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Stocks to Watch today: Lenskart, ZEEL, REC, PFC, Eternal, Airtel and more
Stocks to watch today: Lenskart, Zee Entertainment, REC, PFC, Eternal, Airtel, Tata Consumer Products, Vascon Engineers, Nuvama Wealth, Rajesh Exports, among others, will be in focus today.
The curious case of Rajesh Mehta’s ‘ ₹50,000 crore’ battery business
An investment of ₹1,250 crore by the three funds over three years explains the steep valuation of Elest, a company that has no operations but has agreed to supply land, machinery and technology for ACC Energy Storage Pvt. Ltd, the battery business of publicly listed Rajesh Exports
Canara Bank recovers over half of ₹500 crore Rajesh Exports exposure, CEO outlines growth strategy
Canara Bank has recovered over half of its ₹500 crore exposure to Rajesh Exports and is pursuing legal avenues for the remaining amount. The bank's CEO highlighted reducing the cost-to-income ratio and increasing low-cost deposits as key priorities to boost profitability and manage rising deposit costs.
Rajesh Exports founder denies fund diversion in ACC Energy, says SEBI misread accounting entries
Rajesh Exports Chairman Rajesh Mehta refutes SEBI's fund diversion claims. He states accounting entries were misunderstood. The company faces potential removal from the Rs 18,100 crore ACC Production-Linked Incentive scheme. SEBI's order flagged a circular fund-routing scheme. The company's participation in the battery manufacturing programme is under review.
Rajesh Exports shares hit lower circuit for third day, decline 14% since Sebi action
The stock tanked 4.98% to hit the lower circuit limit at ₹94.50 on the BSE.
We don't even know where LIC's office is: Rajesh Exports chief amid regulatory heat
Rajesh Exports Chairman Rajesh Mehta clarified LIC's investment in his company, stating the insurer bought shares over two decades from the open market. He asserted neither promoters nor the company benefited from LIC's stake, emphasizing that ordinary retail shareholders are the ultimate gainers, regardless of LIC's potential losses or exit.
Rajesh Exports shares hit 5% lower circuit for third session on alleged Rs 15.15 lakh crore fraud
Rajesh Exports shares hit lower circuits for a third straight session after Sebi alleged massive revenue inflation and financial irregularities. The regulator barred promoter Rajesh Mehta from trading and flagged auditor lapses. The company denied wrongdoing, attributing discrepancies to accounting interpretation issues at subsidiary Valcambi SA.
From Singapore to Mumbai, the trail of Rajesh Exports’ elusive financial statements
Rajesh Exports Ltd and its Singapore subsidiary gave contradictory statements to regulators in the two countries, blurring the actual finances of overseas units that account for nearly all of its consolidated revenues.
Rajesh Exports may be removed from PLI scheme by Heavy Industries Ministry
This development follows a severe interim order passed by SEBI alleging massive financial fraud at the Bengaluru-based corporation
Canara Bank says Rajesh Exports exposure poses no risks, recoveries underway
MD and CEO Brajesh Kumar Singh said Canara Bank is comfortably placed on its Rajesh Exports exposure, with provisions and recoveries limiting the risk of any material financial impact.
A five-year trail of LIC's red flags on Rajesh Exports before Sebi order
Years before Sebi flagged alleged revenue inflation at Rajesh Exports, its largest investor LIC’s voting trail shows repeated concerns over disclosures. This highlights the value of public records as investor warning signs, and also raises questions over whether LIC could have done more.
Explained: Sebi's Rs 15.15 lakh crore revenue inflation allegations against Rajesh Exports
Rajesh Exports has come under intense scrutiny after Sebi accused the company and its promoter of inflating revenues, misclassifying personal transactions as corporate sales and diverting company funds. The regulator's interim findings have raised serious governance concerns, though the company has strongly denied the allegations and defended its financial reporting.