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Likely Increase in Petrol and Diesel Prices, Tencent Drops et al.

Professor of Financial Economics and Part-time Value Investor, Transfin.
Aug 16, 2018 1:37 PM 2 min read
Editorial

End of Day Wrap-up (Thursday / Aug 16, 2018) #crudeoil #import #OYO #OYORooms #NPCI  #UPI #Tesla #SEC #Walmart #Tencent #China #Transfin

Editor's Comment: India's crude oil import bill likely to rise by $26bn in 2018-19, as per govt officials. Currency woes likely to hit retail selling price of petrol, diesel, and LPG.

 

OYO Rooms in advanced talks with investors to raise $1bn, valuing the start-up at over $4bn. In conversation with a SoftBank led Vision Fund-WeWork consortium and a set of US strategic investors.

 

NPCI launches upgraded version of Unified Payments Interface (UPI) i.e. UPI 2.0. New features to include use of overdraft accounts, one time mandate (with block), invoice in the inbox, signed intent & QR, transaction limit enhanced to INR2L.

 

Federal regulators subpoena Tesla with SEC seeking information from each of the firm's directors. Investigation driven by CEO Elon Musk's tweet stating he may take the company private and has funding for the transaction secured.

 

Walmart reports Q2 earnings and sales above analysts' expectation with improved offline and online performance. Strongest growth in more than a decade driven by grocery and apparel sales. Premarket trading share price up 10%. Revenue at $128.03bn vs. $125.97bn as expected.

 

Tencent shares drop by as much as 5% after Chinese internet giant reports its first yoy quarterly profit drop. Tencent owns China's highly popular social-messaging app WeChat. Reported 2% decline in Q2 income while revenue up 30%. Company says its games business affected by regulatory restructuring of 2 Chinese government agencies overseeing videogame content, leading to delay in game approvals.