The Securities and Exchange Board of India has restrained Rajesh Mehta, promoter and Executive Chairman of Rajesh Exports Ltd, from buying, selling or dealing in the company’s securities after a probe found prima facie evidence of large-scale financial misrepresentation, disclosure failures and diversion of company funds. The regulator estimated that Rajesh Exports had “prima facie misrepresented approximately Rs. 15,15,385 crore” of revenue attributable to subsidiaries between FY21 and FY25, representing nearly 99.8 per cent of such revenues attributed to overseas subsidiaries and step-down subsidiaries. “The aforesaid conduct appears to have prima facie enabled REL to portray an inflated and misleading picture of its operations.”
Atlanta Electricals bags ₹285-crore transformer order
Atlanta Electricals Ltd has secured an order worth ₹285.15 crore from Punjab State Transmission Corporation Ltd for the supply of 23 units of 160 MVA, 220/66 kV Power Transformers. The order includes NIFPES and Optional Spares.
HFCL consolidates defence and aerospace operations
The board of HFCL Ltd has approved multiple transactions to consolidate and expand its defence and aerospace business through HFCL Advance Systems Private Ltd (HASPL). Accordingly, HFCL will invest ₹89.25 crore in HFCL Advance Systems Private through subscription to equity shares in two tranches under a share subscription agreement. The board has also approved the sale of up to 80% stake in Raddef Private Ltd to HFCL Advance Systems Private for ₹75 crore through a share purchase agreement. Raddef contributed revenue of ₹9.04 crore during FY26. Besides, its board also approved the transfer of its thermal weapon sight business to HASPL on a slump sale basis for ₹50 crore.
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Hero launches India’s first flex-fuel motorcycles
Hero MotoCorp on Wednesday launched India’s first flex-fuel motorcycles — the Splendor+ and HF Deluxe — capable of running on petrol blended with up to 85 per cent ethanol. The company, in a statement, said the HF Deluxe Flex Fuel will be priced at Rs 72,792 (Ex-showroom Delhi), while the Splendor+ Flex Fuel will be priced at Rs 82,710 (Ex-showroom Delhi). The Flex Fuel portfolio will be introduced in Delhi and select regions of Maharashtra in July 2026, followed by nationwide rollout soon thereafter, it added.
Aurobindo Pharma enters biologics contract manufacturing
Aurobindo Pharma inaugurated TheraNym, a dedicated biologics contract manufacturing organisation (CMO), marking its foray into the field. The Hyderabad-based company hopes to tap into the global potential of the biologics contract manufacturing segment, as demand for biologic therapies is on the rise. The TheraNym Biologics facility was formally inaugurated by D Sridhar Babu, Telangana Minister for IT, Industries & Commerce, here on Wednesday.
BHEL wins Nigeria order worth up to ₹2,500 crore
BHEL has secured an order worth Rs 2,000-2,500 crore from a Nigerian entity. The order pertains to the design, manufacturing, supply, and supervision of the erection and commissioning of eight gas turbine generator packages for the petroleum refinery and polypropylene plant in Dangote Industries Free Zone, Nigeria, and must be executed within 26 months from the start date or the effective date of the agreement.
Jain Irrigation commissions large-scale biochar facility
Jain Irrigation Systems (JISL) has commissioned, along with its partners, a 20,000 tonne/annum high-tech industrial-scale biochar facility in Jalgaon, Maharashtra, advancing climate-smart agriculture, circular manufacturing, and engineered carbon removal at commercial scale.
Agarwal Industrial secures ₹477.5-crore HPCL contract
Agarwal Industrial Corporation Ltd said on Wednesday, June 3, that it has secured a bulk bitumen supply contract worth about ₹477.5 crore from Hindustan Petroleum Corporation. The contract involves the supply of 1.3 lakh metric tonnes of VG-30 and VG-40 grade bulk bitumen from HPCL’s Mumbai and Mangalore locations.
GQG Partners trims stake in GMR Airports
Rajiv Jain-backed GQG Partners, through its affiliate GQG Partners Emerging Markets Equity Fund, offloaded 19.50 crore shares at an average price of Rs 97.75, representing a 1.85 per cent stake, in GMR Airports, according to block deal data available on the NSE. Meanwhile, Fidelity International, through its affiliate Fidelity Investment Trust, acquired the same number of shares, as per data on the National Stock Exchange (NSE).
SoftBank pares stake in Lenskart
SoftBank, through its affiliate SVF II Lightbulb (Cayman) Ltd, offloaded 5,65,00,000 shares at Rs 508.55 per share, representing a 3.25 per cent stake in Lenskart Solutions. Among the buyers included WhiteOak Capital Mutual Fund (MF), Mirae Asset MF, Kotak MF, Canara Robeco MF, ICICI Prudential MF, HDFC Life Insurance Company, ICICI Prudential Life Insurance, Societe Generale, Metzler Asset Management, Goldman Sachs, Fidelity, Copthall Mauritius Investment, International Monetary Fund, and Dendana Investments (Mauritius) Ltd.
Bhagiradha Chemicals backs subsidiary loan
Bhagiradha Chemicals issued a Rs 30 crore corporate guarantee to back ICICI Bank term loans for its wholly owned subsidiary, Bheema Fine Chemicals. The guarantee is on an arm’s-length basis, recorded as a contingent liability, and is not expected to immediately impact the parent company’s finances, the company said in a notice to stock exchanges.