The Economic Times (India)
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๐ฎ๐ณ ์ธ๋ ยท "ONLY" ยท ์ด 178๊ฑด
ํํฐ ๋ณด๊ธฐํ์ฌ ์ง์
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0 = ๋ถ์ ์ฐ์ธ
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์ต๊ทผ 7์ผ ๊ธฐ์ค 5,658๊ฑด์ ๋ถ์ํ ๊ฒฐ๊ณผ, ๋ด์ค ์ฌ๋ฆฌ์ง์๋ 50.0(๊ท ํ)์ ๋๋ค. ๊ธ์ 0๊ฑด(0.0%)ยท์ค๋ฆฝ 5,658๊ฑด(100.0%)ยท๋ถ์ 0๊ฑด(0.0%)์ด๋ฉฐ, ์ค๋ฆฝ ๋น์ค์ด ๋๋ ทํ๊ฒ ๋์ต๋๋ค. ์ฑํฅ ์ง์๋ ์ข ํฉ 0.0(์ค๋ ๊ท ํ)์ ๋๋ค.
The decision is a continuation of its stand against the Congress ever since the national party joined hands with the TVK, which won the Tamil Nadu Assembly elections
Rebel TMC MLAs back Ritabrata Banerjee but insist Mamata Banerjee remain supreme leader, reject plan to make her only chief adviser.
Trinamool Congress faces internal turmoil following a party split, with Lok Sabha MPs reportedly receiving overtures to abandon the Mamata Banerjee-Abhishek Banerjee leadership. Meanwhile, a faction of 58 MLAs has shown signs of wavering, with some demanding Mamata remain party chairperson. The Speaker's ruling invalidating expulsions further complicates the situation.
โโHis throw now trails only Arshad Nadeem's Olympic gold-winning mark of 92.97m from Paris 2024 in the Asian all-time list.
Chwalinska made history on Thursday by becoming only the second qualifier in the Open Era to reach a Grand Slam singles final. The Polish player defeated Russia's Diana Shnaider 7-6 (4), 6-4 in the semifinals.
Momentum towards a deal has strengthened in recent weeks. US Ambassador to India Sergio Gor said the negotiations were nearing completion, with only a limited number of issues still unresolved. Commerce and Industry Minister Piyush Goyal has similarly indicated that most matters have been settled, with discussions now centred on finalising the remaining details before the first phase of the agreement is unveiled.
The mismatch of the numbers only serves to highlight the opaqueness of the process which has dominated headlines.
An HT investigation found that owner Lavkesh Bajaj didnโt have a licence to run a full-fledged restaurant and only possessed a โtea and snacks outletโ licence.
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.
Three Royal Navy personnel tragically lost their lives during a helicopter training exercise on 3 June.
Wall Street advanced on Thursday as โprogress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq's gains in check.The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.The S&P 500 posted more muted gains, while the Nasdaq โended essentially unchanged. Chipmaker Broadcom โ missed revenue โ expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year."About the only blemish โon the market at this point is Broadcom, and I think investors are buying the dip," said Paul Nolte, senior wealth adviser and market โstrategist at Murphy & Sylvest in Elmhurst, Illinois. "I don't think investors have given up on chips yet, but what they've yet to come to grips with, 'Is this real? Are these valuations legitimate?' I'm not sure yet that investors have really questioned that." The U.S. House of Representatives โpassed a measure on Wednesday that would block President Donald Trump from continuing โ the war on Iran. Additionally, โa U.S.-mediated ceasefire agreement between Israel and Lebanon, an essential condition of an Iranian agreement to โa peace deal, bolstered โoptimism of a near-term resolution to the war. But the truce was rejected by the pro-Iran Hezbollah, โ which said it would not withdraw troops from Lebanon.A drop in front-month crude โfutures reflected hopes that tanker traffic through the crucial Strait of Hormuz could shortly resume."How many โdeals have we had? It's always right around the corner, a corner we've yet to reach," Nolte added. "Things are moving, but are they moving at a pace that's going to allow the world to get back to what passes for normal in a few weeks, a few months, or maybe sometime next year?"On the economic front, initial jobless claims unexpectedly rose 6.1%, and first-quarter labor costs and productivity were revised sharply lower. A report from Challenger, Gray and Christmas showed layoffs announced by U.S. corporations jumped 11% in โMay to 97,006. Nearly 40% of those layoffs were attributed to AI.According to preliminary data, the S&P 500 gained 31.14 points, or 0.41%, to end at 7,584.82 points, while the Nasdaq Composite lost 19.72 points, โor 0.07%, to 26,834.26. The โDow Jones Industrial Average rose โ 875.09 points, or 1.73%, to 51,562.16.Chipmaker Marvell Technology gained, while Advanced Micro Devices, Micron Technology and Qualcomm lost ground on the day.The healthcare sector got a boost from UnitedHealth after Bank of America raised its rating on the healthcare conglomerate's shares to "buy."The financial index's rebound โfollowed a sharp selloff in the previous session due to revived concerns over private credit. Blackstone shares advanced after it became the latest asset manager to cap withdrawals from its flagship private credit fund following a rise in redemption requests. Cybersecurity firm CrowdStrike slumped after reporting an increase in quarterly operating expenses. An investor roadshow for Elon Musk-led SpaceX began on Thursday ahead of its market debut on June 12. It aims to raise $75 billion in a record IPO that would value it at $1.75 trillion.
Israeli Ambassador to India Reuven Azar has raised doubts over Pakistan's potential role as a regional mediator, warning India that the Middle East conflict serves as a "preview" of radical tactics that could soon impact its own neighbourhood.In an interview with PTI Videos, he rejected the notion that Pakistan possesses the credibility to act as a mediator in regional negotiations.Labelling the country unreliable, Azar characterized Pakistan as a "problematic player" whose involvement requires the US to exercise "special caution" to avoid potential traps."I don't think they are reliable," he said about Pakistan's mediation role.He added that when mediators lean towards a "terrorist entity" or "legitimize radicalism", it becomes "very tricky because the United States has to exercise special caution not to fall into traps set not only by the opposing side but also by the mediator".The envoy further alleged an increasing connection between radical elements and the region, noting a rise in visits by Hamas leaders to both Pakistan and Bangladesh over the last two years.Turning to the India angle, Azar claimed that because Israel is the most attacked country in the world, the threats it faces often serve as a "preview to a movie coming to a theatre in your neighbourhood".He specifically alleged that radical groups are drawing twisted inspiration from the October 7 attacks and warned that the methodologies of hybrid warfare, including using human shields and manipulating media, are likely to be emulated elsewhere.While commenting on Israel's policy of mandatory military service, Azar refrained from suggesting India adopt similar models.He observed that India is "blessed" with a large territory and population, expressing confidence that the Indian government is making the "right decisions" regarding its own recruitment and defence needs.He, however, noted the "positive aspect of conscription" in maturing young citizens and instilling a sense of responsibility."It doesn't mean that one size fits all. Each country has to find its own way." PTI SHJ ZMN
Karnataka CM DK Shivakumar confirms free bus passes for all school and college students, but only for Karnataka locals, with details to be set with the Transport Department.
Report lists 18 modifications that donโt require prior approval, while major changes still need MVDโs permission. Only certain relaxations, such as permitting stickers, ambient lighting, additional speakers, and sun films with 50% visibility, are considered significant changes, according to a car enthusiast.
Despite the event being publicly announced days earlier, CJP says it will seek permission only on June 6, the day the protest is scheduled to take place.
Only the media is magnifying this issue and making a mountain out of a molehill, says T.N. BJP president
Many Indian broadband users pay for high speeds but get less. This isn't just a service lapse; you can formally complain and seek compensation. Your recourse lies with TRAI for service quality violations or consumer courts for financial losses. Follow a three-step process: complain to your ISP, then TRAI, and finally, the consumer forum if unresolved.
HDFC Mutual Fund has restricted lumpsum investments in its gold ETF and fund of fund - HDFC Gold ETF and HDFC Gold ETF Fund of Fund with effect from June 8 and June 5 respectively.The fund house informed its unitholders that it has decided to temporarily restrict lumpsum subscriptions in HDFC Gold ETF and HDFC Gold ETF Fund of Fund until further notice.Also Read | ET Alpha Wealth Summit: India could unlock a $5 trillion export opportunity through FTAs, says Saurabh Mukherjea In HDFC Gold ETF, subscription transactions by large investors directly with HDFC Mutual Fund (i.e. investing minimum Rs 25 crore) shall not be accepted from the effective date. In HDFC Gold ETF FoF, lumpsum purchases /switch-ins into the FOF shall be processed only upto a limit of Rs 10 lakh per PAN per calendar month (at first holder level). This limit shall apply in respect of transactions received after cut-off time (3:00 PM) on June 5.It further said that all other terms and conditions of the schemes will remain unchanged. This addendum shall form an integral part of the SID / KIM of the schemes as amended from time to time.Launched on December 28, 2022, HDFC Gold ETF had an AUM of Rs 69.72 crore as of April 30, 2026. In the last one year, the fund lost 4.01% and since its inception it has given a CAGR of 8.27%.Also Read | ET Alpha Wealth Summit: Future alpha may emerge from neglected markets and asset classes, says Kalpen Parekh HDFC Gold ETF FoF was launched on November 1, 2011 and had an AUM of Rs 11,464 crore as of April 30. In the last one year, it gave a return of 57.05% and since its inception it has given a return of 11%.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)If you have any mutual fund queries, message on ET Mutual Funds on Facebook/Twitter. We will get it answered by our panel of experts. Do share your questions on ETMFqueries@timesinternet.in alongwith your age, risk profile, and Twitter handle.