Latest news with #Khemka
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Business Standard
4 days ago
- Business
- Business Standard
Bank and IT stocks drag Sensex, Nifty; worst weekly loss in six months
Domestic equities fell over half a per cent on Friday, weighed down by declines in banking and IT stocks after they missed their earnings estimates. The losses capped a third straight weekly loss for the benchmark indices, marking their longest weekly losing streak in six months. The Sensex ended the session at 81,758, down by 502 points, or 0.6 per cent, while the Nifty 50 index closed at 24,968, with a drop of 143 points, or 0.6 per cent. Private banks contributed the most to the declines. Top-weight HDFC Bank, which declined by 1.5 per cent, was the biggest contributor to the Sensex decline, followed by Axis Bank, which fell 5.2 per cent. Axis Bank was also the worst-performing Sensex and Nifty stock. The private lender's stock took a beating after it reported weak earnings, driven by significantly higher slippages. The bank reported a 4 per cent year-on-year (YoY) decline in net profit to Rs 5,806 crore for the April–June quarter of FY26 (Q1FY26). The bank's loan and deposit growth were muted in the June quarter, raising concerns about its growth prospects. "The early trend in Q1 results has been muted, with management commentary reflecting caution amid global uncertainty, which is weighing on market sentiment. Additionally, the prolonged wait for the India–US trade deal, ahead of the looming August 1 tariff deadline, is keeping investors on the sidelines," said Siddhartha Khemka, head of research, wealth management, Motilal Oswal Financial Services. Khemka added that going forward, the banking sector would continue to be in focus with Q1 results from heavyweights HDFC Bank and ICICI Bank, scheduled for release over the weekend. "Overall, we expect the market to remain in consolidation mode amid continued global trade uncertainty and a subdued start to the Q1FY26 earnings season," said Khemka. Going forward, the earnings season and the progress of the trade deal with the US will determine the market trajectory. "Markets will react to the earnings of the three heavyweights—Reliance, HDFC Bank, and ICICI Bank—in early trade on Monday, which will likely set the tone for the session. On the index front, a decisive break below 24,900 in Nifty could lead to further pressure, while any rebound may face resistance near the 20-day EMA zone around 25,200," said Ajit Mishra, SVP-Research at Religare Broking. The market breadth was weak, with 2,440 stocks declining and 1,622 advancing. Foreign portfolio investors were net buyers worth Rs 375 crore, and domestic institutions bought shares worth Rs 2,103 crore.
India Today
4 days ago
- Business
- India Today
Why ED has filed chargesheet against Robert Vadra now
Robert Vadra has always been a figure of fascination. Not quite a politician, not quite a recluse either, he has floated somewhere between family man and political liability, the outlier who entered India's most powerful political dynasty through Vadra's long and complicated tryst with investigative agencies has taken a serious turn. On July 17, the Enforcement Directorate (ED) filed a chargesheet against him in the Shikohpur land deal case, marking the first time any central agency has formally accused him in a criminal is no stranger to headlines. From the early days of the Congress-led UPA (United Progressive Alliance) rule (2004-14), his real-estate dealings have drawn scrutiny, innuendo and intense political theatre. But a chargesheet is a step up. It transforms the theatre into legal procedure, and speculation into alleged what exactly is this case about, and why now? At the centre of it all lies a 3.53-acre plot in Shikohpur village, Sector 83, Gurugram, Haryana. In February 2008, when Bhupinder Singh Hooda was the state's chief minister, Vadra's company, Sky Light Hospitality, launched just a year ago, purchased the land in Shikohpur village for Rs 7.5 crore from Onkareshwar Properties. The company, incidentally, had only Rs 1 lakh in its bank account at the time. The ED's chargesheet alleges that not only was the cheque issued from another Vadra-linked firm, Skylight Realty, it was never even presented to the land was allegedly mutated in Sky Light Hospitality's favour the very next day, a process that typically takes three months. And within four days of applying for a commercial licence, the Haryana government gave approval. By June 2008, DLF had agreed to buy the same plot for Rs 58 crore. Thus, in just four months, the land's value had appreciated by nearly 700 per Khemka factorIn October 2012, Ashok Khemka, Haryana's famously upright IAS officer, cancelled the land mutation, branding the transaction as a violation of the State Consolidation Act and other procedures. Khemka's action transformed a murky property transaction into a political scandal that Narendra Modi and the BJP weaponised during the 2014 Lok Sabha election campaign, targeting the Congress for its alleged culture of 2018, a full decade after the deal, a first information report (FIR) was filed. It named not just Vadra but also Hooda, DLF and others. The ED's money-laundering case is based on this FIR. The agency now claims the transaction was a textbook case of laundering: undervaluation, forged documentation, political influence and proceeds that cannot be instance, the ED claims that Vadra's firms lacked the financial capacity to purchase the land in the first place. Besides, Omkareshwar Properties, the seller, paid the stamp duty of Rs 45 lakh. Six months later, Sky Light Hospitality paid Omkareshwar Properties Rs 15.38 crore, double the sale deed amount, suggesting what the ED calls 'undervaluation of property' to evade stamp defenceVadra's response has been consistent: this is political vendetta. His office's statement maintains he is a 'law-abiding Indian citizen' who will be 'cleared of any wrongdoing'. He has positioned himself as a victim of the BJP's campaign against the Gandhi family, noting that whenever he or Rahul Gandhi speak against the government, these cases has a point, or at least, a talking point. The case has always appeared politically convenient for the BJP. Vadra's name routinely features in campaign speeches and television debates, often as shorthand for the alleged 'Congress culture' of entitlement and privilege. Vadra has long claimed that he is the soft underbelly through which the BJP seeks to punch wife Priyanka Gandhi is an asset for the Congress—charismatic, combative and often more direct than her brother Rahul. For years, she ensured that the Congress distanced itself from Vadra's legal troubles. Even when the Sky Light Hospitality controversy erupted in 2012, the party offered only muted support. The reason was simple: defending Vadra meant owning his baggage. And for a party already reeling from corruption allegations, the optics were Priyanka always stood by her husband symbolically. She accompanied him to ED offices. She was seen beside him in campaign rallies. But for all the public displays of unity, such as Vadra campaigning in Raebareli or appearing during Rahul's election nominations, he has never been fully embraced by the Congress machinery. And now, with a formal chargesheet against him, Vadra remains what he has long been for the party: its Achilles heel, only more implicationsWith Sonia and Rahul already tangled in the National Herald case, Vadra's troubles round out a triumvirate of tainted Gandhis. Every time Priyanka goes for the jugular, the BJP flashes Vadra like a shield. And in the world of perception, that's often timing, of course, is not incidental. With the monsoon session of Parliament set to begin on July 21, and Opposition parties gearing up to corner the government on a range of issues, including India's global standing after Operation Sindoor, the Vadra case chargesheet gives the BJP a readymade diversion and potent weapon. As the Congress prepares to go on the offensive, the ruling party now holds a fresh arrow in its quiver: as Priyanka is expected to assert herself in Parliament, showing a level of aggression and resolve that many Congress insiders say even surpasses Rahul, the ED has formalised longstanding allegations against her husband. The irony is hard to miss: the same property deals that allegedly brought Vadra immense financial gain during the Congress years now threaten to derail Priyanka's political court is yet to take cognisance of the chargesheet. Meanwhile, Vadra is also under ED scrutiny in two other cases: a controversial land deal in Bikaner and alleged benami London properties linked to arms dealer Sanjay this marks a new chapter. Politically, it's dj vu. But the larger question is this: will this case go the way of most high-profile investigations—loud headlines, long delays and a quiet fadeout? Or will it see a transparent legal end?Subscribe to India Today Magazine- Ends
News18
5 days ago
- Business
- News18
No Facebook, No Outings: Jharkhand CA Topper Gaurav Khemka's 9-Hour Study Routine
Last Updated: A month before the exam, Gaurav studied 12–13 hours daily, barely stepped out for weeks, and met friends just once a month, cutting off all distractions to stay focused The Institute of Chartered Accountants of India (ICAI), New Delhi, has announced the results of the CA Final, Intermediate, and Foundation exams held in May 2025. Among the achievers, Ranchi's Gaurav Khemka made his city proud by securing All India Rank (AIR) 42 in the CA Final and emerging as the Jharkhand state topper. Khemka's success is a testament to his dedication and discipline, as he followed a rigorous study routine of 8 to 9 hours daily. Speaking to Local18, he shared how consistency and focus were key to overcoming the challenges of the demanding exam journey. 'The journey wasn't easy. I studied consistently every single day without taking a break. At times it felt monotonous, but I never lost sight of my goal and stayed focused throughout," Khemka said speaking to Local18. One month before the exams, he increased his study time to 12 to 13 hours a day. During this period, he rarely stepped outside his home, sometimes not leaving for 4 to 5 weeks. Social interactions were minimised, meeting friends only once a month. 'Apart from studying, I avoided outside junk food and ate only light, home-cooked meals. This helped me stay focused and reduced drowsiness while studying," he added. Khemka credits his family for their unwavering support, particularly his grandfather, father, mother, and elder brother. 'My elder brother secured All India Rank 8 in CA about 10 years ago. He guided me throughout—advising me on how to study, what to do, and what to avoid," he shared. A crucial part of his preparation involved thoroughly analysing and solving previous years' question papers. 'During my preparation, I thoroughly analysed and solved previous years' question papers. I identified my weak areas and worked on correcting my mistakes. Regular mock tests and revisions were a constant part of my routine," Khemka said. Khemka's interest in becoming a CA was sparked by his grandfather's advice, and as he delved into the studies, his passion grew. Reflecting on his academic journey, he revealed, 'I completed my education up to class 10 at Bridgeford School, then attended DPS for class 12, and graduated from St. Xavier's College, Kolkata, before starting my CA preparations." Interestingly, Khemka has not used Facebook, Instagram, or WhatsApp for the past four years, except for essential communications on WhatsApp. 'I've stayed off Facebook, Instagram, and WhatsApp for the past four years. I only used WhatsApp when absolutely necessary. I completely distanced myself from social media because I believe it can be a major distraction when you're working towards your goals," he shared. view comments First Published: July 07, 2025, 13:24 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
The Hindu
7 days ago
- Politics
- The Hindu
SHO suspended for dereliction of duty in connection with Gopal Khemka's murder
The Bihar Police on Wednesday (July 16, 2025) suspended a station house officer (SHO) for dereliction of duty in connection with the murder of Patna-based industrialist Gopal Khemka. The order of suspension of Gandhi Maidan Police Station SHO Rajesh Kumar was issued by Central Range (Patna) Inspector General (IG) Jitendra Rana, an officer said. "Gandhi Maidan PS SHO was suspended for dereliction of duty in connection with the murder of industrialist Gopal Khemka," Patna SSP Kartikeya K Sharma told PTI. There are other cases in which the SHO's investigation was found unsatisfactory, the SSP said. Khemka was shot dead outside his residence in Patna by a motorcycle-borne assailant at 11.40 pm on July 4, seven years after miscreants had gunned down his son in Hajipur. The incident had taken place near the gate of Khemka's house in the Gandhi Maidan locality as he was about to alight from his car. Later, the police arrested two persons, including the gunman, in connection with the incident. Khemka was reportedly associated with the BJP.
Time of India
14-07-2025
- Business
- Time of India
Aditya Khemka on US tariff threat over pharma and what to bet on there
Aditya Khemka , Fund Manager, InCred Asset Management , says a possible 200% tariff looms over pharma exports to the US though investors are currently not reacting to the proposed tariff. Pharma companies exporting to the US may face earnings downside. InCred Asset Management avoids US-facing generic companies which may face earnings challenges in the next two years. On the other hand, Khemka likes domestic pharma companies with strong brands are experiencing double-digit growth and are using their cash flow wisely to create more inorganic growth opportunities for themselves. He also likes asset-light hospital companies What is your take on Divi's Lab because for today, the stock is in focus on the back of the setback coming in from Novartis and of late, we have seen the stock reacting sharply to that. But it is one of those strong candidates that even after negative news flows continues to trend higher. How does this news impact the earnings and the outlook for the company? Aditya Khemka: Entresto is a very key product for Divi's, and will be a substantial part of their earnings. Once Entresto goes generic, some of those earnings will evaporate. But let us not forget Divi's has done a substantial amount of capex over the last four-five years and that capex probably still has some steam left in terms of monetisation. As and when the incremental capex gets monetised, the earning growth might still not be a challenge for Divi's. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 장현성이 선택한 '인권팔찌', 이유가 있어요 국제앰네스티 지금 받기 Undo Having said that, from a valuation standpoint, we are very cautious on stocks like Divi's where valuations are overstretched compared to their historical averages. These stocks are trading 40-50% higher than their historical average valuation multiples and we will continue to sit out this one. For us the downside seems to be higher than the upside and hence we are not owning the company. Let us move away from the Divi's news flow for a bit right now and talk about the tariff implication on the entire pharma space. There's a 200% tariff possibility even though it is over the next 12 to 18 months. So, how feasible or how realistic is this 200% because it seems too high for tariffs on the entire pharma space? Secondly, what kind of impact do you think it could have on the overall sentiment in the pharma space? Aditya Khemka: Earlier it was 25% and then it is 200%, I do not think investors at this point are paying any heed to the tariff percentage that the Trump administration is talking about. It remains to be seen if they will at all have any kind of tariffs on the pharmaceutical space. These may be more of an arm-twisting tactic and the Street sees it as a sort of an arm twisting tactic and realistically they may not end up imposing any kind of tariffs. Having said that, if you look at the pharma companies that export to the US, even if some tariff is imposed, then there is a significant downside to the earnings of these pharma companies and that means higher risks for an investor in the space. We at InCred Asset Management, do not hold any US generic companies or companies that sell to US markets substantially and hence our portfolio is relatively immune to this kind of a situation. Live Events You Might Also Like: Markets in pause mode as tariff uncertainty lingers: Sudip Bandyopadhyay But yes, I agree that earnings are at risk. We do not know what percentage tariffs can come out. It can be 20%, it can be 200%, it can be zero for all we know. But the risk in these stocks have definitely gone up. I have not seen the reward going up. What are your earning projections because in the last quarter, we have not seen the companies performing that well. There are concerns over the lower contribution from g-Revlimid. The pricing is not that supportive even for the Indian markets. The data suggest that we are still in that low single-digit growth number. What is your own sense with respect to the earnings and what factors could be at play? Aditya Khemka: For the US generic stocks, earnings for the next two years will be a challenge. Many of these companies have got g-Revlimid, others have got other interesting products that they have launched over the last two years and these products will get incremental competition in 2026 or 2027. Hence, earning growth for the majority of these stocks will be a challenge. We are looking at single-digit CAGR numbers in terms of earnings from here and hence the valuation multiples that these stocks trade do not justify that kind of an earnings growth and we will definitely see some downside in these stocks if the earnings growth is in single digits. On the broader US generic space, we are very cautious and pessimistic on the outlook. In the domestic pharma space though average growth is in single digit, the good pharma companies, the pharma companies with good brand presence are growing in double digits and using their cash flow judiciously to acquire smaller companies and add inorganic growth on top of it. So, we remain bullish on those companies that are more focused on India, the branded market, and are using their cash flow wisely to create more inorganic growth opportunities for themselves. What is your view on the diagnostic space? There was some recent news flow that Amazon is now foraying into that quick diagnostic space offering at home services. What impact do you think this will have on the entire diagnostic space? Aditya Khemka: The Indian diagnostic market is growing at 10% at a market level and then 85% of the diagnostic market is unorganised. So, I would say there is more and enough space for competition to come in. We have already seen Tata 1mg, Reliance Netmeds, come in and do this online discounted pricing model that Amazon will probably try now, but it does not work that well in the diagnostic space or in the healthcare space broadly speaking because healthcare is a matter of trust, matter of presence, matter of brand which cannot be built overnight, which cannot be justified by over pricing. You Might Also Like: View: India has negotiated well with Trumpian policy, but it may have to take a stand soon Diagnostics companies that are format companies that we own, will continue to do well regardless of how many new entrants come in on the online format because the online format one lacks the trust of the patient and the doctor and two, there is more than enough space for each and every player to come and sort of get share from the unorganised players given that only 15% of the market is organised and 85% of the market is unorganised. Tell us about the overall healthcare and the hospital chains rather because we have seen consolidation in that particular sector. The companies have been announcing their capex and even the stock prices and the investors were getting rewarded because of that. Do you believe that with the kind of capex, the growth projections, and the growth on ground, the valuations are justified? What is your overall sense of the hospital chain sector? Aditya Khemka: It has to be very stock specific. Max Healthcare trades at 100 times trailing cash flow. Apollo is trading at 60 times trailing cash flow. Whereas Healthcare Global, is 24-25 times trailing cash flow. So, I cannot really make a statement on the entire hospital space because each individual hospital stock has a different valuation metric and is at a different spectrum altogether in terms of those valuation metrics. I would rather summarise that we are very gung-ho on the hospital space. India has a lot of scope for hospitals to grow, especially when they follow the asset light model where they lease the land and building and they do not really own the land and building. So, there is a lot of space to grow. But there are certain hospital stocks that are very expensive and may not make money for investors in the medium term. Then, there are also extremely cheap hospital stocks which can make a substantial amount of money for investors over the next three to four years.
