Concord Biotech standalone net profit declines 26.91% in the June 2025 quarter
Net profit of Concord Biotech declined 26.91% to Rs 42.57 crore in the quarter ended June 2025 as against Rs 58.24 crore during the previous quarter ended June 2024. Sales declined 5.47% to Rs 203.99 crore in the quarter ended June 2025 as against Rs 215.80 crore during the previous quarter ended June 2024. Particulars Quarter Ended Jun. 2025 Jun. 2024 % Var. Sales 203.99215.80 -5 OPM % 30.1037.66 - PBDT 75.0391.34 -18 PBT 57.2578.16 -27 NP 42.5758.24 -27
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Time of India
14 minutes ago
- Time of India
Mumbai court rejects discharge plea of woman accused in money laundering case linked to ponzi scheme
Mumbai: A special PMLA court on Friday rejected the discharge plea of 44-year-old Andheri resident, Rashmi Prasad, an accused in a money laundering case linked to a Rs 564 crore Ponzi scheme involving chartered accountant Amber Dalal and his company Ritz Consultancy Services. The court said that there is sufficient prima facie evidence to frame charges against Prasad for the offence of money laundering. The prosecution alleged that she received Rs 18.81 crore in her personal and business accounts from the accused firm Ritz Consultancy Services. "Admittedly, a huge amount of money was transferred from the account of M/s Ritz Consultancy Services and from the accused No. 1 (Dalal) into the account of accused No. 2 (Prasad) and her entities, and she purchased the property in Dubai (for Rs 4.19 crore). Therefore, there is prima facie sufficient material to frame a charge against accused No. 2," Special Judge RB Rote said on Friday. Prasad claimed to be one of 600 investors who entrusted money to the main accused, who allegedly ran a fraudulent investment firm. The court, however, found that the prosecution presented a strong prima facie case against her. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like The Most Gorgeous Female Athletes Ranked - But Did We Get It Right? Learn More Undo "The defence of the accused is required to be considered at the time of a full-fledged hearing of the matter on evidence. Therefore, at this stage, it is not possible to record the findings that accused No 2 was only an investor like other investors and the property was not acquired by using the proceeds of crime," the judge said. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai While Prasad claimed that the amount was accepted towards the returns on the investment, the judge said that she nowhere specified what the investment was and what the returns were. "No documentary evidence in the form of an MOU is forthcoming in this case to show that she invested the amount. Admittedly, accused No 1 was operating the Demat Account of accused No. 2. If accused No. 2 was only an investor and accused No 1 defrauded her, she would have lodged a complaint in respect of the same, but no such complaint is forthcoming by accused No 2," the judge said. The judge also noted that the case involves a serious economic offence, affecting the socio-economic condition of society. "There are 2015 investors who invested their funds in the scheme of accused No. 1, and they have been defrauded to the tune of Rs 564 crore," the judge said. The ED submitted that Prasad was Dalal's close associate and not an investor. The ED further alleged that she used these funds to acquire assets in India and Dubai, and to pay for personal expenses like car loans and credit card bills. Bank records reportedly show that Prasad remitted approximately Rs 4.27 crore to Dubai, with over Rs 4.19 crore of that amount used to purchase a property from M/s EMAAR Group. Case initiated by Andheri investor The case originated from an FIR filed by an investor, Babita Malkani, at the Oshiwara police station in Andheri. The FIR accused Dalal of offences including cheating and criminal breach of trust. The investigation was later transferred to the Economic Offence Wing (EOW). According to the prosecution's case, Dalal, through his firm Ritz Consultancy Services, collected funds from 2015 investors with the promise of monthly returns of 1.5% to 1.8% on investments in commodities like gold, silver, and crude oil. Investors were told their capital was safe and were given undated cheques for the invested amount. The EOW charge sheet states that a total investment of over Rs 1146 crore was collected, and after paying out returns of more than Rs 581 crore, the remaining amount of over Rs 564 crore was defrauded from the investors. The ED initiated its investigation subsequently. The ED alleges that the main accused was operating a Ponzi scheme, using a large portion of new investments to pay returns to existing investors. The funds were also allegedly diverted to close associates and family members for personal use, including purchasing properties. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
Time of India
30 minutes ago
- Time of India
Rs 2,450cr revamp of Mumbai's iconic railway station hits piling hurdle
Mumbai: The ambitious Rs 2,450-crore redevelopment of Chhatrapati Shivaji Maharaj Terminus (CSMT) — Central Railway's showpiece station — is facing early engineering hurdles, with piling work progressing at a sluggish pace, drawing ire. Chairman and CEO of the Railway Board, Satish Kumar, recently reviewed the status of the project, which was tendered by the Railway Land Development Authority (RLDA). The redevelopment is being executed by Ahluwalia Contracts Limited, with the plan approved by Central Railway on Dec 19, 2022. Railway officials have expressed dissatisfaction over the delay, attributing it to the inability of contractors to deploy heavy piling rigs due to physical constraints at the site. Sources said that only 15 percent progress was achieved on the project as against the expected 50 percent. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Narrow platform widths and the presence of overhead electrical (OHE) wires are preventing the entry of large-sized piling rigs that could have expedited the foundation work. As a result, smaller machines are being used, but these are significantly slower. "Each pile up to 20 metres deep is taking nearly 4 to 5 days. That's much longer than what was estimated during the planning stage," said a senior railway official. According to officials, around 30 piles need to be laid, with each pile spaced at least 15 metres apart for a platform of roughly 600 metres in length. The original plan estimated four to five hours per pile with high-powered machines, but space constraints have stretched that to three to four days for each pile. Work on platforms 12 and 13 is complete, while piling on platforms 10 and 11 is currently in progress. The piling work is essential to lay the foundation for columns of the revamped station building and deck. Work is being carried out mostly during non-peak hours to avoid disruption to suburban and long-distance train services, but this restricted window is further slowing progress. The current pace of work has raised concern within the Railway Board as well. "We are reviewing the timeline and work methodology with the contractor. If the current situation persists, a revision of key milestones cannot be ruled out," said an official familiar with the matter. A senior railway officer also pointed out that both RLDA and Ahluwalia Contracts should have anticipated these engineering and site-specific constraints during the bidding process. "These are not unforeseen issues. The platform dimensions and OHE restrictions were known factors. It was expected that the bid would account for such practical challenges," the officer said. The redevelopment covers an expansive area of 4,61,534 square metres, including 2,79,507 square metres of new construction, 1,30,912 square metres for renovation, 37,703 square metres of open area adjacent to the terminus, and an additional 13,412 square metres for various constructions. Once complete, the revamped CSMT will feature multiple access points, facilitating seamless connectivity between suburban railways, the harbour line, long-distance trains, and commercial zones. These enhancements aim to decongest the station while preserving and elevating its heritage appeal. Stay updated with the latest local news from your city on Times of India (TOI). Check upcoming bank holidays , public holidays , and current gold rates and silver prices in your area. Get the latest lifestyle updates on Times of India, along with Raksha Bandhan wishes , messages and quotes !
New Indian Express
an hour ago
- New Indian Express
SBI to raise Rs 20,000 crore in debt capital this fiscal: Chairman Setty
MUMBAI: The nation's largest lender SBI, with a balance sheet north of Rs 67 trillion, will be hitting the debt capital market this fiscal to mop up Rs 20,000 crore bond sale, even though the bank has 'more than sufficient liquidity with which it can lend up to Rs 12 trillion'. Over the weekend, the bank reported a street-beating set of numbers with net income rising 12.5% on-year to Rs 19,160 crore in the June quarter, primarily driven by the gains from treasury operations and better asset quality. 'Last month the board had given us a go ahead for a Rs 20,000 crore debt raising. We will raise the money this fiscal even though there is no need for funds now or in the course of this fiscal as we have sufficient liquidity to lend an additional Rs 12 trillion in fresh loans. It may not be in one tranche as well,' chairman CS Setty told TNIE on the sidelines of announcing the June quarter earnings Friday. The bank expects lending to pick up once the uncertainty about the tariff war is resolved as corporates are holding back taking the money now. The bank has a project finance loan sanctioned, worth Rs 3.89 trillion, which is expected to be disbursed in the remaining period of the fiscal. Another component of the excess liquidity is the Rs 3.75 trillion in excess invested in government bonds under the SLR route, Setty said. The chairman said most of the proposed Rs 20,000 crore debt raising is replacement debt of additional tier 1 capital. This proposed fund raise would be through issuing Basel-III-compliant additional tier 1 and 2 bonds to domestic investors, the bank had said in mid July. It may be recalled that the bank had raised Rs 25,000 crore in a QIP issue making it the largest ever such fund raise through this route in the country. This would add around 30 bps to the core capital which was 11% as of March 2025, said Setty.
