The growing buzz over a likely India-US trade deal is among the top news of the day, along with the developments related to the SEBI action against US-based trading firm Jane Street. Also in focus were the quarterly updates released by top listed entities, including Tata Motors, Tata Steel and JSW Steel.
Here’s a quick roundup of today’s key headlines:
India-US Pact On The Cards?
While there is no official word from New Delhi or Washington, reports have claimed that an announcement related to a trade deal could be made soon. It is also expected that the agreement may cover only goods, and leave out some of the broader contours of the trade between the two countries.
Jane Street Vs SEBI: 'Arbitrage' Defence Contests Regulator's 'Manipulation' Allegation
Jane Street, in its response, said the regulator failed to account for how arbitrage works across markets. “We reject the premise and the substance of the order in the strongest possible terms,” the firm told employees.
It said its trades aimed to profit from a mispricing between Nifty Bank’s options and the index value derived from the underlying stocks. The note included a graph showing a divergence between options-implied index levels and stock-based index prices at the open on Jan. 17.
S&P 500 Flat, Dow Opens Lower After Trump's Tariff Letters
Wall Street opened mixed on Tuesday after the United States issued tariff letters to 14 countries a day ago.
S&P 500 was up 0.03% at open before falling 0.06%, whereas the tech-heavy Nasdaq Composite was up 0.23% and Dow Jones was down 0.16%.
Seven out of the 11 sectoral indices edged higher in early trade, while four traded in the red. The S&P 500 energy sector and healthcare sectors were leading the rise, whereas consumer staples, financials sector, industrials sector, and utilities sectors were the only sectors in the negative.
WeWork India IPO: After Three Months, Draft Papers Are Out Of Abeyance
More than three months after being first put on hold, WeWork India Management Ltd.'s initial public offering has been moved out of abeyance.
Despite this, the IPO, as of June 4, is still not cleared, and continues to be under review by the market regulator.
Tata Motors Q1 Business Updates: Global Wholesales Decline 9%
The Tata Motors Group on Tuesday announced that its global wholesales, including Jaguar Land Rover, fell 9% in the quarter ended June to reach nearly 3 lakh units.
The global wholesales for all Tata Motors commercial vehicles and the Tata Daewoo range were recorded at 87,569 for the first quarter, reflecting a 6% decline compared to the first quarter of the previous financial year, according to an exchange filing on Tuesday.
'False': Ex-SEBI Chair Buch Dismisses Regulatory Failure Charge In Jane Street Case
Former Securities and Exchange Board of India chairperson Madhabi Puri Buch called the claims of regulatory failure in the case involving Jane Street as "false". The market watchdog has been been actively investigating the matter, which has resulted in the crackdown against the US-based trading firm, she said.
SEBI barred Jane Street from participating in any kind of market activity in Indian financial markets after charging it with market manipulation. The regulator has also directed impounding Rs 4,844 crore from Jane Street, which the group has decided to contest in Securities Appellate Tribunal. Jane Street has denied the allegations in the case.
Commission Models Not Enough To Determine Market Share, Says Uber
Uber India does not believe commission models are enough to determine market share of cab aggregators in India even as the firm faces rising competition from zero-commission Rapido.
"Commission models are not going to be the single biggest determinant of market share for cab aggregators," Prabhjeet Singh, President, Uber India and South Asia, told NDTV Profit on Tuesday.
Move Over Kanjeevarams! At Nearly Rs 1 Lakh Crore, India's Silk Capital Is Now Its Smartphone Capital
For decades or maybe even centuries, the name of Kanchipuram is resonant with thousands of weavers weaving silk sarees with signature gold borders, with motifs inspired from the numerous temples in the region. Even as that industry remains intact, the city is keeping up with the changing times, and now boasts of exporting the most smartphones in India.
Kanchipuram, located in Tamil Nadu, exported smartphones to the tune of almost Rs 1 lakh crore in the last fiscal year — almost twice as compared to Kolar in Karnataka, which ranked the second highest.
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