๐ฎ๐ณ ์ธ๋ ยท "CORE" ยท ์ด 76๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
50.0
0 = ๋ถ์ ์ฐ์ธ
50 = ์ค๋ฆฝ
100 = ๊ธ์ ์ฐ์ธ
์ต๊ทผ 7์ผ ๊ธฐ์ค 5,695๊ฑด์ ๋ถ์ํ ๊ฒฐ๊ณผ, ๋ด์ค ์ฌ๋ฆฌ์ง์๋ 50.0(๊ท ํ)์ ๋๋ค. ๊ธ์ 0๊ฑด(0.0%)ยท์ค๋ฆฝ 5,695๊ฑด(100.0%)ยท๋ถ์ 0๊ฑด(0.0%)์ด๋ฉฐ, ์ค๋ฆฝ ๋น์ค์ด ๋๋ ทํ๊ฒ ๋์ต๋๋ค. ์ฑํฅ ์ง์๋ ์ข ํฉ 0.0(์ค๋ ๊ท ํ)์ ๋๋ค.
The core aim remains strategic autonomy, but the method has changed: India no longer stays away from power centres, it engages them simultaneously.
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.
Ram Charan and Janhvi Kapoor's 'Peddi' has stormed the box office, raking in a staggering Rs 51 crore on its opening day. The sports drama's powerful start, with a worldwide gross of Rs 112.49 crore, highlights the immense appeal of the Telugu market. Ram Charan's performance as a spirited villager fighting for his community's pride is a major draw.
Fifteen-year-old Vaibhav Sooryavanshi electrified IPL 2026, becoming the tournament's top scorer with 776 runs and a record 72 sixes. His explosive batting, including a 29-ball 97 in the Eliminator, drew widespread praise. All-rounder Krunal Pandya lauded the Rajasthan Royals opener as a "generational talent" with "brains," not just power, eagerly anticipating his future career.
Toronto Maple Leafs are reportedly considering a low-risk move for former 40-goal scorer Patrik Laine. Laine is expected to become a free agent on July 1. The Maple Leafs are looking to add offensive depth. A potential contract could offer cheap scoring if Laine meets certain performance and games played incentives.
Virat Kohli's unwavering intensity and work ethic were instrumental in Royal Challengers Bengaluru's second consecutive IPL title in 2026. Finishing as the franchise's top scorer, Kohli's leadership and champion mindset, even after facing early setbacks, inspired teammates like Krunal Pandya. Pandya highlighted Kohli's consistent hunger to perform and win as a personal source of motivation.
Krunal, who played a key role in RCB's successful IPL 2026 title defence, contributed with both bat and ball during the season. He scored 226 runs at a strike rate of 145.80 and picked up 14 wickets at an economy rate of 8.41 as RCB won their second consecutive IPL title.
Microsoft's AI chief, Mustafa Suleyman, revealed a strategic shift, prioritizing competition with Anthropic over rivals like Google and Meta. This focus stems from Anthropic's aggressive entry into enterprise software and coding tools, posing a direct threat to Microsoft's core business. Microsoft is now developing its own advanced AI models to counter this challenge and reduce reliance on OpenAI.
Ritabrata's transition from a staunch Left ideologue to a pivotal TMC operator, and now leader of a massive breakaway faction, underscores a rare mastery of political realpolitik
โWhenever the name Manjanathi came to my mind, I thought of adapting it into a film. Even then, I had decided that maestro Ilaiyaraaja should compose the music. When I met him and narrated the story, he agreed to score it,โ the director said.
India's IT giants Infosys, TCS, and Wipro have collectively deployed over 300,000 Microsoft 365 Copilot licenses, marking a rapid enterprise AI rollout. These companies are integrating AI into core workflows, moving beyond tool deployment to an AI-driven operating model. This significant adoption signals India's leadership in scaling agentic AI across Asia and globally.
The move is aimed at wildlife conservation and the safety of visitors, said officials
Shares of Titagarh Rail Systems gained nearly 3% to hit the day's high of Rs 857 on the BSE on Wednesday after Wall Street major Jefferies raised the target price to Rs 990 from Rs 810, implying an upside of 19% from current market levels.With a Buy rating, the international brokerage raised the target by 23%. Jefferies said Titagarh Rail Systems delivered a stronger-than-expected quarter, and improving execution is likely to drive a re-rating of the stock going forward. The brokerage believes Titagarh is well-positioned to benefit from rising demand for passenger and metro coaches, supported by government-led infrastructure initiatives. It estimates a 44% EPS CAGR over FY26-30 and expects the company's strong order book in the passenger segment to provide healthy earnings visibility.Titagarh delivered 64 coaches in FY26, ahead of Jefferies' estimate of 60 coaches. While this fell short of the management's earlier guidance of 100-120 coaches, the shortfall was largely anticipated due to execution delays in the first half of FY26.Management has reiterated confidence in delivering 200-220 coaches in FY27, compared with Jefferies' estimate of 193 coaches, citing the resolution of initial execution challenges. On the flagship Vande Bharat project, the company expects to deliver two trains in FY27, in line with Jefferies' projections, with the prototype scheduled for supply in the December 2026 quarter.Margins in the March quarter came in significantly ahead of expectations at 19%, compared with Jefferies' estimate of 12%, supported by a sharp increase in execution of the Bengaluru Metro project, which is being executed as a job contract. Management has guided for margins of around 12% in the near term, with a gradual improvement towards 15% as the company advances up the technology value chain.Rail wagon sales declined 29% year-on-year due to supply-side constraints. While Jefferies expects wagon sales to fall a further 5% in FY27, it forecasts a largely stable trajectory over FY27-30, supported by its estimate that Indian Railways' cargo volumes could reach around 3 billion tonnes by FY35, compared with the FY30 target.The company currently has an order book of 6,500 wagons, providing visibility for about 97% of Jefferies' FY27 wagon sales estimates, although visibility beyond FY27 remains limited. Separately, Titagarh has secured 28% capital assistance for its brownfield shipbuilding expansion plans and is evaluating technology partnerships and potential joint ventures with shipyards.The brokerage noted that a recent report by Live Mint indicated Indian Railways is considering an order for 1 lakh wagons, which could significantly improve earnings visibility for wagon manufacturers. The valuation assigns 30x March 2028 estimated EPS to the core business, up from 25x previously, reflecting positive developments around potential wagon orders and the upcoming wheel joint venture, which it values at 2.5x its investment value. Key risks to the outlook include delays in wagon orders or wheel supplies from Indian Railways, as well as weaker-than-expected execution.Titagarh Rail Q4 snapshotTitagarh Rail reported a net profit for the quarter at Rs 53.96 crore, compared to a net loss of Rs 122.4 crore that the company reported last year.Titagarh Rail's revenue in the March quarter declined by 12.9% to Rs 875.4 crore from Rs 1,005.6 crore in the previous year.The company's earnings before interest, tax, depreciation and amortisation (EBITDA) declined 4.4% to Rs 97.3 crore in the March quarter from Rs 96.56 crore last year, while margins stood at 11% from 10% last year. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
New racketeers are reportedly selling 'NEET re-exam question papers' and 'guaranteed scores' online for hefty sums, ranging from Rs 60,000 to Rs 20 lakh. An activist has lodged a complaint with cybercrime police to investigate these social media channels, which claim to have leaked exam material and influential backing. Authorities are urged to probe these fraudulent claims.
โWhenever the name Manjanathi came to my mind, I thought of adapting it into a film. Even then, I had decided that maestro Ilaiyaraaja should compose the music. When I met him and narrated the story, he agreed to score it,โ the director said.
The Trinamool Congress (TMC) is facing a severe internal crisis as corruption allegations mount and party MLAs increasingly distance themselves from senior leadership, including Mamata Banerjee and Abhishek Banerjee.The dissent within the party reflects growing public distrust and questions about TMC's political direction. Multiple MLAs have begun distancing themselves from core party leadership, signaling deep fractures within the organization.As political maneuvering intensifies, the TMC grapples with its identity and credibility amid rising tensions. The party's once-dominant position in Bengal politics now faces significant challenges from internal rebellion and external pressures.Watch this exclusive report on the TMC's internal turmoil, corruption allegations, and the political fallout reshaping West Bengal's political landscape. -speakn18oc_indian18oc_politicsn18oc_breaking-newsNews18 Mobile App - https://onelink.to/desc-youtube
The National Board of Examinations in Medical Sciences (NBEMS) has released the NEET MDS 2026 results today, June 2. Candidates can now access their scorecards and the merit list on the official website, natboard.edu.in. Over 30,000 candidates appeared for the examination, and qualified individuals can now proceed to the counselling process for MDS admissions.
If the question is which batter produced the most extreme combination of volume, speed and power across a single IPL season, the evidence points overwhelmingly in one direction. The IPL has seen bigger run tallies. It has seen cleaner six-hitters. What it had never seen before 2026 was a player score nearly 800 runs while striking at 237 and smashing 72 sixes. For 18 seasons, volume and violence existed separately. Vaibhav Sooryavanshi merged them, and that is why his IPL campaign 2026 may be one of the greatest batting seasons ever.
The Aam Aadmi Party (AAP) government in Punjab underscored how the educational landscape of the state saw a major transformation under its rule
Lalit Modi has predicted a meteoric rise for 15-year-old Vaibhav Sooryavanshi, who was the leading run-scorer in IPL 2026. Modi believes the Rajasthan Royals prodigy could score a T20 double century and become a global superstar, surpassing even Hollywood and Bollywood actors.