Tesla shares sink below the price at which it entered S&P 500 index
Tesla’s early-week decline amid a wider market sell-off was fueled in part by Chief Executive Officer Elon Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.”
Bloomberg
PUBLISHED ON FEB 23, 2021 08:19 PM IST
Tesla Inc. shares are trading below the level where they were when the electric-car maker entered the S&P 500 Index in December.
The stock dropped as much as 9% to $650 premarket in New York, after falling a similar amount on Monday. Through Monday’s close, the stock was down 21% from its Jan. 25 record intraday high. If these declines hold in regular trading, the shares would wipe out all their gains so far this year.
Tesla’s early-week decline amid a wider market sell-off was fueled in part by Chief Executive Officer Elon Musk’s comments over the weekend that the prices of Bitcoin and smaller rival Ether “do seem high.”
The concerns over the value of the cryptocurrency helped erase some of Bitcoin’s gains, which had rocketed to new highs after Tesla announced two weeks ago it added $1.5 billion in Bitcoin to its balance sheet.
Smaller electric vehicle stocks, that typically take their daily trading cues from Tesla, also dropped sharply in premarket trading. The breakneck rally in many of the pure-play EV makers has slowed down considerably in the new year as investors grew wary of increasing competition from traditional auto companies, such as General Motors and Ford.
India says OPEC+ decision to extend oil output cuts will hit economic recovery
Reuters, New Delhi
PUBLISHED ON MAR 05, 2021 10:47 PM IST
Oil prices jumped more than 2% on Friday, hitting their highest in nearly 14 months in reaction to the decision.
Gender inequality has cost world USD 70 trillion since 1990, finds report
PTI, Mumbai
PUBLISHED ON MAR 05, 2021 09:47 PM IST
The report also notes that full gender equality globally can increase the world GDP by up to USD 28 trillion by 2025.
Gold price falls further to ₹44,344, sets retail buyers on buying spree
By hindustantimes.com | Edited by Ayshee Bhaduri, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 09:07 PM IST
- Retail buyers continued to purchase gold in India as prices declined to a near one-year low.
Sebi lays guidelines on votes cast by mutual funds
Posted by Harshit Sabarwal | PTI
PUBLISHED ON MAR 05, 2021 06:52 PM IST
Mutual funds, including their passive investment schemes like index funds, exchange-traded funds (ETFs), will be required to cast votes compulsorily in respect of related party transactions of the investee companies and corporate governance matters, Sebi said in a circular.
India's forex reserves increase by USD 689 million to USD 584.55 billion: RBI
PTI, Mumbai
PUBLISHED ON MAR 05, 2021 06:14 PM IST
The reserves, which have been steadily increasing over the last few months, had touched an all-time high at USD 590.185 billion for the week ended January 29.
OPEC ignores India's call; Saudi asks New Delhi to use cheap oil bought last yr
PTI, New Delhi
PUBLISHED ON MAR 05, 2021 05:51 PM IST
India had purchased 16.71 million barrels of crude in April-May, 2020 and filled all the three Strategic Petroleum Reserves created at Visakhapatnam in Andhra Pradesh and Mangalore and Padur in Karnataka.
Tax cut should be joint call of Centre, states: Sitharaman on high fuel prices
PTI, New Delhi
UPDATED ON MAR 05, 2021 09:30 PM IST
Taxes on petrol and diesel make up for about 56 per cent of the record high diesel rates.
Germany to pay nuclear operators 2.4 billion euros for plant closures
Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 05, 2021 04:41 PM IST
The Frankfurter Allgemeine Zeitung daily had reported on Thursday that a sum of 2.4 billion euros will be made available from the general budget, citing government sources.
SoftBank strategy chief Katsunori Sago plans exit after just three Years
Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 05, 2021 04:23 PM IST
The 53-year-old is a key member of founder Masayoshi Son’s inner circle and something of a celebrity in Japan’s world of finance. Prior to joining SoftBank, Sago spent more than two decades at Goldman Sachs Group Inc., rising to become vice chairman of its operations in the country.
Maharashtra economy to register negative 8% growth in 2020-21: Economic survey
PUBLISHED ON MAR 05, 2021 04:19 PM IST
Industry and services sector were the worst hit by Covid-19 pandemic at a negative growth of 11.3% and 9% respectively, according to the state’s economic survey tabled in the state legislature by finance minister Ajit Pawar on Friday
Utkarsh Small Finance Bank files for IPO, plans to raise ₹13,500 million
By hindustantimes.com | Written by Deepali Sharma, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 09:14 PM IST
The Utkarsh CoreInvest Limited is the promoter and ICICI Securities, IIFL Securities, Kotak Investment Banking are the book-running managers of the offer.
Microsoft’s $10 billion Pentagon deal at risk amid Amazon fight
Posted by Harshit Sabarwal | Bloomberg
PUBLISHED ON MAR 05, 2021 03:59 PM IST
The US Defense Department said it will reconsider the controversial procurement if a federal judge declines to dismiss Amazon.com Inc.’s allegations that former President Donald Trump’s meddling cost the company the winner-take-all contract.
Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 pts
PTI, Mumbai
UPDATED ON MAR 05, 2021 04:13 PM IST
- Sensex falls 440 pts to end at 50,405; Nifty ends session in red at 14,938 points
Amazon's 'Tandav' row puts Bollywood, global streaming giants on edge
Reuters, Mumbai
PUBLISHED ON MAR 05, 2021 02:51 PM IST
- Companies like Amazon's Prime Video and Netflix are inspecting planned shows and scripts, with some even deleting scenes that could be controversial, five Bollywood directors and producers, and two industry sources said.
Asian LNG prices edge higher on Indian, Chinese demand
Reuters
PUBLISHED ON MAR 05, 2021 02:44 PM IST
The average LNG price for April delivery into Northeast Asia was estimated at about $5.70 per million British thermal units (mmBtu), up about 10 cents from the previous week, sources said.