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We do not want investors to suffer, Gautam Adani’s video message after FPO withdrawal | WATCH

Adani also said that whatever his achievement in life was, was because of the faith and trust of the investors



Gautam Adani

Adani Group on Wednesday withdrew the Rs 20,000 crore Follow-on Public Offer (FPO) of his flagship company Adani Enterprises. After this, Gautam Adani himself has come forward and explained to the investors and also gave the reason for withdrawing the FPO.

This FPO for Rs 20,000 crore was opened for subscription on January 27 and was closed on January 31 after being fully subscribed.

Watch the video here:

Why was the FPO withdrawn?

In the video Gautam Adani can be heard saying that the decision to withdraw the FPO on Tuesday after a fully subscribed FPO must have surprised many. But considering the volatility of the market yesterday, the board felt that it would not be ethical to go ahead with the FPO.

Adani Group Chairman Gautam Adani has said that the company’s objective is to protect the interests of its investors in view of the ups and downs in the stock market. That’s why we are going to return the amount received from FPO and end the transaction related to it, he said in the video.

He also said that for him the interest of his investors was paramount. Therefore, to protect investors from possible losses, his company has withdrawn the FPO.

This decision will have no impact on the company’s current operations and future plans, said Gautam Adani, adding that in his humble journey of over 4 decades as an entrepreneur, he has received overwhelming support from all stakeholders, especially the investor community. He also said that whatever his achievement in life was, was because of the faith and trust of the investors.

Stocks fell

Shares of Adani Enterprises fell 28.5 per cent to close at Rs 2,128.70 on Wednesday. Adani Enterprises sold shares in the price band of Rs 3,112 to Rs 3,276. Shares of Adani Enterprises are down over 49 per cent from their 52-week high. Its stock is down more than 37 per cent in just one week.

India News

OYO founder Ritesh Agarwal’s father falls to his death from Gurugram high-rise, days after son’s wedding

According to the reports, he fell from the 20th floor of the building.



OYO founder Ritesh Agarwal's father falls to his death from Gurugram high-rise, days after son's wedding

Hospitality chain OYO founder Ritesh Agarwal’s father Ramesh Agarwal died after falling from a high-rise building in Haryana’s Gurugram on Saturday afternoon. According to the reports, he fell from the 20th floor of the building.

The incident took place at around 1 pm at the DLF’s The Crest Society in Gurugram’s Sector 54. He was immediately rushed to the Paras Hospital for treatment, however, the doctors declared him brought dead.

The police reached the spot as soon as they received the information. At that time, Ramesh Agarwal’s wife, his son, and his daughter-in-law were in the apartment, the officer said, adding no suicide note had been found, and neither had the family complained about the death.

The 30-year-old billionaire issued a statement that reads, With a heavy heart, he and his family would like to share that their guiding light and strength, his father, Shri Ramesh Agarwal passed away on 10 March. He said his father lived a full life and inspired him and so many of us, every single day.

He further wrote, His death is a tremendous loss for their family, adding that his father’s compassion and warmth saw them through their toughest times and carried them forward. His words will resonate deep in their hearts, he added. He requested everyone to respect their privacy in this time of grief.

The tragic incident was reported three days after Agarwal got married to Geetansha Sood, the director of Farmation Ventures in New Delhi. Ramesh Agarwal was last seen at a wedding reception of his son on March 7 at the five-star Taj Palace hotel in Delhi.

The high-profile ceremony was attended by several leading figures including Union Finance Minister Nirmala Sitharaman, Delhi Chief Minister Arvind Kejriwal, Softbank chairman Masayoshi Son and Paytm founder Vijay Shekhar Sharma, among others.

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India News

Adani-Hindenburg row: Supreme Court orders SEBI to finish probe within two months, sets up independent expert panel

Released on January 24, the Hindenburg Research report claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group.



Gautam Adani

The Supreme Court on Thursday ordered SEBI to complete the probe into the Adani-Hindenburg row within two months. The Top Court also set up an independent experts committee which will be headed by its retired judge Abhay Manohar Sapre.

The other members of the panel include Nandan Nilekani, KV Kamath, OP Bhat, JP Devdhar, and advocate Somasekhar Sundaresan who have been appointed by a bench comprising CJI DY Chandrachud, Justice PS Narasimha, and Justice JB Pardiwala.

The Apex Court observed that the cases concern the loss of investor wealth over the past few weeks due to a massive decline of Adani group companies following the Hindenburg Research report asked SEBI to examine if there was a violation of market regulations, short-selling norms or stock price manipulation. On February 10, the Court directed the SEBI to suggest measures that could be implemented to protect Indian investors from market volatility.

Read Also: Landmark Supreme Court verdict orders new mode of appointment of Election Commissioners

On February 17, the Supreme Court decided to constitute an expert committee to inspect if the regulatory mechanism needed to be strengthened to protect Indian investors from market volatility showed in the Hindenburg Research report on Adani Group.

Earlier, the bench had refused to accept the names put forth by the Central Government in a sealed cover for inclusion in the proposed committee. The Top Court had said it will select the experts and maintain full transparency as it would amount to a government-constituted committee if they take names given by the government.

Released on January 24, the Hindenburg Research report claimed “brazen accounting fraud” and “stock manipulation” by the Gautam Adani-led group.

Although the report was rejected by the conglomerate as unresearched and maliciously mischievous, it sparked a massive roar and political debates on social media which led to the firm losing over $120 billion in days and forcing the cancellation of a Rs 20,000 crore secondary share sale.

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Latest business news

Will the gaming token rebound?



Video Games

Since its all-time high in May, the smooth love potion token’s (SLP) price has dropped by over 80%. Is there hope that the SLP coin price will recover or will it keep losing value? This article looks at the current status of the project, the most recent information regarding SLP coin, and some forecasts regarding the coin’s future value of one of the most famous collectibles card game.

SLP creates an in-game economy on Axie Infinity

Gamers in the Axie Infinity world can win the smooth love potion token (also dubbed a “small love potion”) as a reward for their efforts. SLP is indeed an ERC-20 coin, and the blockchain on which Pokémon-inspired Axie Infinity operates is Ethereum’s. To create the non-fungible tokens (NFTs) known as Axies, which can be traded with other participants in the Axie Infinity Marketplace, players must spend SLP. Those who wish to participate in the game must first acquire some Axies. The number of SLP tokens that can ever exist is unrestricted.

The game’s meteoric rise in popularity has spawned a “scholarship” model, wherein “managers” lease the Axies to “scholars,” who play the game professionally and use them to make money.

As the source code for Axie Infinity is freely available, third parties can use the game’s art and genetic data to create their own games and experiences.

According to DappRadar, Axie Infinity, an NFT collection released in 2018 by gaming company Sky Mavis, has eclipsed CryptoPunks, among the first big NFT collections released in 2017, in terms of total traded volume, with over $2.84 billion compared to $1.56 billion for CryptoKitties.

Between July 2020 and April 2021, the value of one SLP token was worth between $0.0095 and $0.01. In a short amount of time, it climbed to a peak of $0.4191 as of May 1 before rapidly falling to its previous low of $0.1477 on May 12.

The price jumped and fell back two times more in May, increasing volatility. In June, SLP traded at $0.011, but by July, it had recovered to $0.4088. As of September 21st, the price had fallen to $0.0553, and throughout the month of October it fluctuated between $0.05 and $0.10. The price of one coin was $0.0696 as of November 1st, when this article was written.

On September 23rd, developers reduced the AXS cost from 2 to 1 and increased the SLP cost from 600 for breeding a single Axie to 6,300 for breeding six Axies. The Axie Infinity website states that the fee was changed in comment to a growth slowdown due to worries over a disparity in the rate at which SLP tokens were being minted and burned everyday, large volatility in the breeding fee because of fluctuation in the value of AXS and smooth love potion, and the increase in AXS to 80% of such breeding fee.

Prolonged success of the SLP,  the Axie economy will thrive if more people start playing Axie Infinity, if there is increased demand for Axies, and if the play-to-earn concept receives outside support.

Sky Mavis is working on a DEX for Axie Infinity’s Ronin, a sidechain connected to the Ethereum network, so that users may conduct transactions without incurring gas costs. The new fighting system they are creating will debut an Axie Infinity game demo before any financial choices are made.

The designers are considering options for handing over control of the Axie Infinity economy to “intelligent devices or informed users of the Axie network.”

So, what would some experts anticipate the price of an SLP token will be in the future?

Do you anticipate a rebound of price for SLP tokens in the near future?

Somewhere at time of writing, the technical analysis of SLP’s price on CoinCodex was pessimistic, with the token trading at $0.0969. Only three oscillator indicators were producing positive signals, compared to twenty-three that were bearish. CoinCodex forecasts that the price of the smooth love potion token will fall to $0.0642 on November 6th.

Based on their analysis of historical data, the analysts at Wallet Investor estimate that the price of SLP will fall from its current level of $0.07 to an average of $0.0073 by the closing time of the year. It predicted that the price will stay below $0.01 throughout 2022, averaging $0.0098 by year’s end. The site anticipated that by 2025’s conclusion, SLP’s price might have fallen to about $0.0085.

But DigitalCoin remained optimistic about SLP’s long-term prospects, projecting that the token’s average price would increase to $0.1207 in 2022 from $0.1014 in 2021, and then to $0.2125 in 2025. The site also estimated that by 2028, the average price of SLP might be $0.3213, with a high of $0.3435.

Additionally, PricePrediction’s SLP long-term prognosis was optimistic, with the average price predicted to increase from $0.35 throughout 2021 to $0.48 by 2022, $1.52 in 2025, and $9.08 throughout 2030. Be aware that crypto remain extremely unpredictable, making it tough to anticipate how much a coin will be worth in a week or even a month. As a result, analysts are fallible and often provide inaccurate forecasts.

Prior investing money, you should perform your own study and think carefully about the market’s current state, as well as latest events, fundamental and technical analysis, and professional opinion. Also, only put up money that you can manage to lose.

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