Tag: State Bank of India (SBI)

SBI share price can go up to ₹1,000, say analysts post Q4 results

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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State Bank of India Ltd., India’s largest lender, may see its share price hit four digits in the next 12 months after the lender surprised the street positively in its March quarter results.

Post SBI’s results, Chairman Dinesh Khara told CNBC-TV18 that he expects the loan growth to continue to remain at levels of 16% going forward. Loan growth was the big positive for SBI during the quarter. Khara expects good growth to come from SME, retail, agri and the corporate segment.

Khara also spoke about the bank’s capital raising plans going forward, saying that the bank will raise tier-I capital this year.

Out of the 51 analysts that have coverage on SBI, 41 of them continued to maintain a “buy” rating on the stock, while seven of them have a “hold” rating. Three analysts still have a “sell” rating.

Brokerage firm Nomura highlights SBI as its top pick and has raised its price target on the lender to ₹1,000 from ₹825 earlier. It has also raised its financial year 2025 and 2026 Earnings per Share estimates for SBI by 15% and cut its credit cost estimates for the same time frame to 0.4% from 0.55% earlier.

Nomura is now working with a 1% Return on Assets and Return on Equity to range between 17% to 18% over financial year 2025 and 2026, along with 14% loan growth.

Another brokerage that has a price target of ₹1,000 on SBI is Haitong, who raised its target from its earlier projection of ₹782.

Haitong said that it expects further improvement in SBI’s asset quality, margins and business momentum going forward.

It anticipates RoA of 1.1% over financial year 2025 and 2026 led by a 14% Compounded Annual loan Growth Rate and credit cost of around 30 basis points.

Kotak Institutional Equities has also raised its price target on SBI to ₹950 and maintained its “buy” recommendation, stating that it expects a “relatively stable performance” from SBI as macro environment continues to remain fairly stable for lenders.

It also highlighted SBI as its top pick but also said that it does not see any sharp outperformance from current levels.

Jefferies has also retained its “buy” rating on the stock and raised its price target to ₹980 from ₹810 earlier.

InCred is also among those brokerages who have a price target of ₹1,000 on SBI. It said that a consistent delivery of 1% RoA and 16% RoE will ensure that SBI is valued at a premium compared to its peers.

However, brokerage firm Citi maintained a “sell” rating on SBI with a price target of ₹701. It said that the March quarter results were boosted by one-offs.

Shares of SBI have risen 30% so far in 2024 and was also among the top performers on the Nifty on Thursday in an otherwise weak market.

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KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Prefer Union, Bank of India, Canara over SBI, Bank of Baroda, says BoFA Securities

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Brokerage firm Bank of America prefers smaller PSU banks like Union Bank, Canara Bank and Bank of India over larger lenders like State Bank of India and Bank of Baroda, as per its recent note.

Among the two key factors that BoFA Securities highlights, includes the fact that the earnings expectations for both State Bank of India and Bank of Baroda are already quite optimistic, which leaves much lower room for positive surprises.

On the flip side, other state-run lenders are still one to two years behind in their earnings recovery cycle positioning them to drive positive surprises in financial year 2025 and 2026, BoFA wrote in its note.

Additionally, foreign ownership in other state-run lenders is still half of SBI and Bank of Baroda and BoFA Securities sees room for this to narrow going forward.

BoFA Securities believes that the consensus estimates for financial year 2025 are still conservative for Public Sector Banks and hence he sees the scope for a 10% to 20% upgrades in their Earnings per Share.

The brokerage also sees a valuation upside of 10% to 20% as confidence on consistency of Earnings per Share / Return on Assets delivery improves and foreign ownership increases.

It prefers smaller lenders like Union Bank, Canara Bank and Bank of India on better risk-reward on higher earnings growth and valuation upside.

The PSU Bank index has risen 96% over the last 12 months, and stocks like Canara Bank and Union Bank have gained over 100% during the same period, while Bank of India shares are up 80%.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

Electoral Bonds Case: SBI extends losses after Supreme Court dismisses extension plea

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of State Bank of India fell to the day’s low on Monday after the Supreme Court dismissed its petition seeking an extension until June 30 in the electoral bonds case.

The Supreme Court directed India’s largest lender to disclose details by the end of business hours on March 12, 2024 and also added that the Election Commission of India shall publish this information on its website by no later than 5 PM on March 15, 2024.

The Supreme Court was hearing the application filed by the SBI seeking an extension till June 30 to disclose details of each electoral bond encashed by political parties before the scheme was scrapped in February.

This is the biggest single day drop for SBI’s shares since February 12 during which the stock had declined 2.4%. Ahead of today’s drop, shares of India’s largest lender had gained over 20% so far in 2024.

Monday’s drop also means that SBI’s market capitalisation has slipped back below the mark of ₹7 lakh crore.

Sacchitanand Uttekar of Tradebulls mentioned that the firm had recommended accumulating shares of SBI on January 18 at an average price of ₹615. Since then the stock is up 25%. Therefore, he advises booking profits at these levels as he does not anticipate any major upmove in the stock now.

“Technically, this is a classic case of a three-point price-RSI divergence on its daily chart, which indicates diminishing trend strength. Also, the stock is quoting away from its five-week exponential moving average support zone near ₹760,” he said.

Shares of SBI are trading 2% lower at ₹772.85. The stock has oscillated between gains and losses over the last five trading sessions. You can read more about the live coverage of the electoral bonds case here.

Also Read: Electoral Bonds Case: Supreme Court dismisses SBI plea, asks it to disclose data by tomorrow

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI shares hit record high, cross ₹7 lakh crore mcap for first time; what’s next?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The market capitalisation of State Bank of India (SBI), the country’s largest lender by assets, surpassed the ₹7 lakh mark for the first time on Wednesday (March 6). The stock also hit a record high of ₹790.30, rising 2% on NSE. The shares of SBI have risen 23% so far this year and gained 40% in the last one year.

The state-owned lender had also reclaimed the status of the most-valued PSU last month by overtaking LIC in market capitalisation.

Top firms by market cap (₹ lakh cr)

On the charts, the 14-day relative strength index (RSI) of the stock stood at 72.9, indicating the stock is overbought. This implies that stock may show pullback.

SBI shares have a one-year beta of 0.7, indicating very low volatility during the period.

SBI shares are trading higher than the 5 day, 10 day, 20 day, 50 day, 100 day, 150 day and 200 day moving averages.

What analysts say on SBI

Analysts at JM Financial recently hosted management team of SBI at JM Financial India Conference (Singapore) 2024 where management exuded confidence on sustaining its strong performance into FY25 as well. Given strong macro environment, management remains confident of achieving 15% loan growth, which is emanating from its comfortable LDR ratio (67% domestic) despite systemic pressures on deposits.

Key highlights of the call include:

i) Wholesale credit demand is picking up momentum and will be driven by private sector to drive 15% loan growth in FY25E,

ii) Management remains confident of sustaining margins and does not expect meaningful inch up in MCLRs

iii) Provisions against wage revisions and pension rationalization were one-time expenses and thus employee costs would normalize from FY25E onwards with slight uptick,

iv) Gross non-performing assets (NPAs) likely to improve further and thus credit costs would remain contained, and

v) Aims to deliver return on assets (RoAs) of 1-1.1% with return on equities (RoEs) of 15-18%.

The brokerage believes SBI remains well-positioned to navigate the tight systemic liquidity given its strong liability franchise and as growth visibility increases. It believes the lender could rerate higher.

JM Financials’ earnings estimates for SBI are 8.1% and 6.1% above consensus for FY25E and FY26E, respectively.

The brokerage has maintained a ‘Buy’ rating on the counter with a target price of ₹860 per share.

Sharp decline in interest rates and relapse of asset quality pressures are key risks to its call, JM Financial said.

Brokerage Sharekhan, which has a target price of ₹915 on the banking stock, expects SBI to sustain steady performance in the near to medium term on the back of stable asset quality outlook. An improvement in underwriting, lower SMA book and higher provisions on stressed assets should keep incremental slippages under control. Thus, Sharekhan believes that normalisation of credit cost is expected to be very gradual until we see a major economic downturn.

“The bank has an additional non-NPA provisions of 1% of loans outside the provision coverage ratio to take care of any uncertain future events, which is a key positive. We maintain a Buy rating on SBI with a revised price target (PT) of ₹915,” the brokerage said.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI beats Infosys to become the fifth largest firm by market capitalisation

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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The State Bank of India (SBI), the country’s largest lender by assets, has yet again climbed the market cap ladder, this time by overtaking software giant Infosys. The stock of SBI has rallied as much as 20.5% in February so far, clocking its best-ever monthly return in three years. The last time such gains were seen was in February 2021, when it surged 38.3%. The state-owned lender had also reclaimed the status of the most-valued PSU last week by overtaking LIC in market valuation. SBI reclaims the most valuable PSU tag following a 10% drop in LIC share price.

With a market valuation of ₹6.89 lakh crore, SBI occupies the fifth spot after Reliance Industries, Tata Consultancy Services (TCS), HDFC Bank and ICICI Bank. Interestingly, banking names dominate the list, with three of the top five firms from the sector. The higher number of participations from the banking sector indicates financial firms’ rising clout in the eyes of investors. As of Wednesday’s close, Infosys had a market capitalisation of ₹6.87 lakh crore.

While RIL tops the valuation chart with a market capitalisation of about ₹20 lakh crore, TCS commands a valuation of ₹14.4 lakh crore. That was followed by HDFC Bank (₹10.9 lakh crore) and ICICI Bank (₹7.4 lakh crore).

For the quarter ended December 31, 2023, SBI reported lower-than-expected earnings, dragged by one-time costs towards wage settlement. The exceptional items were largely expected and one-time pension and dearness allowance costs were pegged at ₹7,100 crore. However, the bank managed its net interest margin (NIMs) well in Q3 and showed some improvement in asset quality. The largest lender reported a net profit of ₹9,164 crore in Q3FY24, down 35% YoY.

Jefferies, which has a buy rating on SBI with a 12-month target price of ₹810, believes that even as fresh nonperforming loan (NPL) formation has risen by 57% year-on-year (YoY), the level of accretion is still quite low. The Gross NPL ratio of 2.4% is low (across segments) and the coverage ratio is high at 74%.

“Overall provisions were deflated by write-back of investment provisions, but core credit costs are also lower than our estimates and could offer upside to FY25/26 estimates,” wrote the foreign brokerage in an investor note.

Over the last six months, shares of SBI have generated a return of 35%. In contrast, the stock of Infosys has gained 18%, and the benchmark Nifty50 yielded a return of 14% during the same period.

ALSO READ | This $130 billion fund manager explains why he chose SBI over HDFC Bank: Exclusive

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

This $130 billion fund manager explains why he chose SBI over HDFC Bank: Exclusive

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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GQG Partners manages assets worth $22 billion in India. The stocks they own span across sectors from airports, to banks to oil and even PSUs. But HDFC Bank, which used to be one of their core holdings, is no longer present.

In an exclusive interaction with CNBC-TV18, Rajiv Jain of GQG Partners explained the rationale behind choosing other lenders like SBI over the likes of HDFC Bank.

“These two names (HDFC Bank & HDFC) made me look a lot smaller as we bought them and we didn’t have to do anything. They just kept compounding,” Jain said, adding that he likes such managements where they take the back seat and the management delivers.

He explained that he exited HDFC Bank as there were better opportunities available last year. Jain had first bought shares of HDFC Bank in 1998 and those of the erstwhile HDFC at the turn of the millennium.

HDFC Bank shares have been under pressure since the start of the year after its December quarter results missed estimates and the management commentary was on the cautious side. Currently, shares of India’s largest private lender are the worst performers on the Nifty 50 index on a year-to-date basis, down over 15%.

“These are some transition issues (on HDFC Bank) where two big entities have merged but there are no structural problems,” Jain said. “From our standpoint, we have limited amount of dollars which we could invest so we always look for the best bang for the buck,” he further added.

Instead, Jain placed his bets on India’s largest lender, State Bank of India, whose shares are up 20% so far this month. 

“We thought SBI has far better disconnect than HDFC Bank which is a very high quality franchise,” he said. “It is likely that we will own it somewhere down the line,” he added.

Although Jain does not see any further re-rating potential for India’s state-run lenders unless the entire market re-rates, he believes it is now earnings growth that will have to do the job for these banks.

In a separate discussion with CNBC-TV18, Saurabh Mukherjea, Founder of Marcellus Investment Managers and Digant Haria, Co-Founder of Greenedge Wealth Services, extensively discussed HDFC Bank.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SC verdict on electoral bonds — will it enhance accountability and fairness in the electoral process

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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A five-judge panel of the Supreme Court has rendered its verdict on the legality of the electoral bonds scheme today, unanimously declaring it “unconstitutional.” The court articulated that the electoral bonds scheme must be invalidated as it infringes upon citizens’ right to information, particularly concerning potential quid pro quo or ‘something for something’
arrangements.

The electoral bonds scheme facilitated anonymous contributions from corporations and individuals to political parties through the acquisition of electoral bonds from the State Bank of India (SBI). Notably, exclusive access to the details of bond purchasers is retained by the SBI. Per the scheme’s provisions, proceeds from unencashed bonds issued for more than 15 days are directed to the Prime Minister’s Relief Fund.

The inception of the electoral bonds dates back to a 2017 Union Budget address delivered by the former Finance Minister, Arun Jaitley. Ideated as a remedy to the opacity surrounding political party funding, the scheme was proposed to address concerns regarding transparency. However, legal challenges arose, arguing that citizens possess a fundamental right to information regarding parties and candidates vying for their votes.

Since its inception, advocates for transparency have consistently raised significant concerns regarding the electoral bonds scheme implemented by the Modi government. Criticisms extend to the manner in which the scheme was introduced, notably including overlooking apprehensions voiced by the then- Reserve Bank of India governor and failing to conduct any form of public consultation. 

Legal Challenges

Legal challenges were swiftly initiated, contending that the scheme posed a threat to democracy by enabling anonymous donations and fostering a quid pro quo dynamic between political entities and corporate interests. However, the court’s deliberation on the petitions filed in 2017 took several years, and previously, it had declined to suspend the scheme.

Consequently, as recently as January of this year, the State Bank of India continued to sell hundreds of crores worth of electoral bonds. To date, the total value of electoral bonds sold by the State Bank of India exceeds ₹ 16,000 crore. 

Petitioners contended that the scheme would disproportionately benefit the incumbent governments by ensuring anonymity, thereby enabling the provision of favours such as licenses, leases, policy amendments, and government contracts. 

Corporate Influence In The Political Process

The Supreme Court has underscored the disproportionate influence of companies in the political process compared to individuals, noting that corporate contributions are predominantly transactional in nature, aimed at securing reciprocal benefits. The court underscored that financial contributions to political parties typically serve two purposes — to express support for a political entity and as a quid pro quo arrangement. It emphasised that large corporate donations should not obscure the motives behind financial contributions made by other segments of the population.

Interestingly, prior to the implementation of the electoral bond scheme, political parties were obligated to disclose all donations exceeding ₹20,000. Additionally, there existed a restriction on corporate donations, limiting them to no more than 7.5% of profits. However, the electoral bonds scheme abolished this 7.5% limit on corporations and also extended donation eligibility to loss-making companies.

Access To Information

The Supreme Court has ruled that access to information on political party funding is crucial for informed voting, highlighting the correlation between economic and political inequality exacerbated by the intertwining of money and politics. This nexus amplifies the potential for quid pro quo transactions or favourable policy alterations, thereby infringing upon the right to information enshrined in Article 19(1)(a), which safeguards freedom of speech and expression.

Immediate Action

The SC has directed the State Bank of India (SBI) to immediately cease the issuance of electoral bonds and furnish all pertinent details to the Election Commission of India (ECI) by March 6. Furthermore, the ECI has been mandated to promptly disclose all donations within one week of receipt and publish the information on its website by March 13.

This decisive action is expected to bring closure to this contentious issue that has lingered for seven long years, having seen a national election, and multiple state elections. 

Conclusion

By discontinuing this system, which has been criticised for its potential to facilitate undisclosed donations and favouritism towards incumbent governments, there is an opportunity to foster a more level playing field for all political parties. Moving forward, it is imperative to explore and implement innovative approaches to ensure transparent electoral funding.

This could involve the establishment of mechanisms for public disclosure of donations, strict regulations on corporate contributions, and the promotion of alternative funding models such as public financing or grassroots fundraising. Embracing such initiatives will not only enhance accountability and fairness in the electoral process but also encourage the emergence of diverse ideas and voices in governance, ultimately strengthening democratic principles and institutions.

—The author, Dr. Srinath Sridharan (X : @ssmumbai), is a Policy Researcher & Corporate advisor. the views expressed are personal.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI reclaims the most valuable PSU tag following a 10% drop in LIC’s share

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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In less than a month of losing the tag—most valuable public sector undertaking (PSU), State Bank of India (SBI) reclaimed the lost crown on Tuesday, after a sell-off in the Life Insurance Corporation’s shares eroded more than ₹70,000 crore of market capitalisation over the last three days. At ₹6.3 lakh crore, SBI currently commands about ₹250 crore higher market cap than that of LIC.

The largest insurer, which had a market valuation of ₹5.5 lakh crore post its listing in May 2022, had seen the valuation come off to as low as ₹3.4 lakh crore in March 2023. However, since then, the stock has surged a whopping 108%, taking the valuation to ₹7 lakh crore on February 8.

The sell-off in PSU stocks has wiped out investor wealth of more than ₹5 lakh crore over the last three days, after lower-than-expected earnings for the third quarter of FY24 from a handful of PSUs and stretched valuations led to profit booking.

Nevertheless, LIC reported a decent set of numbers in the third quarter of FY24. The insurer posted a 200 basis point (bps) improvement in the value of the new business (VNB), which grew by 16.6% for the nine months ended December 2023.

However, a 7% growth in annual premium equivalent (APE) in Q3 failed to arrest a nine-month decline, yet the focus on profitable non-par plans remains a positive.

BOB Capital Markets, which downgraded the stock to ‘hold’ from ‘buy’ on stretched valuations, wrote, “Though we remain positive on LIC given its entrenched brand equity and market leadership, the recent 30% plus rally leaves just 5% upside and compels us to downgrade the stock from ‘“buy’ to ‘hold’.

Of the 19 analysts who track the stock on Bloomberg, 63% have a ‘buy’ recommendation on the stock. While 26% suggest a ‘buy,’ the remaining 11% have a ‘sell’ rating on the stock.

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Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

SBI Share Price: Is the tide turning for India’s largest lender?

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Shares of State Bank of India Ltd., India’s largest lender, are up 10% so far in the month of February. They are also the third best performers on the Nifty 50 index this month, behind BPCL and Coal India.

SBI was a non-participant in the record-breaking PSU rally of 2023. In a year when the PSE index rallied 80% and the PSU Bank Index went up by 33%, shares of SBI gained only 4%. In fact, SBI commands the highest weightage on the PSU Bank index.

However, the stock has begun the month of February on a very positive note. Here are some factors working in its favour.

On Thursday, ICICI Lombard put out a note on the exchanges saying that it has increased its stake in the lender. Although that’s only 0.04%, its a hike nonetheless.

On February 7, CNBC-TV18 highlighted on our dealing room chatter that a leading global fund has become an active buyer in the lender.

Third, just this Friday morning, Chris Wood of Jefferies cut down on his investment in HDFC Bank by 2%. 1% of that went to State Bank of India.

Additionally, the bank also denied reports that it is planning on selling some of its 26% stake it holds in Yes Bank, calling them “factually incorrect.”

Lastly, with the kind of run-up that PSUs have seen, investors are now looking for bargain buys in the market.

Currently SBI is trading at 1.5 times FY25 price-to-book, which is in-line with its five-year average of 1.4 times.

Interestingly, Domestic Mutual Funds have cut their stake in SBI for five quarters in a row now.

Out of the 51 analysts that have coverage on State Bank of India, 43 of them have a “buy” recommendation, while four each have a “hold” and “sell” rating.

Shares of SBI are currently trading 0.7% higher at ₹705 and are trading at a record high.

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Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow

India’s most valuable PSU remains a wealth destroyer

KV Prasad Jun 13, 2022, 06:35 AM IST (Published)

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Life Insurance Corporation of India (LIC) overtook State Bank of India on Wednesday to become India’s most valuable state-run company in terms of market capitalisation.

At the start of trading on Wednesday, LIC had a market capitalisation of ₹5.66 lakh crore, compared to SBI’s ₹5.64 lakh crore, though SBI recovered from opening lows to reclaim the top spot for a brief period again.

However, despite becoming India’s most valued company, LIC has caused loss of investor wealth. The stock listed at a discount in May 2022, a level it only crossed on Tuesday, nearly two years after listing. Although the stock has crossed the retail IPO price of ₹904, it remains below the original IPO price of ₹949.

Over the last 12 months, the stock has gained only 27%, compared to other PSE index constituents like REC, PFC, BHEL and HAL, which have gained anywhere between 140% to 250% over the same time frame. In fact, LIC shares are the second-worst performers on the Nifty PSE index over a 12-month period, only ahead of Container Corporation of India, which is up 25%.

LIC remains India’s biggest IPO where the government sold a 3.5% stake to mobilise over ₹21,000 crore. That is the only stake sold in the open market yet as the government continues to hold the remaining 96.5%. DIPAM Secretary Tuhin Kanta Pandey in his prior interactions with CNBC-TV18 had mentioned that an LIC Follow-On Public Offer (FPO) is not on the cards yet.

Additionally, unlike other PSUs, LIC has been granted an exemption from complying with minimum public shareholding norms. It can achieve the 25% minimum public shareholding by May 2032, instead of the usual three years.

LIC shares have recovered from their 52-week low of ₹530 and despite this rally are trading at 0.85 times price-to-embedded value.

Shares of LIC are trading 0.6% lower at ₹887.2. The stock is up 11% over the last month.

Elon Musk forms several ‘X Holdings’ companies to fund potential Twitter buyout

3 Mins Read

Thursday’s filing dispelled some doubts, though Musk still has work to do. He and his advisers will spend the coming days vetting potential investors for the equity portion of his offer, according to people familiar with the matter

KV Prasad Journo follow politics, process in Parliament and US Congress. Former Congressional APSA-Fulbright Fellow