
Jane Street Runs Into Trouble With India Curbs After Trading Windfall
Jane Street is one of the most active foreign players in India, the world's largest derivatives market by contracts traded, and one that has become a magnet for high-frequency trading firms amid a retail investing boom sparked by the pandemic. SEBI's order marks a rare instance of such an action against a foreign entity.
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Yahoo
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- Yahoo
India's Reliance Industries to ‘form new consumer brands subsidiary'
India's Reliance Industries is reportedly planning to set up a new subsidiary to house all of its consumer-facing brands, including those in food. The new division will be named New Reliance Consumer Products, according to India's Economic Times, which added the aim of the spin-off is to draw "specialised and focused attention" outside of the current retail-centric set-up. Reliance Industries is also seeking to attract a different set of investors to its FMCG brands with the move by showcasing its portfolio independently, rather than being shrouded within the existing retail division, the publication suggested. Brands will be transferred to the new consumer division, with the restructuring also likely to include the consolidation of individual Reliance Industries' companies, the Economic Times reported, adding the goal of the spin-off is also to increase the scale of the FMCG business and brands by early 2027. Reuters, meanwhile, said India's National Company Law Tribunal has approved the restructuring exercise, according to a document cited by the news agency and dated 25 June. 'This is a large business by itself requiring specialised and focused attention, expertise and different skill sets as compared to retail business," Reliance Industries said in its request for approval to the Tribunal, the document quoted by Reuters said. It added: 'This business also entails large capital investments on an on-going basis and can attract a different set of investors.' The creation of the new subsidiary business unit will involve the transfer of the company's consumer brands from its existing retail arm, according to Reuters, backing the observation made by the Economic Times. Just Food has contacted Reliance Industries for confirmation of the plans. Reliance Industries will hold an 83.56% stake in the new entity, Reuters said, as the publication suggested the company's Campa Cola drinks brand competes with the likes of The Coca-Cola Co. and Pepsi, while the Indian firm's snacks and confectionery lines compete for shelf space with giants such as Mondelez International. Owned by billionaire Mukesh Ambani, Reliance Industries added Chuckles, On & On, Milky Punch and Tango to its portfolio of confectionery brands in 2023 by taking a majority stake in Lotus Chocolate Company. It also bought a local confectionery business last year, The Ravalgaon Sugar company produces the boiled sweets brands Pan Pasand Gold, Cheer, Mango Mood, Coffee Break, Tutty Fruit and Assorted Center. It also makes the toffee products Choco Cream and Supreme. "India's Reliance Industries to 'form new consumer brands subsidiary'" was originally created and published by Just Food, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data


New York Times
2 hours ago
- New York Times
Corrections: July 4, 2025
A headline with an article on Wednesday about an explosion at a pharmaceutical factory in the southern Indian state of Telangana misstated the number of people killed by the blast. As the article correctly noted it was 36, not 26. Because of an editing error, a picture caption with an article on Thursday about a federal judge's ruling that the Trump administration cannot categorically deny asylum claims from people crossing the southern border referred incorrectly to immigrant processing in Tapachula, Mexico. The city is in the south of Mexico, not near a U.S. port of entry. Errors are corrected during the press run whenever possible, so some errors noted here may not have appeared in all editions. To contact the newsroom regarding correction requests, please email nytnews@ To share feedback, please visit Comments on opinion articles may be emailed to letters@ For newspaper delivery questions: 1-800-NYTIMES (1-800-698-4637) or email customercare@
Yahoo
2 hours ago
- Yahoo
India's $700 billion plus FX reserve pile, leaner forward book bolster rupee shield
By Nimesh Vora and Jaspreet Kalra MUMBAI (Reuters) -India's foreign exchange reserves topped $700 billion last week to hit a 9-month high, which, alongside the central bank's shrinking forward book, cements the rupee's defences at a time when U.S. trade policy uncertainty looms, analysts said. Economists assess the Reserve Bank of India's (RBI) capacity to intervene in the foreign exchange market by evaluating its foreign exchange reserves and forward book positions, both of which are on a healthy trajectory. India's foreign exchange reserves rose to $702.8 billion as of June 27, up $4.9 billion week-on-week, as per data released on Friday. The reserves had declined to a multi-month low of $624 billion in late January but have now recovered to within touching distance of their all-time high hit last year. At the same time, the RBI's short-dollar position in the forward market, which had risen to a record $88.7 billion in February, declined to $65.2 billion by May. The data is released with a one-month lag. Substantial short positions in the forward dollar book offset some of the cushion offered by headline FX reserves, since they imply future commitments that could drain the reserves. The RBI's forward book shrank by $19 billion over April and May, while its net dollar selling during the same period was just $3.2 billion. This suggests the RBI is allowing a portion of the forward book to unwind and is offsetting the impact on rupee liquidity and FX reserves by purchasing dollars in the spot market, said Gaura Sen Gupta, an economist at IDFC First Bank. "The reduction in forward book size and sufficient FX reserves are a positive for the INR. It increases the RBI's ability to intervene if required," Sen Gupta said. The RBI intervenes in foreign exchange markets to curb excessive volatility. The central bank did not respond to an email seeking comment. The rupee is among emerging market currencies that have experienced heightened volatility since April 2, when U.S. President Donald Trump announced sweeping tariffs, only to pause the steep hikes for 90 days. U.S. and Indian trade negotiators are pushing to finalise a trade deal before the July 9 deadline, and a failure could heighten volatility for the rupee. A change in the composition of the RBI's forward book towards more onshore positions than non-deliverable forwards is one more positive for the rupee, according to analysts. Positions in the non-deliverable forward market, unlike their onshore counterparts, are typically concentrated in near-tenors and need to be rolled over frequently, adding to volatility. This shift "reduces the pressure on the RBI to unwind the short dollar positions very aggressively," Abhishek Upadhyay, an economist at ICICI Securities Primary Dealership, said in a note. "Any decision to unwind the book should be based on balance of payment flows to ensure optics of FX reserves is managed well."