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<ul><li>Income tax department is conducting searches at Mankind Pharma’s premises in Delhi, checking documents, and questioning people.</li><li>Mankind Pharma has been in the news since its <a href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharma-lists-at-20-premium-beats-grey-market-expectations/articleshow/100090002.cms">stellar debut on Tuesday </a>with 20% listing gains.</li><li>The company is known for products like MANforce condoms, Prega News pregnancy detection kits and Gas-o-Fast sachets.</li></ul>The Income Tax department on Thursday conducted searches on the premises of Mankind Pharma over allegations of tax evasion, official sources said. A PTI report said that searches are being conducted on the company premises in Delhi and nearby locations, documents are being checked and people are being questioned as part of the action launched early this morning. E-mail and queries sent by PTI to the company remained unanswered. Mankind Pharma recently went public, to raise ₹4,326 crore. The initial public offer was a complete offer for sale and its promoters received the proceeds from the share sale. Added to that, its <a href="https://www.businessinsider.in/stock-market/news/condom-maker-mankind-pharma-lists-at-20-premium-beats-grey-market-expectations/articleshow/100090002.cms">stock listed at a 22% premium</a> on May 9, and the company’s marketcap stands at ₹56,108 crore as of Thursday. The pharma company also entered the <a href="https://www.businessinsider.in/business/corporates/news/mankind-pharma-debuts-in-top-100-as-per-market-value-after-a-stellar-listing/articleshow/100123765.cms">top 100 companies club </a>on its debut day. On Thursday, it ranks at 90 in terms of largest listed companies in India, leaving behind the likes of Punjab National Bank, Hero MotoCorp, UPL, Indian Hotels and Zomato. Analysts say that the stock may continue to do well going ahead, backed by strong fundamentals. “Given its healthy financial track record, domestic focus and extensive network, Mankind is likely to continue doing well,” Hemang Jani, Head of Equity Strategy, Motilal Oswal Financial Services. “Moreover the healthcare sector was a laggard over the last one year but started seeing traction over the last two months as the monthly pharma data showed improvement,” added Jani. Macquarie Research has initiated coverage on the company with an ‘Outperform’ rating and a target price of ₹1,400. The brokerage believes that Mankind Pharma is at a discounted valuation than its peers — Abbott India, GSK India and Pfizer India. “We believe the company’s net profit could double (&gt;2x) in the next three years, driven by: a) continued sales outperformance relative to Indian pharma market (IPM), b) mix shift towards chronic therapies, and c) unlocking of meaningful operating leverage as salesforce productivity improves,” said the brokerage firm. The company’s stock has been falling after the listing day amid volatile market conditions. Today, the stock is down nearly 2% at 1,356. Incorporated in 1991, Mankind Pharma is engaged in developing, manufacturing and marketing a diverse range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products. Its product portfolio includes MANforce condoms, Prega News pregnancy detection kits and Gas-o-Fast sachets. The company said that it’s looking to acquire brands and diversify its therapeutic portfolio to facilitate entry into new markets. (With inputs from PTI) SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/lt-q4-net-profit-rises-10-to-3987-crore-cautiously-optimistic-about-fy24/articleshow/100137513.cms">L&amp;T Q4 net profit rises 10% to ₹3,987 crore, cautiously optimistic about FY24</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ipl-2023-scores-over-1300-crore-video-views-on-jiocinema-in-the-first-five-weeks/articleshow/100155165.cms">IPL 2023 scores over 1,300 crore video views on JioCinema in the first five weeks</a>

Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion

Benchmark indices <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and Nifty pared early gains to close marginally lower in highly volatile trade on Thursday due to losses in Larsen &amp; Toubro and cautious trading ahead of the release of domestic inflation data. The 30-share BSE Sensex declined 35.68 points or 0.06 per cent to settle at 61,904.52 after hitting the crucial 62,000 mark in opening deals. During the day, it hit a low of 61,823.07 and a high of 62,168.22. The NSE Nifty dipped 18.10 points or 0.10 per cent to end at 18,297. Among the Sensex firms, Larsen &amp; Toubro tumbled over 5 per cent after the firm said its Non-Executive Chairman A M Naik has decided to step down from the post. ITC, Bharti Airtel, Reliance Industries, Infosys, Tata Steel, Tech Mahindra and Tata Consultancy Services were the other laggards. However, Asian Paints rose the most by 3.22 per cent after it posted a 43.97 per cent growth in consolidated net profit to Rs 1,258.41 crore for the fourth quarter. Hindustan Unilever, NTPC, IndusInd Bank, UltraTech Cement and Maruti were the gainers. Vinod Nair, Head of Research at Geojit Financial Services said, "The gains in the domestic market were tempered by weak earnings reported by a few heavyweight companies. On the global front, markets remained positive as US inflation eased below 5 per cent, providing reassurance to investors that the Fed's rate hike measures have been effective in managing inflation levels" In Asia, Seoul, Shanghai and Hong Kong markets ended lower while Tokyo settled in the green. Markets in Europe were trading in the green. The US market ended mostly in negative territory on Wednesday. Foreign Institutional Investors (FIIs) were net buyers on Wednesday as they bought equities worth Rs 1,833.13 crore, according to exchange data. Meanwhile, global oil benchmark Brent crude jumped 0.93 per cent to USD 77.12 per barrel. The BSE benchmark had climbed 178.87 points or 0.29 per cent to settle at 61,940.20 points on Wednesday. The Nifty gained 49.15 points or 0.27 per cent to end at 18,315.10 points. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/income-tax-department-raids-freshly-listed-mankind-pharmas-premises-over-alleged-tax-evasion/articleshow/100155544.cms">Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion</a>

Stock markets in choppy waters, L&T drags Sensex to close lower

<ul><li>Rise in valuations could have made investors stay away from fresh investments or take advantage of the rally, said Sriram BKR, senior investment strategist at Geojit Financial Services.</li><li><keyword id="151916" type="General" weightage="20" keywordseo="debt-mutual-funds" source="Orion">Debt mutual funds</keyword> saw overall net inflows of ₹1.06 lakh crore in April.</li><li>Analysts believe that the interest in debt mutual funds is due to increased investor interest in <keyword id="1015516" type="General" weightage="20" keywordseo="fixed-income-products" source="Orion">fixed income products</keyword>.</li></ul>Inflows into the <keyword id="6361918" type="General" weightage="20" keywordseo="equity-mutual-funds" source="Orion">equity mutual funds</keyword> hit a four-month low in April, as investors booked profits after a rally in March. As per data by Association of Mutual Funds in India (AMFI), inflows into MFs slumped 68% to ₹6,480 crore in April as compared to March when they were at ₹20,534 crore. The last time the inflows were lower than April were in November 2022, when the flows stood at around ₹2,258 crore. Benchmark index Sensex rallied nearly 4% in the month of April leading for investors to book profits. “The dip in net flows could be attributed to a sharp drop in gross purchases month-on-month at -34% and a steady rise in redemptions at 9% month-on-month. The rise in valuations could have made investors stay away from fresh investments or take off some money to take advantage of the rally,” said Sriram BKR, senior investment strategist at Geojit Financial Services. Inflows in the equity mutual funds during April were led by <a href="https://www.businessinsider.in/stock-market/news/mutual-funds-raise-bets-on-mid-small-cap-stocks-amid-volatile-markets/articleshow/98516460.cms">consistent flows in small and mid cap funds </a>at ₹2,182 crore and ₹1,790 crore respectively. Some experts are optimistic that the net inflows would pick up in the next few months as April is relatively a quiet month. "It is encouraging that the flows have remained positive in April. Historically, April is a relatively quiet month after the hectic activity in March. So not too much should be read into the net flows being lower compared to March. We are confident that the momentum will pick up in the coming months,” G Pradeepkumar, CEO at Union Asset Management Company said. Investors prefer fixed income products over equity funds amid volatility On the other hand, debt mutual funds saw overall net inflows of ₹1.06 lakh crore in April due to strong flows in liquid funds that received inflows of ₹63,219 crore, followed by money market funds at ₹13,960 crore. In March, debt MF saw outflows of ₹56,884 crore. Analysts read the strong inflows in debt funds as increased investor interest in fixed income products than in equity funds that are facing volatility. “Also, the data for April 2023 shows that investors preferred fixed income as a preferred choice of investment than equity oriented options,” added Sriram. Further, in April, the contribution of retail investors through SIPs fell to ₹13,727 crore from ₹14,276 crore in March. In March SIP flows had hit an all-time high crossing the ₹14,000 crore mark after inflows of ₹13,686 crore in February and ₹13,856 crore in January. Meanwhile, gold ETFs saw inflows of ₹124 crore in April as compared to outflows of ₹266 crore in March given <keyword id="46002" type="General" weightage="20" keywordseo="gold-prices" source="Orion">gold prices</keyword> have been rising. Other ETF categories saw inflows of ₹6,790 crore as this includes silver ETFs as well which has gained a huge traction after a jump in <keyword id="85550" type="General" weightage="20" keywordseo="silver-prices" source="Orion">silver prices</keyword>. In March, other ETFs categories saw outflows of ₹330 crore. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/sajjan-jindal-led-jsw-infra-would-be-the-third-group-company-to-go-public/slidelist/100156198.cms">JSW Infrastructure to come out with ₹2,800 crore IPO; third group company to go public</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/income-tax-department-raids-freshly-listed-mankind-pharmas-premises-over-alleged-tax-evasion/articleshow/100155544.cms">Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion</a>

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Income Tax department raids freshly listed Mankind Pharma’s premises over alleged tax evasion

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Stock markets in choppy waters, L&T drags Sensex to close lower

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Inflows into equity mutual funds hit a 4-month low in April: AMFI

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