Shares of Ola Electric surged 20% on their market debut on Friday, valuing the Indian electric vehicle startup at around $4.8 billion. Ola Electric priced its shares at 76 rupees ($0.91) raising the company more than $730 million via the initial public offering in Mumbai.
Japanese technology conglomerate SoftBank announced a 500 billion yen ($3.42 billion) share repurchase programme in the first-quarter financial results. The announcement comes after famed activist investor Elliott Advisors built a minority stake in SoftBank, which owns British microchip giant Arm Holdings PLC (NASDAQ:ARM), in order to influence its shareholder return policy.
SoftBank Group booked a 1.9 billion yen ($12.9 million) investment gain on its Vision Fund tech investment arm in the company's fiscal first quarter ended June, swinging back into the black. The Japanese giant also announced it would buy back up to 6.8% of shares available amounting to up to 500 billion yen ($3.4 billion).
Japanese technology investor SoftBank Group swung to a small net profit of 10.4 billion yen ($70.7 million) in the April-June quarter, helped by buoyant valuations of tech stocks and marking its third consecutive quarter of gains.
Japanese technology conglomerate and Arm Holdings PLC (NASDAQ:ARM) owner SoftBank's first-quarter earnings call comes amid an intensely volatile time for both tech stocks and the Tokyo Stock Exchange. SoftBank's share price went into freefall on Monday and while there were signs of recovery on Monday, the company's valuation remains more than 20% lower week on week.
Japan's SoftBank Group is expected to report a modest first-quarter profit on Wednesday but investors are set to hone in on whether the tech investment giant will either announce a major share buyback or flag its willingness to embark on one.
SoftBank Group shares tanked nearly 19% on Monday amid a global sell-off, wiping off billions of dollars from founder Masayoshi Son's fortune. On Monday, Son's net worth fell by $4.6 billion alone, according to the Forbes real-time billionaires list.
A joint venture of Japan's SoftBank Corp and South Korea's Naver will sell back about 2% of its 64.42% stake in LY Corp , which operates the popular messaging app Line, LY said in a share buyback disclosure on Friday.
India's IPO-bound Ola Electric has suspended its electric car launch plans as the Softbank-backed company wants to focus on its e-scooter business, two people with direct knowledge of the decision said.
SoftBank's decision to jettison a previously held 4.9% stake in artificial intelligence (AI) leader Nvidia in 2019 has led to a $160 billion "boo-boo." However, history suggests Nvidia's stock is in a bubble.
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SoftBank has acquired UK-based chipmaker Graphcore as part of its significant investment in artificial intelligence. Graphcore, founded in 2016, will join SoftBank's portfolio alongside Arm Holdings PLC (NASDAQ:ARM).