MUMBAI, July 18: Mukesh Ambani-led Reliance Industries (RIL) on Friday reported a 78% year-on-year increase in its Q1FY26 consolidated net profit to Rs 26,994 crore, compared to Rs 15,138 crore in the year-ago period.

The sharp increase in profit was primarily driven by a one-time gain from the sale of the company's stake in Asian Paints, which contributed to Rs 8,924 crore in other income.

The profit, attributable to the owners of the company, exceeded Street estimates of Rs 22,069 crore.

Tesla Likely To Begin First Deliveries In India From August

MUMBAI, July 11: Tesla Inc. will open its first showroom in India on Tuesday and begin deliveries as early as next month, according to people familiar with the matter, as the Elon Musk-led electric vehicle maker looks to tap potential demand in the third-largest automobile market to counter slowing sales elsewhere.

The opening of the Mumbai showroom will mark the formal entry of Tesla into the market, giving prospective customers access to pricing, available variants, and trim options, according to one of the people, who asked not to be identified as the information is private.

Deliveries are expected to start from late August, a separate person familiar with the development said. Customers will be able to configure and order their Tesla EVs from next week, the person added.

Bloomberg News first reported last month that the Mumbai showroom was gearing up for a mid-July opening and the first set of cars - Model Y rear-wheel drive SUVs shipped from Tesla's China factory - had arrived in the country.

A second Tesla showroom - this one in New Delhi - is poised to open in late July, the people said.

Tesla's long-awaited entry into the Indian market comes at a crucial time for the EV maker, which saw a slump in global sales in the second quarter that ran counter to Musk's claim that business had recovered from blowback over his work in the Trump administration.

Tesla representatives did not immediately respond to an email seeking comments on the India rollout plans.

The Model Y is the world's top-selling electric car and its popularity in India will offer insight on consumers' acceptance of high import duties. Hefty tariffs had been a major factor weighing on Tesla's decision around when to enter the Indian market, Chief Financial Officer Vaibhav Taneja said during the automaker's first-quarter earnings call.

Documents reviewed by Bloomberg News last month show five Model Y units were declared at approximately 2.77 million rupees ($32,270) each. Taking into account India's 70% import tariff on fully-built imported cars under $40,000, plus additional surcharges, the cars are likely to sell at a substantial premium to the roughly $46,630 they go for in the US.

The first week of the Mumbai showroom's operations will focus on VIPs and business partners, with the general public being granted access the following week, said the people familiar with the plans.

SEBI Bars Jane Street After Rs 43,289 Crore Index Options Profit

MUMBAI, July 4: The Securities and Exchange Board of India has barred Jane Street Group entities from accessing the Indian securities market and directed the impounding of Rs 4,843.57 crore in alleged unlawful gains from the group.

According to SEBI’s order, Jane Street earned Rs 43,289.33 crore in profits through trading in index options on Indian exchanges between Jan. 1, 2023, and March 31, 2025.

The market regulator passed the order as part of enforcement action. It applies to all Jane Street Group entities operating in India and restricts their ability to trade or participate in any market-related activity.

"Entities are restrained from accessing the securities market and are further prohibited from buying, selling, or otherwise dealing in securities, direct or indirect," SEBI said in an order.

The regulator has asked Jane Street entities to jointly and severally deposit the amount into an escrow account with a scheduled commercial bank in India. The escrow account must carry a lien marked in favour of SEBI, and the funds cannot be released without the regulator’s approval. The prohibition is immediate and remains in effect until further directions from SEBI.

In addition, SEBI has directed banks to restrict all debit transactions in the accounts held by Jane Street entities, whether individually or jointly, unless for the purpose of complying with this order. Banks may allow credit transactions and debit amounts only if they exceed the sum to be impounded.
Jane Street disputes the findings of SEBI's interim order and will further engage with the regulator, the company's spokesperson said.