Rahul Gandhi Slams ‘Make in India', Says India Just Assembling, Not Manufacturing
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India Today
30 minutes ago
- India Today
Explained: What was the Malegaon blast case and why all accused were acquitted
In this edition of India Today Explains, the focus is on several major national and international stories. A special NIA court acquitted all seven accused, including Sadhvi Pragya Thakur and Lieutenant Colonel Prasad Purohit, in the 2008 Malegaon blast case after 17 years. The programme delves into US President Donald Trump's announcement of a 25% tariff on Indian goods, with Trump stating, "they have one of the highest tariffs in the world." The show also revisits the 2009 Sharm El Sheikh joint statement, a diplomatic chapter the BJP calls a blunder. Additionally, it provides an update on Nimisha Priya, the Kerala nurse facing a death sentence in Yemen, and the efforts to save her. Finally, the show examines the deepening humanitarian crisis and famine-like conditions in Gaza, where the death toll, particularly among children, is rising due to conflict and restricted aid access.
Fibre2Fashion
31 minutes ago
- Fibre2Fashion
India's PDS Ltd reports strong GMV growth, EBITDA down 31% in Q1 FY26
Indian apparel manufacturing company PDS Limited has announced its consolidated financial results for the first quarter (Q1) of fiscal 2026 (FY26), reporting a 14 per cent year-over-year (YoY) rise in revenue from operations to ₹2,999 crore (~$329.89 million). The company's gross merchandise value (GMV) surged 19 per cent quarter-over-quarter (QoQ) to ₹4,634 crore (~$509.74 million), reflecting strong demand across its global client base. The gross profit for the quarter reached ₹582 crore, up 7 per cent from the previous quarter. Despite the top-line growth, profitability saw a dip. EBITDA declined 31 per cent to ₹51 crore, while profit after tax (PAT) fell 36 per cent to ₹20 crore in Q1 FY26, compared to ₹31 crore in Q4 FY25. India's PDS Limited has reported a 14 per cent YoY rise in Q1 FY26 revenue to ₹2,999 crore (~$329.89 million), with GMV up 19 per cent QoQ. Despite growth, EBITDA fell 31 per cent and PAT declined 36 per cent. The company remains focused on operational efficiency and long-term growth, supported by an asset-light model, strategic restructuring, and promising cost optimisation measures. PDS continues to support global brands and retailers with product development, sourcing, manufacturing, and brand management services. The company remains focused on driving operational efficiencies and long-term strategic growth, even as it navigates profitability challenges in a dynamic global retail environment, it said in a press release. 'While Q1 FY26 reflects a dip in profitability owing to macroeconomic headwinds, we remain firmly on track to deliver on our long-term growth vision. PDS's asset-light, demand-responsive model continues to enable scalable solutions across key global markets. The recent India-UK FTA marks a pivotal step toward enhanced trade flows and deeper partnerships, especially given our strong presence in Europe and the UK,' said Pallak Seth, executive vice chairman at PDS Limited . 'At the same time, the US tariff landscape remains uncertain and requires stabilization to provide greater visibility. As the macro environment stabilizes and our verticals mature, we remain confident in achieving our vision.' 'PDS is undergoing a transformation for building a leaner, more agile organisation focused on long-term value creation. Our cost optimisation programmes are already showing promising early signals, reinforcing our commitment to operational excellence and profitability,' said Sanjay Jain, group CEO . 'We have consolidated teams and enhanced execution agility across the platform. As we streamline underperforming verticals and reallocate capital toward high-potential areas, we remain committed to our guidance. With strong fundamentals, disciplined execution and improved cost structure, we are well positioned for sustained, future-ready growth.' Fibre2Fashion News Desk (SG)
Time of India
an hour ago
- Time of India
Jane Street under I-T scanner in India; probe hits roadblock over non-cooperation
The Income Tax Department 's ongoing verification proceedings against US proprietary trading firm Jane Street have hit a hurdle, with the company allegedly refusing to cooperate with investigators, officials familiar with the matter said. The tax department had sought access to data and servers used by Jane Street, but the firm refused to cooperate claiming that the servers were located outside India, these officials told ET. Explore courses from Top Institutes in Please select course: Select a Course Category Healthcare Technology Cybersecurity Degree Project Management Leadership Management Data Science Design Thinking others Digital Marketing MCA Operations Management Product Management Data Analytics CXO healthcare Others Data Science Artificial Intelligence PGDM Finance Public Policy MBA Skills you'll gain: Financial Analysis in Healthcare Financial Management & Investing Strategic Management in Healthcare Process Design & Analysis Duration: 12 Weeks Indian School of Business Certificate Program in Healthcare Management Starts on Jun 13, 2024 Get Details "Their servers are located offshore, and access is being denied. The books of accounts are also maintained outside India, despite legal requirements under Indian company law to maintain them domestically," said a senior tax official, requesting anonymity. "The company has only skeleton staff in India, and they too have not been cooperating," the official added. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Georgetown: Unsold Furniture Liquidation 2024 (Prices May Surprise You) Unsold Furniture | Search Ads Learn More Undo Jane Street did not respond to an email seeking comment till press time Friday. Given the lack of cooperation, the department on Thursday carried out a survey action at the Mumbai offices of Nuvama Wealth Management , which is Jane Street's on-ground trading partner in India. "Certain documents and electronic evidence have been seized and are being examined," a senior official said. Live Events In a filing with stock exchanges, Nuvama confirmed the department's survey and said it is "extending full co-operation with the authorities". The income tax department is also examining possible violations of the General Anti-Avoidance Rules (GAAR) and permanent establishment regulations by the company. Under GAAR, the tax department can disregard any arrangement lacking "commercial substance" or structured primarily to avoid tax. It is also probing whether the firm has created a fixed place of business in India, which gives rise to tax liabilities. This development comes in the wake of the regulatory scrutiny of the company's operations in India. The Securities and Exchange Board of India on July 3 barred Jane Street from accessing capital markets, alleging that it made illegal gains of Rs 4,843.5 crore by manipulating trades in Bank Nifty and Nifty Index Options. The regulator also directed it to deposit the gains into an interest-bearing escrow account. Sebi lifted the trading ban on July 21 after Jane Street deposited Rs 4,840 crore in an escrow account while clarifying that this action would not affect or limit its legal rights or remedies. The regulator allowed the firm to resume trading, but under close monitoring. According to Sebi, its investigation found that while Jane Street's Indian entity executed intraday trades in the cash segment, its offshore arms-particularly in Singapore and Hong Kong-booked large profits through index options. Jane Street has denied allegations of market manipulation.
