Mumbai: Encube Ethicals has paused plans to sell a majority stake due to a valuation mismatch, said people familiar with the matter. Instead, the company is exploring the possibility of an initial public offering (IPO) by 2027, they said.

Global private equity firms including Warburg Pincus, EQT, and Partners Group had shown interest in acquiring the business at $1.5-1.6 billion (₹13,980-14,912 crore) valuation. However, this fell short of the $2 billion valuation sought by the promoters and existing investor Quadria Capital, said the people cited above.

“As the promoters plan an IPO in the next 12-18 months, Quadria Capital is likely to stay invested and partially exit through the public offering,” one of the persons said.

Promoter Mehul Shah and his family currently hold around 84.2% in the company, while Quadria owns 14.9%, with the remainder held by other investors and the ESOP pool. Quadria had acquired the stake in 2021 at a valuation of $800 million.

A consortium led by Warburg Pincus and Abu Dhabi sovereign wealth fund Mubadala Investment Company had emerged as the frontrunner to buy up to a 74% stake in the company, ET reported last month.

Quadria had appointed JPMorgan to run the sale process.
Encube is a generics-focused pharmaceutical contract manufacturer known for brands such as Soframycin. Founded in 1998, Encube specialises in topical formulations and has built a strong portfolio spanning creams, gels, and ointments catering to dermatology and reproductive healthcare. In 2021, the company entered the consumer healthcare space by acquiring brands such as Soframycin, Sofradex, Sofracort, and Soframycin-Tulle from Sanofi for India and Sri Lanka in a deal worth around ₹125 crore.

Unknown Executive

Greetings. Gary Fishman is having some technical difficulties. This is Bradley. I just wanted to say welcome to the RCI Hospitality Holdings Fourth Quarter and Year-end Earnings Conference Call. My name is Bradley Chhay.

You can find the company’s presentation on the RCI website. Go to Investor Relations section. All the links are on the top of the page. Please turn to Slide 2 of our presentation. Our speakers today are Travis Reese, Interim President and CEO; and Albert Molina, Interim CFO.

Please turn to Slide 3. RCI is making this call exclusively on X Spaces. To ask a question, you will need to join the Space with a mobile device. To listen only, you can join the space on a personal computer. At this time, all participants are on listen-only mode. A Q&A session will follow after the call. The conference is being recorded.

Please turn to Page 4. I want to remind everyone of our safe harbor statement. You may hear or see forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those currently anticipated. We disclaim any obligation to update information disclosed in this call as a result of developments that occur afterwards.

Please turn to Page 5. I also direct you to the explanation of RICK’s non-GAAP financial measures. Now I’m pleased to introduce Travis Reese, Interim President and CEO. Take it away, Travis.

Travis Reese
Interim President, CEO, Secretary & Chairman

Thank you, Bradley. Thank you all for joining us. Please turn to Slide 6. I’m pleased to report that we filed our 10-K today and announced our

Bizarre footage has captured the chaotic moment a service robot appeared to spin out of control at a restaurant near San Jose, California, violently striking a customer’s food and tableware without warning before abruptly breaking into a series of erratic dance moves. 

The wild incident was captured in a viral video in Cupertino at a Haidilao hot pot location, a chain known for integrating artificial intelligence and robotic technology to help streamline operations, including delivering food to tables.

In the video, the robot appeared to begin a dance routine near diners before suddenly pounding a neighboring table, sending tableware, chopsticks and condiments flying off the surface.

Staff members were then seen struggling to restrain the uncontrollable humanoid as it continued to move with even greater energy, appearing to hype up the crowd with its wild gestures. 

GRUBHUB LAUNCHES FIRST-EVER COMMERCIAL DRONE FOOD DELIVERY SERVICE IN NEW JERSEY

The robot carried on for another minute with a condiment-stained hand as it displayed a cheerful expression.  

The restaurant reportedly said the robot’s sudden attack on the dining space was caused by human error and was not a programming malfunction. The bot simply appeared too close to the table when it began its entertainment routine.

DELL WORKFORCE SHRINKS BY 10% FOR THIRD CONSECUTIVE YEAR

“In this case, the robot was brought closer to a dining table at a guest’s request, which is not its typical operating setting,” Haidilao said in a statement, NBC reported. “The limited space affected its movement during the performance.”

The robots, which are more widespread in China than overseas, have been used by the Beijing-based company for years.

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In 2022, the tech-forward dining chain launched its first smart restaurant worldwide in Beijing, featuring tools such as an intelligent kitchen management system, automatic broth-mixing machines, and robot servers.  

Ticker	Security	Last	Change	Change %
HDALF	HAIDILAO INTERNATIONAL HOLDING LTD.	2.04	-0.10	-4.67%

FOX Business reached out to Haidilao for more information.

Mumbai: The Securities and Exchange Board of India (Sebi) would take up a slew of proposals at its Monday board meeting, including one that allows foreign portfolio investors (FPIs) to settle the net value of their cash market trades instead of gross transactions. This seeks to slash costs and encourage overseas commitments amid record outflows.

Sebi is also likely to review the ‘fit and proper’ criteria for market intermediaries, such as stockbrokers, people in the know told ET. The review pertains to disqualification norms for key managerial persons and directors.

At present, individuals in key roles face automatic disqualification if an FIR or charge sheet is filed in an economic offence case. The regulator intends to scrap this automatic trigger, offering relief to executives facing allegations that are yet to be proven in court.

“Currently, mere filing of a criminal complaint triggers disqualification for key personnel, even before any guilt is established,” said Aditya Joby, senior associate at Joby Mathew & Associates. “This can unfairly damage careers and livelihoods. Moving to conviction-stage disqualification better reflects the presumption of innocence in Indian law. The challenge will be how this interacts with the proposed Securities Market Code and delays in Sebi’s special court, which can still affect individuals in the interim.”

The regulator also plans to ease rules for alternative investment funds (AIFs) seeking to wind up schemes and surrender registration, helping funds stuck due to unresolved legal or tax issues.

“Sebi’s proposal to allow netting will ease liquidity pressures for FPIs and reduce forex costs, particularly on days where securities have to be bought and sold for rebalancing purposes,” said Rajesh Gandhi, partner at Deloitte. ” This is another step taken by Sebi to ease norms for FPIs and provide regulatory ease to enable greater flow of capital to India.”
At present, FPIs are required to trade on a delivery basis, meaning transactions must result in the actual exchange of securities and cash, with no netting or same-day offset. All trades are settled on a gross basis through custodians, requiring full pay-in for both buys and sells. For instance, an FPI buying shares of A worth ₹100 crore and selling an equal amount of shares of B must still fund the purchase and deliver the securities before receiving cash and shares in settlement.

Sebi noted that this pay-in obligation of ₹100 crore leaves the FPI underinvested for at least a day, as funds cannot be netted against sale proceeds.

Dhaval Jariwala, partner at P N D J & Associates, added that netting would cut FPI funding costs with minimal operational challenges. FPIs withdrew over ₹71,746 crore from Indian equities this month (up to March 17), according to ETIG data.

At the meeting, the Sebi board will also discuss a proposal to allow InvITs (Infrastructure investment trusts) to continue holding investments in SPVs (special purpose vehicles) after a project’s concession period ends, widen the pool of liquid mutual funds for parking surplus funds, and permit privately listed InvITs to invest up to 10% of assets in under-construction or greenfield projects.

The regulator may also reduce the minimum investment in social impact funds from ₹2 lakh to ₹1,000 to encourage small investors to back social projects.

The New York Times Wordle puzzle for Friday, March 20, 2026 — Puzzle No. 1735 — challenged players with a five-letter word that evoked relief in a barren landscape, earning praise for its thematic elegance and moderate difficulty.

Released at midnight Eastern time on nytimes.com/games/wordle and the NYT Games app, today’s Wordle featured the answer **OASIS**. The noun refers to a fertile spot in a desert providing water and vegetation, or metaphorically, a place of refuge amid hardship.

Wordle players receive six attempts to guess the secret five-letter word, with color feedback: green for correct letter and position, yellow for correct letter in wrong position, and gray for absent letters. The puzzle resets daily, and streaks encourage consistent play.

### Progressive Hints for Today’s Puzzle

For solvers preferring to crack it independently, here are layered clues:

– It contains three vowels and two consonants.
– The word starts with O.
– It has one repeated letter (the same vowel appears twice).
– Think of a desert feature that offers water and shade.
– It’s commonly used figuratively for something comforting in a tough situation, like a calm break in chaos.

Community feedback on forums and social media rated the puzzle around average to slightly above average difficulty. Many solved it in 4-5 guesses, with average attempts at about 5 per NYT data. Testers found it “very challenging” in some reviews, though starter words often revealed key vowels early.

### Full Answer and Breakdown

**Today’s Wordle answer: OASIS**

– Position 1: O (green early for many)
– Position 2: A
– Position 3: S
– Position 4: I
– Position 5: S (repeated S at end)

No uncommon letters tripped players; the double S and vowel-heavy structure made it accessible once vowels locked in.

### Strategies to Solve Wordle Efficiently

Wordle’s enduring appeal lies in its simplicity and strategic depth. Experts and top solvers recommend these approaches:

1. **Strong openers**: Begin with words rich in common vowels (A, E, I, O, U) and frequent consonants (R, S, T, L, N). Popular starters include ADIEU, AUDIO, RAISE, SLATE, CRANE or TRACE. Today’s puzzle rewarded vowel-focused guesses like AUDIO or ARISING.

2. **Second guess optimization**: Use the first guess’s feedback to maximize information. If green/yellow letters emerge, incorporate them while testing new common letters. Avoid repeating eliminated grays.

3. **Position awareness**: Green letters fix positions; yellows need repositioning. Eliminate impossible placements quickly.

4. **Hard mode consideration**: For added challenge (optional in settings), reuse confirmed letters in subsequent guesses. It sharpens logic but increases difficulty.

5. **Avoid rare words early**: Skip obscure starters; focus on high-frequency letters per computational analyses (e.g., from Wordle solver bots).

6. **Streak protection**: If stuck, note possible words without guessing recklessly. Many use paper or notes for tracking.

Today’s puzzle exemplified good design: common word, fair letter distribution, no obscure meanings. It avoided traps like plurals or past tenses that sometimes mislead.

### Player Reactions and Community Insights

On Reddit’s r/wordle and X, solvers shared grids showing 3-6 guess solves. One user posted a lucky 3-guess win starting with PARSE → BASIL → OASIS. Others noted the repeated S caught them off-guard after vowel tests.

The puzzle’s desert theme resonated amid spring discussions of renewal and escape. Some linked it metaphorically to finding calm in busy lives or global events.

Wordle, created by Josh Wardle and acquired by The New York Times in 2022, remains free (with optional subscription for ad-free play and archives). It spawns variants like Quordle, Sedecordle and Worldle, but the original daily ritual endures.

For those who missed it or want practice, the archive lets subscribers replay past puzzles. Puzzle #1736 arrives at midnight ET on March 21.

With consistent daily engagement, Wordle sharpens vocabulary, pattern recognition and persistence — small wins that build satisfying streaks.

Although on Tuesday Reeves, in contrast, stressed that the red lines set out in Labour’s manifesto still stand, the chancellor has now clearly signalled a shift. She indicated in her Mais lecture that, wherever it was in Britain’s interest to do so, the government wants to align the UK’s regulatory regime with that of the EU in more areas.