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Rajesh Exports failed to produce foreign transaction records: ED
The Enforcement Directorate on Wednesday alleged that gold refining and jewellery manufacturing company Rajesh Exports' key business indicators showed "significant" departures from normal commercial practices, in addition to the non-availability of records related to foreign transactions. The federal agency issued a statement after conducting searches against the Bengaluru-based company and persons linked to it on June 23 for suspected contravention of the Foreign Exchange Management Act (FEMA). The ED identified at least five issues against Rajesh Exports Ltd (REL) and recovered various "incriminating" documents and digital devices during the searches. The company has not yet responded to a PTI query regarding the ED action. The stock exchanges have also sought clarification from the company. Founder and Chairman of the company, Rajesh Mehta, denied any fund diversion or wrongdoing during a recent interview with PTI. He had said that the company will fully cooperate with the fresh
SaffronStays raises $ 3.5 million in a funding round led by Infinity Ventures
Holiday home brand SaffronStays has secured $3.5 million in a funding round led by Infinity Ventures. This capital will fuel expansion into new leisure destinations, enhance technology, and improve guest experiences. The company, profitable for four years, aims to build five regional business units generating ₹100 crore annually, emphasizing profitability and customer satisfaction in India's growing managed holiday-home market.
India's GIC Re plans to reduce share of overseas property risk as climate losses rise
Indian reinsurer GIC Re is strategically shifting its overseas business focus. Amidst escalating climate-related losses globally, the company plans to reduce its exposure to property and catastrophe risks abroad. Instead, GIC Re aims to bolster its presence in casualty and specialty insurance lines, seeking a more balanced international portfolio over the next three to five years.
Cholamandalam Investment & Finance Company Ltd spurts 3.13%, gains for five straight sessions
Cholamandalam Investment & Finance Company Ltd is quoting at Rs 1779.9, up 3.13% on the day as on 12:44 IST on the NSE. The stock is up 10.64% in last one year as compared to a 4.96% fall in NIFTY and a 0.59% fall in the Nifty Financial Services.
Adani Mundra Airport launches first scheduled flight services
Adani Mundra Airport has launched its first scheduled flight service with Star Air, connecting Mundra to Mumbai and Goa. This expansion includes eight new routes, significantly boosting connectivity for businesses, trade, and tourism in the Kutch region. The airport's new operations are a key step in developing Kutch into a comprehensive logistics and business hub, adding another vital transport option for commercial activities.
Why Orkla wants to change Eastern’s sales model after five years
Orkla's move comes after years spent understanding a business whose strengths were deeply tied to Kerala's unique retail landscape
Reliance Jio Telecom Business: Ambanis bet on 5G, AI and broadband in five-point blueprint for Jio's next chapter
Reliance Jio remains India's telecom leader with aggressive 5G expansion, growing subscriber numbers, and new digital services featured prominently at the AGM. Reliance Jio announced five strategic growth commitments, including expanding 5G adoption and broadband access, as its subscriber base surpassed 524 million. The company is also venturing into satellite communications with a proposed LEO constellation and is preparing for a potential $4 billion IPO, solidifying its position as India's largest telecom operator.
Nykaa Shares In Focus As Brokerages Stay Mixed On Ambitious Growth Plan — Should You Buy?
Shares will in focus after Nykaa announced an ambitious five-year growth roadmap, estimating to double its business scale by FY30, led by expansion across beauty, fashion, offline retail and private labels.
Bajaj Finance upbeat on growth despite uncertainties; check why JPMorgan is bullish
Of the 38 analysts that have coverage on Bajaj Finance, 27 of them have a 'Buy' rating, five have a 'Hold' recommendation, while six others have 'Sell' call on the stock.
Bata India names Sanjay Rao as MD & CEO, shares surge over 16%
Rao succeeds Gunjan Shah, who will conclude his tenure upon completion of his five-year mandate leading the business, Bata India said
Bata India appoints Sanjay Rao as MD and CEO
Bata India today announced the appointment of Sanjay Rao as Managing Director and Chief Executive Officer of Bata India. He succeeds Gunjan Shah, who will conclude his tenure upon completion of his five-year mandate leading the business.
Govt announces key leadership changes in insurance sector
Dinesh Pant, managing director at Life Insurance Corporation of India, has been appointed whole-time member (actuary) at IRDAI, while Girija Subramanian, chairman-cum-managing director of The New India Assurance Company Limited, has been appointed whole-time member (distribution). Both appointments are for five years. The government has also reappointed Deepak Sood as whole-time member (non-life), extending his term by two years until 2028, and Rajay Kumar Sinha as whole-time member (finance and investment) for another two years until 2029, or until they attain the age of 65 years, whichever is earlier.