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Early Session: Key Indian equity indices open lower

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Key Indian equity indices opened lower on Tuesday in line with their Asian peers, as the steep fall in crude oil prices the day before dented energy shares globally and pulled down the markets.

Against the previous close at 25,530.11 points, the sensitive index (Sensex) of the Bombay Stock Exchange (BSE) opened at 25488.42 points.

Within minutes into trading, the key index was ruling at 25,434.86 points, with a loss of 95.2 points, or 0.37 percent.

At the National Stock Exchange (NSE), the broader 50-share Nifty was ruling at 7,738.65 points with a loss of 26.75 points, or 0.34 percent, over the previous close at 7,765.40 points.

The main reason for the poor sentiments were the continuing fall in the global crude oil prices — which remained close to seven-year lows in the early trades of Tuesday in the Asian markets.

At Friday’s meeting of the Organisation of the Petroleum Exporting Countries (OPEC), there was no agreement on production cuts.

On Monday, after opening higher, both the two key indices dipped successively to finally end the day in the red.

The 30-share Sensex fell by 108 points, or 0.42 percent, while the Nifty fell 16.50 points, or 0.21 percent.

“Indian market continued to slide for the fourth day as foreign fund selling amid growing fears over the interest rate hike in the US this month kept investors nervous,” Angel Broking said in an analysis, ahead of the opening bell on Tuesday.

In the Asia Pacific region, Japan’s Nikkei, Australia’s S&P/ASX 200, Hong Kong’s Hang Seng, China’s Shanghai Composite and South Korean Kopsi were all down in early trades on Tuesday.

As regards the US, the brokerage said the negative close on Monday on due to the weakness was on the back of resource and energy stocks coming under pressure, amid notable decline in commodities and oil prices.

“Selling pressure was also generated by concerns about the outlook for monetary policy ahead of next week’s Federal Reserve meeting.”

The European markets were affected both by developments closer home and in the global oil markets.

“Sparked by European Central Bank President Mario Draghi’s dovish comments on Friday, European markets rallied in early trade yesterday. But the markets pulled back on account of decline in oil prices and weaker opening in the US markets,” the Angel Broking report added.

Wefornews Bureau

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Tesla delivers over 90K vehicles in Q2 2020, stock up 9%

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Tesla CEO Elon Musk

San Francisco, July 2 : Tesla stocks were up 9 per cent on Thursday after the electric car maker posted stronger-than-expected quarterly deliveries.

The Palo Alto-based company said it delivered 90,650 vehicles in the June quarter. It achieved the feat despite its Fremont, California based factory was out of action owing to Covid-19 lockdown for most part of the quarter.

Tesla delivered 80,050 Model 3s and Model Ys in the quarter and 10,600 of its Model S luxury sedan and Model X SUVs.

“In the second quarter, we produced over 82,000 vehicles and delivered approximately 90,650 vehicles,” Tesla said in a statement.

Tesla market cap was over $200 billion and its stock closed at a record $1,133.36 on Wednesday.

“While our main factory in Fremont was shut down for much of the quarter, we have successfully ramped production back to prior levels,” it added.

Tesla reopened its Fremont, California-based factory after a long fight with the local authorities as sheltering-at-home rules were in place in May.

The company posted a surprise profit of $16 million in the first quarter of 2020 despite temporary disruptions in productions due to COVID-19 restrictions.

Tesla’s revenue in Q1 2020 reached $5.9 billion, an increase of nearly $1.5 billion a year ago. The company ended the quarter with $8.1 billion of cash.

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Zuckerberg refuses to bow down, expects advertisers to return ”soon”

American food company Chobani, drug maker Pfizer and software major SAP were among the latest brands pulling who joined Coca Cola, adidas, cleaning supply firm Clorox, Conagra (the maker of Slim Jim, Duncan Hines and Pam), fast food chain Denny’s, Ford and Starbucks to pull their ads from the platform.

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Facebook CEO Mark Zuckerberg

San Francisco, July 2 : As hundreds of companies halt advertising on Facebook and Instagram, Its CEO Mark Zuckerberg is confident the brands would soon return on the platform.

According to a report in The Information, Zuckerberg told employees he was reluctant to bow to the threats of a growing ad boycott, saying “my guess is that all these advertisers will be back on the platform soon enough.”

“We”re not gonna change our policies or approach on anything because of a threat to a small percent of our revenue, or to any percent of our revenue,” he apparently told the employees, according to the report on Wednesday.

Of the 25 largest spenders on Facebook ads, only three companies Microsoft, Starbucks and Pfizer have confirmed pause ads on Facebook.

As Facebook ad boycott by more than 400 brands officially began on Wednesday, the social networking giant said it was getting better at removing harmful content and that the platform does not in any way profit from hate speech.

Writing an open letter to address concerns of advertisers, Nick Clegg, Facebook’s Vice President of Global Affairs and Communications on Wednesday said that “platforms like Facebook hold up a mirror to society”.

“I want to be unambiguous: Facebook does not profit from hate,” said Clegg, who is a former Deputy Prime Minister of the United Kingdom.

The call to boycott ads on Facebook started after the social networking giant decided to allow controversial posts by US President Donald Trump to stay up.

Facebook said that when it finds hateful posts on Facebook and Instagram, it takes a zero tolerance approach and removes them.

Facebook saw its market cap eroded in billions as more big brands boycotted its platform against the unchecked spread of hateful and disinformation on its platforms.

American food company Chobani, drug maker Pfizer and software major SAP were among the latest brands pulling who joined Coca Cola, adidas, cleaning supply firm Clorox, Conagra (the maker of Slim Jim, Duncan Hines and Pam), fast food chain Denny’s, Ford and Starbucks to pull their ads from the platform.

Facebook’s digital advertising accounted for more than 98 per cent of the company’s nearly $70 billion in revenue last year.

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Congress alleges PPP model in Railways is “jugglery of words”

It said that it plans to allow private entities to operate passenger trains and the project would entail private sector investment of about Rs 30,000 crore.

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Abhishek Manu Singhvi

New Delhi, July 2 : The Congress has said that the government is pushing railways into private hands and the Public Private Partnership is just “jugglery of words” after the government invited private participation in passenger train operations on 109 pairs of routes.

“Why did the government decide on privatisation in the midst of corona” asked Congress spokesperson Abhishek Manu Singhvi.

He said that “on March 17, 2020 the government said in Parliament that it is not going to privatise railways.”

The Congress apprehended that the government is moving towards retrenchment of employees. The Indian Railways employs up to 1.5 crore people.

“Is retrenchment next?” asked Singhvi.

The Congress said that Railways ferry 2.5 crore passengers daily and 7.5 billion annually.

“Rail is the only lifeline of the poor and the government is taking it away from them. Snatch whatever you want to. But remember – the people of the country will give a befitting reply,” Congress leader Rahul Gandhi said in a tweet.

The Railways on Wednesday announced that it has invited request for qualifications for private participation in passenger train operations on 109 pairs of routes through 151 modern trains.

It said that it plans to allow private entities to operate passenger trains and the project would entail private sector investment of about Rs 30,000 crore.

According to the railway ministry, this is the first initiative for private investment for running passenger trains on the Indian Railways network. The move was initiated last year with the introduction of the Lucknow-Delhi Tejas Express by the Indian Railway Catering and Tourism Corporation (IRCTC).

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