Thursday, July 7

Month: July 2021

25% more sellers became crorepati compared to last year during Prime Day sales: Amazon
Business

25% more sellers became crorepati compared to last year during Prime Day sales: Amazon

By Administrator_India Capital Sands E-commerce firm Amazon on July 29 said there was a 25 percent rise in sellers who reported gross sales exceeding Rs 1 crore during the two-day Prime Day event as compared to the like period of the previous year. Brands such as OnePlus Nord 2 5G, Samsung Galaxy (M31s) boAt Airdopes, Mi 3i 20000 mAh power bank, Pigeon mini handy and compact chopper among others remained popular with the customers. In terms of categories personal computing, beauty, apparel, home and kitchen, smartphones and pantry saw the most success in terms of units sold. Work from home purchase trends continued with members purchasing laptops, printers, monitors, TVs, wearables and storage. Amazon also said that Alexa, its voice-enabled artificial intelligence device ans...
Tata Motors plans to hike passenger vehicle prices from next week
Business

Tata Motors plans to hike passenger vehicle prices from next week

By Administrator_India Capital Sands Tata Motors is looking to increase prices of its entire range of passenger vehicles from next week as it aims to offset the steep rise in procurement cost of essential materials like steel and precious metals, as per a top company official. The Mumbai-based auto major sells a range of passenger vehicles like Tiago, Nexon, Harrier and Safari in the domestic market. "We have seen a very steep increase in the prices of steel and precious metals over the last one year. The financial impact of the increase in commodity prices is in the range of 8-8.5 per cent of our revenues in the past one year," Tata Motors President Passenger Vehicles Business Unit (PVBU)Shailesh Chandra told PTI. He noted that the company has been able to pass on only a sm...
Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies
Oil

Oil Rebounds After Industry Report Shows Shrinking U.S. Supplies

By Administrator_India Capital Sands Oil rebounded in post-market trading after an industry report showed declining U.S. inventories. Futures in New York edged up after closing 0.4% lower on Tuesday. Domestic crude supplies fell 4.73 million barrels last week, according to people familiar with data from the industry-funded American Petroleum Institute. Gasoline stockpiles declined 6.23 million barrels, the API said. The fuel supply drop would be the largest since March if U.S. government data confirms it Wednesday. U.S. benchmark crude futures are poised for the second monthly drop since October with the delta variant interrupting a rebound in demand. Though global inventories are expected to tighten through the end of the year, new movement restrictions have dampened fuel cons...
Oil inches up as tight supply, vaccinations outweigh virus concerns
Oil

Oil inches up as tight supply, vaccinations outweigh virus concerns

By Administrator_India Capital Sands Oil prices were steady on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide. Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $71.95 a barrel, after losing 16 cents on Monday. Benchmark prices rose even after the United States issued travel warnings to Spain and Portugal due to rising COVID-19 cases and a White House official told Reuters that wider travel curbs will not be lifted due to the highly infectious Delta variant and rising domestic infections. In one encouraging sign, Britain reported its lowest dail...
Bitcoin leaps 12% to test recent peaks, ether hits 3-week high
Bitcoin

Bitcoin leaps 12% to test recent peaks, ether hits 3-week high

By Administrator_India Capital Sands Cryptocurrencies popped to the top of recent ranges on Monday as short sellers bailed out in the wake of a strong week and while traders hoped a handful of positive comments from influential investors might signal a turnaround in fragile sentiment. Bitcoin rose as far as 12.5% to hit $39,850, its highest since mid-June during the Asia session, while ether hit a three-week peak of $2,344. On the heels of bitcoin's best week in almost three months, the move put the squeeze on short sellers. Last week, cryptocurrency enthusiast and Tesla boss Elon Musk said the carmarker would likely resume accepting bitcoin once it conducts due diligence on its energy use. It had suspended such payments in May, contributing to a sharp crypto selloff. Twitte...
Oil Down, But Remains Above $70 Mark as Tight Market Hopes Prevail
Oil

Oil Down, But Remains Above $70 Mark as Tight Market Hopes Prevail

By Administrator_India Capital Sands Oil was down Friday morning in Asia, but held onto the bulk of a three-day advance, as optimism that rising demand will tighten the global market prevailed. Brent oil futures were down 0.37% to $73.52 by 11:24 PM ET (3:24 AM GMT). WTI futures fell 0.38% to $71.64 and was 0.3% lower in early Asian trading after rallying more than 8% in the preceding three sessions. However, both Brent and WTI futures remained above the $70-mark, and prices were almost unchanged as the week draws to a close. The black liquid has clawed back almost all its losses from earlier in the week, when concerns about the rising number of COVID-19 cases involving the Delta variant globally clouded the fuel demand outlook and the Organization of Petroleum Exporting Countr...
Byju’s acquires US-based digital reading platform Epic for $500 mn
Education

Byju’s acquires US-based digital reading platform Epic for $500 mn

By Administrator_India Capital Sands Byju’s, India’s most valuable start-up, has acquired US-based digital reading platform Epic for $500 million, strengthening its position in the education technology (edtech) sector. The acquisition will help Byju’s expand its US footprint by providing access to the more than two million teachers and 50 million kids in Epic’s existing global user base, which more than doubled over the last year, it said. “Epic’s model for inspiring the next generation through interactive reading is in lockstep with our mission to help millions of children become life-long learners. We welcome Epic’s talented leadership team and employees to the Byju's family as we endeavour to help students fall in love with learning across the world,” said Anita Kishore, chi...
Wall Street closes higher, Treasury yields rebound despite COVID variant fears
Stock Market

Wall Street closes higher, Treasury yields rebound despite COVID variant fears

By Administrator_India Capital Sands Wall Street notched a comeback on Tuesday with all the major indexes closing higher, and yields on safe-haven U.S. Treasuries bouncing off lows as investors sought riskier assets even as worries remained about a resurgence in COVID-19. Wall Street’s main indexes all rose by more than 1.5%, with the Dow ahead of the others. Yields on U.S. 10-year Treasuries came off a new five-month low. ”Today’s move was basically due to an over-correction from yesterday. Yesterday, it was an overreaction to an inflation scare, and the virus,” said Catherine Avery, president of Catherine Avery Investment Management. ”I think people are realizing that as earnings are coming out more and more, that stocks are the place to be.” The Dow Jones Industrial Avera...
Air traffic grows 47% in June as Delhi, Maharashtra ease Covid-19 curbs
Business

Air traffic grows 47% in June as Delhi, Maharashtra ease Covid-19 curbs

By Administrator_India Capital Sands Domestic air traffic grew 47.6% in June over May as states such as Delhi and Maharashtra eased Covid-19 curbs. In May, the traffic had fallen 63%. Industry-wide passenger load factor rose to 62.9% in June from May’s 50.5%. SpiceJet had the highest load factor of 70%. Air India retained the number two rank in market share for the second consecutive month. It registered a market share of 16.5% as it overtook SpiceJet. All airlines reported on-time performance above 90%, with IndiGo and AirAsia seeing over 98%.
MARKETS: Sensex down 350 pts, Nifty tests 15,800; IT stocks gain, banks dip
Stock Market

MARKETS: Sensex down 350 pts, Nifty tests 15,800; IT stocks gain, banks dip

By Administrator_India Capital Sands Dalal Street clocked a gap-down start on Monday as concerns about the impact of elevated inflation and Covid-19 outbreaks on economic prospects weighs on sentiment. The benchmark S&P BSE Sensex declined 360 points in early deals to trade at 52,781 levels while the Nifty50 started with a 100-pts cut at 15,823. In the broader market, the BSE MidCap and SmallCap indices slipped 0.4 per cent and 0.3 per cent, respectively. All the key sectoral indices were in the red. The Nifty Bank index was the top loser, down 1.5 per cent. Earnings today ACC, HCL Technologies, HDFC Life, Indian Bank and Mastek are among 25 firms slated to post their June quarter numbers today. HCL Tech's Q1 performance is likely to be impacted due to supply-side ch...