Wednesday, September 16
Jane Street Group LLC is expected to argue that its controversial Indian options trades were a response to outsized demand from retail investors, people familiar with the matter said.The trading giant has been working on its defense against market manipulation allegations from the Securities and Exchange Board of India. The regulator in early July alleged Jane Street had taken large positions that artificially influenced prices in the country’s stock and futures markets, moving them in favor of its options bets on multiple days. Jane Street said on Monday it has sought an extension to respond to the interim order. Last week, SEBI lifted Jane Street’s temporary trading ban after the firm deposited 48.4 billion rupees ($560 million) in alleged “unlawful gains” into an escrow account.
Mumbai: India's real estate stocks tumbled on Monday as layoffs at the country's largest IT services firm, Tata Consultancy Services (TCS) cast a shadow on housing demand from software professionals. The selloff in real estate was broad-based, with all 10 index constituents ending in the red. Lodha Developers was the biggest laggard, falling 6.31%, followed by Godrej Properties (-5.44%), Brigade Enterprises (-4.41%) and DLF (-4.30%)."If layoffs do materialise, it could significantly impact real estate sales, especially in IT-driven markets like Bengaluru," said Sneha Poddar, VP - Research, Wealth Management at Motilal Oswal Financial Services.TCS plans to reduce its workforce by approximately 2%, or 12,000 employees. Investors worry that other IT bigwigs may follow suit.Historically, whene
The Indian rupee slumped to its lowest this fiscal year against the dollar Tuesday on an across-the-board strengthening in the greenback amid uncertainty related to the impending trade deal with the US, dealers said. Month-end dollar demand from importers also exerted pressure on the rupee.The local currency fell to 86.9150 to a dollar intraday, before recouping some losses, tracking domestic equity markets. It closed at 86.8150 to a dollar, the lowest level since mid-March, compared with the previous close of 86.6650. Indian equities snapped a three-day losing streak with the benchmark indices closing higher Tuesday.“The dollar index has surged in the past two days, leading to a largely hands-off approach from the central bank, as the price action aligned with market forces. This unwind
Mumbai: Jane Street has written to the Securities and Exchange Board of India (Sebi) seeking more time to respond to the market regulator's allegations that it engaged in market manipulation in the local derivatives market. "We are engaging constructively with Sebi and have sought an extension to respond to the interim order issued on July 3," Jane Street said in a statement on Monday. The Wall Street major didn't reveal in the statement how much time it has sought to respond to the regulator. But market sources close to the development said the trading firm has also sought inspection of documents relied upon as evidence by the regulator while it passed the 105-page order early July. Sebi had asked Jane Street to respond within 21 days to its interim ex-parte order. The deadline ended last
Mumbai: Indian equity indices declined on Monday for the third straight session as disappointing first-quarter earnings cast doubt on the market's elevated valuations. The slide in the broader market was sharper, with investors trimming their risky bets amid heightening uncertainty.The NSE Nifty fell 0.6% or 156 points to finish at 24,680. The BSE Sensex moved 0.7% or 572.07 points lower at 80,891. The Nifty Mid-cap 150 and Small-cap 250 indices dropped 0.9% and 1.3% respectively.In the past week, the benchmark index shed 1.6% while the mid-cap and small-cap indices shed 3.1% and 4.1% each."The market has been factoring in higher growth expectations into mid-cap and small-cap stocks," said Siddarth Bhamre, Head of Research, Asit C Mehta Intermediates. "So if these companies report lower gr
