Rajesh Exports shares crash as SEBI probes ₹15.15 lakh cr revenue gap

Rajesh Exports shares crash as SEBI probes ₹15.15 lakh cr revenue gap


Rajesh Mehta, Executive Chairman, Rajesh Export Ltd
| Photo Credit:
GOPINATHAN K

Shares of Rajesh Exports Ltd slumped 5 per cent on Thursday to hit the lower circuit at ₹103.92 after SEBI barred promoter and Executive Chairman Rajesh Mehta from dealing in the company’s securities over alleged large-scale financial misrepresentation and diversion of funds.

The stock reaction followed SEBI’s interim findings that Rajesh Exports had prima facie misrepresented nearly ₹15.15 lakh crore in revenues linked to its subsidiaries between FY21 and FY25. The regulator said the alleged misstatement accounted for around 99.8 per cent of the revenues attributed to the company’s overseas subsidiaries and step-down subsidiaries, resulting in what it called an “inflated and misleading picture” of operations.

SEBI noted that 97 per cent to 99 per cent of Rajesh Exports’ consolidated revenue originated from overseas subsidiaries, especially Switzerland-based Valcambi SA. However, the company allegedly failed to disclose subsidiary financial statements in the public domain despite projecting Valcambi as its principal operating entity. The regulator observed that Valcambi reported negligible standalone revenue in its audited accounts (amounting to ₹12,557 crore during FY21-FY24).

The order also highlighted alleged fictitious transactions involving Affluence Shares and Stocks Private Limited. Rajesh Exports recorded sales worth ₹11,487 crore and purchases worth ₹11,488 crore with the entity, although Affluence reportedly denied carrying out such trades. SEBI alleged that these were non-genuine entries linked to Rajesh Mehta’s personal derivative positions and were used to artificially inflate turnover.

Further, the regulator alleged that company funds amounting to ₹339 crore were routed to Mehta’s personal accounts, including for derivative trading activities, without board or audit committee approval. In total, ₹926 crore was allegedly routed without proper approvals or related-party disclosures.

SEBI estimated that the alleged misrepresentation and diversion of funds resulted in shareholder wealth erosion of around ₹12,726 crore, including losses suffered by retail investors.

The sharp selloff in the stock reflected investor concerns over corporate governance standards, transparency in financial reporting and the possibility of deeper regulatory scrutiny into the company’s overseas operations and accounting practices.

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Corporate developments on Wednesday ranged from SEBI’s action against Rajesh Exports over alleged financial irregularities to major order wins by BHEL, Atlanta Electricals and Agarwal Industrial, while Hero launched flex-fuel motorcycles and investors SoftBank and GQG executed significant stake sales.

Published on June 4, 2026



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Heavy rains lash parts of Kerala; IMD issues orange alert in 3 districts

Heavy rains lash parts of Kerala; IMD issues orange alert in 3 districts


As heavy rains lashed various parts of Kerala since the previous night, the IMD on Thursday issued an orange alert in three districts of the state for the morning.

The India Meteorological Department (IMD) issued an orange alert in Alappuzha, Kottayam and Ernakulam districts for three hours.

The weather agency said that thunderstorms with heavy rainfall and maximum surface wind speeds reaching 40 kilometers per hour were likely in parts of the state.

Besides that, the IMD predicted thunderstorms with moderate rainfall and maximum surface wind speed reaching 40 kmph are likely to occur in Thiruvananthapuram, Kollam, Pathanamthitta, Idukki and Thrissur districts.

It had earlier issued an orange alert in eight districts of the state for Thursday when the monsoons are expected to hit the state.

An orange alert means very heavy rain of 11 cm to 20 cm.

Published on June 4, 2026



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India weighs tax cuts to attract foreign bond investors

India weighs tax cuts to attract foreign bond investors


India is considering a series of measures to attract more foreign investment, including reducing taxes on bond income for global funds and expanding overseas access to sovereign bonds.
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India is poised to announce steps to draw more foreign investments by reducing taxes and removing caps on the ownership of some bonds as soon as this week, according to people with knowledge of the matter.

The cabinet on Wednesday is expected to consider a significant cut in the taxes paid by global funds on the nation’s bonds, the people said, asking not to be identified as the details are private. The cabinet will also consider whether it should eliminate the 20% levy on interest earned from bonds, or reduce it to a bare minimum, they said.

Separately, the Reserve Bank of India is likely to designate some long-tenor sovereign notes as fully accessible, allowing overseas investors to buy them without limits, they said. The previous tweak to the list of government securities available under this route was in 2024, when the central bank removed 14- and 30-year bonds.

The Finance Ministry and the Reserve Bank of India didn’t respond to emails seeking comment. Bloomberg News reported last month that India is considering the tax cuts following a recommendation by the central bank.

Measures aimed at supporting rupee amid external pressures

The rupee’s slide to record lows has prompted authorities to step up efforts to stem its decline, with Prime Minister Narendra Modi calling on citizens to conserve foreign exchange amid a surge in oil import costs. The currency has been hurt by several factors, including US trade tariffs, record foreign fund outflows, and the oil shock caused by the Iran war, all of which have strained the country’s finances.

The rupee hit an all-time low of 96.9650 on May 20, but has since rebounded as the central bank stepped up support and oil prices eased after renewed US-Iran peace efforts. The currency is the second-worst performer in Asia this year, down more than 6% versus the dollar.

The currency closed 0.5% lower to 95.71 per dollar on Wednesday, while the 10-year yield rose 1 basis point to 7.02%.

Government may widen overseas investor participation

The government is also likely to notify its plan to permit individual persons resident outside India, or PROIs, to invest in shares of listed Indian companies through the portfolio investment scheme, according to the people.

More stories like this are available on bloomberg.com

Published on June 4, 2026



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Stock Market Live, June 4: Stock to buy today: Olectra Greentech

Stock Market Live, June 4: Stock to buy today: Olectra Greentech


Candle stick graph chart of stock market investment trading, Stock exchange concept design and background. Vector illustrations.
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ensex Today, Nifty 50 | Stock Market Live Updates – Find here all the live updates related to Sensex, Nifty, BSE, NSE, share prices and Indian stock markets for 4 June 2026

  • June 4, 2026 06:42

    Commodities update: Copper futures can rise to ₹1,430

    Copper futures can rise to ₹1,430

    The June futures was oscillating in the narrow range of ₹1,342-1,374 between May 18 and June 1. But on Tuesday (June 2), it broke out of the resistance at ₹1,374 and closed at ₹1,379.30

  • June 4, 2026 06:41

    Day Trading Guide for June 4, 2026: Intraday supports, resistances for Nifty50 stocks

    Day Trading Guide for June 4, 2026: Intraday supports, resistances for Nifty50 stocks

    Get essential intraday support and resistance levels for Nifty50 stocks and day trading insights for June 4, 2026.

  • June 4, 2026 06:40

    Stock to buy today: Olectra Greentech (₹1,319.70)

    Stock to buy today: Olectra Greentech (₹1,319.70)

    Traders can consider buying Olectra Greentech now at ₹1,319 and accumulate if the price dips to ₹1,260. Place stop-loss at ₹1,160

Published on June 4, 2026



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US to invest .5 bn in energy security, LNG infrastructure in India & SE Asia to catalyse exports

US to invest $1.5 bn in energy security, LNG infrastructure in India & SE Asia to catalyse exports


The platform, with a total target project cost of $3 billion, aims to strengthen energy security, support growing LNG demand, expand US energy exports, and address critical infrastructure shortages in the Indo-Pacific region.
| Photo Credit:
iStockphoto

In a significant move, the US will invest $1.5 billion, or roughly ₹14,400 crore, through an investment platform to create energy infrastructure, including liquefied natural gas (LNG), in India and Southeast Asia.

“The Investment Platform invests in Asia energy infrastructure to strengthen US allies’ energy security and expand US LNG and other hydrocarbon, equipment, and service exports to the Indo-Pacific,” said the US International Development Finance Corporation (DFC) on Wednesday.

“In partnership with US infrastructure investor I Squared Capital, DFC will invest $1.5 billion to establish an investment platform to facilitate buildout of energy security infrastructure across the Indo-Pacific, focusing primarily on South and Southeast Asia,” the agency said.

DFC Board of Directors approved $2.5 billion in new strategic investments aimed at strengthening US supply chains, expanding energy exports, supporting regional peace & stability, and bolstering economic cooperation.

These deals reflect DFC’s continued use of private capital as a core instrument of American economic statecraft, deploying debt, equity, and political risk insurance across the capital stack and investment structures to advance US strategic objectives, the US government’s international investment arm said.

Single largest investment

“This deal represents the single largest project investment in DFC’s history,” the investment agency said.

The target DFC investment of $1.5 billion will be through a combination of debt and equity financing.

The investment platform will mobilise US private capital to develop LNG and other energy infrastructure in the region. The total target project cost is $3 billion.

“The platform will aim to address shortage of critical energy infrastructure in these markets that limits energy security, drives price volatility and constrains industrial growth, and look to expand US natural gas and related energy exports to the region,” DFC said.

Rationale

These deals exemplify the shift in DFC’s strategy. The investments approved in today’s (Wednesday) successful board meeting will develop critical infrastructure in Southeast Asia, said DFC CEO Ben Black.

South and Southeast Asia are experiencing strong LNG demand growth, driven by rising power needs, declining domestic gas production in certain markets, and a shift away from coal, DFC said.

“Given the region’s expected economic growth, DFC believes that reliable LNG and other petroleum products infrastructure will be important to meet energy demand.

“The Infrastructure Platform will seek to address this opportunity by acquiring controlling stakes in LNG and other petroleum products supply chain assets across key South and Southeast Asian markets, with a focus on import and storage, transmission and distribution logistics, end-use infrastructure, and related marine assets,” it added.

Published on June 4, 2026



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गर्मी की छुट्टियों के बीच इस राज्य में बढ़ गया स्कूल बस का किराया, पैरेंट्स का बिगड़ा बजट

गर्मी की छुट्टियों के बीच इस राज्य में बढ़ गया स्कूल बस का किराया, पैरेंट्स का बिगड़ा बजट


School Bus Fare Hike: देशभर में महंगाई की मार देखने को मिल रही है. पिछले कुछ समय में पेट्रोल- डीजल की कीमतों में 4 बार इजाफा हुआ है. जिससे आम आदमी की जेब पर बोझ पड़ गया. महंगाई का असर व्यक्ति की रोजमर्रा की जिंदगी पर भी तेजी से पड़ रहा है. इसी बीच अब देश के ही एक महत्वपूर्ण राज्य में स्कूल बस का किराया बढ़ा दिया गया है. जिससे आम आदमी की जेब पर एक और बोझ बढ़ गया है.

किस राज्य में बढ़ा किराया?
दरअसल महाराष्ट्र में स्कूल बस संचालकों ने जून 2026 से स्कूल बसों की फीस में 15% की बढ़ोतरी करने का फैसला किया है. स्कूल बस संचालकों का कहना है कि बढ़ते खर्च और सरकार से कोई राहत न मिलने के कारण उन्हें ये कदम उठाना पड़ रहा है. स्कूल बस ओनर्स एसोसिएशन महाराष्ट्र के अनुसार, उन्होंने कई बार राज्य सरकार, परिवहन मंत्रालय और अन्य संबंधित अधिकारियों को अपनी समस्याओं से अवगत कराया. इसके लिए ज्ञापन और प्रस्ताव भी सौंपे गए, लेकिन उनकी मांगों पर कोई कार्रवाई नहीं हुई.

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कई विकल्पों का भी किया विचार
एसोसिएशन का कहना है कि उन्होंने स्कूल बसों की फीस बढ़ाने से पहले कई विकल्पों पर भी विचार किया, उन्होंने ऐसे सुझाव भी दिए थे जिससे पैरेंट्स पर एक्स्ट्रा बोझ न पड़े. हालांकि बावजूद इसके सरकार की तरफ से कोई जवाब नहीं आया. इसी कारण 2026-27 के शैक्षणिक सत्र के लिए बस की फीस बढ़ाने का फैसला लेना पड़ा.

केवल ईंधन ही नहीं है कारण
बस संचालकों ने साफ किया है कि बस का फेयर बढ़ाने का फैसला केवल डीजल की कीमतों में वृद्धि की वजह से नहीं लिया है. बल्कि उन्होंने ईंधन, ड्राइवर और अन्य कर्मचारियों की सैलरी, वाहन के रखरखाव, बीमा, टोल टैक्स, परमिट फीस और अन्य खर्चों में लगातार बढ़ोतरी के कारण लिया है. इसके अलावा ई-चालान और विभिन्न नियमों के तहत लगने वाले जुर्मानों का बोझ भी बढ़ा है.

ये भी पढ़ें: TCS Share Crash: टीसीएस के शेयरों में 9% की एतिहासिक गिरावट, कोविड काल के बाद सबसे बड़ा सिंगल-डे क्रैश



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