Thursday, April 15

Month: April 2021

Richard Branson sells over $150 million in Virgin Galactic stock

Richard Branson sells over $150 million in Virgin Galactic stock

investment
Richard Branson, Founder of Virgin Galactic (C) poses next to George T. Whitesides (R), CEO of Virgin Galactic Holdings after ringing the First Trade Bell to commemorate the company's first day of trading on the New York Stock Exchange on October 28, 2019.Johannes Eisele | AFP | Getty ImagesSir Richard Branson, the founder of Virgin Galactic who helped take the company public in 2019, sold more than $150 million worth of the company's stock over the past three days, a securities filing on Wednesday revealed.Branson, and four entities he controls including Virgin Group, sold 5,584,000 shares of Virgin Galactic between April 12 and 14. The shares were worth $150.3 million, sold at prices between $26.85 and $28.73.Virgin Galactic did not immediately respond to CNBC's requests for comment. Vi...
Religare Finvest to default on Rs 100 crore NCD payment obligation

Religare Finvest to default on Rs 100 crore NCD payment obligation

Finance
on Wednesday said its arm Religare Finvest Limited will default on Rs 100 crore NCD payment obligation later this month to subscriber due to financial distress caused by misappropriation of funds by former promoters and officials. NBFC firm Religare Finvest Limited (RFL) had borrowed Rs 100 crore from Axis Bank by placing non-convertible debentures (NCDs) on a private placement basis in September 2015. The bonds, bearing a coupon of 10.68 per cent per annum, are set for maturity on April 30, 2021, Religare Enterprises Ltd (REL) said in a regulatory filing. Due to the issues emanating from siphoning and misappropriation of funds by erstwhile promoters and their associates, RFL has been put under corrective action plan by the RBI since January 18, 2018, it added. The company has been i...
Credit Suisse is still unloading shares of Discovery from Archegos

Credit Suisse is still unloading shares of Discovery from Archegos

investment
Credit Suisse is still unraveling its positions from the blow up of Archegos Capital Management, traders told CNBC's David Faber, putting more pressure on a beaten-down media stock.The investment bank was shopping blocks of different classes of Discovery stock on Tuesday, Faber reported. Discovery was one of the stocks that fell sharply in late March when the family office run by hedge fund veteran Bill Hwang failed to meet its margin call. Discovery's class A shares were down more than 4% in extended trading.Discovery, along with fellow legacy media player ViacomCBS, saw its stock rise rapidly in the first few months of the year, apparently bid upward by the highly levered Archegos. Discovery's class A stock rose from $30 per share at the end of December to $77 per share in mid-March bef...
Bank holiday today: Banking services shut in many regions

Bank holiday today: Banking services shut in many regions

Finance
Banks are closed today (April 14) on account of Ambedkar Jayanti and a few other festivals such as Vishu, Bohag Bihu, Tamil New Year's Day, Cheiraoba and Biju Festival. While bank branches will remain off limits for customers, ATMs will remain functional subject to availability of cash. For banking services, one can use net banking or mobile banking. Cities/regions where banking services won't be available today include: Delhi, Mumbai, Kolkata, Chennai, Bengaluru, Hyderabad, Chandigarh, Guwahati, Bhubaneswar, Ahmedabad, Lucknow, Jaipur, Patna, Ranchi, Thiruvananthapuram, Agartala, Nagpur, Dehradun, Imphal, Kanpur, Kochi, Srinagar, Gangtok, Panaji, Jammu, among others. Banking services were shut in many parts on April 13 too — on account of Vaisakhi, Gudi Padwa, first day of Navratra, Telu
Irdai slaps Rs 17 lakh fine on Future Generali for violating certain regulations

Irdai slaps Rs 17 lakh fine on Future Generali for violating certain regulations

Finance
Insurance sector regulator Irdai has imposed a penalty of Rs 17 lakh on Future Generali India Insurnace Co Ltd for violating norms on protection of policyholders' interests and selling policies without seeking prior approval from the authority. The penalty has been slapped on the insurer post an on-site inspection by the Insurance Regulatory and Development Authority of India (Irdai) during January 15-25, 2018, followed by response from the insurer in November 2020 and personal hearing of the company's key personnel's in Janaury 2021. The authority had conducted an on-site inspection of Future Generali India Insurnace Co Ltd during January 15-25, 2018. The inspection report revealed certain violations of provisions of the Insurance Act regulations, guidelines and various circulars issue...
NYSE launches ‘First Trade’ NFTs of Spotify, Snowflake and more

NYSE launches ‘First Trade’ NFTs of Spotify, Snowflake and more

investment
People walk by the New York Stock Exchange (NYSE) on the morning that the music streaming service Spotify begins trading shares at the NYSE on April 3, 2018 in New York City.Spencer Platt | Getty ImagesThe New York Stock Exchange announced Monday it would launch "First Trade" NFTs, to memorialize the true first trade of six stocks on the public markets.NFTs, or non-fungible tokens, are a type of digital asset created to track ownership of a virtual item using blockchain technology. Such unique items could be a piece of art or sports trading cards.During a company's public debut, the exchange processes over 350 billion order, quote and trade messages across its markets on its busiest days, NYSE president Stacey Cunningham said in a LinkedIn post.Each message is recorded on the exchange's d
Advances grew 21% year on year while repayment collection efficiency improved: Bandhan Bank

Advances grew 21% year on year while repayment collection efficiency improved: Bandhan Bank

Finance
Private sector lender said its advances grew 21% year on year while repayment collection efficiency improved to 96% from 92% a quarter ago. Bandhan's loans and advances including off-balance sheet exposure rose to Rs 87,054 crore at the end of March against Rs 71,846 crore a year back. Deposits grew 37% to Rs 77,972 crore over the same period. Last week, HDFC Bank reported 14% rise in advances and 16.3% rise in deposits. too reported 28% deposit growth while advances growth was muted at 3%. Bandhan's current and savings account (CASA) -- which helps reduce cost of funds -- improved to 43.4% year-on-year from 36.8%. Retail to total deposits improved to 79% from 78% a year back. The bank's collection efficiency from micro loans was 95% while that of non-micro loans was 98%. Micro loans co...
DARPA nuclear spacecraft Lockheed, Bezos’ Blue Origin, General Atomics

DARPA nuclear spacecraft Lockheed, Bezos’ Blue Origin, General Atomics

investment
An artist's rendering of a DRACO spacecraft.DARPAThe Pentagon's research and development arm on Monday awarded a trio of companies with contracts to build and demonstrate a nuclear-based propulsion system on a spacecraft in orbit by 2025.General Atomics, Lockheed Martin and Jeff Bezos' space venture Blue Origin won the Defense Advanced Research Projects Agency or DARPA awards, under the agency's Demonstration Rocket for Agile Cislunar Operations program or DRACO.The goal of the program is deceptively simple: Use a nuclear thermal propulsion system to power a spacecraft beyond low Earth orbit. The Pentagon's research and development agency says a nuclear powered spacecraft has the potential to achieve both the high power of an chemical-based propulsion system and the high efficiency of an ...
Axis Bank customers can send money abroad in 100 currencies via mobile app

Axis Bank customers can send money abroad in 100 currencies via mobile app

Finance
customers can now send money abroad in over 100 currencies through their mobile application, the lender said on Monday. Announcing the addition of 'Send Money Abroad' feature to its Axis Mobile App, the lender said customers will be able to send money by following a simple two-step process given on the app. Customers can send money abroad in over 100 different currencies, without any need to visit a branch. They can send up to USD 25,000 per transaction for various purposes such as education fee payment, family maintenance, and health-related expenses, Axis Bank said in a statement. To make the proposition richer, Axis is also offering a preferential rate on digital channels. With this features, the bank has made this an omni-channel experience for its customers, as there is complete ...
Wall Street analysts like stocks like Tesla, The Chef’s Warehouse

Wall Street analysts like stocks like Tesla, The Chef’s Warehouse

investment
Elon Musk, founder of SpaceX and chief executive officer of Tesla Inc., arrives at the Axel Springer Award ceremony in Berlin, Germany, on Tuesday, Dec. 1, 2020.Johannessen-Koppitz | Bloomberg | Getty ImagesThe second quarter of 2021 is underway, and Wall Street analysts are reviewing the stocks they cover. At the same time, concerns over new variants of COVID-19 continue to paint a picture of uncertainty.So, what does this mean for investors looking for fresh investment opportunities? There are still stocks poised to outperform, and one way to find them is by following the recommendations of analysts with a proven track record of success. TipRanks analyst forecasting service attempts to identify the best-performing analysts on Wall Street, or the analysts with the highest success rate an...