Rare Caracal Spotted In Madhya Pradesh's Kuno National Park After Decades
Kuno has undergone extensive habitat management over the past several years
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Kuno has undergone extensive habitat management over the past several years
Wall Street's nine-week winning streak ended with a thud on Friday, as red-hot technology stocks suffered their largest โdaily decline this year after a hot May jobs report fueled fears of a hawkish policy pivot from the U.S. Federal Reserve.Selling was concentrated among chip stocks and other technology favorites that have surged higher in recent weeks as the Nasdaq Composite Index and S&P 500 rose repeatedly to fresh highs.All three major U.S. stock indexes closed sharply lower, with โplunging chip stocks โ dragging the โ tech-laden Nasdaq down by its largest one-day percentage loss since last year.The S&P 500 ended its nine-week run of Friday-to-Friday gains, its longest weekly winning streak since one that ended in December โ2023."After the record run we've seen the last nine weeks in equities, specifically tech and semiconductors, the dam just broke today," said Ryan Detrick, chief market strategist โat Carson Group in Omaha. "Obviously, the stronger-than-expected jobs report puts the Fed in a tough spot regarding any interest rate cut for the rest of the year. And the market is throwing a fit by hitting the big winners so far this year."Rising interest rates and the Iran war weighed on โsentiment heading into the weekend, but many investors said they expected tech stocks to continue rallying."The market โ reaction today โwas more driven by positioning rather than fundamentals," said Ohsung Kwon, chief equity strategist at Wells Fargo. "The semiconductor sector was โway overbought. That's why we're โseeing the selloff. I don't think it's the end of the semi bull market." The U.S. economy added 172,000 jobs โ in May, according to the Labor Department, more than double analyst expectations, while the unemployment rate โheld firm at 4.3%. The robust report was double-edged: it provided reassurance of U.S. economic health, but โall but killed any hopes of an interest rate cut from the Fed in the near future.Financial markets are pricing in a growing likelihood of a rate hike at the conclusion of the Fed's December meeting, according to CME's FedWatch tool.Fading hopes for a near-term resolution to the Middle East war and reopening the Strait of Hormuz are stirring fears that energy price pressures could morph into wider, systemic inflation. Iran reaffirmed its support for Hezbollah and demanded that Israel withdraw its troops from southern Lebanon, further complicating efforts to secure a near-term peace deal that would include the resumption of traffic through the โcrucial strait. U.S. President Donald Trump's administration has negotiated three truces, and while fighting has been greatly reduced, the two sides continue to trade airstrikes.According to preliminary data, the S&P 500 lost 199.64 points, or 2.63%, to end at 7,384.67 points, โwhile the Nasdaq Composite lost โ1,117.38 points, or 4.16%, to 25,713.58. The โ Dow Jones Industrial Average fell 684.53 points, or 1.33%, to 50,877.40.Nvidia, the largest company by market value, fell sharply, as did smaller rivals Intel, Micron, AMD and Broadcom. Lululemon Athletica slumped after the athletic apparel maker cut its annual profit forecast and projected second-quarter earnings well below Wall Street estimates. Cooper Companies rose โafter the contact lens maker beat estimates for second-quarter results.Cryptocurrency firms Coinbase and Strategy were pulled lower by bitcoin's sharp drop. S&P Global said it would not change the eligibility requirements for its major indices, which effectively rules out a swift entry for Elon Musk's SpaceX to the benchmark S&P 500 after it goes public in what would be the world's biggest initial public offering.S&P Dow Jones Indices will announce the results following its rebalancing after markets close. Chipmaker Marvell Technology, which boasts over $270 billion in valuation, is among the contenders to be added to the benchmark index.
The RBI maintained the repo rate at 5.25% amidst economic slowdown fears and rising inflation risks from the West Asia conflict. Governor Sanjay Malhotra signaled concern over generalized inflation, cutting the FY27 growth forecast to 6.6% and raising inflation projections to 5.1%.
Annamalai said his political ambitions extended beyond the framework of BJP and required a broader platform.
He also warns of activities that could harm birdsโ habitats
India is rapidly building a powerful military space presence, launching a 52-satellite constellation from 2025 to 2029, with a significant portion by the private sector. This initiative, guided by a new joint doctrine, aims to enhance surveillance, secure communications, and space awareness, bolstering national security in an increasingly contested orbital domain.
Marketed as a โhate letter to cinema,โ โMollywood Timesโ explores themes of ambition and disillusionment, but struggles with pacing and uneven writing that detract from its potential impact
An American traveler, India Witkin, lost her debit card at an ATM in Kerala. A local DHL employee, Krishna, found the card and drove six hours on his day off to return it. He refused payment, stating Witkin was on a budget. This act of kindness has resonated online, highlighting honesty and compassion.
Israeli Prime Minister Netanyahu acknowledged 'tactical disagreements' with US President Trump over regional conflicts but emphasized their shared goals, particularly countering Iran's nuclear ambitions and Hezbollah. Despite recent heated exchanges, Netanyahu hailed Trump as Israel's 'greatest friend,' citing his strong support for the nation. Both leaders aim for regional stability.
Speculation on Ravneet Singh Bittu's role in Punjab polls 2027 have grown louder after BJP decided not to renominate him for another term in Rajya Sabha.
Shares of Adani Ports and Special Economic Zone rebounded after a two-session decline, rising more than 1% to Rs 1,812 on Friday after Goldman Sachs reaffirmed its 'Buy' rating on the stock. The brokerage also raised the stock's target price to Rs 1,870. Goldman Sachs highlighted that cargo volumes in May 2026 rose 16% year-on-year to 48.3 million tonnes, led by a 33% increase in liquid cargo and a 17% rise in container volumes. Quarter-to-date cargo volumes stood at 91.4 million tonnes, up 15% from a year ago and ahead of analyst expectations.Goldman Sachs noted that thermal coal volumes are witnessing a recovery and are likely to remain robust during the summer months. However, logistics rail volumes in May declined 19% year-on-year to 48,170 container units.The brokerage identified key growth drivers as higher Tata Power-linked coal volumes at Mundra, the ramp-up of operations at the Vizhinjam transhipment hub, growth in liquid cargo at Mundra, and expansion of multimodal logistics parks.Reflecting the strong volume momentum and improving return on capital employed (ROCE), Goldman Sachs has revised its earnings estimates upward and increased its target price for the stock.Adani Ports Q4 snapshotAdani Ports and Special Economic Zone (APSEZ) reported a consolidated net profit of Rs 3,329 crore for the March-ended quarter, compared to Rs 3,014 crore in the year-ago period, marking a 10% increase. The profit after tax (PAT) is attributable to equity holders of the parent.India's largest port operator posted revenue growth of 26% year-on-year (YoY) to Rs 10,737 crore in Q4FY26, as against Rs 8,488 crore posted by the company in the corresponding quarter of the previous financial year.The company's Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) in the quarter under review stood at Rs 6,02 crore, up 20% from Rs 5,006 crore reported in Q4FY25.Also read: Rajesh Exports shares hit 5% lower circuit for 2nd day; firm cites 'communication gap' after Sebi order For the full financial year, PAT jumped 16% to Rs 12,782 crore compared to Rs 11,061 crore in FY25, while the topline stood at Rs 38,736 crore for FY26 versus Rs 31,079 crore in FY25, recording a 25% growth. EBITDA saw a 20% YoY uptick at Rs 22,851 crore.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Google cofounders Larry Page and Sergey Brin each saw their fortunes drop by approximately $10 billion following Alphabet's announcement of an $80 billion stock sale. This massive fundraising aims to fuel the company's AI expansion amidst intensifying competition and projected significant capital expenditures. The market's reaction to the ambitious plan led to a sharp decline in Alphabet's share price.
Emerging talent Madhav Tiwari, a 22-year-old from Madhya Pradesh, made a significant Indian Premier League debut for Delhi Capitals in 2026 season, showcasing his all-round abilities with both bat and ball. Despite limited prior experience, Tiwari impressed by taking crucial wickets and playing a match-winning cameo, fueling his ambition to represent India.
Khandu said that Beijing's claims were nothing new, while stating that China's frequent attempts to rename regions in Arunchal Pradesh were out of โhabitโ.
Three days after the IPL final, Team India are attempting to reset their body clocks and shed T20 habits ahead of the one-off Test against Afghanistan. Assistant coach Ryan ten Doeschate reveals how the team is tackling sleep cycles, technical adjustments and the challenge of switching from IPL nights to Test-match mornings.
The terms of both ministers in the Upper House are set to end on June 21. Bittu currently represents Rajasthan in the Rajya Sabha, while Kurian is a member from Madhya Pradesh.
Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."The acts of REL constitute a deliberate device, scheme and artifice to mislead and defraud investors dealing in the shares of REL by portraying an inflated and misleading picture of its operational scale, revenue and financial health," Sebi observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financial fraud that includes dressing-up of revenues of โน15.15 lakh crore over the years, personal gold trades covered up as corporate sales and phoney gold mine investments of โน1,035 crore, according to the interim report.REL denied the charges of misdeeds. In a press release Thursday, the company said the revenues stated in its financials were correct and that the confusion arose because of a mix-up between Ebitda and revenue numbers at Swiss refiner Valcambi SA, an indirect subsidiary.Sebi has not made any adverse observation with regard to earnings, the company said, claiming that the regulator has only observed suspicion with regard to revenues which was primarily because of confusion over the Valcambi numbers.Numbers don't add upIn fiscal 2025, REL reported consolidated revenue of โน4.23 lakh crore against a profit after tax of just โน95 crore, translating into a net margin of barely 0.02%. The year before, on โน2.8 lakh crore revenue, profit was โน336 crore.Experts who have studied the Sebi report and the company's annual reports say the numbers did not add up. The business appeared to be operating at margins that were not merely thin but structurally negligible, they said."It looks like a case of pass-through accounting. There is no value creation. It was 'flow of gold' being booked as revenue," said a leading auditor on the condition of anonymity.Sebi, which began the investigations in March 2024 following a shareholder complaint about suspected accounting malpractices, said it found that about 97-99% of REL's consolidated revenues were attributed to its overseas subsidiaries, principally Valcambi. But Valcambi's own accounts, audited by KPMG SA, recorded only processing fees that were about โน3,027 crore across five years.Valcambi refined gold on behalf of clients and never took ownership of the precious metal or recognised the value of gold as revenue in its books. Yet, Global Gold Refineries AG (GGR), the parent of Valcambi that had no independent operating business, recorded gross revenues running into hundreds of crores by including the gross value of gold that actually belonged to others, according to the Sebi report.Rajesh Exports, which owns GGR through a Singapore subsidiary, used those unaudited figures in its financial statements, significantly bumping up the company's revenue, it said.In its press release, REL said: "The core observation in the order is with regard to the misreporting of the revenues. This has emerged primarily due to confusion because Sebi has considered the Ebitda of Valcambi instead of revenue hence it has stated that there is a difference of about 97% in the revenue.""There is no reason for any listed entity to inflate revenue and maintain the earnings, this will only reduce the margins of the company, which would be adverse to the company," it said.Senior management in the darkThe senior management of REL told regulators that most of them were in the dark about the company's overseas operations and only the promoter, Rajesh Mehta, dealt with those activities."Valcambi SA does not have any gold mine on its own," managing director Suresh Gowda was quoted in the Sebi order as saying. "It refines the raw gold purchased by it from various entities, whose names I do not recollect, as these things are exclusively handled by Rajesh Mehta, chairman of REL. I have never interacted nor involved with any subsidiary/step-down subsidiary of REL, as these were exclusively taken care of by Rajesh Mehta," he told the investigators, as per the order.According to the report, REL booked โน11,487 crore in sales between 2021-22 and 2023-24 to Affluence Shares and Stocks, a broker that made up to 66% of the company's standalone revenue for that period. But Affluence, in formal depositions to the regulator, said it had not done any business with REL.Following the transaction trail, the investigators found out that the transactions were personal gold derivative trades executed by promoter Mehta using his own brokerage account and then recorded in the company's books as corporate sales, the order said.The investigators also found that Mehta used corporate funds. As per the Sebi observations, bank records show REL transferred โน338.90 crore directly into Mehta's personal accounts between April 2020 and September 2025.Unlike in the case of Nirav Modi or Gitanjali Gems, who are accused of bank fraud, Rajesh Exports doesn't appear to have borrowed big from banks or through sale of bonds, according to regulatory filings.The company's market cap was just over โน3,000 crore, as per Thursday's closing share price. LIC (10.8%) and Bridge India Fund (8.46%) are its major institutional shareholders."It is striking that, even at a peak market capitalisation of โน25,000 crore, the company did not hold any analyst calls, a basic expectation for a listed company of that scale," said Shriram Subramanian, founder and managing director of InGovern Research Services, a corporate governance advisory firm.The regulator in 2024 hired BDO India Services to investigate. But the forensic audit faced problems at almost every stage of the investigation. It was denied access to ERP systems and was not provided a complete journal dump, preventing independent verification of transactions recorded in the books, according to the regulatory report.And the company declined to share subsidiary-level records with the investigator, citing Swiss data protection laws, limiting auditors largely to reviewing financial statements prepared by the management itself rather than underlying evidence, it said.What's also come under the scanner was the conduct of statutory auditors for the last few years: CA PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and CA PL Venkatadri, partner at BSD & Co.The company's FY24 and FY25 annual reports, filed with the stock exchanges, carry an unqualified opinion from BSD & Co, which concluded that the financial statements presented a "true and fair view" in line with Indian Accounting Standards.The company's FY24 Directors' Report noted that the statutory and secretarial auditors had made no qualifications, reservations or adverse remarks.The Sebi report said for over five months, the auditors sat on the regulator's request for missing documents and statements.Emails sent to both audit firms did not elicit any response.REL closed 5% lower at โน103.92 Thursday on the NSE. The shares are down from their peak of โน1,028.40 on February 6, 2023.
Highways Minister Nitin Gadkari is exploring cement concrete roads over bituminous ones due to a surge in bitumen prices and supply disruptions from the West Asia conflict. He also highlighted the potential of domestically produced bio-bitumen from rice straw and other biowaste to reduce imports and save foreign exchange.