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Rajesh Exports shares hit 5% lower circuit for third session on alleged Rs 15.15 lakh crore fraud

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Rajesh Exports shares hit 5% lower circuit for third session on alleged Rs 15.15 lakh crore fraud
Shares of Rajesh Exports (REL) tumbled 5% to hit the lower circuit at Rs 94.50 on Monday, marking the third consecutive session of sharp losses after market regulator Sebi accused the company of orchestrating an elaborate financial fraud involving alleged revenue inflation of Rs 15.15 lakh crore over the years, personal gold trades purportedly passed off as corporate sales, and investments of Rs 1,035 crore in gold mines.

In its findings, Sebi alleged accounting irregularities, diversion of company funds into personal accounts, and a pattern of conduct aimed at misleading investors. The regulator also flagged lapses by the company’s auditors and said both Rajesh Exports and its auditors failed to fully cooperate with the investigation.

In its 109-page interim order dated June 3, Sebi said its investigation and forensic examination revealed prima facie evidence suggesting that nearly 97-99% of the company’s reported revenue may have been inflated. The regulator described the alleged discrepancies as “egregious and unheard of”.

Pending further directions, Sebi has barred Rajesh Mehta from buying, selling or otherwise dealing in securities of Rajesh Exports. The regulator has also directed the company to fully cooperate with investigators and ensure true and fair disclosure of its financial statements and related-party transactions.

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“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 said in its order.


The case stems from a shareholder complaint received in March 2024 that raised concerns over substantial trade receivables reflected in the company’s accounts. Following a preliminary review, Sebi initiated a detailed investigation covering the period from April 2020 to March 2024 and appointed BDO India Services as the forensic auditor.
Besides restricting Rajesh Mehta from dealing in the company’s securities, Sebi has directed Rajesh Exports to furnish all pending information sought by investigators within 30 days. The regulator has also ordered the appointment of a new forensic auditor to conduct a more comprehensive review of the company’s books and transactions.Rajesh Exports has denied the allegations. In a press release issued on Thursday, the company said the revenues reported in its financial statements were accurate and contended that Sebi’s conclusions were based on a misunderstanding between revenue and EBITDA figures at Swiss refiner Valcambi SA, an indirect subsidiary of the company.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

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General Mills sees household penetration improving for first time in three years

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General Mills sees household penetration improving for first time in three years

Investments in innovation, value starting to pay, COO says.

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PMGC Holdings rises on drone tech license deal

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PMGC Holdings rises on drone tech license deal

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Historic Swindon law firm moves from town centre offices

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Bevirs Law has had a presence in the town since 1910

L-R: Claire Webb, Peter Shah and Rececca Scammell of Bevirs Law

L-R: Claire Webb, Peter Shah and Rececca Scammell of Bevirs Law(Image: Bevirs Law)

One of Swindon’s oldest law firms is relocating from its town centre offices, it has announced. Bevirs Law, which has had a presence in the town since around 1910, has moved from Regent Circus to Newbridge Square.

The firm says the move will mean it has the capacity to expand its team and accommodate future growth.

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“The move provides the firm with a more suitable, modern environment designed around a layout aimed at fostering closer team collaboration and improved communication across the firm’s legal departments,” the company said.

Newbridge Square is based by the new bus boulevard interchange and the train station.

“Moving from Regent Circus to Newbridge Square marks an exciting new chapter,” said Bevirs Law partner Claire Webb, who led the relocation project.

“The new layout is already making a noticeable difference to how our team interact and collaborate on a daily basis. Just as importantly, this new space gives us the room to expand.”

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Bevirs Law was founded almost 150 years ago and is headquartered in Royal Wootton Bassett, with an office in Calne as well as Swindon.

There are 14 team staff based in the Swindon office across three departments: family care, private client and litigation. The firm is currently recruiting for its private client team, conveyancing team and commercial property team.

“Being situated right next to the new bus boulevard interchange and closer to the train station also means we are now in a highly accessible, central location that makes travelling to us much easier for our clients and staff alike,” added Ms Webb.

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Momentum Group Limited (MMTHF) Analyst/Investor Day Transcript

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OneWater Marine Inc. (ONEW) Q1 2026 Earnings Call Transcript

Rowan Burger

Good morning, everyone, and a very warm welcome to the Momentum Group Capital Markets Day 2026. My name is Rowan Burger. I’m Head of Strategic Finance, together with Mulalo Liphosa and [indiscernible], who are part of our Investor Relations team. And for those of you joining us online virtually, I’m very pleased to have you with us.

Please do participate online in the question session. Do not feel that you are not part of the occasion. And also, I’d like to extend a special welcome, not quite see all of them right now, but to our Africa chair people and the CEOs, they’re here to spend an Africa Chairperson’s Day with Jeanette tomorrow. So it’s nice for you to sort of spend some time with our investors and get to know a little bit more about the group.

Today, we have a very full program running from 9:00 this morning, a little bit after that until half past 4:00. We’ve designed this because we like you to interact with our executives. So with that in mind, we’ve tried to

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Radhika Gupta reveals India’s next 3 wealth creation themes & why SIFs are the investment product of the decade

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Radhika Gupta reveals India's next 3 wealth creation themes & why SIFs are the investment product of the decade
Radhika Gupta, MD and CEO of Edelweiss Mutual Fund, used her platform at the ET Alpha Summit to lay out a bold, long-term case for India, and to make a powerful argument for a new category of investment product that most retail investors are still waking up to. Talking to Kshitij Anand at the sidelines of the summit, Gupta talked about how financialisation of savings, defence and energy, and premium consumption are the structural trends that will define Indian wealth creation over the next 10 years.

Why Radhika Gupta is India’s biggest SIF bull

Specialised Investment Funds (SIFs) are designed to sit between mutual funds and portfolio management services, and Gupta, whose firm is currently the largest SIF manager in India, believes they solve a problem that no other product currently addresses well.
Her framework is simple. Every financial product succeeds only if it meets a genuine need. SIFs, she argues, deliver on three fronts: lower dependence on market beta, higher potential for alpha, and superior tax efficiency, a structure deliberately enabled by SEBI.

The real-world proof is in Edelweiss’s own launch. Their first SIF under the Altiva brand, designed to generate 9–10% pre-tax returns with capital gains efficiency over an 18 to 24-month horizon, is on track to become the fastest fund in the firm’s history to hit ₹5,000 crore in AUM.

“If you meet a need correctly, there is demand for it,” Gupta said. She added that she personally invested in the SIF for her own portfolio when she needed a two-year, low-equity-risk allocation, the strongest possible endorsement from a fund house CEO.

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India’s economic case remains intact

On the broader economy, Gupta is measured but constructive. India is a 6–8% real growth economy, translating to 10–12% nominal growth, still among the fastest-growing major economies globally, even accounting for geopolitical headwinds, oil price volatility, and tariff-related uncertainty.
Her long-term bull case rests on four pillars: favourable demographics, continued economic reforms, deepening financialisation of household savings, and Indian entrepreneurship. She cited research showing that replacing American CEOs of S&P 500 companies with Indian CEOs would statistically generate alpha, a proxy for the quality of Indian management talent globally.

The 3 sectors to watch over the next decade

Gupta named three structural themes she believes will drive wealth creation in India through the 2030s.

Financialisation of savings: India’s asset management, wealth management, and capital markets ecosystem is still in its early stages. Mutual fund penetration remains low relative to GDP, and the runway for growth is significant.

Defence and energy: India’s defence indigenisation push and rising power consumption are long-duration structural trends with decades of investment ahead.

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Premium and discretionary consumption: India has just 0.2 hotel rooms per thousand people against 15 in the US. Hospital beds stand at 0.4–0.5 per thousand, compared to 3–5 in developed markets. The gap between India’s aspiration and its infrastructure in tourism, healthcare, and experiential spending is enormous, and closing it will generate substantial wealth for investors positioned early.

A ₹600 crore revenue event from a single Coldplay concert in Ahmedabad, she noted, is a signal of where young India is heading.

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Starmer tells Apple and Google to ban nude images on children's phones

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Starmer tells Apple and Google to ban nude images on children's phones

Firms will be expected to activate built-in features to stop children accessing sexually explicit images.

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Buy or Sell the AI Semiconductor Test Giant?

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Teradyne TER Stock 2026 Outlook: Buy or Sell the AI

NEW YORK — Teradyne Inc. (NASDAQ: TER) has emerged as a key beneficiary of the artificial intelligence boom in 2026, with strong demand for its semiconductor test equipment driving revenue growth and positioning the company as a critical player in the advanced chip supply chain.

As of early June 2026, shares trade around $148 after a solid year-to-date performance. The stock has benefited from rising AI infrastructure spending and broader semiconductor recovery, though it has experienced volatility typical of the technology hardware sector amid shifting investor sentiment.

Teradyne reported robust first-quarter 2026 results, with revenue increasing significantly year-over-year, led by its Systems Test Group and Semiconductor Test divisions. The company highlighted strong orders for high-performance computing and AI-related test solutions, reflecting robust demand from major chipmakers expanding production of advanced processors.

Analysts maintain a generally positive outlook. Consensus ratings lean toward Moderate Buy, with average 12-month price targets suggesting modest upside from current levels. Some firms have raised targets citing Teradyne’s leadership in testing high-bandwidth memory and complex system-on-chip designs essential for AI applications. Optimistic forecasts point to continued growth as data center buildouts accelerate.

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The bullish case centers on secular tailwinds. Teradyne’s equipment is vital for ensuring quality and reliability in cutting-edge semiconductors used in AI training, autonomous vehicles and 5G infrastructure. As chip complexity increases, the need for sophisticated testing solutions grows, providing Teradyne with pricing power and sustained demand. The company’s diversification into robotics and industrial automation further supports long-term stability.

Management has expressed confidence in the outlook, emphasizing investments in next-generation test platforms and strategic acquisitions that enhance its technology portfolio. Strong free cash flow generation supports ongoing R&D, shareholder returns through dividends and potential share repurchases.

However, risks remain significant for potential buyers. The semiconductor industry is inherently cyclical, and any slowdown in AI spending or broader technology capex could pressure results. Competition from established players and emerging challengers adds execution risk. Valuation has expanded with recent gains, leaving limited margin for error if growth moderates.

For sellers or those on the sidelines, near-term uncertainty around global economic conditions and potential inventory corrections in the supply chain warrants caution. While fundamentals appear solid, elevated multiples reflect high expectations that could lead to volatility on any disappointing updates.

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Investment decisions in 2026 hinge on several factors. Sustained AI investment by hyperscalers and semiconductor foundries supports a constructive view. Teradyne’s exposure to automotive electronics and industrial markets provides additional diversification beyond pure AI plays. Strong balance sheet and operational discipline further bolster resilience.

Broader market context includes ongoing technology sector rotation and macroeconomic influences. Interest rate trajectories and geopolitical developments affecting supply chains remain key variables. Teradyne’s performance has shown positive correlation with AI-related names but with lower volatility than pure memory or processor manufacturers.

Analyst sentiment has improved with recent earnings beats and upward revisions to forecasts. Institutional ownership remains healthy, reflecting confidence among professional investors. The company’s ability to deliver on guidance and maintain market share in critical test segments will be closely monitored.

For growth-oriented investors comfortable with technology cyclicality, selective buying on weakness may appeal. Conservative portfolios might prefer smaller positions or waiting for clearer confirmation of sustained AI demand. Diversification across semiconductor subsectors or technology hardware can help manage company-specific risks.

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Teradyne’s long history of innovation in test and measurement positions it well for evolving industry needs. From traditional chip testing to advanced system-level solutions for AI and high-performance computing, the company continues adapting to technological shifts while maintaining strong profitability metrics.

As the year progresses, upcoming quarterly results and industry conferences will provide further insight into demand trends and competitive dynamics. Teradyne’s management team has a track record of prudent capital allocation and strategic foresight that supports long-term value creation.

Investors should weigh the compelling growth narrative against valuation and cyclical risks. Patient capital betting on continued AI expansion and semiconductor complexity may find current levels attractive, while others monitor for more favorable entry points during periods of market volatility.

Teradyne represents a high-quality play on the semiconductor ecosystem with particular strength in testing solutions essential for next-generation chips. Its diversified end-market exposure and technological leadership provide a solid foundation for navigating industry cycles while capitalizing on structural growth drivers.

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The coming quarters will test the company’s ability to convert strong demand into consistent execution while managing supply chain and competitive pressures. For those aligned with its thesis, Teradyne offers meaningful participation in the AI infrastructure buildout and broader technology advancement. Prudent risk management and ongoing fundamental analysis remain essential for any investment decision.

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Nancy Guthrie Update: Savannah Guthrie Shares Emotional Plea for Missing Mother Nancy: ‘Bring Her Home’

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NEW YORK — Savannah Guthrie, co-anchor of NBC’s “Today” show, posted a deeply personal message on Instagram Stories over the weekend, expressing ongoing anguish four months after her 84-year-old mother, Nancy Guthrie, disappeared from her home in Tucson, Arizona.

The post featured a religious painting depicting Christ’s Ascension, accompanied by the caption “Oh my, my soul it cries out, soul, it cries out,” followed by the plea “Bring her home” and a yellow heart emoji. The message quickly drew widespread attention, highlighting the family’s continued pain and hope amid an unresolved investigation.

Nancy Guthrie was last seen on January 31. She vanished from her residence in the Catalina Foothills area on February 1, with blood evidence matching her DNA found on the porch and signs of a possible struggle. Authorities have treated the case as a suspected abduction, though no arrests have been made and her body has not been recovered.

Pima County Sheriff Chris Nanos provided an update on May 12, noting steady progress despite the complexity. “I think every day they get closer,” he said. “There’s way too much work to be done, that is ongoing, with some of the physical evidence we have.” Mixed DNA found near the home continues to be analyzed, with the FBI assisting in the investigation.

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Savannah Guthrie has occasionally shared public appeals while largely respecting the family’s desire for privacy. In a statement for the KVOA News 4 TV special “Bring Her Home: The Disappearance of Nancy Guthrie,” the family expressed gratitude for community support. “We are deeply grateful for the outpouring from neighbors, friends and the people of Tucson. We are all family now,” the Guthrie siblings said. “We continue to believe it is Tucsonans, and the greater southern Arizona community, that hold the key to finding resolution in this case.”

On Mother’s Day, Savannah Guthrie shared a video compilation featuring clips of her mother, offering a touching tribute amid the uncertainty. Her latest Instagram post continues this pattern of selective but heartfelt communication, using faith-inspired imagery to convey the depth of the family’s emotional struggle.

The case has drawn national attention due to Savannah Guthrie’s prominent media role. A $1 million reward remains active for information leading to Nancy Guthrie’s safe return or the arrest and conviction of those responsible. Tips continue to flow in, though authorities caution that many require careful verification amid widespread public interest.

The Catalina Foothills community, known for its upscale homes near desert preserves, has been shaken by the disappearance. Multiple searches of the rugged terrain have been conducted using cadaver dogs, drones and ground teams, but the vast desert landscape presents significant challenges. No new large-scale searches have been publicly detailed recently, though the investigation remains active.

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Experts in no-body homicide cases have commented on the difficulties. Tad DiBiase, a prosecutor specializing in such prosecutions, has noted the statistical likelihood of remains being disposed in water or wooded/outdoor areas, while stressing the importance of thorough searches to support any future prosecution by ruling out alternative scenarios.

For the Guthrie family, the prolonged uncertainty has been profoundly difficult. Savannah Guthrie has balanced her high-visibility role on “Today” with supporting her loved ones. Colleagues have offered public support, with anchors occasionally acknowledging the family’s ordeal during broadcasts while respecting boundaries.

Nancy Guthrie was described by family as independent and vibrant. Her sudden vanishing has prompted broader conversations about safety for elderly residents and the challenges of missing persons cases when foul play is suspected but no body is found. The emotional toll on families in such situations is immense, with each passing day compounding grief and hope.

Community response has included participation in early searches, vigils and ongoing offers of assistance. Local residents and the greater Tucson area have rallied around the family, reinforcing the statement that the community holds potential keys to resolution.

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As the investigation advances, focus remains on processing evidence, pursuing leads and conducting targeted searches. Digital forensics, neighbor interviews and analysis of potential vehicle activity continue to form important elements. A person captured on doorbell camera footage near the time of the disappearance was questioned early on, but no public persons of interest have been named.

Savannah Guthrie’s public messages serve dual purposes: appealing for information and expressing the family’s enduring hope. The religious imagery in her latest post reflects a source of comfort and strength for many facing similar ordeals. The yellow heart emoji, often symbolizing hope and positivity, adds a gentle note of optimism amid heartbreak.

The high-profile nature of the case has generated extensive media coverage and online discussion. While this has raised awareness, authorities caution against unverified theories that could complicate official efforts. Professional forensic work and verified tips remain the priority.

For the Guthrie family, each day without answers brings new challenges. Savannah Guthrie’s willingness to share glimpses of her pain humanizes the broader statistics of missing persons cases. Her platform amplifies the call for information while modeling resilience in the face of uncertainty.

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Nancy Guthrie’s disappearance serves as a sobering reminder of vulnerabilities for seniors living independently. It has prompted some in the Tucson area to review home security and neighborhood watch programs. The case also highlights the dedication of law enforcement and the importance of community vigilance.

As months pass, the family’s public appeals demonstrate both hope and determination. Savannah Guthrie’s Instagram post, though brief, resonated widely, with followers offering support and sharing the message in hopes of generating new leads.

Investigators urge anyone with information to contact the Pima County Sheriff’s Office or the FBI. The reward provides additional incentive, and tips can often be submitted anonymously.

The coming weeks and months will be critical as forensic analysis continues and leads are evaluated. For now, the Guthrie family, supported by friends, colleagues and the Tucson community, holds onto hope while facing the daily reality of not knowing.

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Savannah Guthrie’s message carries profound weight. “Bring her home” remains the central plea, echoing the sentiments of countless families in similar situations. As the investigation progresses, the focus stays on methodical work that could eventually provide the answers the family and community seek.

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Revolution Beauty and Debenhams agree beauty products licensing deal years after boardroom rows

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The beauty firm will develop and sell products across Debenhams’ range of brands including PrettyLittleThing and Karen Millen

A collection of Revolution Beauty products

A collection of Revolution Beauty products(Image: Daily Mirror)

Revolution Beauty has secured an agreement with shareholder Debenhams Group to produce beauty and fragrance lines, having “completely reset” relations years following a highly publicised boardroom dispute.

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The fresh licensing arrangement enables Revolution to create products across Debenhams’ portfolio of brands – complementing existing partnerships with retailers such as Boots and Superdrug.

Initial collections are anticipated to arrive before Christmas and will feature a selection of fragrance and gift items for brands PrettyLittleThing, Karen Millen and BoohooMan.

Additional launches are scheduled across Debenhams-owned labels and via its own retail platforms.

Tom Allsworth, chief executive of Revolution Beauty, said: “Since returning to the business last year, our relationship with Debenhams Group has been completely reset and it is gratifying to see that reflected in a formal partnership between the two businesses.

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“By combining the strength of Debenhams Group’s brands with Revolution’s expertise, we believe these licences can become a significant growth opportunity for both businesses.”

He noted that preliminary feedback on the product concepts tested had been “exceptionally positive”.

Under the arrangement, Revolution will handle development, manufacturing and distribution of its products, while paying Manchester-based Debenhams a royalty calculated on sales generated.

Debenhams Group, which underwent a rebrand from Boohoo Group last year, holds over a quarter of the shares in Revolution Beauty. The two firms became embroiled in a public dispute in 2023 over demands to replace Revolution’s leadership team.

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Tensions came to a head when Revolution defied a shareholder vote and reinstated its executives, before subsequently issuing share awards without seeking investor approval.

However, the company declared the matter resolved following the departure of former chief executive Bob Holt and chairman Derek Zissman.

Last year, the beauty business welcomed back co-founders Adam Minto and Mr Allsworth — who had previously stepped down amid a series of accounting issues — to spearhead a significant turnaround programme.

Revolution acknowledged that its financial performance under previous management had fallen short of expectations, with revenues declining sharply and losses deepening, though it expressed confidence in its ability to return to growth.

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Dan Finley, chief executive of Debenhams Group, said: “Beauty is one of the most compelling category opportunities available to us and Revolution Beauty has the capability and relationships to bring tailored collections to market across the full portfolio.

“We look forward to seeing the first launches come to life.”

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CHAT: AI Story Derailed By Macro Factors, Growth Story Remains Strong (NYSEARCA:CHAT)

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CHAT: AI Story Derailed By Macro Factors, Growth Story Remains Strong (NYSEARCA:CHAT)

This article was written by

Monte Independent Investment Research: Michael Del Monte is a buy-side equity analyst with expertise in the technology, energy, industrials, and materials sectors. Prior to working in the investment management industry, Michael spent over a decade in professional services working across industries that include O&G, OFS, Midstream, Industrials, Information Technology, EPC Services, and consumer discretionary.

Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

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