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Wednesday,04-August-2021

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Vaccine hopes push gold below Rs 49,000 per 10 gram

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Gold-ornament

Futures of gold, which were soaring well above the Rs 50,000 mark till sometime back amid the weak economic scenario, have now started to ease and have fallen below the Rs 49,000-mark amid optimism regarding vaccines for the novel Coronavirus.

The December contract of gold on the Multi Commodity Exchange (MCX) is currently trading at Rs 48,975 per 10 gram, lower by Rs 505 or 1.02 per cent from its previous close.

Similarly, domestic futures of silver also continued its downward trend on Tuesday and its December contract on the MCX is currently at Rs 59,825 per kg, lower by Rs 700 or 1.16 per cent from its previous close.

Anuj Gupta, DVP for Commodities and Currencies Research at Angel Broking Ltd said that noted that the decline has been on the back of recovery in global equity market and development on the front of corona virus vaccine. Gold ETF holding is also falling more than a million ounce in this month, he said.

“The trend of gold and silver now become down and expectation of safe haven demand of this asset may fade out. As for today traders can go for sell in gold at Rs 49,800 levels with the stop loss of Rs 50,100 levels for the target of 49,000 levels,” Gupta said.

In the international market, gold may test $1780 to $1800 per ounce levels soon, according to him.

He was of the view that traders can also go for sell in Silver at Rs 61,000 levels, with the stop loss of 61,800 levels and for the target of 59,800 levels.

Optimism has been fueled in the global markets after the recent series of positive announcements on the vaccine front.

AstraZeneca on Monday announced Monday that positive high-level results from an interim analysis of clinical trials of the Covid-19 vaccine candidate in the UK and Brazil showed it was highly effective in preventing the disease, the primary endpoint, and no hospitalisations or severe cases of the disease were reported in participants receiving the vaccine.

One dosing regimen showed vaccine efficacy of 90 per cent when ‘AZD1222’ was given as a half dose, followed by a full dose at least one month apart, and another dosing regimen showed 62 per cent efficacy when given as two full doses at least one month apart. The combined analysis from both dosing regimens resulted in an average efficacy of 70 per cent.

All results were statistically significant. More data will continue to accumulate and additional analysis will be conducted, refining the efficacy reading and establishing the duration of protection.

Earlier Pfizer and Moderna had reported their vaccines of being highly effecting.

Business

WhiteHat Jr Founder Karan Bajaj moves on, Trupti Mukker new CEO

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Trupti-Mukker

 Karan Bajaj, Founder and CEO of leading online learning platform WhiteHat Jr, is moving on to kick off the next chapter in his life and Trupti Mukker, Head of Customer Experience and Delivery, will lead the organisation, according to an internal email seen by IANS.

The internal email, sent by Byju Raveendran, Founder and CEO of the leading edtech firm Byju’s to employees on Wednesday said that “Karan is now ready, as we had mutually decided at the time of acquisition, to progress to the next chapter of his life”.

“This week, we completed one year of WhiteHat Jr joining the BYJU’S family. With Karan’s departure, Trupti Mukker, whom you know well as the Head of Customer Experience and Delivery, will lead the organisation, ably supported by the extremely strong leadership team that Karan and I have set in place,” Raveendran wrote in the email addressed to employees.

Byju’s in August last year acquired Mumbai-based live online coding provider WhiteHat Jr in an all-cash deal worth $300 million (roughly Rs 2,246 crore).

Bajaj founded WhiteHat Jr in 2018 with a vision of making children creators of technology rather than being passive consumers of it.

Today, WhiteHat Jr is not only a Maths and coding learning platform but also forayed into 1:1 online music classes, and brought physical-digital blended coding curriculum to Indian schools with an aim to teach 10 lakh students by the next academic year.

Raveendran said that under Bajaj’s leadership, WhiteHat Jr and Byju’s ‘FutureSchool’ now enable hundreds of thousands of students in countries around the world daily to learn and create with 11,000+ deeply committed teachers.

According to Bajaj, he will be fully present in transition for the immediate period, then intend to carve out a career in public service next.

“Only three years ago, WhiteHat Jr was just an idea. Now, we’re a team of 17,000+ employees and teachers in multiple countries around the world from India, Australia and UK to US and Latin America, all deeply united by our mission and values,” Bajaj said.

A striving yogi, Bajaj has written three bestselling novels so far published by HarperCollins-India and Penguin Random House: Keep Off the Grass, Johnny Gone Down and The Seeker. Together, his novels have sold more than 200,000 copies in India.

A graduate of IIM-Bangalore, Bajaj has earlier served as the CEO for Discovery South Asia. He’s been associated with companies like P&G, BCG, and Kraft Foods Group in the past.

Currently, more than 11,000-strong teacher workforce conducts thousands of Live Coding, Math and Music online classes every day on its platform.

Cumulatively, the company has conducted more than 8.5 million classes to date

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Business

Sensex surges 400 points, hits 54,000 for first time

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BSE-Bull

 The key Indian equity indices surged on Wednesday morning with the BSE Sensex crossing the 54,000-mark for the first time ever.

Both Sensex and the Nifty50 traded at record levels. Healthy buying was witnessed in metal, finance and banking stocks.

Around 9.45 a.m., Sensex was trading at 54,233.97, higher by 410.61 or 0.76 per cent from its previous close of 53,823.36.

It opened at 54,071.22 and has touched an intraday high of 54,274.40 and a low of 54,034.31 points.

The Nifty50 on the National Stock Exchange was trading at 16,242.00, higher by 111.25 points or 0.69 per cent from its previous close.

The top gainers on the Sensex were HDFC, ICICI Bank and Tata Steel, while the major losers were Bharti Airtel, Sun Pharmaceutical Industries and UltraTech Cement.

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Business

Ola to launch electric scooters on Aug 15

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Ola scooter

Ola scooter receives 100K bookings in a day.

Electric scooter maker Ola Electric Mobility Pvt Ltd will launch its models on August 15, said Bhavish Aggarwal, Chairman and Group CEO of the company.

“Thanks to all who have reserved our scooter! Planning a launch event for the Ola Scooter on 15th August. Will share full specs and details on product and availability dates. Looking forward to it,” Aggarwal tweeted on Tuesday

Cagey about the vehicle specifications and the price, the company had said that the pricing will be competitive.

The electric scooter will be rolled out of its factory in Krishnagiri district in Tamil Nadu and the total project outlay has been put at Rs 2,354 crore.

The plant set up over 500 acres of land is an integrated facility with manufacturing, battery as well as supplier parks, ensuring over 90 per cent of parts are localised and in close proximity.

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