Latest news with #ChiranjiviChakraborty
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Business Standard
27-05-2025
- Business
- Business Standard
HDB Financial Services likely to get Sebi nod for $1.5 billion IPO
By Chiranjivi Chakraborty, Baiju Kalesh and Dave Sebastian HDB Financial Services Ltd. is close to securing the go-ahead from India's securities regulator for its initial public offering, according to people familiar with the plan, which would allow the shadow lender to launch one of the country's biggest listings this year. The Securities and Exchange Board of India's approval is set to be made public in the coming weeks, the people said, asking not to be named discussing a private matter. The company is making plans to kick off the process of engaging with prospective investors next month, one of the people said. Sebi didn't respond to an email seeking comment and a call to HDB Financial went unanswered. The approval would clear the way for the unit of HDFC Bank Ltd., the country's biggest private sector lender, to finally proceed with a deal that may fetch $1.5 billion, after months of waiting for regulatory clearance. It would test the Indian IPO market's ability to revive some of the spark seen last year, when it was one of the world's busiest places for new listings. At $1.5 billion, it would be the country's largest IPO ever for a shadow bank and the biggest one among all sectors since Hyundai Motor India Ltd.'s $3.3 billion deal last year. South Korea's LG Electronics Inc. was planning to take its Indian unit public this year but it paused work on it amid the market turmoil triggered by India's slowing economic growth and US tariffs. HDB Financial's listing is expected to be followed by even bigger ones. Tata Capital Ltd. submitted preliminary documents with India's markets regulator last month to raise as much as $2 billion. --With assistance from Saikat Das.
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Business Standard
23-05-2025
- Business
- Business Standard
Jane Street nets $2.3 bn from booming India equity options trading
By Chiranjivi Chakraborty and Anto Antony Jane Street Group LLC generated more than $2.3 billion in net revenue from equity derivatives last year in India, where its lucrative trading strategies have sparked a probe by regulators. The trading haul was a sharp surge from 2023, underscoring the country's growing importance to the firm's global expansion, according to people familiar with the matter. India accounted for more than a 10th of the New York-based giant's record $20.5 billion in net trading revenue last year, the people said, asking not to be identified as the information is private. The Securities and Exchange Board of India is investigating the company's derivatives trades after some market participants alleged manipulation by the firm, Bloomberg reported last week. A separate probe by the National Stock Exchange was closed last month after a reply from the company's India trading partner. Jane Street declined to comment on its performance and revenue generated from India. The firm also declined to comment on the Sebi probe. The world's largest derivatives market by contracts traded has seen global high-frequency trading and market-making firms from Ken Griffin's Citadel Securities LLC to Optiver expand in recent years. A retail investor-led boom has seen options premiums surge 11-fold in the five years to March 2025. The options frenzy has helped foreign funds and local proprietary firms that use algorithms, as they pocketed $7 billion in gross profits in the 12 months ended in March 2024, according to a Securities and Exchange Board of India study. Jane Street's lawyers inadvertently revealed in a court battle with Millennium Management last year that it earned $1 billion in 2023 from trading options in India with the help of a 'secret' strategy. Jane Street's algorithmic and technology-driven approach — combined with its ability to deploy its own capital independently of banking regulations — likely gave it a competitive edge in India, where it mostly makes directional trades, the people said. India is one of the 18 countries in which Jane Street holds more than a 2% market share in derivatives volume, they said. Equity options trading in India has cooled this year after exponential growth since the pandemic. Fees from options traded on the NSE grew just 2% this year through April, sharply lower than the 92% growth in the same period last year, according to exchange data. The slowdown was triggered by Sebi, which imposed several restrictions on trading options including higher minimum investment limits and an increase in lot sizes since November to protect retail traders — 90% of whom lost money trading options. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Bloomberg
19-05-2025
- Business
- Bloomberg
Bulls Regain Appetite for Indian State-Owned Stocks
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Nifty futures point to a flat opening, following last week's remarkable rally and a decline in Asian equities triggered by weak Chinese economic data. Investors will continue to parse earnings for cues, with Bharat Electronics and Power Grid set to report their numbers today.
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Business Standard
14-05-2025
- Business
- Business Standard
NSE closes probe into Jane Street trades flagged for unusual activity
By Chiranjivi Chakraborty, Anto Antony and Alex Gabriel Simon India's largest stock exchange has closed an investigation into irregular trades by Jane Street Group, one of the most active foreign players in the country's derivatives markets, according to people familiar with the matter. The National Stock Exchange of India Ltd., which operates the world's biggest equity derivatives bourse, in January flagged certain trades by high-frequency trading firms including Jane Street, people with direct knowledge of the matter said. Moneycontrol had reported of the proceedings earlier. The transactions in question involved rapid reversals of trades, sometimes at prices far above or below prevailing market rates, the people said, asking not to be named as the information is private. The trades raised concerns of market manipulation at a time when the nation's securities regulator is scrambling to stay ahead of the rapid boom in India's derivative market, where Jane Street is said to conduct majority of its trades. The US-based market maker's operations in India came under a global spotlight last year after a court battle with Millennium Management revealed it earned $1 billion trading in Indian equity derivatives. The NSE told Jane Street's local trading partner Nuvama Wealth Management Ltd. in a letter dated April 30 that the investigation has been closed following a response to an initial notice sent early this year, a copy of the letter reviewed by Bloomberg showed. Jane Street declined to comment on the flagged trades and the content of the letter. Spokespeople for both the NSE and Nuvama didn't respond to requests for comment. The NSE as a first-line stock regulator in India undertakes real-time position monitoring and risk management for the futures and options market through its clearing house NSE Clearing Ltd., according to its website.
Bloomberg
14-05-2025
- Business
- Bloomberg
Stocks Biggest Rally in Four Years Boosted 10 Richest Indians' Wealth by More Than $16 Billion
Before the trading day starts we bring you a digest of the key news and events that are likely to move markets. Today we look at: Good morning, this is Chiranjivi Chakraborty, an equities reporter in Mumbai. Nifty futures point to a positive start this morning, helped by the buoyancy in regional markets. A weak dollar and easing local inflation may also support sentiment, notwithstanding minor withdrawal by foreign funds from local shares on Tuesday. Coromandel International and Nykaa will be in the spotlight after their inclusion in MSCI Inc.'s equity gauges.
