Latest news with #Kadam
Hindustan Times
13-06-2025
- Business
- Hindustan Times
Mithi fraud: ED questions Dino Morea, investigating if he's linked to crime proceeds
MUMBAI: The Enforcement Directorate (ED) on Thursday questioned actor Dino Morea for a few hours as part of its money-laundering investigation related to the alleged irregularities in contracts to desilt the Mithi River, which caused a loss of over ₹65 crore to the Brihanmumbai Municipal Corporation (BMC). The Mumbai unit of the central agency is investigating whether Morea and his brother Santino were involved in the alleged fraud or if they were linked to any part of the proceeds of crime generated by people and entities being probed in the case, officials said. The Morea brothers have denied all allegations related to their involvement in the case. The ED is likely to question more people linked to the case in the next two weeks, officials said. Morea was at the ED's office at Ballard Estate in south Mumbai for over three-and-a-half hours after arriving around 10.30 am on Thursday. The agency recorded his statement under provisions of the Prevention of Money Laundering Act (PMLA), officials said. The actor was questioned about the ED's suspicions regarding his alleged role in the fraud, which he has denied. The agency is verifying whether he is connected to any of the proceeds of crime, officials said, adding that the verification is still in a preliminary stage. Morea was summoned days after the ED carried out searches at 18 locations across Mumbai, Kochi and Thrissur on June 6 in connection with the investigation. The locations searched included the residential/office premises of Dino and Santino Morea, BMC engineer Prashant Ramgude, civic contractor Bhupendra Purohit, alleged intermediaries Jay Joshi and Ketan Kadam, and Matprop Technical Services Pvt Ltd, a Kochi-based company that rented machinery and equipment for the desilting work. According to the ED, the Morea brothers are close associates of Kadam. The Mumbai police's Economic Offences Wing (EOW), which had registered an FIR in the case on May 6, had questioned the brothers twice last month. The EOW booked 13 people and entities in the case, including three BMC officials, for allegedly causing a wrongful loss of ₹65.54 crore to the BMC. The ED's investigation is based on this case. On June 7, the ED said that its investigation and search operations have so far prima facie indicated that Ramgude, Purohit, Joshi, Kadam, officials of Matprop and others allegedly colluded to form a cartel with the intent to manipulate BMC's tenders related to desilting the Mithi River. 'This action effectively conferred a monopoly in [the] award of desilting contracts of Mithi river and caused payments at inflated rates for desilting works, resulting in undue gains to the contractors and associated parties, thereby causing financial loss to the public exchequer,' the agency said in a press release. These undue financial gains were concealed by layering them through certain shell companies formed by Kadam, Purohit, Ramgude and others, the agency added. During its searches last week, the ED seized ₹7 lakh in cash and froze 22 bank accounts/fixed deposits and a demat account. The total amount seized or frozen is more than ₹1.25 crore so far, the agency said. Certain digital devices and incriminating documents were also seized that appeared to be relevant for further proceedings under the PMLA, according to the ED.
Economic Times
12-06-2025
- Business
- Economic Times
ETMarkets Smart Talk - FMCG, autos, and private banks among top picks for 2025, says Kedar Kadam of Dolat Capital
We remain constructive on the broader Healthcare space given its long-term growth drivers like rising health awareness, insurance penetration, and increased spending on medical infrastructure. Despite near-term market volatility and underperformance relative to emerging market peers, Dolat Capital remains constructive on India's long-term growth prospects. In an exclusive conversation with ETMarkets, Kedar Kadam, Director – Equities: Asset & Wealth Management at Dolat Capital Markets, outlines why domestic demand-driven sectors such as FMCG, automobiles, and private banks are poised to outperform in 2025. He believes falling interest rates, a favourable monsoon, and steady rural consumption will act as key tailwinds, while also highlighting selective opportunities in export-oriented and infrastructure sectors. Kadam advises investors to adopt a staggered approach amid ongoing global uncertainties and maintain discipline in stock selection. Edited Excerpts – Q) Thanks for taking the time out. After a stable May, the market turned volatile in June. 1H2025 has been robust with Nifty closing in the red in just 2 out of the last 5 months; however, we still underperformed EM peers in 2025. How do you see markets in the medium-to-long term? A) Yes, on YTD basis, Indian equities have delivered a modest return of ~5.5% but have underperformed several other emerging markets such as Brazil (~14%), Korea composite (~19%), and Hang Seng (~23%).This divergence has been driven by relatively more attractive valuations and stronger FII inflows into those markets. In contrast, India's macro indicators and earnings momentum have softened compared to recent years.Q4FY25 earnings we're largely in line and lacked material positive surprises, reinforcing the view that near-term market momentum is subdued. Amid this backdrop and against a setting of ongoing global uncertainties around geopolitics, trade dynamics, and central bank policy we expect Indian markets to remain range bound with a slight downside bias in the near term. That said, the medium to long-term structural growth story remains compelling. Stable policy continuity, a gradual recovery in the capex and credit cycles, and favourable demographics provide a strong earnings visibility improves and global risk sentiment stabilizes, Indian markets may see a gradual re-rating. In this environment, selective opportunities continue to exist across sectors such as banking, infrastructure, and domestic cyclicals. Q) What is your take on the outcome of the MPC meeting in June. What is the trajectory you foresee for rates in 2025? A) A lot of surprises came in the policy announcements. Overall, RBI policy could be touted as a pro growth in a backdrop of an uncertain global decided to front load rates (50 bps cut vs. 25 bps est.) and liquidity at the same time (100 bps reduction in the CRR to be fully effective by November 2025). Higher than expected rate cuts and front loading of liquidity would be positive for India equities, sectors like discretionary consumption, NBFC, real estate should the shift in stance back to neutral from accommodative, we believe MPC has done all the heavy lifting to revive demand to aspirational levels and now would be a good time when the MPC would want to evaluate external situation and domestic growth and inflation equations for the next few months before taking the next rate action. We expect MPC to pause for the next couple of policy meetings. Q) Which themes look attractive to you for the next 6-12 months amid trade war fears, strong dollar and possible scenario of falling interest rates? A) In our view, domestic demand driven sectors such as FMCG, autos, and private banks are well-positioned to benefit from resilient rural consumption and lower borrowing costs, especially with a favourable rate sensitive sectors like real estate and financials may gain further traction if interest rates decline, boosting loan growth and housing demand. Besides these export-oriented sectors such as IT and pharmaceuticals offer natural hedges against a strong dollar, thanks to their significant USD denominated the same time, infrastructure and capital goods companies could benefit from continued public and private investment, regardless of global volatility. Q) The IMD has predicted a normal monsoon in 2025 – do you see this supporting consumption stocks/auto stocks? A) An early and favourable monsoon, as predicted by the IMD, could have broad positive implications for agriculture-linked sectors. Historically, such conditions have supported higher rural demand and improved performance in areas like agrochemicals, FMCG, and automobiles.A normal monsoon in 2025 is likely to benefit consumption and auto stocks with significant rural exposure. Improved agricultural output typically boosts rural incomes, driving demand for essentials and discretionary goods, especially FMCG products and two-wheelers/ lower food inflation may further enhance consumer sentiment and support overall spending. Q) How do you see flows – FIIs have recently turned positive on Indian markets, while DIIs have supported the rally. Do you see a reversal of flows into Indian markets? A) FIIs turning net positive in recent months (Apr & May) is a constructive development following sustained outflows earlier this year. Going forward, sustained FII inflows will depend on global interest rate trends, the strength of the U.S. dollar, and geopolitical developments. If central banks particularly the US Fed signal easing, emerging market flows, including to India, could strengthen further. India's long-term growth story, political stability, and improving earnings visibility continue to attract global investors. While near-term flows may remain volatile amid external uncertainties, strong DII support and rising retail participation will help cushion the despite short-term fluctuations, the trend in foreign flows appears to be gradually turning positive for India. Q) Is there any theme or sector where one should avoid fresh investments in the current environment? A) While completely avoiding a sector may not always be necessary, stock selection and valuation discipline remain paramount. In the current environment, it's prudent to stay underweight in sectors with weak earnings visibility, stretched valuations, or excessive speculative interest.A cautious approach in such areas can help manage downside risk while maintaining focus on fundamentally strong, long-term opportunities. Q) Have you seen the recent trend of block deals taking place? Is that largely promoter selling? If yes, is that a worrying sign for stocks or is it business as usual? A) Yes, there's been a notable rise in block deals lately, with over ₹43,000 crore worth of promoter and insider selling in May-25 that number is significant, most of these sales appear to be strategic in nature aimed at improving free float or monetizing stakes, as seen in recent deals involving a few large these blocks are being absorbed by institutional investors, indicating a strong market such selling is repeated without clear rationale or involves companies with weak fundamentals, this trend looks like business as usual, not a red flag. Q) What is your call on the small & midcap space? Are they still trading at expensive valuations, and are large caps still a better play? A) The strong rally in mid and small caps has pushed valuations higher, making stock selection increasingly important. While some quality names still offer value, others seem to have run ahead of contrast, large caps, particularly in sectors like BFSI, IT and industrials, look more reasonably valued and offer better downside protection.A balanced approach is advisable, with a slight near-term preference for large caps and a focus on companies with solid fundamentals and earnings visibility. Q) Many investors who stayed on the sidelines in the beginning of 2025 and are now experiencing FOMO as markets have seen a significant rally, but it is still down by about 5% from highs. Should they adopt staggered buying, keep cash or do a lump sum investment? A) While markets have rebounded strongly, they're still about 5% below all-time highs, and the overall environment remains volatile and data this context, a staggered buying approach (SIP or phased allocation) makes the most sense. This strategy allows investors to average into the market, manage short-term volatility, and avoid the risk of poor timing with a lump some cash on hand for tactical opportunities is also wise, especially given upcoming global cues and event risks. We believe CY2025 will be a year of accumulation and volatility. Q) COVID cases are rising. Can this fuel hospital stocks, or should investors keep an eye on that theme? What are your views? A) Yes, there has been a rise in COVID cases, prompting precautionary measures from the Health Ministry, including directives to ensure oxygen and bed most cases so far remain mild and manageable at home. From an investment standpoint, while short-term sentiment may support hospital and diagnostic stocks, we believe the situation is largely under control, and we don't see a major structural shift purely on COVID grounds. That said, we remain constructive on the broader Healthcare space given its long-term growth drivers like rising health awareness, insurance penetration, and increased spending on medical infrastructure. So, while investors can keep an eye on the COVID-related theme, the focus should ideally remain on well-run companies with strong fundamentals and diversified revenue streams.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Time of India
12-06-2025
- Business
- Time of India
ETMarkets Smart Talk - FMCG, autos, and private banks among top picks for 2025, says Kedar Kadam of Dolat Capital
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Despite near-term market volatility and underperformance relative to emerging market peers, Dolat Capital remains constructive on India's long-term growth an exclusive conversation with ETMarkets, Kedar Kadam , Director – Equities: Asset & Wealth Management at Dolat Capital Markets, outlines why domestic demand-driven sectors such as FMCG , automobiles, and private banks are poised to outperform in believes falling interest rates, a favourable monsoon, and steady rural consumption will act as key tailwinds, while also highlighting selective opportunities in export-oriented and infrastructure sectors Kadam advises investors to adopt a staggered approach amid ongoing global uncertainties and maintain discipline in stock selection . Edited Excerpts –A) Yes, on YTD basis, Indian equities have delivered a modest return of ~5.5% but have underperformed several other emerging markets such as Brazil (~14%), Korea composite (~19%), and Hang Seng (~23%).This divergence has been driven by relatively more attractive valuations and stronger FII inflows into those markets. In contrast, India's macro indicators and earnings momentum have softened compared to recent years.Q4FY25 earnings we're largely in line and lacked material positive surprises, reinforcing the view that near-term market momentum is this backdrop and against a setting of ongoing global uncertainties around geopolitics, trade dynamics, and central bank policy we expect Indian markets to remain range bound with a slight downside bias in the near said, the medium to long-term structural growth story remains compelling. Stable policy continuity, a gradual recovery in the capex and credit cycles, and favourable demographics provide a strong earnings visibility improves and global risk sentiment stabilizes, Indian markets may see a gradual re-rating. In this environment, selective opportunities continue to exist across sectors such as banking, infrastructure, and domestic cyclicals.A) A lot of surprises came in the policy announcements. Overall, RBI policy could be touted as a pro growth in a backdrop of an uncertain global decided to front load rates (50 bps cut vs. 25 bps est.) and liquidity at the same time (100 bps reduction in the CRR to be fully effective by November 2025).Higher than expected rate cuts and front loading of liquidity would be positive for India equities, sectors like discretionary consumption, NBFC, real estate should the shift in stance back to neutral from accommodative, we believe MPC has done all the heavy lifting to revive demand to aspirational levels and now would be a good time when the MPC would want to evaluate external situation and domestic growth and inflation equations for the next few months before taking the next rate action. We expect MPC to pause for the next couple of policy meetings.A) In our view, domestic demand driven sectors such as FMCG, autos, and private banks are well-positioned to benefit from resilient rural consumption and lower borrowing costs, especially with a favourable rate sensitive sectors like real estate and financials may gain further traction if interest rates decline, boosting loan growth and housing demand. Besides these export-oriented sectors such as IT and pharmaceuticals offer natural hedges against a strong dollar, thanks to their significant USD denominated the same time, infrastructure and capital goods companies could benefit from continued public and private investment, regardless of global volatility.A) An early and favourable monsoon, as predicted by the IMD, could have broad positive implications for agriculture-linked sectors. Historically, such conditions have supported higher rural demand and improved performance in areas like agrochemicals, FMCG, and automobiles.A normal monsoon in 2025 is likely to benefit consumption and auto stocks with significant rural exposure. Improved agricultural output typically boosts rural incomes, driving demand for essentials and discretionary goods, especially FMCG products and two-wheelers/ lower food inflation may further enhance consumer sentiment and support overall spending.A) FIIs turning net positive in recent months (Apr & May) is a constructive development following sustained outflows earlier this year. Going forward, sustained FII inflows will depend on global interest rate trends, the strength of the U.S. dollar, and geopolitical central banks particularly the US Fed signal easing, emerging market flows, including to India, could strengthen further. India's long-term growth story, political stability, and improving earnings visibility continue to attract global near-term flows may remain volatile amid external uncertainties, strong DII support and rising retail participation will help cushion the despite short-term fluctuations, the trend in foreign flows appears to be gradually turning positive for India.A) While completely avoiding a sector may not always be necessary, stock selection and valuation discipline remain paramount. In the current environment, it's prudent to stay underweight in sectors with weak earnings visibility, stretched valuations, or excessive speculative interest.A cautious approach in such areas can help manage downside risk while maintaining focus on fundamentally strong, long-term opportunities.A) Yes, there's been a notable rise in block deals lately, with over ₹43,000 crore worth of promoter and insider selling in May-25 that number is significant, most of these sales appear to be strategic in nature aimed at improving free float or monetizing stakes, as seen in recent deals involving a few large these blocks are being absorbed by institutional investors, indicating a strong market such selling is repeated without clear rationale or involves companies with weak fundamentals, this trend looks like business as usual, not a red flag.A) The strong rally in mid and small caps has pushed valuations higher, making stock selection increasingly important. While some quality names still offer value, others seem to have run ahead of contrast, large caps, particularly in sectors like BFSI, IT and industrials, look more reasonably valued and offer better downside protection.A balanced approach is advisable, with a slight near-term preference for large caps and a focus on companies with solid fundamentals and earnings visibility.A) While markets have rebounded strongly, they're still about 5% below all-time highs, and the overall environment remains volatile and data this context, a staggered buying approach (SIP or phased allocation) makes the most sense. This strategy allows investors to average into the market, manage short-term volatility, and avoid the risk of poor timing with a lump some cash on hand for tactical opportunities is also wise, especially given upcoming global cues and event risks. We believe CY2025 will be a year of accumulation and volatility.A) Yes, there has been a rise in COVID cases, prompting precautionary measures from the Health Ministry, including directives to ensure oxygen and bed most cases so far remain mild and manageable at home. From an investment standpoint, while short-term sentiment may support hospital and diagnostic stocks, we believe the situation is largely under control, and we don't see a major structural shift purely on COVID said, we remain constructive on the broader Healthcare space given its long-term growth drivers like rising health awareness, insurance penetration, and increased spending on medical while investors can keep an eye on the COVID-related theme, the focus should ideally remain on well-run companies with strong fundamentals and diversified revenue streams.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Hindustan Times
12-06-2025
- Business
- Hindustan Times
Mithi River desilting fraud: No material to show accused Jay Joshi compelled contractors to hire machines, says court
MUMBAI: There is no material to show that Jay Joshi, an alleged intermediary arrested in connection with the Mithi river desilting fraud, compelled contractors to hire machines at inflated rates and caused wrongful losses to the Brihanmumbai Municipal Corporation (BMC), the sessions court said while granting him bail last week. According to the contractors' statements, it was the other arrested intermediary, Ketan Kadam, who dealt with them regarding hiring the machines, the court noted. 'Hence, prima facie, there is no material showing the role of the applicant (Joshi) in the conspiracy,' the court said, according to the detailed bail order published on Wednesday. Joshi, the director of industrial product manufacturer Virgo Specialties Pvt Ltd, and Kadam, the director of desilting services company Woder India LLP, were arrested last month. According to the Mumbai police's Economic Offences Wing (EOW), they were involved in charging the BMC an inflated amount to rent silt pusher machines and dredging equipment supplied by a Kochi-based firm, Matprop Technical Services Pvt Ltd. This was allegedly done in connivance with Matprop executives and officials from the BMC's stormwater drains department. However, Joshi filed a bail plea in which he argued that he had appointed Kadam as Virgo Specialties's CEO on May 5, 2020. Kadam was responsible for all transactions, negotiating all financial matters, and signing agreements on behalf of the company, including with Matrop, said advocate Aabad Ponda, appearing for Joshi. Since Kadam was looking into the affairs of the company, including the purchasing and hiring of machines, Joshi cannot be prosecuted for cheating and criminal conspiracy, the bail plea said. Joshi also argued that the EOW had failed to inform his wife about his arrest in writing, which was a violation of his rights under the constitution, making him eligible for bail. The court agreed with Joshi's argument that he had no role in compelling the directors of the contractor companies to hire the machines. 'In the absence of such a specific role as a director of the company, there is no strong reason to deny bail to the applicant (Joshi),' the court said. The court also said that it was not difficult for the investigating officer to give the information about Joshi's arrest in writing to his wife. It also rejected the prosecution's argument that Joshi should be denied bail because the other accused in the case are yet to be arrested. The court said this was not a sufficient and satisfactory reason to reject the bail application. Joshi was among 13 people, including three BMC officials, booked in connection with the alleged fraud. The case involves alleged financial irregularities, inflated tenders, and corrupt practices linked to desilting contracts for the Mithi River, which caused the BMC losses worth over ₹65 crore, according to the EOW.
Time of India
11-06-2025
- Time of India
3.5cr assets case against senior cop held in Oct for taking 3.5 lakh bribe
1 2 Navi Mumbai: Senior police inspector Satish Kadam (55) of NRI Coastal police station in Navi Mumbai, who was suspended after being arrested in a corruption case by the Mumbai Anti-Corruption Bureau (ACB) in Oct last year, has now been booked for amassing wealth disproportionate to his known sources of income. The FIR under the Prevention of Corruption Act was registered on June 9 at Ulwe police station by Mumbai ACB unit's police inspector Krushna Mekhale. Inspector Mekhale said, "The examination of Kadam's and his family's property documents and financial records revealed that he amassed wealth worth Rs 3.48 crore during his tenure from Dec 1, 2013 to Oct 9, 2024, which is 297% more than his known sources of income." Mekhale said the disproportionate assets case against Kadam is being further probed by Mumbai ACB unit's assistant commissioner of police Suresh Shirshat. Mekhale stated that following Kadam's arrest last Oct, he spent six days in police custody at ACB's Worli unit, followed by over a month in judicial custody before securing bail from the High Court. Kadam was arrested by the Mumbai ACB unit after he was allegedly caught red-handed while accepting Rs 3.5 lakh in bribes from Ajay Kumbhar to help his builder-father Mahesh Kumbhar get bail in a cheating case. Mahesh was already imprisoned at Taloja jail following a building collapse in Shahbaz village, Belapur in July last year, which resulted in three deaths and two injuries. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Memperdagangkan CFD Emas dengan salah satu spread terendah? IC Markets Mendaftar Undo Kadam had allegedly accepted Rs 14 lakh from Ajay in Sept in the building collapse caset. Later, on Oct 2 last year, when a cheating case was filed against Mahesh at the NRI Coastal police station, Kadamdemanded a Rs 5 lakh bribe in exchange for not seeking his police remand. Unwilling to pay further, Ajay approached the ACB's Worli unit which laid a trap and caught Kadam red-handed while accepting the bribe near his Ulwe residence. The ACB team searched Kadam's house and found Rs 48 lakh in cash and jewellery. Among the prooperites owned by Kadam and his family are two apartments in Orchid Heights Society, Sector 23, Ulwe, a 170 sqm plot in Sector 25, Ulwe, 245 grams of gold, a Maruti Suzuki Celerio, a Hyundai Verna, and an Audi.
