The Hindu National
์ค๋ ์ฑํฅ
๊ธฐํ
717 Tasmac liquor shops closed across Tamil Nadu
The highest number of shops were closed in the Madurai region with 290, followed by the Coimbatore region with 179
๐ฎ๐ณ ์ธ๋ ยท "CLOSED" ยท ์ด 43๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
50.0
0 = ๋ถ์ ์ฐ์ธ
50 = ์ค๋ฆฝ
100 = ๊ธ์ ์ฐ์ธ
์ต๊ทผ 7์ผ ๊ธฐ์ค 6,206๊ฑด์ ๋ถ์ํ ๊ฒฐ๊ณผ, ๋ด์ค ์ฌ๋ฆฌ์ง์๋ 50.0(๊ท ํ)์ ๋๋ค. ๊ธ์ 0๊ฑด(0.0%)ยท์ค๋ฆฝ 6,206๊ฑด(100.0%)ยท๋ถ์ 0๊ฑด(0.0%)์ด๋ฉฐ, ์ค๋ฆฝ ๋น์ค์ด ๋๋ ทํ๊ฒ ๋์ต๋๋ค. ์ฑํฅ ์ง์๋ ์ข ํฉ 0.0(์ค๋ ๊ท ํ)์ ๋๋ค.
The highest number of shops were closed in the Madurai region with 290, followed by the Coimbatore region with 179
Mamata holds closed-door huddle with selected leaders amid TMC turmoil
The US Commerce Department's Bureau of Industry and Security has quietly closed a year-old loophole that let Nvidia's most advanced Blackwell AI chips reach overseas subsidiaries of Chinese companies without an export licence. Industry sources estimate hundreds of thousands of chips may have already shipped through the gap. The new guidance still leaves data centre servicing and TSMC foundry due diligence untouched, raising fresh enforcement questions.
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.
As geopolitical headwinds make it tougher for equity investors to make money, Dalal Streetโs top voice Nilesh Shah, managing director of Kotak Mahindra Asset Management, told a gathering of HNI investors at the ET Alpha Wealth Summit on Thursday that there are four specific investment structures which deserve a place in most portfolios right now.Shahโs first recommendation was the Special Investment Fund, or SIF, a structure that marks a meaningful shift in what is available to Indian investors. Shah noted that the mutual fund industry has, until now, been a long-only business but the SIF changes that. These are long-short, absolute return-oriented funds, designed to generate returns regardless of market direction rather than simply riding the equity tide.The second vehicle Shah flagged is performing credit AIFs. His reasoning was grounded in a simple supply-demand observation that for corporate settlements today, capital is not available from banks, mutual funds, or insurance companies.As institutional lenders have stepped back, borrowers are plenty and lenders very few. Amid this imbalance, Shah said the need is real and returns are attractive. Performing credit AIFs, which lend into this gap, are positioned to benefit directly from the scarcity of competing capital.https://youtube.com/shorts/Xa4AcXFg8hA?feature=shareThe third idea was REITs, and here Shah introduced a timing element. Over the last three years, REITs have delivered index-level returns of around 13.5%. But with interest rates rising, he suggested that the next six to nine months may present an opportunity to enter at better prices. Rising rates typically compress REIT valuations in the near term, and Shah framed any such correction as a potential entry point rather than a risk to avoid. Beyond the return potential, he positioned REITs as a portfolio diversification tool as the asset class behaves differently from equities and fixed income, and that is still underrepresented in most Indian investor portfolios.The fourth recommendation addressed global diversification but came with an important caveat. Mutual fund industry limits for overseas investment are currently full, which means the conventional route for Indian investors to access global markets through domestic mutual funds is closed. Shah pointed to Gift City as the workaround. Structures domiciled there allow investment under the Liberalised Remittance Scheme, and in his view, these Gift City-based LRS products are the practical path for investors who want global exposure while the mutual fund window remains shut.Across all four โ the SIF, performing credit AIFs, REITs, and Gift City products โ Shah's underlying argument was the same: in a volatile period, the portfolio needs instruments that can generate positive returns through means other than a rising equity market.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
The Indian stock market closed nearly flat, with Sensex and Nifty ending the session in the green with marginal gains after seeing sharp upswings and downswings during the day.Sensex rose nearly 14 points to close at 74,360, while Nifty 50 rose around 11 points to end the session at 23,417, nearly unchanged from the previous session. This came as India VIX, which measures volatility in markets, fell over 3% to 15.77.Titan shares jumped 4% to lead gains on Sensex, while Zomato-parent Eternal jumped 3% to follow. ITC, Tech Mahindra, SBI, Bharat Electronics and ICICI Bank shares meanwhile gained around 1% each. On the other hand, Infosys, Bajaj Finserv, UltraTech Cement, Adani Ports and Tata Steel shares dropped around 15 each.Broader markets closed with higher gains, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining around 0.5% each. Sectorally, Nifty Consumer Durables rallied more than 2%, while Nifty Metal declined 0.7%. Around 1,817 stocks advanced on NSE, while 1,474 declined and 105 remained unchanged.Rupee watchNotably, investors now await the outcome of the Reserve Bank of Indiaโs Monetary Policy Committee's (MPC) meeting tomorrow. Meanwhile, rupee closed at 95.7850 per U.S. dollar, from 95.7050 on Wednesday.FIIs net sold Indian shares worth Rs 5,617 crore on Wednesday, according to data on NSE. They have net sold Indian equities worth more than Rs 39,625 crore in just four consecutive sessions.India may scrap capital gains tax on FPI investments in govt securitiesThe Indian government is planning to scrap capital gains tax on investments in government securities by foreign portfolio investors (FPIs), a move which will likely shore up overseas capital inflows into the country, The Economic Times reported citing people familiar with the matter.The Cabinet, in a meeting chaired by Prime Minister Narendra Modi on Wednesday, approved the promulgation of an ordinance to amend the Income Tax Act to pave the way for this exemption, sources further told The Economic Times, adding that a notification is expected soon after the President gives her assent to the ordinance.What lies ahead?On Thursday, the benchmark index Nifty opened with a gap-down. However, the index staged a recovery from lower levels and eventually closed on a flat note. Notably, this marked the third consecutive session where Nifty found support near its prior swing low and rebounded thereafter, said Sudeep Shah, Head of Technical and Derivatives Research at SBI Securities. He however added that a sustained follow-up move on the upside is still required to confirm a potential reversal.โAt present, the index continues to trade below its key moving averages, while momentum indicators suggest a sideways trend. The daily RSI has been oscillating within a narrow range for the last 40 trading sessions, in line with the RSI range shift rules, indicating lack of directional strength,โ he said.Going ahead, Shah expects the 23,550โ23,580 zone to act as an important hurdle for Nifty 50.. A sustained move above the 23,580 level could trigger an extension of the ongoing pullback rally, potentially paving the way towards the 23,700 mark, he said. On the downside, he sees 23,330โ23,320 zone as likely to serve as a crucial support area.(With inputs from agencies)(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Most of the victims of the fire, one of Delhi's worst in years, were either people visiting India for their medical treatment or caregivers of patients.
The Dipkes have temporarily shifted from their home in the MIDC Waluj area of Chhatrapati Sambhaji Nagar, formerly Aurangabad, to an undisclosed location.
Wall Street stocks pulled back from โrecord highs on Wednesday as flaring tensions in the Middle East and rising crude prices stoked inflation jitters and convinced investors to take some profits.All three major U.S. stock indexes closed in negative territory, dragged lower by financials and tech , with the small-cap Russell 2000 underperforming its larger-cap counterparts.Chips advanced, indicating the artificial intelligence โfervor is alive โ and well. โ Still, most of the Magnificent Seven group of AI-related megacaps were lower."The AI names are trading on their own completely separate world, largely oblivious to macro and geopolitical โrisk, at least within reason," said Ross Mayfield, investment strategy analyst at Baird in Louisville, Kentucky. "And so there's going to be a bid for those โnames, especially on days where everything else looks a little bit less attractive."The S&P Software & Services index declined. It has been battered in recent months by fears of AI disruption.Middle East hostilities intensified as the U.S. and Iran traded a new round of air strikes, โthe latest test of a shaky ceasefire.Oil prices rose, adding to worries that upward โ pressure on energy prices โcould metastasize into broader, systemic inflation."This market continues to demonstrate a tug of war between fundamentals in the โU.S. economy, which โare incredibly positive, and concerns that the duration of the conflict in the Middle East will lead to โ downside risks," said Bill Northey, senior investment director at U.S. Bank Wealth Management, Billings, Montana. "Our โframework is centered around the duration of the closure of the Strait of Hormuz as โthe primary input to inflation expectations.""The longer the duration of that closure, the less likely the Federal Reserve will be able to ease in 2026," Northey added.In fact, financial markets are pricing more than a 40% likelihood of a rate hike at the conclusion of the U.S. Federal Reserve's December meeting, up from 9.1% one month ago, according to CME's FedWatch tool.New York Fed President John Williams reiterated his position that the central bank does not need to change interest rates despite upside inflation risks, stating monetary policy is "in the right place."Economic โdata suggested the labor market was stable, and the services sector continued to expand, but input prices remained elevated and corporate spending plans appeared soft amid rising energy costs and geopolitical uncertainties.The Beige Book, the Fed's โregional economic survey, showed economic โactivity gathered steam in recent โ weeks, employment was little changed, but the fallout from higher energy prices due to the war was pervasive.According to preliminary data, the S&P 500 lost 54.11 points, or 0.74%, to end at 7,555.67 points, while the Nasdaq Composite lost 230.97 points, or 0.85%, to 26,862.93. The Dow โJones Industrial Average fell 581.84 points, or 1.13%, to 50,725.95.Among chipmakers, Marvell, Intel, Qualcomm , and Sandisk outperformed.Asset managers dropped after Switzerland's Partners Group capped withdrawals from an $8.6 billion private equity fund. KKR, Blackstone, Blue Owl and Ares Management all lost ground.GameStop advanced after the original meme-stock posted a rise in quarterly revenue and unveiled a $2 billion share buyback program.Elon Musk's SpaceX plans to price its IPO at $135 a share to raise a record $75 billion, a source familiar with the matter told Reuters on Tuesday.Broadcom results were expected shortly.
An Indian national was killed in an attack on Kuwait International Airport on Wednesday, prompting the Indian Embassy in Kuwait to express condolences and assure support to the victim's family. The incident occurred during an Iranian missile and drone attack that targeted civilian facilities in Kuwait, including the airport, according to Kuwaiti authorities. In a statement posted on X, the Embassy of India in Kuwait said, โEmbassy of India in Kuwait expresses its deepest condolences at the tragic demise of an Indian national due to an attack on the airport in Kuwait today.โ The embassy added that it is in contact with the bereaved family and is coordinating closely with Kuwaiti authorities to provide all possible assistance to the family and those injured in the incident.โ indembkwt (@indembkwt) Kuwait airport strike causes damageKuwait said the attack caused significant damage to Terminal 1 of Kuwait International Airport and injured several people. Flights were temporarily diverted before operations gradually resumed after safety assessments. Kuwaiti authorities described the airport as one of several civilian sites targeted in the attack. The strike came amid heightened tensions in the Gulf region, with Iran launching missiles and drones toward Kuwait and other neighbouring states. US and regional forces reportedly intercepted several incoming projectiles, while some missiles failed to reach their intended targets. Embassy monitoring situation The Indian mission has been actively assisting Indian nationals in Kuwait during recent regional disruptions. The embassy said it remains engaged with local authorities as investigations and relief efforts continue. The identity of the deceased Indian national has not been officially released. Kuwaiti authorities have also not disclosed further details about the victim or the circumstances of the death.
The S&P 500 and the Dow closed modestly higher โon Tuesday as risk appetite driven by AI fervor was counterbalanced by tensions arising from U.S.-Iran talks to reopen the Strait of Hormuz and end the months-long war.Gains in most of the 11 major S&P sectors kept the S&P 500 and the Dow in the green, with the small-cap Russell 2000 outperforming its larger-cap peers. The Nasdaq โended the session essentially unchanged.Small-cap โ stocks have โ been some of the biggest beneficiaries of the ongoing enthusiasm surrounding artificial intelligence stocks, which provided some upside muscle. The Philadelphia SE Semiconductor Index advanced on the day.The Software & Services Index, โbattered in recent months over worries of AI disruption, closed in negative territory.Strong results from Hewlett Packard Enterprise and a funding commitment from Alphabet reinforced confidence in the โAI buildout."The market is kind of muted at the surface level, but there is a lot going on under the hood, and that describes much of this year," said Mike Dickson, head of portfolio management at Horizon Investments in Charlotte, North Carolina. "There's some massive dispersion in the whole AI infrastructure โecosystem.""Markets could be in for one of these heated, melt-up rallies where the momentum keeps โ winning," Dickson โadded. "I would not be surprised at all to be sitting here at the end of the summer a good bit โhigher."Tehran is studying a โU.S. proposal to bring the war to a halt, but has not been in contact with Washington โ for days, according to Iranian media, which also said Iran is taking a "stern" approach, given โwhat it views as a history of U.S. noncompliance and mutual distrust. Simultaneously, Israel is continuing its โstrikes on Lebanon, despite Tehran's warnings that the attacks are threatening to derail the fragile truce.The war has sent crude prices soaring, reviving worries over inflation and giving rise to an increasing likelihood that the U.S. Federal Reserve could hike interest rates by year-end. Cleveland Fed President Beth Hammack said on Tuesday that such a hike could become necessary if already-elevated inflation pressures continue to mount. On the economic front, a report from the Labor Department showed an unexpected spike in job openings, driven by the volatile professional and business services sector. Otherwise, hiring, firing and quits all decreased, suggesting a slowdown โin labor market churn in the face of uncertainties related to strife in the Middle East and inflationary effects.Analysts look to the May employment report due on Friday, which is expected to show the U.S. economy added 85,000 jobs last โmonth, a monthly deceleration โof 26.1%. The unemployment rate is forecast โ to stand pat at 4.3%.According to preliminary data, the S&P 500 gained 10.07 points, or 0.13%, to end at 7,610.03 points, while the Nasdaq Composite gained 8.78 points, or 0.03%, to 27,095.59. The Dow Jones Industrial Average rose 237.13 points, or 0.46%, to 51,316.01.Hewlett Packard Enterprise jumped after โthe AI server maker pulled forward its long-term financial targets by two years. In further evidence of AI buildout, Alphabet said it was looking to raise $80 billion in equity offerings, including an investment from Berkshire Hathaway, to fund a costly expansion of its AI infrastructure. Its shares lost ground on the day. Marvell Technology's shares surged after Nvidia Chief Executive Officer Jensen Huang called the chipmaker the next "trillion-dollar company" at the Computex conference in Taipei. Nvidia invested $2 billion in Marvell in March.A drop in bitcoin hit cryptocurrency firms Coinbase and Strategy Inc.Broadcom is expected to report quarterly results on Wednesday.
All eyes on Omar Abdullah's closed-door MLAs' meet amid statehood, revolt rumours
Starting in July, airport operations will be closed for two days every week, culminating in the full 15-day closure from October 1 to October 15
En boca cerrada no entran moscas or flies don't enter a closed mouth: This Spanish proverb is a masterpiece on the importance of self control, wisdom and the art of listening.
Government offices located in the vicinity of the Legislature and Vidhana Soudha will remain closed on the afternoon on June 3.
Srinagar International Airport to be shut from October 1 for maintenance. Starting from July, airport operations will be closed for two days every week. Check schedule.
Flight operations at Srinagar Airport will be suspended twice weekly for runway repair.
The bandh affected normal life, with many shops remaining closed
The Enforcement Directorate (ED) has initiated searches against the Vedanta Group as part of a Foreign Exchange Management Act (FEMA) investigation. The action against the mining conglomerate, promoted by Anil Agarwal, commenced on Monday. Further details regarding the ongoing FEMA probe are yet to be disclosed by the central agency.
Mumbai: Two years of challenging equity market returns appear to be prompting a section of retail investors to reassess exposure to the stock market, with industry data showing rising monthly systematic investment plan (SIP) discontinuations and a slowdown in new investor additions.SIP halts continued to outpace new registrations in April, with stoppage ratio at 101%, unchanged from March, according to data from the Association of Mutual Funds in India (AMFI). This indicates that more SIP accounts were closed than opened during the month.Importantly though, flows through SIPs, the mainstay of domestic investments, have remained resilient.131452535Not a Short-term Game This support has been critical for equities amid overseas investors stampeding out of the Indian markets. Any change in that trend would have led to greater market turmoil.Still, the discontinuation trend has worsened over time, with the 12-month SIP stoppage ratio rising to 94.5% in March 2026, compared with 75.6% in March 2025 and 52% in March 2024.Fresh investor additions slowed in April as well, with 295,000 new investors entering mutual funds, taking the total investor base to 61.7 million. This marks the slowest monthly addition since June 2023.In comparison, the industry added 700,000 and 500,000 new investors in February and March, respectively. The pace has moderated in the past two years, with 7.2 million additions in the 12 months ended March, compared with 9.7 million in the preceding year.The growing SIP stoppages and the drop in fresh investor additions underscore dissatisfaction over lower-than-expected returns from equity schemes."Two years ago, many investors came in after watching incredibly high returns from the small cap space," said Swarup Mohanty, vice chairman and CEO, Mirae Asset Investment Managers. "With high returns not coming their way now, they are disappointed."An SIP in the broad-based Nifty 50 would have lost 2.56% over the last two years, while an investment in the broad Nifty 500 would have fetched 0.83%."Many investors came with high return expectations in short time spans," said Viraj Gandhi, chief executive, Samco Mutual Fund. "As returns over the last two years are low, new investors are slow to come by, while some investors who expected high returns could move to other avenues, which is a natural phenomenon."