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The Wire
29-05-2025
- Business
- The Wire
Profit and Sales Growth Slow Down as Compared to Last Year Amid Rising Cost and Trade Uncertainties
Menu हिंदी తెలుగు اردو Home Politics Economy World Security Law Science Society Culture Editor's Pick Opinion Support independent journalism. Donate Now Economy Profit and Sales Growth Slow Down as Compared to Last Year Amid Rising Cost and Trade Uncertainties The Wire Staff 7 minutes ago For the same time period in the previous year, the sales of these companies had registered a growth of 9.2 per cent which decreased to 5.7 per cent in Q4 FY24. Representative image. Photo: Ken Teegardin/Flickr (CC BY-SA 2.0) Real journalism holds power accountable Since 2015, The Wire has done just that. But we can continue only with your support. Contribute now New Delhi: Both profit and sales growth have slowed down as the country's corporate sector witnessed a subdued performance in the quarter ended March 2025. An analysis conducted by the Bank of Baroda of 1,787 companies listed on the stock exchange revealed that while last year, profit after tax (PAT) of these companies had grown by 12.6 per cent, the same figure for Q4 FY25 came down to 9.2 per cent. In absolute terms, their net profit was at Rs 3.43 lakh crore in the previous fiscal year, as against Rs 3.13 lakh crore attained in the quarter ended March 31, 2024, reported Indian Express. Similarly, for the same time period in the previous year, the sales of these companies had registered a growth of 9.2 per cent which decreased to 5.7 per cent in Q4 FY24. While the weak macroeconomic conditions have impacted demand and resulted in a slowdown in sales growth, companies have also struggled to maintain profitability amidst rising costs and trade uncertainties. IIP growth rate at eight month low Meanwhile, the Ministry of Statistics has released Quick Estimate of Index of Industrial Production (IIP) data, which suggests that IIP growth rate, which was 3 per cent in March this year, has come down to 2.7 per cent. The growth rates of three sectors including mining, manufacturing and electricity for the month of April 2025 are 0.2 per cent, 3.4 per cent and 1.1 per cent, respectively, reported Business Standard. The present figure marks the lowest growth in the IIP in eight months. The corresponding growth rates of IIP as per Use-based classification in April 2025 as compared with April 2024 are 0.4 per cent in primary goods, 20.3 per cent in capital goods, 4.1 per cent in intermediate goods, 4.0 per cent in infrastructure/ construction Goods, 6.4 per cent in consumer durables and -1.7 per cent in consumer non-durables. Make a contribution to Independent Journalism Related News Has India Really Become the World's Fourth-Largest Economy? Is RBI's New Plan for Bad Loans Just Another Quick Fix? Organisation of Indian Origin People in the US Objects to Proposed Tax on Immigrants' Remittance India's Net Foreign Direct Investment Plummets by 96.5% to Reach Record Low Sharp Rise in Loan Write-Offs This Fiscal 'Gujarat Samachar' Co-Owner Bahubali Shah's Arrest and Bail: Here's What Happened Why Kashmir Remains the Most Militarised Mirror of Postcolonial Failure Union Bank of India Under Scrutiny for Spending Rs 7.25 Crore Buying K.V. Subramanian's Book Missing Police in Pahalgam: Who is Responsible for this Biggest Breach of Public Security? About Us Contact Us Support Us © Copyright. All Rights Reserved.
Scroll.in
18-05-2025
- Business
- Scroll.in
Gujarat Samachar: A newspaper with a long history of criticising Modi is now under siege
This week's raids by the Income Tax Department and the Enforcement Directorate on the offices of Gujarat Samachar, a leading Gujarati daily, along with the arrest of co-owner Bahubali Shah, have once again raised serious doubts about the government's motives. It is no secret that this administration has little tolerance for dissent. The prime minister's occasional nods to freedom of expression do little to change that reality. The raids and Shah's arrest on Thursday (he was granted interim bail on medical grounds the next day) are said to be related to an old case. In an ideal situation, such matters would be judged solely on their merit. But considering how often this government has turned investigative agencies into political instruments, one cannot help but wonder if other factors are at play – especially Gujarat Samachar 's longstanding criticism of Modi, despite its recent mellowing. A legacy in print Gujarat Samachar began its journey in 1932 as an extension of the Gujarati weekly Prajabandhu, which had been launched by the Thakore family. By 1940, it had been transformed into a public limited company, Lok Prakashan Limited. With a nationalist spirit and big dreams, the owners bought land and erected a state-of-the-art building. It included one of the few elevators in Ahmedabad in 1950. The new building was officially opened by Devdas Gandhi, Mahatma Gandhi's son and an editor of the Hindustan Times. However, financial overreach forced the Thakore family to relinquish control of the publication. · By 1952, Shantilal Shah, who regularly visited the Gujarat Samachar office as the owner of an advertising agency, had gathered resources and gained gradual control of the company. Former owner Indravadan Thakore relocated to Bangalore, where he took up a managerial role at the Deccan Herald. For a time, Gujarat Samachar was packaged along with the company's celebrated children's weekly, Zagmag, famous for the captivating stories of writer Jivram Joshi. Among his most beloved series in Zagmag was 'Miya Fusaki', a tale highlighting the friendship between the boastful yet impoverished Miya Fusaki and his Brahmin companion, Tabha Bhatt. This portrayal of friendship carries a sharp irony when viewed against the backdrop of Gujarat Samachar's coverage during the 2002 Gujarat violence, which a report of a fact finding mission of the Editors Guild of India described as 'provocative [and] irresponsible'. A media powerhouse Until 1962, Gujarat Samachar upheld a tradition of journalist-editors, a legacy that came to an end when its last editor, Kapilray Mehta, stopped attending the office due to his advancing age. After his departure, owner Shantilal Shah took over the editorial responsibilities, according to the book Aath Columnni Aalam, edited by Bela Thakar. He later brought his sons, Shreyans Shah and Bahubali Shah, into the fold. Shreyans Shah's wife, Smriti – who died in April after a prolonged illness – also became actively involved in business operations. Regarded as an urban, elite publication, Gujarat Samachar stood in sharp contrast to its rival, Sandesh, which had a strong foothold in rural Gujarat. The two dominated Gujarati journalism, steering its course in ways that were often contentious. Neither could be credited with upholding the highest standards of journalistic integrity. Yet, under Shreyans Shah's editorial leadership, Gujarat Samachar adopted an anti-establishment stance as a business strategy, using tactics that were sometimes fair, sometimes, claimed its critics, not. With its influence extending across Gujarat, the newspaper was more than a news outlet; it was a force in the state's political arena. Careers could be made or undone by its editorial choices, and readers relished the paper's gladiatorial battles – while rivals watched, envious. It was the paper of Ellis Bridge and Paldi, the upscale enclaves of old Ahmedabad, where competitors schemed relentlessly to crack its stronghold. The impact and legacy of Gujarat Samachar have been deeply shaped by Shreyans Shah's sharp instincts – his exceptional ability to weave together journalism, business interests, and public sentiment with remarkable finesse. He stands out as one of the sharpest Gujarati editors I have known and worked with. During my eight-year stint as a staff columnist (2008-2015), I witnessed Shreyans Shah's journalistic acumen firsthand. He personally reviewed news stories, suggested additions and even called sources at night for additional details. His headlines were sharp and direct, never indulging in wordplay for its own sake – often leaving rivals unsettled. During the 1985 Gujarat riots, the Gujarat Samachar office was set on fire, reportedly due to Chief Minister Madhavsinh Solanki's growing frustration with the paper's relentless criticism – some justified, others veering into personal attacks on the Congress leader. It was a devastating setback, forcing publication to halt for about a week. Yet, true to its spirit, the paper emerged stronger than ever. Prime Minister Rajiv Gandhi visited its office during his trip to Gujarat. Generous financial compensation was ensured and the newspaper reestablished as an even more formidable force. The Modi conundrum The relentless criticism of Chief Minister Keshubhai Patel of the Bharatiya Janata Party in the state's newspapers – including the Gujarat Samachar – after the 2001 earthquake created the perfect political storm that enabled Narendra Modi to secure Gujarat's top job. However, his relationship with Gujarat Samachar quickly soured and never truly recovered. While Modi's popularity surged, the paper remained defiant, refusing to tone down its criticism – even poking fun at him at times. His consecutive electoral victories did little to deter its editorial stance. At one point, the renowned Ram Kathakar, Morari Bapu, attempted to broker peace between the mukhya mantri (chief minister) and the mukhya tantri (the chief editor). But the truce was short-lived. Gujarat Samachar would occasionally align with the government's messaging, especially during Vibrant Gujarat summits, publishing supportive banner headlines. Yet, it always found ways to maintain its anti-establishment stance. The Shah brothers, Shreyans Shah and Bahubali Shah, have had their share of runs-ins with the law. Their business and journalistic practices resist simplistic categorisation; their methods reflect shades of both ambition and controversy. Given their past friction with political power, many expected eventual retaliation. For more than two decades, no substantial action was taken – until now. The pressing question is: why has the crackdown finally begun? Speculation abounds. One widely circulated assumption suggests that Gujarat Samachar is being lined up for a takeover by a mega corporation, mirroring the NDTV acquisition – an attempt to silence a longtime critic, even one whose sharp edges have dulled over time. Others believe the government is genuinely pursuing misdeeds under the guise of justice, but with a streak of political vengeance. The Shah brothers, well into their 70s, are navigating challenging times – resisting with resolve and wrapping their resistance in the rhetoric of defending free speech.
Time of India
16-05-2025
- Politics
- Time of India
Gujarat Samachar director held by ED, granted bail till May 31
AHMEDABAD: A day after his arrest by on money laundering charges in a 2023 complaint, Bahubali Shah , 73, director of Gujarat Samachar Ltd and Lok Prakashan Ltd, was granted interim bail until May 31 by a special PMLA court on Friday on health grounds . Tired of too many ads? go ad free now After ED sleuths brought Shah to VS Hospital for a medical examination after his arrest on Thursday evening, his health condition deteriorated. Shah was immediately admitted to the ICU of a private hospital on SG Highway where he remains under treatment. Shah's arrest by ED was preceded by an extensive search and survey carried out on 40-odd residential and business premises in Ahmedabad associated with Gujarat Samachar daily and other business entities mainly in the real estate sector . Appearing on behalf of Shah, senior counsel Devang Vyas filed a regular bail application before the court mainly on health grounds. He assured the court of Shah's full cooperation in the investigation once his health improved. The ED did not object to the grant of bail for a brief period considering his health condition. However, the agency reserved its right to reply to the regular bail plea later. Special PMLA judge K S Sojitra granted interim bail to Shah on furnishing surety and a personal bond of Rs 10,000. The court has ordered the accused to update the IO about his health condition every alternate day. The court has directed that he should not attempt to hamper or tamper with the case. Shah has also been ordered to extend full cooperation to the investigating agency subject to his health condition. The court has posted further hearing on the regular bail plea on May 31. Opposition Congress on Friday flayed the ED's action against Shah. Tired of too many ads? go ad free now said in a post on X that the attempt to silence Gujarat Samachar 'is another conspiracy to suppress the voice not just of one newspaper but of the entire democracy'. He added, 'The country will neither be run by sticks nor by fear — India will be run by truth and the Constitution.'
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Business Standard
16-05-2025
- Politics
- Business Standard
Day after arrest, Gujarat Samachar owner gets bail on health grounds
A sessions court in Ahmedabad on Friday granted 15-day interim bail to Bahubali Shah, one of the owners of leading Gujarati newspaper 'Gujarat Samachar', on health grounds. The Enforcement Directorate had arrested Shah a day before following raids at the newspaper's premises. Principal District and Sessions Judge K M Sojitra ordered Shah's release on bail till May 31 on furnishing surety and personal bond of Rs 10,000. The investigating official must be apprised of his health status every alternate day and Shah must cooperate with the agency, the court said. Shah had approached the court seeking bail on the grounds of "serious medical/health condition". Media bodies expressed concern over the arrest of Gujarat Samachar owner Bahubali Shah by the Enforcement Directorate. The Press Club of India, Indian Women's Press Corps, Press Association, Delhi Union of Journalists, Kerala Union of Working Journalists, and Working News Cameramen's Association said the ED action "reflects a troubling assault on press freedom and democratic values that uphold the right to free expression in India." They said the arrest of Shah raises questions about the misuse of state machinery to muzzle media houses and suppress dissenting voices. "We also call for the immediate release of the owner unless credible evidence is presented in a transparent manner," the media bodies said in a joint statement.
The Print
16-05-2025
- Business
- The Print
ED arrests Gujarat Samachar MD for ‘money laundering'. ‘Targeted for fearless critique of BJP govt'—Oppn
Sources aware of the development said that the case stems from proceedings before the Securities and Exchange Board of India (SEBI), initiated in 2016, related to the misuse of funds for initial public offerings of firms. Bahubali Shah, the elder son of Shantilalbhai Shah, the newspaper's founding editor, was taken into custody in Ahmedabad by the investigating officer as part of a probe into an Enforcement Complaint Information Report (ECIR) registered in 2023. New Delhi: The Enforcement Directorate (ED) Thursday arrested Bahubali Shantilal Shah, the managing director of Ahmedabad-based Lok Prakashan Limited, which publishes the leading Gujarat daily, Gujarat Samachar. After his arrest, he was taken for a medical examination to an Ahmedabad hospital. However, he was then taken to a private hospital on his insistence, citing health conditions. Sources in the agency said it was likely he would immediately move a bail application based on medical grounds. In 2012, Bahubali Shah and his brother, Gujarat Samachar Editor-in-Chief Shreyansh Shah, along with other family members, settled a similar case initiated by the SEBI without accepting or denying the charges. Ahead of his arrest, the ED Thursday also conducted searches at premises linked to Lok Prakashan. This also comes a day after the Income Tax (I-T) department initiated searches across 50 premises linked to the firm and its business associates in Mumbai, Vadodara and Ahmedabad. However, sources aware of the development said that the proceedings of the I-T department and the Enforcement Directorate are 'independent' of each other. 'The IT searches are in connection with a recently initiated tax evasion case,' an official aware of the development said. Hours after Bahubali Shah was taken into custody, senior Congress leaders attacked the Narendra Modi-led central government, alleging his arrest was an attempt to silence independent media in the country. Reacting to Shah's arrest, the Leader of Opposition in Lok Sabha, Rahul Gandhi said it was another conspiracy to suppress the voice in democracy. 'The attempt to silence Gujarat Samachar is another conspiracy to suppress the voice of not just one newspaper but the entire democracy. When newspapers that hold power accountable are locked, then understand that democracy is in danger,' he said on X. 'The arrest of Bahubali Shah is a part of the same politics of fear that has now become the identity of the Modi government. The country will not be run by sticks or fear – India will be run by truth and the Constitution.' In another post on X, Congress's general secretary (organisation) K.C. Venugopal said, 'The Gujarat Samachar is fearless in its critique of the Modi-led BJP regime. The ED arrest of owner Bahubali Shah is the BJP's way of making independent media bend and toe the regime's line,' . He called it a 'blatant misuse of investigative agencies' and said it was 'against the spirit of the Constitution'. Jignesh Mevani, the Congress MLA from Gujarat's Vadgam assembly constituency, also attacked the Union government for Bahubali Shah's arrest. 'The ED today arrested the owner of Gujarat's biggest newspaper 'Gujarat Samachar', Tantri Bahubali Shah, which is extremely shameful! We stand with Gujarat Samachar! This act has been done with the intention of taking revenge for the way this newspaper has criticized Modi and Shah's policies for the last 25 years,' Mevani said on X Thursday. The official account of Gujarat Samachar was withheld earlier this month. The reason behind this was not immediately clear. Settled similar case in 2012 In the 2006 case, the Shah family was allegedly involved in the irregular trading in multiple IPOs, including Infrastructure Development Finance Company (IDFC) Ltd and Infrastructure Leasing & Financial Services (IL&FS), between 2003 to 2005. SEBI's investigation prima facie had revealed that Bahubali Shah, Shreyansh Shah and Shreyansh's wife, Smruti Shah, had financed operators to pocket shares reserved for retail investors in the IPOs of IDFC and IL&FS. Based on the investigation, the SEBI had, in January 2006, ordered them not to carry out any transactions in IDFC or any other IPO, directly or indirectly. Without denying or confirming the allegations against them, the family proposed a settlement, which was accepted by SEBI. In 2012, the family settled the case by paying up Rs 1.34 crore as settlement charges and Rs 1.92 crore as a return of the ill-gotten gains. Bahubali Shah paid up Rs 42.74 lakh to settle the case against him. (Edited by Sanya Mathur) Also Read: How ED uses publicly available info to identify money laundering, tactic behind 50% PMLA cases in 5 yrs
