Latest news with #ETMarkets
Time of India
8 hours ago
- Business
- Time of India
US SEC yet to serve legal documents to Gautam Adani, his nephew in alleged $265 million bribery case
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The US Securities and Exchange Commission (SEC) has filed a status update with a federal court in New York, detailing its ongoing efforts to serve legal documents to billionaire Gautam Adani and his nephew Sagar in connection with a civil securities case filed last a June 27 letter submitted to Magistrate Judge James R Cho of the US District Court for the Eastern District of New York (EDNY), the SEC said it is continuing to pursue formal service of the summons and complaint under the provisions of the Hague Service defendants, who are based in India, are yet to be officially SEC has to serve the summons to Adani Group founder and chairman Gautam Adani and his nephew Sagar in the alleged USD 265 million payoffs to win lucrative renewable power supply contracts, through proper diplomatic channels as it has no jurisdiction to summon a foreign national SEC originally filed the complaint on November 20, 2024, alleging that two violated US securities laws by making false and misleading statements related to a September 2021 bond offering by Adani Green Energy Ltd According to the SEC, Rule 4 (f) of the Federal Rules of Civil Procedure governs service in foreign jurisdictions and permits the use of international treaties, such as the Hague Convention. The rule does not impose a specific time limit for service, provided reasonable efforts are being made.
Economic Times
10 hours ago
- Business
- Economic Times
Sebi confirms multiple raids in 'pump-and-dump' case, investigation ongoing
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Market regulator Sebi on Friday issued a formal clarification regarding recent media reports of its actions in a pump-and-dump scam. The regulator confirmed that it conducted search and seizure operations at multiple locations during June 2025 in connection with suspicious trading activity in select to Sebi, these operations led to the seizure of incriminating evidence, which is now being examined. The market watchdog stated that the investigation is currently underway, and further regulatory action, if warranted, will be based on the clarification comes after various media outlets reported that Sebi had launched raids on entities allegedly involved in artificially inflating stock prices and misleading retail investors — a classic case of a pump-and-dump such schemes, the price of a stock is manipulated by false or misleading statements to generate interest and attract retail investors. Once prices peak, the perpetrators offload their holdings at inflated rates, leaving retail participants with significant did not name any specific companies, individuals, or intermediaries involved, citing the ongoing nature of the the confirmation of such action highlights the regulator's continuing emphasis on maintaining market integrity and protecting investor interests, especially in a time when retail participation in the markets is at record read: HAL announces Rs 15 final dividend for FY25. Check record date and other details Over the past few years, the regulator has enhanced its surveillance systems and increased the use of data analytics and artificial intelligence to detect irregular trading patterns in participants, especially retail investors, are advised to exercise caution, conduct due diligence, and avoid falling prey to tips circulated through messaging apps or social media platforms.
Time of India
10 hours ago
- Business
- Time of India
Sebi confirms multiple raids in 'pump-and-dump' case, investigation ongoing
Market regulator Sebi on Friday issued a formal clarification regarding recent media reports of its actions in a pump-and-dump scam. The regulator confirmed that it conducted search and seizure operations at multiple locations during June 2025 in connection with suspicious trading activity in select stocks. According to Sebi, these operations led to the seizure of incriminating evidence, which is now being examined. The market watchdog stated that the investigation is currently underway, and further regulatory action, if warranted, will be based on the findings. The clarification comes after various media outlets reported that Sebi had launched raids on entities allegedly involved in artificially inflating stock prices and misleading retail investors — a classic case of a pump-and-dump scheme. In such schemes, the price of a stock is manipulated by false or misleading statements to generate interest and attract retail investors. Once prices peak, the perpetrators offload their holdings at inflated rates, leaving retail participants with significant losses. Sebi did not name any specific companies, individuals, or intermediaries involved, citing the ongoing nature of the investigation. Live Events However, the confirmation of such action highlights the regulator's continuing emphasis on maintaining market integrity and protecting investor interests, especially in a time when retail participation in the markets is at record highs. Also read: HAL announces Rs 15 final dividend for FY25. Check record date and other details Over the past few years, the regulator has enhanced its surveillance systems and increased the use of data analytics and artificial intelligence to detect irregular trading patterns in real-time. Market participants, especially retail investors, are advised to exercise caution, conduct due diligence, and avoid falling prey to tips circulated through messaging apps or social media platforms. ETMarkets WhatsApp channel )
Economic Times
10 hours ago
- Business
- Economic Times
Nike shares soar 15% on its production shift away from China, but warns of a $1 billion tariff hit
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Nike's shares jumped at the opening bell Friday after the company said it's shifting some production away from China. But it also warned that tariffs imposed by the Trump administration will cost it about $1 billion before it makes internal changes, which include "surgical" price increases in the U.S. starting this is not the first retail company to warn of price hikes when students are heading back to school. Walmart said last month that that its customers will start to see higher prices this month and next when the back-to-school shopping season goes into high also cited higher costs from is shifting production to avert looming tariffs in China. Production in China represents about 16% of the footwear that Nike imports into the U.S., Chief Financial Officer Matthew Friend said during a conference call late Thursday. That production will be cut to the high-single-digit range by the end of fiscal 2026 as Nike shifts production elsewhere, he Donald Trump and his Commerce Secretary Howard Lutnick said late Thursday that the U.S. and China have signed an agreement on trade, but provided no Adidas, Under Armour and Puma were among 76 companies that signed on to a letter in April addressed to Trump, asking for a footwear exemption from reciprocal tariffs. The letter warned tariffs would "become a major impact at the cash register for every family."Nike said that it will begin to implement "surgical" price increases as part of its regular approach to seasonal planning, beginning this fall, Friend potential for higher prices from Trump's tariffs have raised alarms for families, notably those who already spend a good chunk of money on equipment needed to participate in on Thursday, Nike reported a quarterly profit of $211 million, or 14 cents per share. Revenue totaled $11.1 billion. Both edged out Wall Street is already facing a pullback in spending by Americans, who have grown anxious about the direction of the U.S. economy. While it's still the most significant brand in sportswear, a "boredom factor" seems to have settled over the Nike brand, wrote Neil Saunders, Managing Director of GlobalData."In markets like China, where overall market growth has slowed a little, Nike is also on the back foot for similar reasons," Saunders wrote. "We also see some anti-US brand sentiment creeping in, which is unhelpful and difficult to resolve."Shares of Nike, based in Beaverton, Oregon, jumped 15% at the opening bell Friday.
Time of India
10 hours ago
- Business
- Time of India
S&P 500, Nasdaq hit record highs on renewed AI bets, rate-cut hope
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel The S&P 500 and Nasdaq Composite hit all-time highs on Friday as megacap stocks surged on renewed AI enthusiasm and the prospect of a looser monetary policy, powering a recovery in U.S. stocks from a months-long benchmark index rose 0.2% to 6,154.81 points, surpassing the previous peak of 6,147.43 on February 19, while the tech-heavy Nasdaq gained 0.3% to 20,229.31 points, exceeding its record high of 20,204.58 on December rallied this week as an upbeat forecast from chipmaker Micron brought back investor confidence around artificial intelligence, while AI bellwether Nvidia hit a record high to reclaim its position as the world's most valuable appetite also benefited from a U.S.-brokered ceasefire to a 12-day air battle between Israel and Iran that sparked a jump in crude prices and raised worries of higher remarks from Federal Reserve policymakers have also aided April 2 "reciprocal tariffs" on major trading partners and their chaotic rollout had put the S&P 500 within a striking distance of confirming a bear market when it ended down 19% from its February 19 record closing Nasdaq had tumbled 26.7% from its previous peak, marking a bear market days after Trump's "Liberation Day" on April then, U.S. trade deals with the UK and China have firmed up market expectations for more such agreements on the hopes that a global recession could be S&P 500 has surged more than 23.5% and the Nasdaq about 32% since their recent lowest close on April 8, largely powered by a handful of megacap stocks such as Microsoft, Nvidia, Meta Platforms and the Nasdaq closes above the December 16 record close at 20,173.89, it would be the end of the bear market and start of a new bull market, according to common definitions.A bear market is defined as a 20% decline from a record high close, on a closing the Nasdaq and S&P 500 have gained 4.4% this year as of Thursday's close. The blue-chip Dow has risen about 2% this year and remains about 3.7% below its all-time peak.
