News channels draw battle lines over ratings
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The curious case of Rajesh Exports: Massive revenues, meagre profits
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Mumbai: It is India's fourth biggest company by revenue, but the managing director of precious metals trader Rajesh Exports (REL) apparently doesn't know how and from where it gets the biggest chunk of the revenue, show the findings of a regulatory investigation.In its investigation report, the Securities and Exchange Board of India observed allegedly unscrupulous activities by REL's promoters, such as accounting irregularities and siphoning off of company funds into personal accounts, and also pointed out lapses by its auditors. The regulator said the company and its auditors were non-cooperative."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 observed in its report.The company, eponymously named after its chairman Rajesh Mehta, is accused of committing an elaborate financ...
US stocks today: Dow soars 800 points to hit record as Iran optimism offsets chip slump, weak jobs data
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Wall Street advanced on Thursday as progress toward ending the Iran war buoyed investor sentiment, while disappointing results from Broadcom led a chip selloff that held the Nasdaq's gains in check.The blue-chip Dow surged, hitting a record closing high with a boost from healthcare and financial stocks.The S&P 500 posted more muted gains, while the Nasdaq ended essentially unchanged. Chipmaker Broadcom missed revenue expectations, sending its shares tumbling and casting a pall over the AI frenzy, which has sent chip stocks soaring so far this year."About the only blemish on the market at this point is Broadcom, and I think investors are buying the dip," said Paul Nolte, senior wealth adviser and market strategist at Murphy & Sylvest in Elmhurst, Illinois. "I don't think investors have given up on chips yet, but what they've yet to come to grips with, 'Is this real? Are these valuations legitimate?' I'm not sure yet that investors hav...