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Train Derailment Chaos: Over 40 Trains Cancelled in Maharashtra's Palghar

A goods train derailment at Palghar railway station in Maharashtra on Tuesday evening has led to significant disruptions in railway services. The Western Railway has announced the cancellation of over 40 trains, including the Dahanu Road-Panvel-Vasai Road and Vasai Road-Panvel-Dahanu Road routes.

According to railway authorities, five wagons of the goods train derailed, prompting immediate action to manage the situation. "Dahanu Road-Panvel-Vasai Road, Vasai Road-Panvel-Vasai Road and Vasai Road-Panvel-Dahanu Road trains are fully cancelled after wagons of a goods train derailed at Palghar. The inconvenience caused is deeply regretted," stated the Western Railway.

In addition to the cancellations, several trains have been partially cancelled, diverted, or rescheduled due to the derailment. Mumbai Suburban locals to and from Dahanu Road have been cancelled until 12 noon.

The impact of the derailment extends beyond cancellations, with tracks and overhead equipment suffering significant damage. Full restoration of traffic on the busy Mumbai-Delhi trunk route is expected to take several hours.

No casualties were reported from the incident, but the disruption has inconvenienced thousands of commuters. The railways are working diligently to restore normalcy, but travelers are advised to check for updates and make alternative arrangements as necessary.

Helpline numbers The DRM-Mumbai Central also issued an helpline numbers. For Vapi, 02267649545 is the helpline number and that of Surat are 02267641204 and 02612401797. Check other helpline numbers here:

Valsad: 02632241903

Udhna: 02267641801

Virar: 02267639025

Palghar: 02267649706

Vapi: 02602462341

Surat: 02612401797

“The passengers are requested to contact these numbers for any assistance," the Railways said. It added that help desk Provided at Surat, Valsad, Vapi, Udhna Jn, Palghar, and Boisar stations.

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PE ratio ineffective for valuing certain sectors and stocks in India: Kotak Securities

According to brokerage firm Kotak Securities, the PE multiple (price-to-earnings multiple)—a key valuation metric used by investors to evaluate the relative value of a stock or an index—is an ineffective valuation methodology for several sectors and stocks in India where earnings do not meaningfully translate into FCF (free cash flow) or returns to shareholders. Kotak believes many low PE sectors and stocks may not be as cheap as their headline numbers suggest. "We revisit the futility of PE valuations for valuing several sectors and stocks in India, given (1) low FCF-to-PAT in such sectors, (2) continued investment for incremental volumes and (3) continued investment in low-return businesses," said Kotak in a note on May 28.

The PE ratio is a simple way to measure how expensive or cheap a company's stock is compared to its earnings. However, the PE ratio can be an ineffective way to assess the valuation of certain companies, particularly in sectors where earnings do not accurately reflect the company's financial health or ability to generate cash. Free cash flow (FCF) measures how much cash a company generates after accounting for capital expenditures.

Kotak believes that the PE ratio is not useful for valuing companies in several sectors, such as automobile, tyres, cement, and speciality chemicals, and the type of companies, such as state-owned oil, gas, and fuel providers as in these sectors earnings don't effectively translate into free cash flow (FCF) or dividends.

"The market’s focus on PE (high or low is less relevant) is misplaced for such sectors, without taking cognisance of conversion of PAT to FCF," said Kotak. Giving the cement sector as an example, Kotak underscored that cement companies will continue to have high capex to deliver incremental volumes in the future. This will result in their FCF trailing PAT due to their low fixed asset turnover ratio.

"Cement companies had low FCF relative to their PAT, which will likely persist. We see strong volume growth, driven by housing and infrastructure demand, but the industry must incur large capex to support the growth. The debate around profitability is less relevant," said Kotak.

Similarly, Kotak said the oil, gas, and consumable companies, especially PSUs, will continue to invest in their core businesses, resulting in very low FCF relative to PAT.

Kotak pointed out that specialty chemicals companies have ambitious plans, requiring large capex, which results in low FCF in the medium term. They have historically seen low FCF/PAT ratios. "The current high PE valuations of the sector are underpinned by expectations of strong FCF generation in the future, which may or may not materialise once the growth phase is overdue to (1) the contractual nature of the business and (2) increased competition over time," said the brokerage firm. While PE may not be an effective method of valuing high-growth companies, state-owned firms, and capital-intensive sectors, experts say other valuation metrics, such as enterprise value to EBITDA (EV/EBITDA) and return on equity (RoE), might provide a more comprehensive and accurate assessment of a company's financial performance and potential.

RoE shows how well a company is using the money invested by its shareholders to generate profits. EV/EBITDA provides insight into a company's operating performance and shows whether it is fairly valued, overvalued, or undervalued compared to its peers.

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Dividend stock: Multibagger chemical stock declares final dividend for fourth straight year

Fineotex Chemical, a leading player in the chemical industry, is one of the dividend-paying stocks of the Indian stock market. The dividend stock has declared a 20 percent final dividend for its eligible shareholders, payable in the financial year 2023-24. After declaring this final dividend for FY24, the multibagger stock has gone on to announce a final dividend for the fourth year in a row. The chemical company declared a final dividend in FY21, FY22, and FY23 as well. The company announced the final dividend while announcing its Q4 results in 2024 on Wednesday evening. Fineotex Chemical dividend details The multibagger chemical stock informed the Indian stock market exchanges about the decision, saying, "In compliance with Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, it is informed that the Board has recommended a final dividend of Rs. 0.40/- per equity share (20% of face value of Rs. 2/- each) which amounts to Rs. 4,46,93,995.60/- (Rupees Four Crore Forty-Six Lacs Ninety Three Thousand Nine Hundred and Ninety Five Sixty Paise only) subject to the approval of members at the ensuing Annual General Meeting." Fineotex Chemical's dividend history As per the information on the official website of BSE, this is the fourth straight year when the dividend stock has declared its final dividend. The multibagger stock traded 'ex-dividend ', a term used to indicate that the buyer of the stock on or after this date is not entitled to the recently declared dividend, on 8 July 2021 for finalizing the list of eligible shareholders for payment of ₹0.30 per share final dividend. On 28 July 2022, the dividend stock traded ex-dividend for payment of ₹0.40 per share final dividend to the eligible shareholders. Last year, on 8 September 2023, Fineotex Chemical shares traded ex-dividend to ascertain eligible shareholders for payment of ₹0.80 per share final dividend. In 2024, the dividend-paying stock traded ex-dividend on 26 February to ascertain the list of eligible shareholders for payment of ₹1.20 per share as an interim dividend.

Fineotex Chemical Q4 results Fineotex Chemical's Q4 results have shown a promising increase in revenue. Revenue from Operations for the quarter rose to ₹153.01 crore from nearly ₹137.69 crore, marking an impressive growth of 11.13 percent. This positive financial performance is a testament to the company's strong position in the market and its ability to deliver consistent returns to its shareholders.

The Profit after tax (PAT) for the quarter ended has increased to around ₹30.48 crore from around ₹26 crore, i.e., a growth of 17.21 percent.

Multibagger stock Fineotexh Chemical's share price rose from around ₹15 to ₹365 per share in the post-COVID period, a period marked by the company's resilience and adaptability to the changing market conditions. In these nearly four years, the chemical stock has delivered a whopping 850 percent return to its positional shareholders, a testament to our strong fundamentals and the trust of our investors.

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Swati Maliwal assault case: Arvind Kejriwal's aide Bibhav Kumar moves High Court against arrest

Chief Minister Arvind Kejriwal's close aide Bibhav Kumar on Wednesday moved the Delhi High Court challenging his arrest in connection with the alleged assault on AAP MP Swati Maliwal at the CM's residence earlier this month. As reported by PTI, in his petition, Bibhav Kumar sought a direction to declare his arrest as illegal and to acknowledge that it constitutes a serious violation of the provisions outlined in Section 41A of the Code of Criminal Procedure. He argues that his arrest runs counter to the mandates of the law. He also sought “appropriate compensation" for his “illegal"arrest and initiation of departmental action against the erring officials who were involved in the decision making of his arrest. On Monday, Kumar's bail plea was dismissed by a sessions court here, which said there appeared no “pre-meditation" by Maliwal in lodging the FIR and that her allegations could not be “swiped away", PTI reported.

Rajya Sabha MP Swati Maliwal has accused Bibhav Kumar of assaulting her at the official residence of Chief Minister Arvind Kejriwal on May 13. Kumar was subsequently arrested on May 18, and on the same day, a magisterial court granted the police custody of Kumar for five days, noting that his anticipatory bail plea had become irrelevant due to his arrest. Later, he was remanded to four-day judicial custody on the following Friday. The FIR against Kumar was lodged on May 16, invoking various sections of the IPC including those related to criminal intimidation, assault or criminal force on a woman with the intent to disrobe, and attempt to commit culpable homicide.

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IRCON International: Axis Securities lists the stock as top 'momentum pick', sees up to 17% upside – here's why

After an almost 255 percent surge in railway stock IRCON International in a year, brokerage house Axis Securities has chosen it as one of its top 'momentum picks'. The brokerage has set target of ₹313-325 for the stock, implying an upside of up to 17 percent. As per the brokerage, IRCON on a daily chart has broken above the "Rounded Bottom" pattern at ₹282, signaling a continuation of its medium-term uptrend. Its volume declines during pattern formation, but increases at breakout, indicating an influx of market participation. The stock is exhibiting a pattern of higher high-low formations on a daily chart while maintaining a position above a medium-term upward-sloping trendline, suggesting a sustained uptrend. The stock's ability to maintain levels above key short and medium-term moving averages (20, 50, 100, and 200 days) signals a positive bias in its trajectory, noted Axis Securities. The daily Relative Strength Index (RSI) is holding above its reference line, indicating positive bias in the stock. Following the breakout from the Rounded Bottom pattern, the stock is expected to continue a medium-term uptrend, for the target set at ₹313-325, predicted the brokerage.

Earnings In the March quarter (Q4FY24), the engineering and construction company posted a marginal 3.8 percent decline YoY in its consolidated net profit to ₹246.8 crore as against ₹256.49 crore in the same period a year ago.

Meanwhile, its consolidated revenue for the operations for the March quarter (Q4 FY24) also declined a percent to ₹3,742.71 crore versus ₹3,780.66 crore last year in the same period. The company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) reached ₹424 crore, marking a 14.7 percent YoY increase from ₹370 crore in Q4FY23. This growth reflects the company's improving financial health and operational efficiency. Additionally, the EBITDA margin was recorded at 10.9 percent, indicating a stable profitability ratio and efficient cost management during the period.

As of March 31, 2024, the total order book stands at ₹27,208 crore. This amount is distributed across various sectors, with the railways sector accounting for the largest portion at ₹21,158 crore.

The company also recommended a final dividend of ₹1.30 per equity share on the face value of ₹2 per share. Meanwhile, the company reported an overall 19 percent YoY increase in net profit to ₹929 crore for the year-ended FY24.

Stock Price Trend Just in 2024 YTD, the stock has surged over 75 percent, giving positive returns in 3 of the 5 months so far and negative in the remaining 2.

The scrip jumped almost 12 percent in May so far, extending gains after a 14 percent rally in April. However, it fell 4 percent in March and 3.4 percent in February. Meanwhile, it soared 38.5 percent in January this year.

The stock hit its record high of ₹301.40 in the previous session, May 21, after posting strong March quarter results. Meanwhile, it has advanced over 269 percent from its 52-week low of ₹78.41, hit on May 24, 2023. In the long term, last 5 years, the stock has skyrocketed over 585 percent, meanwhile, it has soared over 486 percent in the last 3 years.

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Almost 6,000 Dead in 6 Years: How Baltimore Became the U.S. Overdose Capital

The city was once hailed for its response to addiction. But as fentanyl flooded the streets and officials shifted priorities, deaths hit unprecedented heights.

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In India's heat, Delhi labourers toil in 'red hot' conditions

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Telugu actor, 85 others test positive for drugs after Bengaluru rave party bust

Telugu actor Hema and 85 other people have tested positive for the consumption of drugs at a rave party in Bengaluru that was busted by the city police on May 20. The police will question all of them.

At least 86 people, including Telugu actor Hema, tested positive for the consumption of drugs after the Bengaluru Police busted a rave party at a farmhouse in the city earlier this week.

India Today has accessed additional FIR copies detailing the major rave party bust near Electronics City. The FIR reveals that the party was attended by 73 men and 30 women.

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US to sue Ticketmaster owner Live Nation

The US Justice Department (DOJ) is set to file a competition lawsuit against entertainment giant Live Nation as early as Thursday, multiple sources familiar with the matter confirmed to the BBC's US partner, CBS News.

Prosecutors are expected to challenge the Ticketmaster parent company's business practices, the sources said.

In many instances, when the DOJ sues over competition issues it seeks to force a firm to split off parts of its business or change how it operates.

The DOJ declined to comment when approached by the BBC. The BBC has also requested comment from Live Nation.

The federal government will be joined in its legal challenge by numerous state attorneys general, said the Washington Post, which first reported the story.

The lawsuit is expected to allege that the business - which puts on concerts, sells tickets and owns venues - has squeezed out competitors and weakened customer choice, which helped to push up prices.

The move comes after an investigation by DOJ's anti-trust division that spanned years. In 2022, CBS News reported that the Justice Department was looking at the company and its Ticketmaster unit.

Live Nation Entertainment was created by the merger in 2010 of US-based events promoter Live Nation and ticket sales and distribution company Ticketmaster.

At the time, the DOJ approved the deal despite concerns that it would create a giant capable of dominating the live entertainment industry.

Live Nation Entertainment has faced growing criticism from fans, lawmakers, artists and competitors.

The company has been accused of having too much influence over live entertainment events in the US and around the world.

In November 2022, Ticketmaster angered Taylor Swift fans when its website crashed during a pre-sale period for the Eras Tour.

After news of the DOJ case was reported, Live Nation's shares fell by more than 6% in after-hours trading in New York.