Business

SEBI has banned four Jane Street entities operating as foreign portfolio investors in India, accusing them of market manipulation. The regulator demands nearly Rs 4,850 crore in illegal gains be disgorged. Jane Street allegedly manipulated stock and F&O markets using aggressive buying and selling strategies.

Finance Minister Nirmala Sitharaman urged decisive collective action from the Global South to address uncertainties stemming from fiscal constraints and geopolitical shifts. Speaking at the New Development Bank’s annual meeting, she emphasized the pivotal role of Multilateral Development Banks in catalyzing public and private investments.

Attracted by a weak rupee, NRIs significantly increased their foreign currency deposits, with net inflows rising 11% to $7.1 billion in FY25. This surge follows previous outflows during the pandemic. Relaxed interest rate caps by the RBI also contributed to the growth of FCNR (B) accounts, offering tax-free interest and protection from exchange rate fluctuations.

Reliance Jio is expected to surpass Bharti Airtel in revenue and ARPU growth, driven by strong FWA additions. While Airtel’s ARPU may be higher, Jio’s subscriber growth is significant. Vodafone Idea is projected to stabilize its user base with improved network and 5G expansion, though lagging behind in the 5G race. Tariff hikes are anticipated…

Tata Steel faces a Rs 1,902 crore demand notice from the Deputy Director of Mines, Jajpur, concerning an alleged shortfall in mineral dispatch from its Sukinda Chromite Block in Odisha. The demand, linked to a revised assessment under the Mine Development and Production Agreement, is contested by Tata Steel.

India’s foreign exchange reserves experienced a significant increase of $4.84 billion, reaching $702.78 billion for the week ending June 27, according to RBI data. This surge brings the reserves closer to the record peak observed in late September 2024. While gold reserves saw a decrease, the country’s SDRs and reserve position with the IMF both…

Gold prices in Delhi plummeted by Rs 600 to Rs 99,020 per 10 grams due to stockist selling and a stronger US dollar. Silver also experienced a significant drop, falling to Rs 1,04,800 per kg. Market anticipates movement based on the upcoming US Personal Consumption Expenditures (PCE) inflation report, influencing safe-haven demand and interest rate…

Union Minister G Kishan Reddy introduced the Copper Vision Document, outlining India’s strategy to meet a projected sixfold increase in copper demand by 2047. The plan targets adding 5 million tonnes per annum of smelting and refining capacity by 2030. It emphasizes enhanced recycling, secondary refining, and securing international mineral resources.