&w=3840&q=100)
The Revenge of Badla: How early 2000s market shifts fuel Jane Street case
Shankar Sharma
Listen to This Article
I woke up that morning in February of year 2000, with a particularly bad attack of the 'imposter syndrome'.
This syndrome should strike most people who make some quick riches at the casino/races/ lottery/ stock market. But it rarely does.
I was in my mid-30s. That's a particularly dangerous age to get dangerously rich and I was exactly in that hot zone. All my tech stocks had been flying long and hard (back then, at the height of the tech boom, long term was defined as six months).
I made myself a quiet cup of coffee, lit a cigar, and
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
an hour ago
- Time of India
Calcutta Stock Exchange awaits Sebi decision on voluntary exit
1 2 Kolkata: Calcutta Stock Exchange (CSE) is waiting for a formal death sentence from market regulator Sebi. Established in 1908, CSE is the second oldest in India after BSE and one of the oldest stock exchanges in Asia. Union minister of state for finance Pankaj Chaudhary , during a reply in RS on Tuesday, said Sebi was examining a proposal from CSE for voluntary exit as an exchange. This means CSE would cease to exist as a stock exchange once the die is cast by Sebi. Chaudhary, replying to a question by Bengal BJP MP Samik Bhattacharya, said: "On Feb 18, 2025, CSE submitted a proposal for voluntary exit as a stock exchange under Sebi-prescribed Exit Policy for Stock Exchanges. The proposal is currently under examination." You Can Also Check: Kolkata AQI | Weather in Kolkata | Bank Holidays in Kolkata | Public Holidays in Kolkata Sources close to the development said that the beleaguered exchange had no options left. It had tried to float a clearing corporation to remain as a stock exchange and, for this, it wanted to sell a land parcel off EM Bypass for Rs 253 crore. But it did not get the requisite approvals. Incidentally, at one point in time between 1997 and 2000, CSE's daily turnover used to surpass BSE's on many days. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Villas in Dubai | Search Ads Get Info Undo "We can recount many such days when CSE's volume was only second to NSE's," said a former broker of CSE who is now enlisted in NSE. According to old-timers in CSE, the exchange used to clock an average daily volume of Rs 1,000 crore until mid-2001. "In one day in 2000, CSE booked a volume of Rs 2,000 crore," said a broker. The number of listed companies in CSE until 2005 was more than 4,000, which at that point was more than NSE's and almost equal to BSE's. Trading has been closed in CSE since 2013. The trading volume for the last financial year, 2012-13, was Rs 9,500 crore. Sebi, in view of non-compliance by CSE over applicable regulatory requirements and its exit circular dated May 30, 2012, initiated compulsory exit proceedings against the exchange in May 2015, Chaudhary added. In response, CSE filed writ petitions in Calcutta High Court challenging Sebi's action. "After a prolonged litigation, the Calcutta HC, by its order dated Feb 19, 2024, granted CSE a period of six months to either establish a clearing corporation or tie up with an existing one, in compliance with the Securities Contracts (regulation) (stock exchanges and clearing corporations) Regulations, 2018, failing which Sebi would be free to proceed in accordance with law," he added.
Mint
7 hours ago
- Mint
375% returns in four years! Multibagger stock to be in focus on Wednesday; here's why
Multibagger stock: Pavna Industries shares will be the focus of stock market investors on Wednesday, 6 August 2025, after the company announced an additional land acquisition move of 4.96 acres close to Noida's Jewar Airport, according to an exchange filing. 'Pavna Industries has announced the acquisition of an additional 4.96 acres of land in close proximity to the Jewar Airport in Uttar Pradesh,' the company informed BSE through the filing. According to company data, Pavna Industries acquired 4.64 acres of land near the Jewar Airport in July 2025. 'Our combined landholding of over 9.6 acres in this area lays the foundation for a multi-phase growth strategy that will allow us to augment production, integrate advanced manufacturing technologies, and better serve our growing client base across automotive segments. It's a step aligned with our ethos of continuous improvement and delivering value to all stakeholders,' said Swapnil Jain, the managing director of Pavna Industries. The company manufactures automotive parts for reputed OEMs serving different vehicle segments, including passenger vehicles, two-wheelers, three-wheelers, heavy and light commercial vehicles, and off-road vehicles, according to the official data. Pavna Industries' share price closed 0.23% lower at ₹ 394.50 after Tuesday's stock market session, compared to ₹ 395.40 at the previous market close. The company announced the business update of the land acquisition move after market operating hours on 5 August 2025. Shares of the auto component maker have given stock market investors more than 375% returns on their investments in the last five years. However, Pavna Industries shares have lost 13.25% in the last one-year period. On a year-to-date (YTD) basis, the shares have lost 18.09% in 2025 and are trading 2.81% lower in the last five market sessions on the Indian stock market. Pavna Industries' shares hit their 52-week high level at ₹ 759.55 on 14 October 2024, while the 52-week low level was at ₹ 295.20 on 3 March 2025, according to the data collected from the BSE website. The auto component maker's market capitalisation (M-Cap) stood at ₹ 550.45 crore as of the stock market close on Tuesday, 5 August 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
The Print
7 hours ago
- The Print
Stock markets slide ahead of RBI policy decision, selling rush in RIL, HDFC Bank
The broader NSE Nifty fell 73.20 points or 0.30 per cent to close at 24,649.55. During the session, it slipped by 132.45 points or 0.53 per cent to 24,590.30. The 30-share BSE Sensex fell by 308.47 points or 0.38 per cent to close at 80,710.25. During the day, it declined 464.32 points or 0.57 per cent to hit an intraday low of 80,554.40. Mumbai, Aug 5 (PTI) Equity market benchmark indices Sensex and Nifty ended lower on Tuesday amid selling in oil & gas and banking shares ahead of the Reserve Bank's monetary policy announcement. Among Sensex shares, Adani Ports, Reliance Industries, Infosys, ICICI Bank, Eternal, BEL, HDFC Bank, Power Grid, ITC and Sun Pharmaceutical were the major laggards. However, Titan, Maruti, Trent, Bharti Airtel, Bajaj Finance, Tech Mahindra, State Bank of India, L&T, HCL Technologies and NTPC were among the gainers. The BSE smallcap gauge went lower by 0.27 per cent and the midcap index by 0.14 per cent. Among sectoral indices, Oil & Gas fell by 0.96 per cent, Energy by (0.74 per cent), FMCG by (0.61 per cent), Services and Focussed IT by (0.59 per cent each), IT and Realty by (0.52 per cent each) and Healthcare by (0.48 per cent). Auto, Power, Capital Goods, Commodities, Industrials, Consumer Durables, Metal and Telecommunication were the only gainers. 'Despite positive global cues, domestic markets remained rangebound in negative territory. Oil & gas stocks led the decline amid concerns about future import restrictions on Russian oil. Weakness persisted on Pharma and IT stocks which are among the largest exporters to the US. Sentiment was also weighed by INR depreciation. 'In contrast, auto stocks continue to gain traction from July volumes,' Vinod Nair, Head of Research at Geojit Investments, said. Investors are now awaiting the upcoming RBI policy decision, where market has marginal expectations of a rate cut, in the near-term. Currently, the preferences of investors are for domestic consumption-driven stocks and sectors holding limited volatility to external factors, Nair added. The RBI Governor Sanjay Malhotra-headed rate-setting panel started the three-day deliberations to decide the next bi-monthly monetary policy on Monday. The six-member monetary policy committee (MPC) will announce the outcome on Wednesday. According to Ajit Mishra, SVP, Research at Religare Broking, 'Lingering uncertainty over the tariff situation, following recent statements from the US President, along with a lack of major positive surprises from the earnings season, has been weighing on market sentiment.' In Asian markets, South Korea's Kospi, Shanghai's SSE Composite index, Hong Kong's Hang Seng and Japan's Nikkei 225 index closed in the positive territory. The European markets were trading in green. The US markets ended higher on Monday. Global oil benchmark Brent crude declined 1.02 per cent to USD 68.06 a barrel. Foreign Institutional Investors offloaded equities worth Rs 2,566.51 crore while domestic institutional investors purchased equities worth Rs 4,386.29 crore on Monday, according to exchange data. On Monday, the 30-share Sensex gained 418.81 points to settle at 81,018.72, and the NSE Nifty jumped by 157.40 points to close at 24,722.75. PTI HG HVA This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
