Monday, June 21

Month: May 2021

Virgin Galactic SPCE stock jumps after successful spaceflight test

Virgin Galactic SPCE stock jumps after successful spaceflight test

investment
VSS Unity reaches the edge of space during its third spaceflight on May 22, 2021.Virgin GalacticVirgin Galactic shares jumped in its best single day of trading so far this year on Monday, following the company's successful spaceflight test.Saturday's launch represented a critical step forward for the space tourism company. The test had been delayed more than six months after a December attempt was cut short.Virgin Galactic CEO Michael Colglazier told CNBC the spaceflight "was flawless" and said he looked forward to the Federal Aviation Administration reviewing the flight data. The company needs to clear two remaining regulatory milestones before receiving a key license.Shares of Virgin Galactic surged 27.6% in trading to close at $26.89. The stock also erased its year-to-date loss. Earlie...
RBI extends banking license of Rupee Co-operative Bank till August 31

RBI extends banking license of Rupee Co-operative Bank till August 31

Finance
The Reserve Bank of India has extended the banking license of the Rupee Co-operative Bank till August 31. Till March-2021, the Bank has made total recovery of Rs.263.93 crores and aggregate operating profit of Rs.70.70 crores during the last five years, a release from the Bank said. "The Bank has taken steps like attachment of properties of defaulter borrowers, public auctions of the same, filing criminal suits against defaulter borrowers/guarantors, etc. The Bank has also informed the names of its defaulter borrowers/guarantors to other banks for effective recovery," said Sudhir Pandit, administrator, Rupee Bank. Till March-2021, the Bank had paid Rs.366.54 Crores to 92602 needy depositors under the Hardship Scheme. "The proposal for merger with The Maharashtra State Co-op. Bank Ltd., (...
Why credit growth hit a 59-yr low in FY21? AAA-rated papers were 46 bps cheaper than bank rates

Why credit growth hit a 59-yr low in FY21? AAA-rated papers were 46 bps cheaper than bank rates

Finance
One of the reasons for bank credit growth to plunge to a 59-year low in FY21 could be that the higher (AAA & AA+)-rated companies could borrow cheaper from the markets than from banks whose loan pricing has been as high as 46 bps over the interest rate that corporate bonds commanded, despite banks slashing their MCLR by 90 bps in the year. According to analysis of the corporate bond yields, bank's MCLRs and GSecs between January 2020 and March 2021 by , AAA-rated companies could sell their debt at a cheaper rate than bank loans to the extent of 46 bps, and AA+ papers by 33 bps over the MCLR or the marginal cost of funds-based lending rate and below which a bank cannot lend. When compared to the Gsecs, AAA and AA+ papers could command only 100 bps over the benchmark gilts. Despite the ...
Wall Street analysts say buy stocks Deere & Advanced Micro Devices

Wall Street analysts say buy stocks Deere & Advanced Micro Devices

investment
An employee preps a John Deere & Co. excavator for sale at Martin Equipment in Rock Island, Illinois.Daniel Acker | Bloomberg | Getty ImagesWith May coming to a close, Wall Street analysts are fine tuning their recommendations as COVID-19 vaccinations pave the way for further economic re-opening this summer.  We used TipRanks analyst forecasting service to pinpoint stocks earning bullish support from the Street, narrowing our search to only calls made by the best-performing analysts. These are the analysts with the highest success rate and average return per rating, taking into consideration the number of ratings published by each analyst.Here are top Wall Street analysts' five favorite stocks heading into June:    Advanced Micro DevicesNorthland Capital analyst Gus Richard says it's
Bajaj Allianz Life settles claims worth Rs 700 cr in FY21, says CEO Chugh

Bajaj Allianz Life settles claims worth Rs 700 cr in FY21, says CEO Chugh

Finance
Bajaj Allianz Life Insurance settled claims worth a total of Rs 700 crore in 2020-21, of which nearly 5 per cent were on account on COVID-19-related deaths, and the claims may go up in the current financial year, top company official said. In the financial year ended March 2021, the company had settled a total of 1,70,000 claims. "Even as the last year was very-very tough as a whole, the insurance sector was still able to manage growth. "Usage of technology, the way product mixes came up, a lot of term buying, a lot of guaranteed products and the kind of agility shown by the industry helped the sector," Bajaj Allianz Life Insurance MD and CEO Tarun Chugh told PTI in an interaction. The number of claims settled in 2020-21 was quite high, he added. "We settled a total of Rs 700 crore as cl...
SPAC Stable Road shares drop after Momentus says it won’t fly in 2021

SPAC Stable Road shares drop after Momentus says it won’t fly in 2021

investment
An artist's rendering of a Momentus Vigoride transfer vehicle deploying a satellite in orbit.MomentusShares of Stable Road Acquisition Corp. fell in trading on Monday after the firm disclosed in a securities filing that its merger target, in-space transportation company Momentus, no longer plans to conduct any missions for customers this year."Momentus informed Stable Road that it does not expect to fly any missions in 2021 and that this determination was based on information from SpaceX that it was suspending its Momentus-related efforts while Momentus works to secure approvals from the U.S. government," Stable Road wrote.Stable Road's stock fell 13.4% in trading to close at $10.42.The firm was the first of several special purpose acquisition companies, or SPACs, which announced deals wi...
Punjab National Bank to divest stake in Canara HSBC OBC Life Insurance

Punjab National Bank to divest stake in Canara HSBC OBC Life Insurance

Finance
(PNB) will divest its stake in Canara HSBC OBC Life Insurance Co, the lender said on Saturday. The city-headquartered state-owned bank had acquired a stake in the life insurer post amalgamation of the erstwhile Oriental Bank of Commerce (OBC) into itself last fiscal year. "The bank intends to divest its stake in Canara HSBC OBC Life Insurance Co. Ltd, an associate of the bank, at an appropriate time depending upon market conditions and available options," PNB said in a regulatory filing. The erstwhile OBC held 23 per cent stake in the life insurer, which by virtue of amalgamation has come to PNB. owns 51 per cent stake, while HSBC Insurance (Asia Pacific) Holdings Ltd as a foreign partner owns 26 per cent. PNB, however, has not disclosed how much stake it will dilute in Canara HSBC OBC...
Cathie Wood’s Ark space ETF sells last few shares of Virgin Galactic

Cathie Wood’s Ark space ETF sells last few shares of Virgin Galactic

investment
VSS Unity floats in microgravity at the edge of space during its third spaceflight on May 22, 2021.Virgin GalacticArk Invest's space exploration ETF has sold its last remaining shares of Virgin Galactic, completing its move away from one of the few publicly traded pure-play space stocks.Cathie Wood's firm on Tuesday sold 12 shares of Virgin Galactic from its ARKX fund, the tiny remaining piece of a position that was about 672,000 shares when the ETF first began trading in late March.The space tourism company's stock climbed as much as 6% in trading from its previous close of $25.59 a share.After hitting an all-time high above $60 a share in February, the stock began falling in the wake of delays to its test program and commercial flights, as well as share sales by chairman Chamath Palihap
Banks to remain closed only on second, fourth Saturdays in West Bengal

Banks to remain closed only on second, fourth Saturdays in West Bengal

Finance
(This story originally appeared in on May 29, 2021)Bank branches will now be closed only on second and fourth Saturdays as per the circulars issued by the State Level Bankers Committee (SLBC) and management of leading banks. As per the new circular, bank branches will be open on May 29, as it is the fifth Saturday of the month. When contacted, Nabin Chandra Dash, convener of SLBC West Bengal, told TOI that there is no specific mention of bank closure on all Saturdays in the order of restrictions issued by the state government from May 16. But it specifically mentioned restricted banking hours from 10 am to 2 pm so as per usual rule banks will be closed on 2nd and 4th Saturday and will remain operational on 1st, 3rd and 5th Saturdays. The former deputy chief secretary of SBI Staff Associ...