MORGAN STANLEY

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• Tesla supercomputer likely to boost market value by USD 600 bln

  Tesla's 12-month forward price-to-earnings ratio of 57.9 is well ahead of U.S. legacy automakers Ford at 6.31 and General Motors at 4.56.

  

• Volkswagen shares recover after EV production cut reports

  Volkswagen's shares rebounded slightly after a previous decline due to reports of a production cut for electric vehicles (EVs) in Germany. The automaker expects EV orders to stabilize in the coming months and is confident in increased capacity utilization with the launch of the ID.7 later this year.

  

• E-scooter companies gear up for gradual price hikes

  But not everyone is on board with the price hikes. Hero Electric, which sells the Optima among other brands, has decided not to increase prices immediately. "Despite the recent reduction in the FAME-2 subsidy, the company remains dedicated to promoting the adoption of e-two-wheelers and dispelling misconceptions about their cost of ownership," the company said in a statement on Wednesday. FAME refers to faster adoption and manufacturing of hybrid and electric vehicles.

  

• Tata Motors and Mahindra & Mahindra apply brakes on EV fundraise plans

  Tata Motors and M&M had carved out their EV arms into separate subsidiaries and raised significant funds through stake sales in 2021 and 2022, respectively, at handsome valuations.

  

• Oil extends losses ahead of expected interest rate hikes

  Both benchmarks closed at their lowest since late March in the previous session, when they also recorded their biggest one-day percentage declines since early January.

  

• Rupee headed lower as risk aversion props up safe haven dollar

  Non-deliverable forwards indicate the rupee will open at around 81.98-82.00 to the U.S. dollar compared with 81.9125 in the previous session. The USD/INR will open with a "slight bid tone" but based on how the pair has been "it is doubtful" there will be a major follow-through, a spot trader said.

  

• Indian-American doctor’s Jaunt Air plans to manufacture air taxis & drones in India by 2025

  Jaunt Air also manufactures the RQ-35 Heidrun intelligence, surveillance and reconnaissance drone currently being used in war -hit Ukraine. Kathuria said that these drones could also be made in India from next year for the defence market, the doctor-turned-businessman told TOI.

  

• Morgan Stanley sells stake in Divgi TorqTransfer after muted listing

  Morgan Stanley has sold about 3.73 lakh shares in Divgi TorqTransfer through a block deal for about INR 22 crore after a muted debut on exchanges. The deal was executed at a gross price of INR 590.32 per share. According to the data available with the exchanges, Quant Mutual Fund picked up about 2.63 lakh shares at an average price of INR 588.87, while Sageone Investment managers bought 3.6 lakh shares.

  

• Oil falls on fuel demand woes ahead of U.S. Fed comments

  The U.S. Fed will release the minutes of its latest meeting on Wednesday, which will give traders a glimpse of how high officials are projecting interest rates will go after recent data showed stronger-than-expected U.S. employment and consumer prices

  

• Battery maker Northvolt in talks to hire IPO banks

  The Swedish company is discussing listing its shares either in Europe or in New York within the next 12 months, the sources said, cautioning that the plans are tentative and subject to change.

  

• Tight supply to support oil prices in H2, Morgan Stanley says

  China scrapped its strict zero-COVID measures last month, lifting lockdowns, removing quarantine and halting regular testing.