Top Headlines: Insider trading in NSE case, Tata’s investing plan, and more



The Enforcement Directorate’s (ED’s) chargesheet in the National Stock Exchange (NSE) illegal phone-tapping case points to during the tenures of Chitra Ramkrishna and Ravi Narain as managing director and chief executive officer of the bourse. The markets may have overplayed a hand when it comes to believing that the worst of inflation is over and can retest their June 2022 lows, cautioned Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear. Read more on these in our top headlines.


ED points to in case, to share info with Sebi for probe


The Enforcement Directorate’s (ED’s) chargesheet in the National Stock Exchange (NSE) illegal phone-tapping case points to during the tenures of Chitra Ramkrishna and Ravi Narain as managing director and chief executive officer of the bourse. The federal agency will soon be sharing the details with the Securities and Exchange Board of India (SEBI) for further inquiry, two people aware of the findings told Business Standard.


The ED, which filed its prosecution complaint (commonly known as chargesheet) in the case last week, alleged that Narain and Ramkrishna were the “key conspirators” and had assisted iSec Services to generate money to the tune of Rs 24 crore for exchanging crucial information, the people said. Read more


can retest June 2022 lows, cautions Chris Wood


The markets may have overplayed a hand when it comes to believing that the worst of inflation is over and can retest their June 2022 lows, cautioned Christopher Wood, global head of equity strategy at Jefferies in his latest note to investors, GREED & fear.


The US CPI report, Wood said, remains by far the most important monthly data point globally. The data released earlier this week (on Tuesday) meant that the peaking-out-of-inflation narrative, which drove markets over the summer, is, for now at least, in full-scale retreat. Read more


IGSS signs up three equity partners for $3.5-bn wafer plant in Tamil Nadu


A Singapore-based consortium led by IGSS Ventures has submitted its semiconductor plant proposal to the government for setting up a special purpose vehicle with three equity partners to build a $3.5 billion plant in Tamil Nadu in two years with a capacity to make 40,000 wafers per month — roughly around 2,000-2,200 chips per wafer.


IGSS Ventures’ founder and CEO Raj Kumar, who has built numerous fab plants in Singapore, told Business Standard, without revealing the name, that one strategic partner is a global integrated device manufacturer (IDM) which designs and produces its own chips and which is majority-owned in the US. Read more


Trying to be prudent in this macroeconomic environment: CEO


Walmart-owned e-commerce giant will be more cautious in investing in acquisitions and businesses in an uncertain macroeconomic environment. In an interview with Peerzada Abrar, Chief Executive Officer Kalyan Krishnamurthy says the company will focus more on growing the bets it made in the past 12-18 months, including health, travel, and externalising its supply chains. Read more


Tatas to invest $90 bn in India in 5 years; focus on new industries


The is planning to invest $90 billion in new industries such as mobile components plant, semiconductor, electric vehicles, batteries, renewables energy and e-commerce by 2027.


The Tata group’s investment in India is far higher than the $75-billion investments planned by Mukesh Ambani-owned Reliance Industries and $55-billion investment planned by the Adani group in the next five years in the country, the Economist reported on Thursday. Read more



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