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Bitcoin tanks 14% in 24 hours, falls below $40,000 mark as sell-off continues

Bitcoin continued to plummet on Tuesday, falling below the $40,000 mark and extending losses to 14% in the last 24 hours. Bitcoin has dropped below $40,000 for the first time since February 9 this year. The cryptocurrency has been falling constantly this month, overwhelmed by the recent spiral of negative news surrounding the currency. Currently, Bitcoin is trading at $39,000, recouping some losses after hitting a low of $38,585, according to Coindesk data.

Earlier this month, Tesla CEO Elon Musk suspended payment for Tesla cars using Bitcoin, citing environmental concerns. Elon Musk, last weekend, also suggested that Tesla might do away with its Bitcoin holdings. Tesla had bought $1.5 billion of Bitcoin earlier this year, 10% of which was later sold by the electric car manufacturer. Bitcoin has come down 38% from its all-time high of $64,829, hit in the middle of April.

Elon Musk, while slandering Bitcoin for its environmental concerns has been batting for Dogecoin, another cryptocurrency. “Bitcoin is actually highly centralised, with supermajority controlled by a handful of big mining (aka hashing) companies,” Elon Musk wrote on Twitter. “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down,” he added.

With its most recent fall, Bitcoin has now given up all gains since the first week of February, when Elon Musk’s Tesla announced it had bought $1.5 billion worth of Bitcoin to hold on its books. Meanwhile, Microstrategy, another US-listed firm that holds Bitcoin on its books has bought the dip and purchased another $10 million worth of Bitcoin.

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Elon Musk’s fresh salvo at Bitcoin: ‘Not decentralized, Dogecoin is better’; sends Bitcoin tumbling 16%

Tesla chief Elon Musk’s latest Twitter duel has revealed more on why the world’s second-richest person and a Bitcoin believer till recently has suddenly turned against it. After having stopped Tesla Car purchases using Bitcoin last week, citing environmental concerns, Elon Musk spent his weekend replying to people on Twitter who questioned his move. Along with environmental concerns, Musk has now claimed that Bitcoin is not as de-centralised as people believe it to be. On Sunday evening, the Tesla chief also seemed to agree with a tweet suggesting Tesla would sell its Bitcoin holdings this quarter but later clarified that it has not done so already.

Bitcoin: Is it really as decentralized as you think? Elon Musk says ‘No’
“Bitcoin is actually highly centralised, with supermajority controlled by a handful of big mining (aka hashing) companies,” Elon Musk wrote, replying to a post that claimed Dogecoin was highly centralised. “A single coal mine in Xinjiang flooded, almost killing miners, and Bitcoin hash rate dropped 35%. Sound “decentralized” to you?” he added.

Why Dogecoin wins over Bitcoin
Last week, while stopping Tesla car purchases using Bitcoin, Elon Musk had said that the company would consider other cryptocurrencies that used less than 1% of Bitcoin’s energy per transaction, for car purchases. His Twitter dialogue now suggests that Dogecoin might be the frontrunner to replace Bitcoin. “Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down,” he said on Twitter. He added that low fees and high volume are needed to become the currency of Earth, again favouring Dogecoin.

Tesla selling its remaining Bitcoin?
However, that was not the end of Elon Musk’s Twitter session for the weekend. Late Sunday evening the Tesla Chief brewed another controversy in the cryptocurrency world. Musk seemed to be in agreement with a Twitter post that read — “Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their Bitcoin holdings. With the amount of hate, Elon Musk is getting, I would not blame him.” To this Elon Musk replied, “Indeed”. Later on, he did clarify that so far Tesla has not sold any of its holdings in Bitcoin. Tesla had bought $1.5 billion of Bitcoin earlier this year, 10% of which was later sold by the electric car manufacturer.

Elon Musk has continued to speak in favour of Dogecoin while slandering Bitcoin for its environmental impact. However, the prices of both Bitcoin and Dogecoin along with other cryptocurrencies have fallen over the last few days. Bitcoin price has tumbled below the $45,000 mark, nearly $20,000 off its all-time high.

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Go Air files IPO papers with SEBI for Rs 3,600-cr issue; firm rebrands as Go First ahead of IPO

Go Airlines has filed a Draft Red herring Prospectus with capital markets regulator SEBI to launch an IPO (initial public offering) worth Rs 3,600 crore. The Wadia group-owned airline company in consultation with its lead managers will issue shares through a preferential issue or any other method to raise up to Rs 1,500 crore. Ahead of Go Airlines IPO, India’s ultra-low-cost airline has rebranded itself as ‘Go First’. The company has planned to utilise the net proceeds from issue towards prepayment or scheduled repayment of all or a portion of certain outstanding borrowings availed by the company worth Rs 2,015.8 crore. While Rs 279.26 crore will be used for the replacement of letters of credit which are used to certain aircraft lessors towards securing lease rental payments and future maintenance of aircraft with a cash deposit. The company will also use it towards repayment of dues to Indian Oil Corporation Limited, in part or full, for fuel supplied to the company, and general corporate purposes.

Key things to know about Go Airline IPO
– The global coordinators and book running lead managers to the issue are ICICI Securities, Citigroup Global Markets India Pvt Ltd, and Morgan Stanley India Company Pvt Ltd. The registrar to the issue is Link Intime India Private Ltd. Upon listing, Go Airline will join the likes of Interglobe Aviation Ltd (IndiGo) and Spicejet Ltd.

– Khaitan & Co is the legal counsel to the company as to Indian law while AZB & Partners is the legal counsel to the GCBRLMs as to Indian law. Clifford Chance Pte Ltd. is the International Legal Counsel to the GCBRLMs.

– According to the CAPA report, Go Airlines is one of the fastest-growing airlines in India, with an increase in domestic market share from 8.8% in fiscal 2018 to 10.8% in the fiscal 2020.

– GoAir had a high aircraft utilization during fiscal 2020, with average utilization of 12.9 hours per day and a load factor of 88.9%.

– The company has said that it has not raised any bridge loans from any bank or financial institution as on the date of this Draft Red Herring Prospectus, which are required to be repaid from the pet proceeds.

– As on January 31, 2020, GoAir covered a network of 28 domestic and 9 international destinations. The airline’s network is spread across major cities in India and abroad. Indian cities include Ahmedabad, Aizawl, Bagdogra, Bengaluru, Bhubaneswar, Chandigarh, Chennai, Coimbatore, Delhi, Goa, Guwahati, Hyderabad, Indore, Jaipur, Jammu, Kannur, Kochi, Kolkata, Leh, Lucknow, Mumbai, Nagpur, Patna, Port Blair, Pune, Ranchi, Srinagar, Varanasi, Abu Dhabi, Bangkok, Colombo, Dubai, Dammam, Kuwait, Male, Muscat and Phuket.

– For the nine months ended December 2020, Go Air reported a profit of Rs 470.6 crore. While it posted a profit of Rs 1,270.7 crore in the financial year 2019-20.

– Go Air said that the reduction of its overall debt will reduce interest costs and improve our lease rate factors. “We expect our financial position to be improved by this reduction in debt coupled with our cost management and reduction measure and the anticipated growth in our business,” it said.

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Godrej Consumer Products shares zoom 25% on HUL’s Sudhir Sitapati’s appointment as MD and CEO, Q4 results

Godrej Consumer Products share price zoomed 25 per cent to a fresh 52-week high of Rs 894 apiece intraday on BSE, a day after the company posted a 59 per cent on-year rise in consolidated net profit to Rs 365.84 crore in the fourth quarter of FY21. The company also informed that Sudhir Sitapati will join the company as managing director and chief executive officer effective October 18. Nisaba Godrej, currently the chairperson and managing director, will continue to serve as executive chairperson. Godrej Consumer Products stock has surpassed its previous 52-week high of Rs 808 apiece touched on January 21, 2021. It had touched an all-time high of 1,964. apiece on BSE on June 21, 2017.

So far in the session today, 6.84 lakh Godrej Consumer Products shares have traded on BSE, while a total of 1.66 crore stocks have exchanged hands on NSE. Analysts at Motilal Oswal Financial Services have upgraded Godrej Consumer Products stock to ‘buy’. Sitapati’s appointment as MD and CEO for five years as well as his relative young age (mid-40s), gives him adequate time to formulate and implement strategic changes. “The underpenetrated Household Insecticides (70%/50% penetration in urban/rural) and Hair Color (30% penetration) categories could greatly benefit from Sitapati’s past experience, where GCPL has struggled to boost penetration,” it added.

Those at ICICI Securities have also upgraded Godrej Consumer Products to ‘buy’ from ‘add’. The brokerage firm said that India’s growth was driven by soaps (gaining market shares in an inflationary environment) and HI (broad-based across formats) while Hair Colour continued recovery (with category uptick). “The appointment of Sudhir Sitapati (ex-HUL) as MD & CEO (effective 18th Oct’21) is likely a re-rating event,” they said.

Godrej Consumer Products Ltd’s total expenses came in at Rs 2,259.12 crore, up 26.07 per cent in the January-March 2021 quarter as against Rs 1,791.93 crore a year ago. It’s India revenue was up 34.63 per cent to Rs 1,499.74 crore in the quarter under review as against Rs 1,113.94 crore a year ago. India sales increased 35 per cent on-year to Rs 1,466 crore, while the EBITDA (earnings before interest, tax, depreciation and amortisation) increased 10 per cent on-year to Rs 331 crore.

Nisaba Godrej said Godrej Consumer Products will continue to focus our efforts where the demand is – in ‘household insecticides’, ‘hygiene’, and ‘value for money’. Under Sitapati leadership, HUL built up its foods and refreshments business as one of the largest in India, which included the $5 billion merger and integration of GlaxoSmithKline Consumer Healthcare with HUL, the largest deal of its kind in the FMCG sector in India.

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