Peloton sees dip in shares as demand for exercise bikes winds down

‘Vedanta mulls $10-bn fund to bid for BPCL, other assets’

Money will never be a problem, says chairman Agarwal

Mining firm Vedanta Resources Ltd. plans to create a $10 billion fund to bid for assets including the Indian government’s stake in Bharat Petroleum Corp Ltd. (BPCL), its chairman told Reuters.

The Indian government is seeking to privatise state-runrefiner BPCL by selling its almost 53% stake in the firm, worth just more than $6billion, to private entities.

“We are in the process of creating a fund of $10 billion,” Mr. Anil Agarwal said in an interview in Dubai. “It will not only look at (BPCL) but there are other companies being privatised. It will look at the potential of those companies also.”

The fund will be made up of its own resources and outside investment, Mr. Agarwal said, adding that it may also finance the BPCL acquisition through debt.

“We will work out a structure, we are doing the due diligence,” he said. “As soon as the date comes, we will firm up and work out on how we take the money and go about it.”

“There is no large fund which does not want to associate with us in general. Money will never be a problem,” he added.

London-headquartered Vedanta Resources has grown its annual revenue from $1 million to over $15 billion in the past decade.

As well as its operations in India, the group has mining interests in South Africa and a precious metal refinery andcopper rod plant in the United Arab Emirates’ Fujairah FreeZone. It is also exploring opportunities for new zinc, gold and magnesium mines in Saudi Arabia.

States to get ₹47,541 cr. via tax devolution

The Centre will on Thursday release an advance instalment of tax devolution to the States amounting to ₹47,541 crore, the Finance Ministry said.

“Finance Minister Nirmala Sitharaman has authorised the release of an advance instalment of tax devolution to State governments amounting to ₹47,541 crore, here today. This is in addition to the regular devolution for the month of January , also being released today,” the Ministry said in a statement.

Thus, States would receive a total of ₹95,082 crore or double their respective entitlement during the month of January, the Finance Ministry said in the statement.

TaskUs Stock Slips 11%

Shares of TaskUs Inc. (TASK) are currently slipping over 11% on Thursday morning despite no stock-specific news to hurt the shares.

TASK is currently trading at $31.46, down $4.13 or 11.60%, on the Nasdaq, on a heavy volume of 4 million shares, above average volume of 1.3 million shares. The stock has traded between $26.57 and $85.49 in the past 52-week period.

TaskUs is an U.S. outsourcing company that offers digital customer experience that consists of omni-channel customer care services primarily delivered through digital channels; and other solutions, including customer care services for new product or market launches, trust and safety solutions, and customer acquisition solutions.

Superdry Says H1 Adjusted Loss Narrowed

U.K.-based apparel manufacturer Superdry (SDRY,SEPGF,SEPGY) on Thursday announced its interim results covering the 26-week period from 25 April 2021 to 23 October 2021 that showed group revenue decline by 1.9 percent to 277.2 million pounds from 282.7 million pounds in the corresponding first half of the previous financial year.

Adjusted loss before tax for the first half dropped to 2.8 million pounds as compared to 10.6 million pounds in the first half of the previous period. Adjusted loss per share was 3.8 pence versus 10.5 pence in the previous half year.

The first half of the current year also recorded a pre-tax profit of 4 million pounds versus a pre-tax loss of 18.9 million pounds in the year-ago period.

The profit for the first half was 2.5 million pounds or 3 pence per share as compared to a loss of 15.4 million pounds or 18.8 pence per share in the previous financial year, attributed to favorable fair value movements on forward contracts.

The trading update covering the 11-week period from 24 October 2021 to 8 January 2022 revealed a 19.6 percent jump in revenues.

As per the company’s outlook, it expects to meet current market expectations for FY22 adjusted PBT.

Shares of Superdry closed Wednesday’s trading at 249 pounds, up 0.50 pounds or 0.20 percent from previous close.

Peloton sees dip in shares as demand for exercise bikes winds down

The company slashed its full-year outlook by about $1bn and is temporarily pausing production of its products

Last modified on Thu 20 Jan 2022 15.47 EST

Shares of the exercise bike maker Peloton slumped as much as 27% on Thursday following a report that it was temporarily pausing production of its connected fitness products due to slowing demand and to control costs.

The company in a confidential presentation dated 10 January said demand had seen “significant reduction” and that it planned to pause bike production in February and March, according to a CNBC report. It also won’t manufacture the Tread treadmill machine for six weeks, beginning next month.

Peloton is not looking to produce any Tread+ machines in fiscal 2022, the report added.

The company, once a pandemic darling, had announced in May a recall of its treadmills after reports of multiple injuries and the death of a child in an accident.

Peloton was also the subject of a Sex and the City remake episode last month that suggested the company’s exercise bikes could be lethal. It later responded with a parody ad of its own.

Peloton slashed its full-year outlook by up to $1bn in November, saying demand for its exercise bikes and treadmills was slowing faster than expected. Analysts have warned of a tough path ahead for the company as people begin venturing out of their homes.

Peloton, whose shares dropped below the IPO price of $29 to hit a near two-year low, did not immediately respond to a Reuters request for comment.