06/06/26, Gold's down by 2.40%

Gold fell more than 2% on Friday after a stronger-than-expected US jobs report reinforced expectations that the Federal Reserve will keep interest rates higher for longer amid inflation concerns fuelled by the war in the Middle East.

Spot  Gold was down 2.4% at $4,365.93 per ⁠ounce ​at 10:15 a.m. EDT (1415 GMT), having fallen about 3.8% this week so far. Bullion fell to its lowest level since March 26 earlier in the session. U.S. gold futures for August delivery fell 2.5% to $4,390.70.

Nonfarm payrolls increased by 172,000 jobs in May after rising ​by ​an upwardly revised 179,000 in April, the ⁠US Labor Department’s Bureau of Labor Statistics said in its report. A Reuters poll had forecast a gain of 85,000 jobs ‌after a previously reported rise of 115,000 in April.

“We’ve got payrolls that came in fairly significantly over what was expected,” said Bart Melek, global head of commodity strategy at TD Securities.

“In light of the fact that we continue to have the war in Iran and very large energy prices and inflationary pressures, it makes it quite unlikely that the Fed is in ⁠any mood whatsoever to lower ⁠rates. The implication for gold here is that the cost of carry is getting quite high.”

U.S. Treasury yields jumped ⁠after the ‌release of the jobs data, increasing the opportunity cost of ​holding non-yielding bullion.

The price of Brent crude oil was ‌on track for a weekly gain. Bullion has fallen more than 17% since the U.S.-backed war with Iran began in late February. The ‌conflict has led to ​a surge ​in oil prices ​and stoked fears of inflation and higher interest rates.

Although gold is seen as an inflation hedge, higher rates tend to weigh ​on the metal. Markets are currently pricing about a ⁠68% chance of a Fed rate hike in December, according to CME Group’s FedWatch tool, compared to about 50% before the jobs data.

Gold demand was subdued in ‌India this ⁠week, while premiums in China eased.

Spot silver fell 6.1% to $69.34 per ounce, platinum dropped 3.2% to $1,839.40, and palladium slid 1.9% to 1,295.75. ​All three metals were headed for a weekly loss.

Report by FinancialExpress

06/06/26, Stocks to Buy

The domestic equity markets saw a significant fall this week. The Nifty 50 and Sensex fell over 0.96% and 0.83%, respectively, for the week. 

However, several top research houses, including Nomura, Jefferies, Nuvama, Citi, Motilal Oswal, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.

Motilal Oswal on Titan

Motilal Oswal Maintained a Buy rating on Titan with a target price of Rs 5,250, implying 23.8% upside. The brokerage pointed to Titan's plans to significantly expand its jewellery business, gain market share in a still-fragmented industry and scale emerging businesses over the next four years.

The brokerage said Titan’s strategy remains centred on strengthening its position in organised jewellery retail while using premiumisation, store expansion and brand-led growth to drive earnings over the medium term.

Jefferies on Poonawalla Fincorp

The brokerage house believes that the non-banking financial company (NBFC) may be entering a new growth phase after a major strategic overhaul. The brokerage has initiated coverage on  Poonawalla Fincorp with a target price of Rs 490. This implies an upside potential of nearly 23% from the current market price.

According to the Jefferies report, a combination of new leadership, product expansion, stronger underwriting standards and network growth could help the company deliver one of the fastest growth rates among large NBFCs over the next few years.

JM Financial on Emmvee Photovoltaic Power

 JM Financial has maintained Buy rating on Emmvee Photovoltaic Powdr.  The brokerage firm has revised its target price of Rs 377 on the stock, implying an upside of 24%. 

 Emmvee  is seen as the most experienced TOPCon cell manufacturer, commanding an EBITDA/Wp of Rs 5.8, driven by a 51% integration level in FY26, approximately rising to 59% by FY28,” JM Financial noted. TOPCon stands for Tunnel Oxide Passivated Contact – a more energy-efficient solar cell manufacturing architecture.

Motilal Oswal on ICICI Bank

Retained its Buy rating and set a target price of Rs 1,750. Based on the current market price, the target implies an upside potential of about 41%.

The brokerage house believes ICICI Bank  is entering its next phase of growth with several factors working in its favour. While the stock has delivered a relatively subdued performance over the last year amid foreign investors’ selling across the banking sector, Motilal Oswal expects the bank’s operational strength to eventually reflect in its valuation.

Citi on Hitachi Energy

Maintained Buy rating and a target price of Rs 46,700, indicating an upside of around 29%.

The brokerage said the company remains the market leader in high-voltage and high-voltage direct current equipment. Citi expects Hitachi Energy India to be among the biggest beneficiaries of upcoming HVDC projects because of its established market position and higher probability of securing near-term project wins.

Nomura on CG Power and Industrial Solutions

Maintained a Buy rating with a target price of Rs 1,050, implying upside of 19.4%.

The brokerage said India’s upcoming data centre buildout is expected to create substantial demand for electrical infrastructure. According to Nomura, electrical systems account for about 42% of total data centre capital expenditure, making them the largest spending category within a project.

The brokerage said data centre projects require higher reliability standards and more specialised engineering than conventional commercial developments. According to Nomura, this is helping suppliers like CG Power secure premium pricing and longer-term demand visibility.

Jefferies on Patanjali Foods

Retained its Buy rating  with a target price of Rs 560, implying a potential upside of 23%. The brokerage said the company’s March quarter performance was impacted by weaker-than-expected profitability in the Foods and Fast-Moving Consumer Goods business and a high base in edible oils margins, though it sees improving conditions ahead.

 Patanjali Foods  reported revenue growth of 15% year-on-year during the March quarter, driven by volume growth and higher realisations in edible oils. Earnings before interest, tax, depreciation and amortisation (EBITDA) declined 14% year-on-year to Rs 445.4 crore, coming in below Jefferies’ estimates.

Nuvama on Titagarh Rail Systems

Maintaining Buy rating and revised its target price to Rs 1,089. This indicates an upside potential of nearly 36% from the current market price.

According to the brokerage report, near-term challenges in wagon ordering may continue, but several large railway and metro projects could support the company’s long-term growth trajectory. Titagarh Rail Systems reported a 14% year-on-year decline in revenue and a 53% drop in profit after tax during the March quarter.

Motilal Oswal on Shriram Finance Reiterated its Buy rating. and assigned a target price of Rs 1,175 per share. Based on the current market price, the target implies a potential upside of around 29%.

Motilal Oswal, in its report, noted that  Shriram Finance  is entering a new phase of growth supported by a stronger capital base, improving funding profile and a diversified lending business. A major factor behind the brokerage’s positive view is the strategic partnership with Japan-based financial giant Mitsubishi UFJ Financial Group (MUFG)

Nomura on Gujarat Gas

Nomura retained its Buy rating on Gujarat Gas while raising the price target to Rs 511 from Rs 390. This translates to an upside potential of 20% from the current market price.

Gujarat Gas near-term earnings are expected to be driven by a robust recovery in industrial volumes in the key Morbi cluster (reaching 8 million metric standard cubic metres per day by May 2026), primarily due to the non-availability of propane. 

Margins for the City Gas Distribution (CGD) entity are expected to increase because the amalgamation allows for the consolidation of trading margins that were previously accrued by the unlisted Gujarat State Petroleum Corporation (GSPC).

Report by FinancialExpress

Disclaimer: The views and investment tips expressed by experts are their own and not of us.  We advise readers and investors  to check with certified experts before taking any investment decisions.

05/06/26, RBI credit policy / Repo Rate

 

The Reserve Bank of India's Monetary Policy Committee (MPC)  on June 5 held the the repo rate at 5.25 percent, continuing its pause after a series of rate cuts over the past year

For home loan borrowers, the decision signals stability. Since most home loans are linked to benchmarks such as the repo rate, an unchanged policy rate means EMIs will remain steady in the near term. Banks are also expected to hold lending rates, unless there is a shift in liquidity conditions or policy stance.

Though the decision does not bring fresh relief, borrowers have already gained significantly from the cumulative 125 basis points reduction in the repo rate since early 2025. These cuts have translated into lower borrowing costs, reduced EMIs, and notable interest savings over the life of.home loans, particularly for those whose loans have fully adjusted to the rate cycle.

Here's how borrowers have benefited, so far:

Estimates suggest that for a Rs 50 lakh home

loan with a 20-year tenure, borrowers could have saved over Rs 9 lakh in total interest due to the earlier rate cuts. Monthly EMIs have also reduced by nearly Rs 3,800–Rs 4,000, offering meaningful cash flow relief.

What the pause means?

With the MPC opting for status quo, floating-rate borrowers can expect their EMIs to remain unchanged in the coming months. Fixed-rate borrowers will not see any immediate impact unless they refinance or switch to another lender. Experts say the RBI's focus is now on ensuring full transmission of past rate cuts across the banking system rather than initiating further easing.

For prospective homebuyers, while further rate cuts may not be imminent, the current interest rate environment remains relatively favourable compared to previous years, making it a reasonable time to consider borrowing.

The trajectory of home loan rates will depend on inflation trends, global monetary policy developments and the RBI's assessment of domestic economic conditions. For now, borrowers can expect a phase of stability, while continuing to benefit from the cumulative easing already reflected in their loans.

Report by Ayush

source: Network18 

Disclaimer: The views and investment tips expressed by experts are their own and not of us.  We advise readers and investors  to check with certified experts before taking any investment decisions.

05/06/26, Market's positive opening

The global markets are trading on a lower note as investors across the board are taking a cautious stance. The Gift Nifty  is indicating a negative start, down 72 points or 0.31% to trade at 23,466. 

Earlier on Thursday, the  Nifty50 closed the session 11 points or 0.05% higher at 23,417, while the  Sensex rose 14 points or 0.02% to close at 74,360.

Key global and domestic cues to know on June 05, 2026

Asian Markets

 Asian Markets opened lower on Friday following losses on Wall Street overnight, as investors moved out of tech stocks. The Kospi was last down 4.11%, while the small-cap Kosdaq fell 2.41%. Japan’s benchmark Nikkei 225 lost 1.1%. Hong Kong’s Hang Seng index futures last traded at 25,158, lower than the index’s Thursday close of 25,253.40.

US markets

The US equity markets closed Thursday’s trade on a mixed note as investors moved out of tech stocks. The 30-stock Dow jumped 874.86 points, or 1.73%, to close at a record 51,561.93. The Nasdaq lost 0.09% and ended at 26,830.96, while the S&P 500 rose 0.41% to 7,584.31.

Crude oil

 West Texas Intermediate (wti) crude futures fell 0.32% to $92.74 per barrel. On the other hand, Brent crude futures traded flat at $95 this morning. On COMEX, crude prices dropped 0.33% to trade at $92.73 a barrel. 

Gold rate today

The rate for 24-carat gold today is Rs 1,59,340 per 10 grams. The price of gold has fallen by 0.63% from yesterday. The 24 kt gold rate today in Delhi is Rs 1,59,060 per 10 grams. The 18-carat gold price today in India is Rs 1,19,505. On COMEX, the precious metal was trading at a price of Rs 4,490.20 an ounce, down 0.33%.

Silver rate today

In India, the silver rate rose 0.65% to Rs 2.65 lakh per kilogram. On COMEX, Silver prices traded 0.16% lower at $73.85 per troy ounce. Silver had surged to record highs in January amid geopolitical tensions and economic uncertainty, with heavy speculative buying pushing prices higher, but soon faced volatility.

FII, DII data

Foreign institutional investors were net sellers of shares worth Rs 4,447.06 crore. On the other hand, the Domestic Institutional Investors were the net buyers of shares worth Rs 4,360.14 crore on June 04, 2026, according to the provisional data available on the NSE.

US dollar 

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, was trading 0.01% lower at 99.43. The index evaluates the strength or weakness of the US dollar in comparison to major currencies. The basket contains currencies such as the British Pound, Euro, Swedish Krona, Japanese Yen, Swiss Franc, etc. The rupee depreciated 0.07% to close at 95.79 to the dollar on June 04.

Top Sectors  in Thursday’s trade

The Rubber sector stocks rose the most in Thursday’s trade, rising 4% in market capitalisation. Further, Gems and Jewellery stocks were followed by the Cables sector stocks, which were further followed by the Wood sector stocks. However, the Aluminium stocks fell the most, declining 2%.

Report by FinancialExpress

05/06/26, Today's market prediction

 Benchmark indices Sensex and Nifty are likely to open marginally higher on Friday tracking modest gains in GIFT Nifty, with investors awaiting the Reserve Bank of India's monetary policy decision later in the day. Meanwhile, weak Asian markets, persistent geopolitical tensions and continued foreign fund outflows keep investor sentiment cautious.

GIFT Nifty was trading at 23,574 in early trade, up 35 points or 0.15 percent, indicating a mildly positive start for the Nifty 50. The signal comes after the benchmark indices ended largely flat on Thursday, with the Sensex rising just 14 points and the Nifty gaining 11 points as investors refrained from taking aggressive positions ahead of the RBI outcome.

The RBI policy decision will be the key trigger for markets. Investors will closely track the central bank's decision on repo rate, and its stance on inflation, growth and liquidity. Also in focus will be RBI commentary on the impact of elevated crude oil prices and rupee weakness on the domestic economy.

Global cues remained mixed. Asian equities fell sharply on Friday as investors booked profits in technology stocks and turned cautious amid stalled U.S.-Iran peace negotiations and renewed tensions involving Israel and Hezbollah. MSCI's Asia-Pacific index outside Japan was down 1.6 percent, while South Korea's KOSPI plunged more than 6 percent and Japan's Nikkei fell around 1.3 percent.

Wall Street delivered a mixed performance overnight. The Dow Jones surged 875 points, or 1.73 percent, to a record closing high, supported by healthcare and financial stocks. However, weakness in semiconductor stocks after disappointing results from Broadcom weighed on technology shares, leaving the Nasdaq marginally lower. The S&P 500 gained 0.41 percent.

Crude oil prices remained elevated, although they were largely steady in early trade. Brent crude hovered around $95 per barrel, while WTI crude traded near $92.7. Oil is still on track for weekly gains as uncertainty over a potential end to the Middle East conflict continues to support energy prices.

Ponmudi R, CEO of Enrich Money, said that investors are likely to remain cautious ahead of the RBI decision. He added that markets are closely watching the central bank's assessment of inflation risks arising from higher crude oil prices, rupee weakness and disruptions to global energy supply chains.

Ponmudi said that geopolitical tensions in the Middle East, including the unresolved U.S.-Iran conflict and continued hostilities involving Israel and Hezbollah, remain a significant source of uncertainty for global markets.

Foreign institutional investors continued to sell Indian equities on June 4, offloading shares worth Rs 4,447 crore. Domestic institutional investors remained supportive, extending their buying streak to thirteen sessions with purchases worth Rs 4,360 crore.

On the technical front, Ponmudi said the Nifty faces immediate resistance in the 23,450-23,550 zone, while the 23,250-23,150 region remains a critical support area. For Bank Nifty, the key resistance zone is placed at 54,400-54,500, while support is seen between 54,000 and 53,800.

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Disclaimer: The views and investment tips expressed by experts are their own and not of us.  We advise  readers and investors to check with certified experts before taking any investment decisions.

05/06/26, Gold ETF prices drop

India's gold exchange-traded funds recorded their first net outflow in twelve months in May, as a government decision to raise import duties on the precious metal prompted investors to book profits on the back of rising domestic prices, according to data from the World Gold Council.

Gold ETFs in India saw a net outflow of $61 million in May — the first since May 2025 — a sharp reversal from the $297.2 million inflow recorded in April. The bulk of the month's redemptions came in the wake of the import duty announcement, which pushed domestic gold prices higher and created an opportunity for profit-taking.

The outflow came against a backdrop of sustained price volatility. Gold prices fell for a third consecutive month in May, declining 1.7 percent after a 1.1 percent drop in April and a steep 11.6 percent fall in March.

Among the major funds, Nippon India ETF Gold BeES bore the brunt of the selling, logging outflows of $110 million. Tata Gold Exchange Traded Fund and Kotak Gold ETF followed, with outflows of $28.24 million and $9.2 million respectively, while other gold ETFs saw outflows in the range of $1–6 million. On the other side of the ledger, HSBC Gold ETF attracted the largest inflows at $61.5 million, while ICICI Prudential Gold iWIN ETF and DSP Gold ETF each pulled in $11 million.

 

Global Gold ETFs See Modest Outflows as Risk Appetite Returns

The subdued sentiment in India mirrored a broader pullback in global gold ETF demand. After a notable rebound in April, globally physically backed gold ETFs recorded modest net outflows of $2 billion in May, as rangebound prices and a renewed appetite for riskier assets kept investors largely on the sidelines, the World Gold Council said. Despite the monthly blip, year-to-date flows remained firmly positive, with global gold ETFs accumulating nearly $17 billion so far in 2026.

Net outflows pushed global gold ETF assets under management down 2 percent month-on-month to $604 billion, while collective holdings edged 0.4 percent lower to 4,121 tonnes — just shy of the record high of 4,176 tonnes reached on February 27, 2026.

North America turned modestly negative, recording outflows of $1.1 billion. Flows have been relatively muted since gold began trading sideways following the sharp March correction, suggesting investors have moved to the sidelines while awaiting a clearer directional catalyst. The opportunity cost of holding gold also rose during the month, weighed down by dollar strength, elevated interest rates, and recalibrated expectations for the Federal Reserve's rate path. Inflation concerns tied to the US-Iran conflict added a further layer of uncertainty around the rate outlook, with some market commentators warning that the Fed may need to remain restrictive for longer.

With several of the consensus macro trades from earlier in the year — including gold — having largely played out in the first quarter, investors who had missed the upside or needed to keep pace with benchmarks appeared to rotate back into risk-on sectors, particularly technology. Global technology ETFs saw their largest monthly inflow since early 2024, underscoring the breadth of the shift. Markets, for now, appear to be paying little heed to the risk of a prolonged conflict in the Middle East. Investors are likely to remain patient until risk-on momentum fades or a broader risk-off unwind prompts renewed safe-haven demand, the World Gold Council noted.

Europe stood out as the sole region to register inflows, adding $334 million. Positive flows from the United Kingdom and Germany more than offset weakness elsewhere on the continent. In the UK, safe-haven demand was underpinned by political uncertainty and concerns over the government's fiscal position, while a dip in gilt yields in the latter half of the month — aided by softer inflation data and falling oil prices — reduced the opportunity cost of holding gold and encouraged local ETF buying. A similar dynamic played out in Germany, where lower oil prices eased concerns about future European Central Bank tightening, pulling Bund yields lower and supporting demand. Foreign exchange-hedged products, concentrated largely in Switzerland, bucked the trend and recorded outflows as local currencies strengthened against the dollar.

Asian funds recorded their first monthly outflow since August 2025, shedding $1.2 billion. The decline was driven almost entirely by China, where a weaker local gold price, an appreciating renminbi, and sustained investor optimism toward domestic equities weighed heavily on gold ETF demand.

Source: money control,  Network18 

04/06/26, Top Buyers and Sellers of Gold

Central banks are back to buying gold. After a surprising net sale of 30 tonnes in March, led by Turkey’s massive 60-tonne offload, April saw a sharp reversal.

The World Gold Council reported that central banks resumed net gold purchases in April, having bought 17 tonnes. This rebound signals that the appetite for gold among central banks remains intact, despite the pressures of a higher-for-longer interest rate environment.

Poland continued to be the month’s biggest buyer with 14 tonnes, bringing its year-to-date gold purchases to 45 tonnes, with gold reserves now at 595 tonnes, or about 30% of its total reserves.

Top Buyers in April

China accelerated its purchasing pace, reaching its largest net acquisition since December 2024 with 8 tonnes, extending its current buying run to 18 straight months. Official gold reserves now stand at approximately 2,322 tonnes, or 9% of total reserves.

The Czech Republic made its 38th consecutive monthly purchase of 3 tonnes, a remarkable streak of consistency that few central banks can match. Its gold reserves now stand at 79 tonnes, or 6% of total reserves.

Overall, China, the Czech Republic and Poland remain the most consistent buyers of gold globally.

Who Is Selling?

Not everyone is buying. The Central Bank of Russia continued its recent streak of net sales for the fourth consecutive month, with reported April net sales of 6 tonnes. On a year-to-date basis, Russia has sold 22 tonnes.

The Central Bank of Uzbekistan sold 1 tonne in April, though on a year-to-date basis, it remains a net purchaser of 24 tonnes and is second only to Poland. Uzbekistan’s gold reserves make up 88% of its total reserves, or around 414 tonnes.

March’s top seller, the Central Bank of Turkey, reported virtually flat gold reserves in April, with weekly data showing that short-term gold/USD swaps matured in April, leaving only longer-term (1–3 month) gold/USD swaps outstanding.

The Bigger Trend

Eastern European and Asian central banks continue to dominate gold purchases with consistent buying. Over the past 36 months, both regions have purchased 12 tonnes and 11 tonnes per month on average collectively. Global central bank activity shows average net purchases of 29 tonnes over the same period — underlining the structural shift towards gold in reserve management.

What Happened in March

In March, central banks sold a net total of 30 tonnes of gold, with Turkey as the largest seller at 60 tonnes, using its reserves for foreign exchange and liquidity purposes. Russia also contributed to the sales with 6 tonnes. In contrast, February had seen a net purchase of 19 tonnes by central banks collectively. April’s rebound to net buying of 17 tonnes suggests March was an outlier rather than a trend.

Where Does India’s RBI Stand?

India did not feature in the WGC’s April report, indicating no further gold buying by the Reserve Bank of India. The physical stock of gold held by the RBI as of March 31, 2026, was 880.52 tonnes, which has remained unchanged as of June 3.

However, gold’s share in India’s total forex reserves has risen significantly — from 8.3% of net foreign assets in March 2024 to 17.2% by March 2026. This rise has been driven primarily by revaluation gains from higher gold prices, not fresh purchases.

The RBI had been an aggressive buyer in 2024, purchasing 72.6 tonnes. But it dramatically slowed down in 2025, buying just 4.02 tonnes — and has barely bought any gold in 2026 either. The RBI bought 0.13 tonnes in January but none in February, after a four-month hiatus. After purchasing just 1.3 tonnes of gold during 2025, the RBI’s total gold holdings reached a record of 880.3 tonnes at the end of the year.

Gold Prices — Still Under Pressure

Gold Prices  remain significantly below their pre-war highs. Gold declined sharply following the onset of the Iran war, dropping 20% from a recent high of $5,602 to approximately $4,482. Gold is currently trading at $4,469, having recovered somewhat, but is still 13.5% lower than its pre-war price of $5,174. Year-to-date, gold has gained just 3% since January, lagging in a big way from the 65% surge seen in 2025.

written by Sunil Dhavan of FinancialExpress

Disclaimer: This article is for informational purposes only and does not constitute investment or financial advice. Gold prices are highly volatile and subject to geopolitical, macroeconomic, and monetary policy factors. Past central bank buying patterns are not indicative of future trends or gold price performance. Readers are strongly urged to conduct independent due diligence and consult a qualified financial advisor before making any gold investment decisions.

04/06/26, US President says

US President Donald Trump on Wednesday lashed out at both Democrats and a handful of Republicans after the House of Representatives voted to limit his war powers, arguing that the move came at a critical moment in ongoing negotiations aimed at ending the conflict with Iran.

In a post on Truth Social, Trump described the vote as "meaningless" and accused lawmakers of undermining his efforts to secure a diplomatic breakthrough with Tehran.

"Yesterday, in a meaningless vote, the House voted, 4 bad Republicans and all of the Dumocrats, to limit my War Powers, right in the middle of my final negotiations to end the War with the Islamic Republic of Iran," Trump wrote.

The president suggested that members of Congress were fully aware of the status of the negotiations and questioned their motives for supporting the measure.

"Who would do such an unpatriotic thing. They know where the negotiations stand," he said.

Trump reserved his sharpest criticism for Democrats, accusing them of placing partisan politics above national interests.

"The Democrats are fueled by Trump Derangement Syndrome. They would rather have our Country fail than give me another, of many, victories," he wrote.

The president also criticised the four Republicans who backed the effort, dismissing them as political opportunists.

"The four Republicans, that's a whole other story - They're GRANDSTANDERS! They should be ashamed of themselves. MAGA!!!" Trump said.

In a notable rebuke of Trump, four members of his majority Republicans joined Democrats on Wednesday in backing the measure, which passed 215-208 and now heads to the Senate.

The measure, which will ultimately face a presidential veto, marked the first time the Republican-controlled House approved a measure seeking to force Trump to wind down military operations against Tehran since the war began three months ago.

Democrats accuse Trump of violating the constitution by launching strikes on Iran alongside Israel in late February without congressional authorization.

Under the War Powers Act, presidents have 60 days to obtain congressional approval after introducing US forces into hostilities. That deadline passed weeks ago, and Democrats say Trump is now breaking the law.

Source: MoneyControl,  Network18 

04/06/26, Rajesh Exports vs SEBI

 The alleged Rs 15 lakh crore financial misreporting by the Bengaluru-based  Rajesh Exports has raised questions over the role of its statutory auditors and the accuracy of their audit.

Two relatively unknown auditors, PV Ramana Reddy, the proprietor at PV Ramana Reddy & Co, and PL Venkatadri, partner at BSD & Co, provided audit services to Rajesh Exports during the investigation period between FY21 and FY24.

The auditors seemingly failed to red flag not one or two but dozens of apparently questionable transactions, including related-party transactions, pumping up of domestic revenues and misreporting of trade payables. This allowed the alleged financial misreporting to go on for five years, causing losses to 2 lakh small investors holding shares of Rajesh Exports.

On June 3, market regulator the Securities and Exchange Board of India(Sebi) passed an ex parte interim order barring Rajesh Exports chairman and managing director Rajesh Mehta from dealing in securities markets. It also ordered the company to rectify the incorrect filings and cooperate with the investigation.

The Sebi order also said auditors did not cooperate with the investigation. It had asked them for various audit papers which were not provided.

“REL's Statutory Auditors, despite undertaking to furnish audit working papers during their depositions, have also not complied. This sustained non-cooperation is itself indicative of an intent to suppress material information and obstruct regulatory inquiry,” Sebi said.

Emails sent to BSD & Co and PV Ramana Reddy did not elicit a response by the time of publication. Moneycontrol will update the copy once comments are received.

A company's auditors are liable in case of any audit lapses, a responsibility which is significantly more serious in case of listed firms. In the past, Sebi has issued orders against some of the large audit firms for failing to ensure accurate documentation.

The National Financial Reporting Authority(NFRA), too, can issue orders against such auditors.

Key misses by Rajesh Exports' auditors

A large part of the Rs 15 lakh crore of allegedly misreported revenues was on account of revenue generated by the foreign subsidiaries of Rajesh Exports.

However, these statements are not audited by Indian auditors but by the designated professionals in the country where the company is incorporated. For foreign subsidiaries, Indian auditors rely on the audited statements of the foreign entity provided by the Indian company.

The Sebi order, however, also pointed to several domestic transactions, which violated rules but were neither detected nor flagged by the auditor.

For instance, standalone revenues of Rs 12,500 crore, representing 64 percent of the company's total standalone revenue between FY21 and FY24, were misrepresented. The auditor allegedly did not seek finer details such as invoices while auditing the company.

Also, Mehta executed gold derivative trades in his personal capacity. He sold Rs 11,487 crore worth of such contracts and purchased Rs 11,488 crore through a Sebi registered broker Affluence. These were reported as transactions carried out by the company.

The auditor also allowed reduction in long outstanding receivables worth Rs 2,914 crore through opaque netting arrangements without adequate disclosures explaining the nature and basis of such adjustments, the market regulator said.

The auditors also failed to present a true and fair view of the company's financial position by incorrectly including intra-group investments worth Rs 2,501 crore (as on March 31, 2025) and intra-group trade payables worth Rs 1,457 crore (as on March 31, 2025) and Rs 1,379 crore (as on March 31, 2024) in consolidated statements, the interim order said.

The auditors also failed to flag that REL's consolidated statements incorrectly included intra-group investments of Rs 2,501 crore and intra-group trade payables of Rs 1,457 crore (as on March 31, 2025) and Rs 1,379 crore (as on March 31, 2024), which should have been eliminated under standard consolidation accounting, the Sebi order said.

Report by Pawan Burugula & Swaraj of Network18

04/06/26, Stocks to Watch Today

 Bharat Heavy Electricals 

BHEL has received a contract worth Rs 2,000–2,500 crore from Dangote Petroleum Refinery & Petrochemicals Free Zone, Nigeria.

The contract involves the design, manufacturing, supply, and supervision of the erection and commissioning of eight gas turbine generators for its petroleum refinery and polypropylene plant located in the Dangote Industries Free Zone, Nigeria.

 Agarwal Industries Corporation 

The company has secured an order worth Rs 477.5 crore from Hindustan Petroleum Corporation for the supply of bulk bitumen at its Mumbai and Mangalore locations, aggregating 1,30,000 MT.

 Jain Irrigation Systems

The company has commissioned a high-tech, industrial-scale biochar facility with an annual capacity of around 20,000 tonnes in Jalgaon, Maharashtra, along with its partners. The facility advances climate-smart agriculture, circular manufacturing, and engineered carbon removal at a commercial scale.

Hero Motocorp 

Hero MotoCorp has unveiled its first flex-fuel vehicles—the iconic Splendor+ and HF Deluxe.

With this launch, India welcomes its first flex-fuel motorcycles in the 100cc segment, marking a defining milestone in the country's transition towards cleaner, self-reliant, and future-ready mobility.

JBM Auto

The company emerged as the leading player in India's electric bus segment, capturing a 49% market share in May 2026, up from 33% in April.

The company recorded 157 electric bus registrations during the month, the highest in the industry.

Steel Strips Wheels 

Mohan Joshi retired as the Deputy Managing Director of the company, effective June 3.

LTM

The company launched its new managed Secure Service Edge (SSE) solution in collaboration with Cisco.

Built on Cisco Secure Access—Cisco's dedicated SSE solution—the offering is designed for cloud-first and hybrid work environments.

By combining the robust security of Cisco Secure Access with LTM's AI-powered managed services, the solution secures access to applications and enables the secure use of AI applications and models for modern enterprises.

Indiabulls 

The Board has approved raising up to Rs 1,000 crore through the issuance of 51.55 crore warrants, convertible into an equivalent number of fully paid-up equity shares, at an issue price of Rs 19.40 per share.

The warrants will be issued to promoter group entities and non-promoter group entities through a preferential issue on a private placement basis.

 Aurobindo Pharma

The company has inaugurated TheraNym, one of India's largest dedicated biologics contract manufacturing organisations (CMOs).

The facility is intended to support MSD's supply chain for both domestic and export markets.

Central Bank of India 

The Board has approved the appointment of Vivek Kumar, General Manager (Finance & Accounts), as the Chief Financial Officer of the bank for a period of three years, effective June 3.

 Rajesh Exports 

SEBI has passed an interim ex-parte order against Rajesh Exports and its Chairman and Managing Director, Rajesh Mehta, citing prima facie findings of financial misrepresentation, fund-routing irregularities, and non-cooperation during an ongoing investigation.

According to the interim order, SEBI alleged that Rajesh Exports misrepresented consolidated revenues aggregating approximately Rs 15.15 lakh crore, representing 99.80% of its total consolidated revenue during the period from FY2020-21 to FY2024-25.

SEBI has restrained Rajesh Mehta from buying, selling, or dealing in the securities of Rajesh Exports until further orders and has also directed a fresh forensic audit.

Monthly Business Update

 Indian Energy Exchange (May YoY)

Electricity traded volume grows 18.6% to 12,983 MU

Day-ahead market (DAM) volume increases 24.9% to 4,417 MU

Real-time electricity market volume soars 15.9% to 5,529 MU

Bulk and Block Deals

 Lenskart Solutions 

SVF II Lightbulb (Cayman), an investment vehicle owned by SoftBank Group, sold 5.65 crore equity shares, representing a 3.25% stake in Lenskart Solutions, for Rs 2,873.3 crore.

Goldman Sachs Bank Europe, Societe Generale - ODI, International Monetary Fund, Fidelity Funds, Manulife Singapore, Wasatch Emerging Markets, WhiteOak Capital Mutual Fund, Quant Mutual Fund, North Rock SG VCC, Mirae Asset Mutual Fund, Kotak Funds, ICICI Prudential Mutual Fund, HDFC Life Insurance, Canara Robeco Mutual Fund, Ashoka India Equity Investment Trust, and BNP Paribas Financial Markets were the buyers of the 3.25% stake sold by SoftBank.

The transaction was executed at Rs 508.55 per share.

GMR Airports 

GQG Partners Emerging Markets Equity Fund sold 19.5 crore equity shares, representing a 1.84% stake in GMR Airports, for Rs 1,906.12 crore.

Fidelity Investment Trust, through Fidelity International Small Cap Fund, was the buyer of the 1.84% stake sold by GQG Partners.

The transaction was executed at Rs 97.75 per share.

Inventurus Knowledge Solutions 

Kedaara Capital Public Markets IFSC Fund I acquired 1.55 lakh shares in Inventurus Knowledge Solutions from Scott Hayworth for Rs 25.31 crore.

The transaction was executed at Rs 1,633 per share.

Balu Forge Industries 

Minerva Ventures Fund purchased 6.25 lakh shares in Balu Forge Industries for Rs 30.37 crore at Rs 486.04 per share.

Source:Network18

04/06/26, The Union Cabinet on Wednesday recommended an ordinance to ease tax rules for foreign investors in some categories of securities, the Times of India reported. The proposal was moved by the finance ministry, though the details were not immediately available, the report said. The move comes at a time when the rupee has weakened 6 percent against the US dollar, and foreign portfolio investors have pulled out a record Rs 2.25 lakh from Indian equities since January.

The reported tax relief proposal is being viewed as part of broader policy efforts to address pressure on the rupee and sustained foreign investor outflows from domestic markets.

According to the Times of India report, the move is likely to be part of a coordinated response with the Reserve Bank of India. The central bank is expected to announce measures on Friday after the Monetary Policy Committee meeting, which began on Wednesday.

The government has also been seeking to

 address concerns raised by various sectors through other policy steps, the report said. These include a government-guaranteed credit line for businesses, a package for exporters and adjustments in duties, including fuel, to shield the economy from the impact of the West Asia war.

The rupee's decline and continued FPI withdrawals have emerged as key areas of concern for policymakers, the report said.

Foreign investors currently pay a withholding tax, or tax deducted at source, of 20 percent on interest income from government bonds. Until July 1, 2023, the rate stood at 5 percent on income from government securities, state development loans and rupee-denominated bonds.

In the run-up to the Union Budget, representatives of foreign portfolio investors had sought tax changes, including a review of the capital gains tax regime for listed securities. They had also argued against the levy of both the capital gains tax and the securities transaction tax.

Tax experts cited in the report said the government has, over the years, increased long-term and short-term capital gains tax while also levying securities transaction tax. They said this has made investments in India less attractive.

The proposed ordinance, if notified, would mark another step in the government's attempt to respond to concerns around foreign investor participation at a time of currency weakness, market outflows and external pressure from the West Asia conflict.

source:Network18