August Blues or Gains? Historical trends show mixed market performance
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Time of India
40 minutes ago
- Time of India
ED calls Anil Ambani for quizzing on August 5 in 'fraud' case, issues lookout notice
. New Delhi: Enforcement Directorate on Friday put travel curbs on Reliance ADAG chief Anil Ambani by issuing a lookout circular after summoning him for questioning at the agency HQ here on Aug 5 in connection with an alleged money laundering racket involving group entities. The summons were based on findings of probes being conducted by multiple agencies. On Friday, ED searched three premises in Bhubaneswar and one in Kolkata after finding alleged evidence of Rs 68-crore fake bank guarantee provided to Solar Energy Corporation of India Limited on behalf of Reliance NU BESS Ltd/Maharashtra Energy Generation Ltd. The guarantee was generated by a shell entity registered in Bhubaneswar, allegedly linked to ADAG. Reacting to the allegations, ADAG said: "The company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy." Due disclosure made to stock exchanges: Reliance ADAG In its defence, Reliance ADAG said, 'The company has made a due disclosure on this to the stock exchanges on Nov 7, 2024. A criminal complaint has already been lodged with the Economic Offence Wing of Delhi Police against the third party on Oct 16, 2024. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Villas For Sale in Dubai Might Surprise You Dubai villas | search ads Get Deals Undo The due process of law will follow'. 'Multiple undisclosed bank accounts have been detected having suspicious transactions of several crores of rupees ,' ED sources said. 'Key individuals of the group have been found using Telegram app with 'disappearing messages' enabled, indicating attempts to conceal communication.' ED has registered a separate money laundering investigation based on an FIR registered by economic offences wing of Delhi Police in Nov 2024. Searches took place in Bhubaneswar at three premises of Biswal Tradelink and its directors and one premise of an associated operator. The Bhubaneswar entity, now being allegedly linked to Anil Ambani's group, is a mere paper entity, which was registered at a residential property belonging to an associate, and had suspicious financial transactions with multiple companies. Sources said evidence of generating fake bank guarantees was seized during July 24 searches on ADAG companies. Officials alleged the bank guarantee of Rs 68.2 crore submitted to Solar Energy Corporation of India has been established as fake. 'In an attempt to prove that this fake bank guarantee is genuine, the group used a spoofed email domain. Instead of the domain was deployed to send forged communication to SECI, impersonating SBI,' a source added. ED has sought domain registration details of from National Internet Exchange of India.
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First Post
2 hours ago
- First Post
‘Just in case these foolish statements are...': Trump orders nuclear sub deployment after Medvedev's 'provocative' remarks
'Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev…, I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,' Trump posted on Truth Social read more A day after former Russian President Dmitry Medvedev warned US President Donald Trump about Moscow's Soviet-era nuclear strike capabilities following Trump's remark telling him to 'watch his words', the US President on Friday said he had ordered the deployment of two nuclear submarines in response to what he called 'highly provocative' comments by the Russian leader. 'Based on the highly provocative statements of the Former President of Russia, Dmitry Medvedev, who is now the Deputy Chairman of the Security Council of the Russian Federation, I have ordered two Nuclear Submarines to be positioned in the appropriate regions, just in case these foolish and inflammatory statements are more than just that,' Trump posted on his Truth Social platform. STORY CONTINUES BELOW THIS AD 'Words are very important, and can often lead to unintended consequences, I hope this will not be one of those instances,' he added. Trump did not clarify the exact location or nature—nuclear-powered or nuclear-armed—of the submarines he said were deployed in response to remarks by former Russian President Dmitry Medvedev. The escalating exchange between the two leaders began after Trump labelled Medvedev the 'failed former President of Russia.' Trump, after announcing a new tariff on India and a penalty for its trade relations with Russia, said, 'I don't care what India does with Russia. They can take their dead economies down together, for all I care. We have done very little business with India, their Tariffs are too high, among the highest in the World.' He added, 'Likewise, Russia and the USA do almost no business together. Let's keep it that way, and tell Medvedev, the failed former President of Russia, who thinks he's still President, to watch his words. He's entering very dangerous territory!' Medvedev responded on Thursday via Telegram, writing, 'If a few words from the former president of Russia can provoke such a jittery reaction from the mighty president of the United States, then Russia must be completely in the right.' 'We'll keep moving forward on our own path,' Reuters quoted him as saying. STORY CONTINUES BELOW THIS AD Mocking Trump's 'dead economies' remark, Medvedev referenced Russia's Cold War-era nuclear deterrent system: 'As for 'dead economies' and 'dangerous territory,' maybe he should rewatch his favorite zombie movies and remember just how dangerous the so-called 'Dead Hand,' which doesn't even exist, can be.' While Trump did not specify what exactly triggered his nuclear warning, Medvedev had earlier in the week criticised Trump's push for more sanctions, accusing him of escalating tensions. 'Each new ultimatum is a threat and a step towards war. Not between Russia and Ukraine, but with his own country,' Medvedev wrote on X. With inputs from agencies
The Print
3 hours ago
- The Print
Markets extend losses on global sell-off amid US tariff concerns; Sensex tanks 586 points
As many as 2,712 stocks declined while 1,306 advanced and 151 remained unchanged on the BSE. Besides, persistent selling by foreign investors added to the gloom, according to experts. In a volatile trade, the 30-share BSE Sensex tumbled 585.67 points or 0.72 per cent to settle at 80,599.91. During the day, it dropped 690.01 points or 0.84 per cent to 80,495.57. Mumbai, Aug 1 (PTI) Equity benchmark indices Sensex and Nifty declined sharply for the second straight session on Friday, tracking deep losses in pharma, metal, and IT stocks amid trade-related concerns and widespread selling pressure in global markets. The 50-share NSE Nifty declined 203 points or 0.82 per cent to 24,565.35. 'The benchmark index Nifty wrapped up its fifth consecutive week in the red — its longest losing streak since August 2023, raising eyebrows across the street…Despite making multiple attempts to scale up, the index has struggled to hold ground, only to be met with selling pressure each time. The long upper wicks are a telling story — bulls tried, but bears had the final say,' Sudeep Shah, Head – Technical Research and Derivatives at SBI Securities, said. On the weekly front, the BSE benchmark tanked 863.18 points or 1.05 per cent, and the Nifty dropped 271.65 points or 1.09 per cent. 'The Indian equity market extended its decline for a second day, pressured by renewed tariff threats and punitive duties that could undermine India's global trade competitiveness. Investor sentiment weakened further as FIIs now hold the second-highest net short position in derivatives, reflecting elevated caution. 'Globally, markets turned negative amid rising US inflation and trade tensions. While the sell-off was broad-based, FMCG stocks emerged as a defensive play, supported by attractive valuations, resilient demand, and relative immunity to external trade disruptions,' Vinod Nair, Head of Research, Geojit Investments Limited, said. US President Donald Trump unveiled sweeping new tariffs on dozens of countries, including 25 per cent duties for goods from India, marking a new era of American protectionism that triggered fresh tensions and concerns over a much wider disruption in the global trade landscape. From the Sensex firms, Sun Pharma tumbled 4.43 per cent after the company reported a 20 per cent year-on-year decline in consolidated net profit to Rs 2,279 crore for the first quarter ended June 30, 2025. Tata Steel, Maruti, Tata Motors, Infosys, Bharti Airtel and Tech Mahindra were also among the laggards. However, Trent, Asian Paints, Hindustan Unilever, ITC, Kotak Mahindra Bank, and Reliance Industries were the gainers. The BSE smallcap gauge dropped 1.59 per cent, and the midcap index declined by 1.37 per cent. Healthcare tanked 2.44 per cent, telecommunication (2.41 per cent), metal (1.94 per cent), oil & gas (1.91 per cent), teck (1.83 per cent), IT (1.81 per cent), and realty (1.78 per cent). BSE FMCG index emerged as the only gainer. 'Markets began the August series on a negative note, extending the prevailing corrective trend, and ended lower by over half a per cent. Markets continue to grapple with a mixed earnings season, while the recent tariff announcement and persistent foreign fund outflows are further weighing on sentiment,' Ajit Mishra – SVP, Research, Religare Broking Ltd, said. The US president signed an executive order on Thursday that raised tariffs for over five dozen countries, with Washington's negotiations for trade deals going down to the wire ahead of the August 1 deadline. In the Executive Order titled 'Further Modifying The Reciprocal Tariff Rates', Trump announced tariff rates for nearly 70 nations. A 25 per cent 'Reciprocal Tariff, Adjusted' has been imposed on India, according to the list released. The order, however, does not mention the 'penalty' that Trump had said India would have to pay because it purchases Russian military equipment and energy. While August 1 was the tariff deadline, the new levies will come into effect from August 7. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,588.91 crore on Thursday, according to exchange data. 'Global equity markets were mostly weak over the past week, as the US tariff saga continued. The Indian equity market continued to underperform global equity markets in the past week and was down 0.8 per cent over this period,' Shrikant Chouhan, Head – Equity Research, said. In Asian markets, South Korea's Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index and Hong Kong's Hang Seng settled lower. Equity markets in Europe were trading in the red. The US markets ended in negative territory on Thursday. Global oil benchmark Brent crude declined 0.39 per cent to USD 71.42 a barrel. On Thursday, the Sensex declined 296.28 points or 0.36 per cent to settle at 81,185.58. The Nifty dropped 86.70 points or 0.35 per cent to 24,768.35. PTI SUM SUM BAL BAL This report is auto-generated from PTI news service. ThePrint holds no responsibility for its content.
