Ircon International shares jump over 4% on bagging multiple contracts
Ircon International's shares saw a rise following the acquisition of contracts valued at Rs 755.78 crore. A joint venture with RVNL secured a project, with Ircon's share at Rs 529.04 crore. MMRDA awarded Ircon contracts for Mumbai Metro Lines 5 and 6. The company's Q4 net profit saw a slight decline.
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Business Standard
14 minutes ago
- Business Standard
Market drop in early trade; breadth positive
Domestic equity benchmarks opened with modest losses on Friday, weighed down by global trade concerns after the United States imposed steep tariffs on several key trade partners and reaffirmed a 25% import duty on Indian goods. The Nifty traded below the 24,700 level. Pharma, metal and IT shares corrected, while FMCG and media shares advanced. At 09:30 IST, the barometer index, the S&P BSE Sensex declined 263.46 points or 0.32% to 80,922.12. The Nifty 50 index lost 77.10 points or 0.28% to 24,691.25. In the broader market, the S&P BSE Mid-Cap index slipped 0.34% and the S&P BSE Small-Cap index shed 0.02%. The market breadth was positive. On the BSE 1,756 shares rose and 1,182 shares fell. A total of 134 shares were unchanged. Foreign portfolio investors (FPIs) sold shares worth Rs 5,588.91 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 6,372.71 crore in the Indian equity market on 31 July 2025, provisional data showed. Stocks in Spotlight: Swiggy slipped 3.23% after the company reported consolidated net loss of Rs 1,197 crore in Q1 FY26 compared with net loss of Rs 606 crore in Q1 FY25. Revenue from operations jumped 53.97% YoY to Rs 4,961 crore in Q1 June 2025. Restaurant Brands Asia advanced 2.97% after the companys consolidated net loss narrowed to Rs 419.38 crore in Q1 FY26 compared with net loss of Rs 493.60 crore in Q1 FY25. Revenue from operations increased 7.89% YoY to Rs 697.72 crore during the quarter ended 30th June 2025. Coal India rose 0.54%. The companys consolidated net profit declined 20.19% to Rs 8,734.17 crore in Q1 FY26 compared with Rs 10,943.55 crore in Q1 FY25. Revenue from operations fell 5.39% YoY to Rs 35,482.19 crore in Q1 FY26. Numbers to Track: The yield on India's 10-year benchmark federal paper rose 0.03% to 6.378 from the previous close of 6.376. In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 87.4950 compared with its close of 87.6550 during the previous trading session. MCX Gold futures for 5 August 2025 settlement shed 0.19% to Rs 97,900. The US Dollar Index (DXY), which tracks the greenback's value against a basket of currencies, was up 0.09% to 99.83. The United States 10-year bond yield gained 0.41% to 4.378. In the commodities market, Brent crude for August 2025 settlement added 13 cents or 0.18% to $71.83 a barrel. Global Markets: Asian markets traded lower on Friday after U.S. President Donald Trump announced sweeping new tariffs on American trading partners, citing trade imbalances and national security concerns. The decision, signed late Thursday, is set to go into effect on 7 August and covers a wide range of goods from 69 countries and the 27-member European Union. Countries facing the highest rates include Syria at 41 percent, Switzerland at 39 percent, Laos and Myanmar at 40 percent, Iraq and Serbia at 35 percent, and Libya and Algeria at 30 percent. Others like Taiwan, India, and Vietnam fall in the 20 to 25 percent range. The European Union reached a deal under which goods with existing duty rates above 15 percent are exempt, while others will see adjusted levies. For countries not listed, a default rate of 10 percent will apply. Meanwhile, Japans unemployment rate was unchanged at 2.5% in June, from the previous month, government data released Friday showed. There were 122 job openings for every 100 job seekers in June, lower than the 124 openings for every 100 job seekers in the previous month. Stocks on Wall Street closed lower on Thursday, with the S&P 500 posting its third consecutive losing session. The broad market index fell 0.37% to settle at 6,339.39, while the Nasdaq Composite edged down 0.03% to 21,122.45. The Dow Jones Industrial Average declined 330.30 points, or 0.74%, closing at 44,130.98.
Economic Times
14 minutes ago
- Economic Times
Salary of Mumbai cook, who spends just 30 minutes making meals per house, is more than what many corporate workers earn
iStock A Cook Earning More Than Corporate Employees? Mumbai Lawyer's Post Sparks Conversation A recent post by Mumbai-based lawyer Ayushi Doshi has drawn significant attention online after she shared details about her household cook's impressive earnings. According to Doshi, the cook, often referred to as a 'maharaj,' charges Rs 18,000 per household and spends no more than half an hour at each home. He manages to work in around 10 to 12 flats within the same residential complex every day. This efficient system not only saves him travel time but also ensures a consistent and substantial monthly to X, the lawyer wrote, "My Maharaj (Cook): Charges Rs 18k per house. Max 30 mins per house. 10–12 houses daily. Free food & free chai everywhere. Gets paid on time or leaves without a goodbye. Meanwhile, I'm out here saying 'gentle reminder' with trembling hands with minimum salary..." — AyushiiDoshiii (@AyushiiDoshiii) Speaking to the Hindustan Times , Doshi acknowledged that many people find the cook's rates surprising, but she emphasized that his cooking skills and speed justify the cost. Despite his short work duration per house, she believes the value he provides makes it worth the price. "Of course, not all cooks charge that much; many charge 10-12k as well. But if someone is really good, efficient, and has built a reputation, they can charge a premium. The cook I mentioned is known in our entire locality for almost 10 years, & the families trust him completely. Good cooks with solid reputations charge that much, and people are willing to pay because they deliver quality, consistency, and speed," she told HT. The cook's method of working exclusively in one apartment complex allows him to streamline his schedule while maximizing earnings. He receives free meals and tea at every home, gets paid on time, and chooses not to return to households that delay payment. With an established clientele in a single location, he doesn't waste time commuting across the city, a luxury many service professionals do not have. Doshi pointed out that the cook's reputation has grown over nearly a decade, earning the trust of multiple families in her further elaborated that while Rs 18,000 may sound excessive for two meals daily in one household, this rate is not uncommon in well-off neighborhoods of Mumbai. Doshi added that depending on their skills and popularity, other experienced cooks charge between Rs 10,000 and Rs 12,000. However, those who are well-known for their consistency, hygiene, and speed often command higher post sparked widespread discussion online. Some social media users were skeptical about whether a full meal could be prepared in just 30 minutes. One user, with years of personal cooking experience, expressed doubt that traditional Indian dishes could be completed in such a short span without assistance. Others drew comparisons to full-time domestic workers who handle multiple tasks—cooking, cleaning, laundry, and shopping—for lesser netizen shared that their housekeeper, who performs a variety of chores including cooking meals similar to those from a 4-star kitchen, earns Rs 25,000 per month as a full-time staff member. The contrast between that and Rs 18,000 for half an hour of cooking led some to joke about how LinkedIn influencers might now have competition from domestic clarified that her intention wasn't just to highlight the cook's earnings. Instead, she hoped to shed light on the deeper issue of how work-life balance and job satisfaction vary across professions. She observed that despite having multiple academic degrees, working long hours in high-stress corporate jobs, and sacrificing weekends, many white-collar employees struggle to earn as much as the cook. Even when they do, they often lack the flexibility and peace of mind that come with such freelance or skill-based jobs."The reason I made the post wasn't just to talk about his income. My point was something deeper… that today, even after getting multiple degrees, working long hours in a corporate job, handling work stress, meeting deadlines, being available on weekends, and barely getting time for yourself, many people still don't earn what he does," she told HT. She added that the real takeaway from her post is not a comparison between corporate and domestic work but a call to acknowledge how professional landscapes are shifting. With skilled labor becoming more valued, people in traditional desk jobs might need to reevaluate their definitions of success and dignity of labor. Doshi concluded by emphasizing the importance of respecting all professions, regardless of whether they involve a formal title or an office setting.
Economic Times
14 minutes ago
- Economic Times
Reliance Power, Reliance Infrastructure shares fall up to nearly 5% as ED summons Anil Ambani in Rs 17,000 cr loan fraud probe
Shares of Reliance Power and Reliance Infrastructure fell up to 4.9% on Friday after the Directorate of Enforcement (ED) summoned Anil Ambani, chairman and managing director of the Reliance Group, for questioning in connection with an alleged Rs 17,000-crore loan fraud case. ADVERTISEMENT Shares of Reliance Power dropped 4.16% to their day's low of Rs 50.65 on the BSE, while Reliance Infrastructure slid nearly 5% to an intraday low of Rs 312. Ambani has been directed to appear before the agency on August 5 at the ED's headquarters in the national capital. The summons comes amid an ongoing investigation into financial irregularities linked to companies within the Reliance Group. The ED's action follows a series of searches conducted last week at multiple premises associated with the group. According to officials aware of the matter, searches were carried out at 35 locations across Mumbai, encompassing 50 companies and 25 individuals. These actions were conducted under the provisions of the Prevention of Money Laundering Act (PMLA).The agency's investigation reportedly focuses on the suspected diversion of loan funds and other financial irregularities allegedly committed by companies associated with the Reliance Group. Previous ET reports indicate that the Rs 17,000-crore figure under investigation represents a cumulative assessment involving multiple transactions currently under the a parallel but related development, the Securities and Exchange Board of India (Sebi) has submitted the findings of its own probe to the ED, as well as to the National Financial Reporting Authority (NFRA) and the Insolvency and Bankruptcy Board of India (IBBI). ADVERTISEMENT Sebi's investigation pertains to an alleged diversion of Rs 10,000 crore by Reliance Infrastructure (R Infra) through a series of transactions with an engineering firm named CLE Pvt report alleged that R Infra transferred funds to CLE disguised as intercorporate deposits (ICDs) and other financial instruments such as investments and corporate guarantees. These transactions were allegedly conducted without the requisite shareholder or audit committee approvals, thereby violating disclosure norms and related-party transaction rules. ADVERTISEMENT According to the report, CLE was not initially disclosed as a related party by R Infra, which Sebi claims allowed the company to bypass corporate governance protocols. SEBI noted that the funds were later routed to other entities within the Reliance investigation covers a period between FY13 and FY23, during which R Infra reportedly had annual financial dealings with CLE amounting to 25–90% of CLE's total assets. As of March 31, 2022, total financial exposure by R Infra to CLE stood at Rs 8,302 crore. ADVERTISEMENT Additionally, the regulator highlighted that between FY17 and FY21, R Infra wrote off Rs 10,110 crore under provisions such as fair value adjustments and impairment these developments, the company allegedly continued to provide advances to CLE, even as it was aware of the firm's inability to service the loans. Sebi's report stated that R Infra made these advances in successive years, including after provisioning for doubtful debts. ADVERTISEMENT According to Sebi, evidence collected during the investigation indicates that CLE was functionally a related party of R Infra. Documentation cited by the regulator included submissions by CLE to Yes Bank, where it acknowledged Reliance Infra as a promoter. Internal records, such as audit committee meeting minutes, reportedly identified CLE as a 'group company.'Additionally, the regulator found that bank accounts operated by CLE bore email addresses using the '@ domain, which corresponds to the Reliance ADA Group. Statements from key managerial personnel (KMPs) recorded during the probe, along with the fact that several directors and executives of the Reliance Group held positions in CLE, were also cited as supporting evidence. A person close to the Reliance Group questioned the findings, according to ET reports, stating that Reliance Infrastructure had publicly disclosed the matter in February and that Sebi did not independently discover the issue. The person also said the company had an exposure of Rs 6,500 crore to CLE, and not Rs 10,000 crore as alleged. 'The allegation that the diverted amount is Rs 10,000 crore only serves to sensationalise the magnitude and is not based on facts,' the person said. It was further noted that the company had already initiated recovery proceedings through mandatory mediation and that a settlement had been reached to recover the entire Rs 6,500 crore exposure. The matter is currently pending before the Bombay High distribution companies in Odisha, part of the recovery process, are operational, and the recovery of dues is underway. Further, the funds in question are apparently 'fully recoverable.'Sebi's report stated that Anil Ambani, by virtue of his role as chairman of the Reliance Group (formerly known as the Reliance ADA Group), held over 40% shareholding in Reliance report noted that Ambani had significant control and influence over R Infra until March 2019. He continued to serve as non-executive chairman and director of the company until March 25, 2022. (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of The Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel)
