Groww (@_groww) / X

Groww

105.7K posts

Groww

@_groww

Making finance simple for millions of Indians For 24x7 support: @groww_cs SEBI Registration: bit.ly/4cZ6gUN

India

groww.in

Joined September 2015

Groww
@_groww
Jun 7
We’re incredibly honored to share that Groww has been awarded ‘Best Fintech (Investments)’ at the FE Best Bank Awards. We are grateful to Financial Express and the esteemed jury for this recognition. We thank Shri Piyush Goyal ji, Hon’ble Minister of Commerce & Industry, for
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Groww
@_groww
Jun 7
The USA wasn’t always as big as it is today. There was Louisiana, which bordered the USA on the west. People familiar with the map of the USA would know that today, Louisiana is actually a small state in the US. But that’s not what we’re talking about here. We’re talking of a
Made with AI
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Groww
@_groww
Jun 4
Replying to @_groww
While the order is interim in nature, the stock has fallen ~5% today after the news broke The company has officially denied the charges placed by SEBI and plans to contest it Check out the links for the full order by SEBI and company’s clarification: - SEBI order:
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Groww
@_groww
Jun 4
Replying to @_groww
SEBI has now placed a ban on promoter Rajesh Mehta, preventing him from buying/selling share of REL They have also ordered a forensic audit of the company with a newly appointed auditor
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Groww
@_groww
Jun 4
Replying to @_groww
Citing Swiss privacy laws, REL also repeatedly withheld subsidiary financials, sales reports, and other docs from SEBI, despite SEBI being a competent body under Swiss laws to request the same REL has also abstained from holding concalls for years, seemingly to avoid questions
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Groww
@_groww
Jun 4
Replying to @_groww
When SEBI asked about it, REL claimed Valcambi only booked the gold refining margins as revenue The parent (REL) however, recognized the full value of the refined gold Which was odd because REL never really owned that gold and only held it temporarily in custody for refining
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Groww
@_groww
Jun 4
Replying to @_groww
But when SEBI looked into the financials of subsidiary Valcambi SA, it found its revenue accounts for less than 0.5% of REL Which felt strange, given Valcambi is the core business entity of the REL group
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Groww
@_groww
Jun 4
Replying to @_groww
The company is spread across a chain of subsidiaries, with the core operating entity being ‘Valcambi SA’ Most of the other entities are either holding companies with no business operations, or firm(s) yet to begin operations
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Groww
@_groww
Jun 4
Replying to @_groww
Over the years, REL has reported revenue in lakhs of crores on a consolidated level, but only a fraction of it on standalone basis The company says this is because most of their revenue is tied in their foreign based subsidiaries, such as Valcambi 🇨🇭
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Groww
@_groww
Jun 4
Replying to @_groww
Rajesh Exports Ltd (REL) is a gems & jewellery firm based in Bengaluru It became a big name in 2015, when it acquired one of the world’s largest gold refiners - Valcambi, for $400 Mn In fact, in 2017, the company ranked higher than Meta and Nike, in the Fortune 500 list
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Groww
@_groww
Jun 4
Rajesh Exports once ranked above Meta, Nike and McDonald's among all global companies But yesterday, SEBI passed an order stating that 99.8% of Rajesh Exports' revenue is probably fictitious Yup, 99.8% Check out the thread to know more🧵
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Groww
@_groww
Jun 2
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Groww
@_groww
Jun 1
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