereas the receipts collected showed a meager increase of 7 percent. The Congressional Budget Office (CBO) has said that due to current ongoing projects, the federal deficit in the United States is expected to go up over the $1 trillion mark. Last time we saw the United States federal deficit cross the $1 trillion mark, gold prices made a massive jump to end at over $1,800 per ounce. Gold has not yet participated in this deficit, because ...
Mrs. Bector’s Food & Sansera Engineering Get SEBI Nod for IPO
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Mrs. Bector’s Food & Sansera Engineering Get SEBI Nod for IPO

Two companies of two different sectors have received regulatory nods to float initial public offerings (IPOs). Those two companies are biscuit maker Mrs. Bector's Food Specialties and automotive and aerospace component manufacturer Sansera Engineering. With this approval, SEBI has agreed upon a total of 65 IPO proposals in 2018. However, last year, it had cleared 46 proposals. Mrs. Bector's Food is a Ludhiana based food company and it filed its draft proposal on 13 August. The company counts firms like CX Partners and Gateway Partners as its backers. The IPO demanded a sale of shares worth Rs 800 crore by promoter Ajay Bector and CX Partners and Gateway Partners. It will result in 26-27% stake dilution, valuing the biscuit maker at Rs 3,000 crore ($428 million). CX Partners and...
Payment Solution AGS Transact Gets SEBI Nod for IPO
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Payment Solution AGS Transact Gets SEBI Nod for IPO

AGS Transact Technologies, a payment solutions provider has received SEBI’s official nod to launch an initial public offering (IPO). The company was recently backed by private equity firms TPG Growth and Actis until a few months ago. The Securities and Exchange Board of India (SEBI) issued final observations to AGS Transact’s IPO proposal on 26 October. AGS had filed its draft red herring prospectus (DRHP) with SEBI in mid-August. With this nod, SEBI, as of now, has approved 62 IPO proposals in2018. In 2017, the regulatory authority cleared 46 IPO proposals. AGS’ Rs 1,000-crore IPO comprises fresh shares worth Rs 400 crore apart from equity of promoter Ravi Goyal and other individual shareholders worth Rs 600 crore. Also, AGS Transact may raise Rs 150 crore in pre-IPO placement as...