Day: September 3, 2020

Tesla Set to Extend Declines After Leading Investor Cuts Stake

(Bloomberg) — Tesla Inc. shares are poised to extend losses after the electric-car maker’s largest shareholder behind Elon Musk cut its stake.

The stock slumped 6.7% to $417.54 at 6:02 a.m. New York time in premarket trading, having fallen 5.8% on Wednesday after Baillie Gifford & Co. disclosed that it reduced its holding to 4.25% of Tesla’s shares from 7.67% in February. With the sale, the Edinburgh-based firm is now Tesla’s fourth-biggest investor, according to data compiled by Bloomberg.

Baillie Gifford needed to reduce the holding because of guidelines that restrict the weight of a single stock in client portfolios,

Services PMI shrinks for sixth month in a row in August; backlog in companies at record high

Services PMI rose to 41.8 in the month of August from 34.2 in July.

Even as the manufacturing PMI breaks the contraction trend, the services PMI continued to shrink for the sixth straight month in August 2020. However, the pace of fall was less severe compared to the previous four months. Beating the market expectations, the services PMI rose to 41.8 in the month of August from 34.2 in July. The ongoing coronavirus-led restrictions continued to hit client demand and business operations, said the IHS Markit report. The restrictions also contributed to a record increase in outstanding business while sustained

Avail Finance raises $11.5 million in funding

AWI is a USD 300 million venture fund, managed by Falcon Edge Capital.

Fintech company Avail Finance on Thursday said it has raised USD 11.5 million (around Rs 85 crore) in a funding round led by Alpha Wave Incubation (AWI). The Series B funding round also saw participation from its existing investor Matrix Partners, a release said.  The company focuses on the blue-collared segment.

The funds raised will be used for the expansion of the team, and to offer a varied product mix for our targeted users, be it existing or prospective. With our financial solutions for the blue-collared workforce