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New Delhi, The Enforcement Directorate on Tuesday conducted raids against <keyword id="6357252" type="General" weightage="80" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> executive chairperson <keyword id="87849" type="General" weightage="80" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword> and others as part of a money laundering investigation, official sources said. The searches were carried out at premises located in Delhi and neighbouring Gurugram in accordance with provisions of the Prevention of Money Laundering Act (PMLA). The investigation stems from a Directorate of Revenue Intelligence (DRI) complaint against a person, allegedly close to Munjal, who was investigated on charges of carrying undeclared foreign currency. The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax Department</keyword> in March last year raided Munjal and his company <keyword id="734729" type="General" weightage="80" keywordseo="hero-motorcorp" source="Orion">Hero Motorcorp</keyword>, the country's largest two-wheeler automobiles manufacturer, as part of a tax evasion investigation. Hero MotoCorp became the world's largest two-wheeler manufacturer in 2001, in terms of unit volume sales in a calendar year, and has maintained the title for the past 20 consecutive years. The company has presence across 40 countries spanning Asia, Africa, and South and Central America. PTI NES http://ptinews.com/images/pti.jpg "We bring the World to you" Disclaimer : This e-mail message may contain proprietary, confidential or legally privileged information for the sole use of the person or entity to whom this message was originally addressed. Please delete this e-mail, if it is not meant for you. MIN MIN

ED conducts raids against Hero Motors' Pawan Munjal

<ul><li><keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero MotoCorp</keyword> has reportedly been found reporting ₹1,000 crore in bogus expenses.</li><li>Doing so allows the company to claim it as a deduction, thereby reducing its taxable income.</li><li>Hero MotoCorp has reportedly stated that this is nothing more than a “routine check”.</li></ul>Hero MotoCorp, one of the leading two-wheeler companies in India, has found itself entangled in a case allegedly involving ₹1,000 crore worth bogus expenses, revealed in a raid by the Income Tax (IT) department. Reporting bogus expenses allows the company to claim them as a deduction, thereby reducing the income liable for tax. According to a report by <a href="https://www.cnbctv18.com/auto/hero-motocorp-made-bogus-expenses-of-over-rs-1000-crore-alleges-i-t-dept-12980642.htm">CNBC TV18</a>, the Income Tax department had conducted a raid between March 23 and March 26 at the premises of the company. While the department is yet to release an official statement in the matter, news agency ANI says its sources have revealed that “incriminating evidence” has been found, putting Hero MotoCorp in the dock. Hero MotoCorp’s shares tanked over 7% in reaction to the news. The share price closed at ₹2,210, recovering from the day’s low of ₹2,154. <div type="image" title="Hero MotoCorp 01_01_22 to 29_03_22." msid="90520020" hostid="261" caption="&amp;lt;p&amp;gt;Hero MotoCorp share price in 2022&amp;lt;/p&amp;gt;"></div> According to the CNBC TV18 report, the IT raids were carried out on two of Hero MotoCorp’s premises – in Gurugram and Delhi, apart from the residence of the company chairman and chief executive officer, <keyword id="87849" type="General" weightage="20" keywordseo="pawan-munjal" source="Orion">Pawan Munjal</keyword>. The company brushed aside the concerns in a statement, stating that this was a “routine check” and it is “business as usual”. While it’s not unheard of for the Income Tax department to conduct searches and raids towards the end of the financial year, the presence of incriminating evidence is a cause for concern. Business Insider has reached out to the company for a statement. Update: The company has issued the following statement, filed with the stock exchanges. “The allegations made in the press report are not borne out of any document that have been served on us or our internal documents. Therefore, we categorically deny the speculative press reports. We wish to clarify that officials from the Income Tax department visited our offices in the previous week. As and when the tax department concludes its findings and communicates to us, we will inform the exchanges suitably.” SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/joyalukkas-wants-to-raise-2300-crore-via-ipo-majorly-to-clear-off-a-big-pile-of-debt/articleshow/90515276.cms">Joyalukkas’s strong foothold in south India makes it a better performer than most of the country’s top players</a> <a href="https://www.businessinsider.in/careers/news/naukri-coms-latest-report-reveals-that-6-in-10-companies-will-be-hiring-in-the-next-three-months/slidelist/90516922.cms">Naukri.com’s latest report reveals that 6 in 10 companies will be hiring in the next three months</a> <a href="https://www.businessinsider.in/tech/news/gpu-prices-are-coming-down-finally-gamers-rejoice-but-theres-more-to-come/articleshow/90511775.cms">GPU prices are coming down, finally – gamers rejoice, but there’s more to come</a>

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, April 1 (IANS) Shares of two-wheeler maker <keyword id="6357252" type="General" weightage="100" keywordseo="hero-motocorp" source="Orion">Hero Motocorp</keyword> declined sharply on Friday after <keyword id="65338" type="General" weightage="80" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> detected some irregularities post a raid on the company. The shares fell over 6 per cent to around Rs 2,150. However, it pared some of its losses later. At 2.16 p.m., it traded 2.8 per cent lower at Rs 2,231. In late March, the Income Tax Department had conducted a search operation on the premises of Hero Motocorp in <keyword id="11900977" type="General" weightage="20" keywordseo="gurugram" source="Orion">Gurugram</keyword> and <keyword id="66" type="General" weightage="50" keywordseo="delhi" source="Orion">Delhi</keyword> in connection with alleged tax evasion. The Income Tax Department has found alleged illegal business expenses of over Rs 800 crore and Rs 60 crore unaccounted cash used to purchase land in Delhi and role of shell companies after it raided the two-wheeler crop and two other groups, according to reports. Since the start of 2022, the shares of the company fell 10 per cent, whereas 25 per cent in the past one year, data showed. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/list-of-bank-holidays-in-april-2022-month/articleshow/90586419.cms">Here is a list of bank holidays in April 2022</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/personal-finance/news/check-out-new-rules-that-have-been-introduced-from-1st-april-2022/articleshow/90588962.cms">These are the new changes in taxation that have kicked in from April 1</a>

Hero Motocorp shares decline as income tax raids dented company's image

<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

<keyword id="1564214" type="COMPANY" weightage="20" keywordseo="the-Enforcement-Directorate">The Enforcement Directorate</keyword> on Monday raided at least five premises of global tours and <keyword id="9364371" type="UNKNOWN" weightage="20" keywordseo="travel-company-cox">travel company Cox</keyword> and Kings in Mumbai in connection with the <keyword id="45660" type="COMPANY" weightage="20" keywordseo="Yes-Bank">Yes Bank</keyword> <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="Money-laundering">money laundering</keyword> probe case, officials said. The teams of the central agency are carrying out the searches under the Prevention of Money Laundering Act (PMLA), they said. Cox and Kings was one of the top borrowers of the bank and the latter had an exposure of about Rs 2,260 crore to the company, the officials said. The searches are aimed at gathering more evidence in the case and five premises are being covered, they said. The ED is probing Yes Bank and a number of other large corporate groups in connection with an alleged fraud case where huge loans issued by the bank became non-performing assets (NPAs). It arrested Yes Bank co-founder Rana Kapoor in March this year and recently filed its first charge sheet in the case before a special PMLA court in Mumbai. SEE ALSO: <a href="https://www.businessinsider.in/retail/e-commerce/news/flipkart-is-putting-the-money-where-its-mouth-is-and-its-not-food-and-groceries-yet/articleshow/76256592.cms" data-type="tilCustomLink">Flipkart is putting the money where its mouth is⁠— and it’s not food and groceries yet</a> <a href="https://www.businessinsider.in/business/corporates/news/hero-motocorp-profit-revenue-for-q4-march-2020-preview-share-price-chart-and-sales-data/articleshow/76256963.cms" data-type="tilCustomLink">Hero MotoCorp shareholders are betting that people will go for cheaper bikes after the pandemic</a>

Yes Bank's top borrower Cox and Kings sees raids at five of its premises

<ul><li>Tata Motors’ Nexon EV coupe concept was revealed in a video teaser.</li><li>The company has planned to launch ten new EVs over the next five years.</li><li><keyword id="7931165" type="General" weightage="20" keywordseo="tata-nexon-ev" source="Orion">Tata Nexon EV</keyword> coupe will rival MG ZS EV and Hyundai Kona EV. </li></ul>Tata Motors is ready to unveil its all-new electric SUV concept on April 6, 2022. The company has revealed <a href="https://youtu.be/eqHMh7omZMY">teaser</a> images before the launch. This debut also comes when Tata Motors has registered its highest-ever annual sales of 19,106 EVs - most of any carmaker in India. The teaser video shows different design elements. The portion behind the C pillar, the front fog light structure, and headlights that are giving aggressive feel. One of the interesting detail was the rear spoiler which gives it a coupe roofline like look. These details suggest that the upcoming car can be a concept on which the upcoming Nexon Coupe EV will be based, but we'll have to wait until its debut. Design and technical details The upcoming Nexon coupe will compete with midsize SUVs. Following its predecessor, all new electric Nexon may come with a 50mm longer wheelbase. There are no details on the powertrain but it is safe to assume the Nexon Coupe will be packed with the same electric motor but with a larger 40kWh battery pack to give a long mileage. We can expect Nexon to have some tasteful roof rails running down its coupe-style roof line as shown in the teaser. It can also feature wheel covers which will reduce drag and increase range. While little is known about the <keyword id="2055885" type="General" weightage="20" keywordseo="tata-nexon" source="Orion">Tata Nexon</keyword> EV coupe but we can expect that it will take on MG ZS EV and the Hyundai Kona EV in India. However, we can expect to see the Nexon Coupe in showrooms by 2024. See also: <a href="https://www.businessinsider.in/business/telecom/news/edge-data-centers-draw-major-investments-as-india-moves-closer-to-5g-rollout/articleshow/90660797.cms">Edge Data Centres draw major investments as India moves closer to 5G rollout</a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-new-cars-and-suv-in-april-2022/slidelist/90587227.cms">Upcoming cars expected to launch in April 2022</a> <a href="https://www.businessinsider.in/business/auto/news/hero-motocorp-shares-decline-after-it-department-raids-the-company/articleshow/90589389.cms">Hero Motocorp shares decline as income tax raids dented company's image</a>

Tata Nexon EV coupe concept to be unveiled on April 6 — here’s what we know about it

Leading private life insurer Bharti <keyword id="152119" type="COMPANY" weightage="20" keywordseo="AXA">AXA</keyword> <keyword id="6406875" type="UNKNOWN" weightage="20" keywordseo="life-insurance">Life Insurance</keyword> registered 17% growth in its renewal premium to Rs 1,359 core for the year ended March 31, 2020, against Rs 1,164 crore in the last financial year 2018-19. The company today said its total premium income grew 5 per cent to Rs 2,187 crore in the financial year 2019-20 from Rs 2,076 crore in 2018-19. The <keyword id="9364732" type="UNKNOWN" weightage="20" keywordseo="new-business-premium-income">new business premium income</keyword> stood at Rs 829 crore in the financial year 2019-20, as compared to Rs. 911 crore in the corresponding fiscal period a year ago. "Our new business premiums contracted mainly due to a shortfall in March, an important month for new business in the industry, which was triggered by the COVID19 lockdown and social distancing," said Parag Raja, Managing Director and Chief Executive Officer, Bharti AXA Life Insurance. Asset under management witnessed a surge of 21 per cent to Rs, 6,902 crore in for the year ended March 31, 2020, from Rs 5,699 crore as on March 31, 2019. Raja said: "We grew and registered steady performance on many business parameters in the financial year 2019-20, despite the disruption caused by the spread of <keyword id="1754604" type="PERSON" weightage="20" keywordseo="coronavirus">Coronavirus</keyword> pandemic and the subsequent lockdown in the crucial month of March, which adversely affected the domestic life insurance industry in terms of new business. The healthy renewal premium collections and an increase in the total premium income led our growth journey in the last fiscal." The company continued to expand its operation and distribution footprint across India in the last financial year in terms of recruitment of <keyword id="9364733" type="UNKNOWN" weightage="20" keywordseo="fresh-advisors">fresh advisors</keyword> and setting up of new branches, with a view to creating a large pool of productive agents and reaching out to every nook and corner of the country. It set up 25 new branches to take an enhanced distribution network of 261 branches across the country during 2019-20, up over 10 per cent over 236 branches in 2018-19. Bharti AXA Life Insurance added 3,934 new advisors to strengthen its net agent force to 43,316in the financial year ended March 31, 2020, up 10 per cent 39,382 advisors in 2018-19. Apart from strengthening its Agency and Direct business and exploring multiple bancassurance options, in view of COVID19 crisis and subsequent restrictions, the company has also fast-tracked the entire digitization journey and created an eco-system of tools to identify need, share solutions digitally and complete end-to-end transaction using customer on-boarding and servicing tools. Raja said: "Protection continues to be a cardinal part of our differentiated product mix as it brings real insurance products to the customers and builds a safety net for their families. The prevailing situation has made us to re-imagine the entire sales process from face-to-face meetings to remotely approaching the customers and closing the transaction. The trainings have been modified to suit digital solicitation. We have also created digital sales tools that make the entire conversation more interesting and interactive for the customers." The company would continue on the path of transformation with a focus on overall all renewals, improved persistency, product innovation, a diversified distribution bandwidth, digital and data-led strategy and customer-centricity to inch closer to its cherished vision of "Insurance for All", achieve profitable growth and maximize value for its stakeholders in the years ahead, he added. SEE ALSO: <a href="https://www.businessinsider.in/business/news/yes-bank-case-ed-raids-five-premises-of-cox-and-kings-in-mumbai/articleshow/76256791.cms" data-type="tilCustomLink">Yes Bank's top borrower Cox and Kings sees raids at five of its premises</a> <a href="https://www.businessinsider.in/business/corporates/news/hero-motocorp-profit-revenue-for-q4-march-2020-preview-share-price-chart-and-sales-data/articleshow/76256963.cms" data-type="tilCustomLink">Hero MotoCorp shareholders are betting that people will go for cheaper bikes after the pandemic</a>

You Searched For "hero motocorp raid" and got 7 results

ED conducts raids against Hero Motors' Pawan Munjal

PTI

Hero MotoCorp shares tank 7% after IT raid reveals ₹1,000 crore bogus expenses

Rounak Jain

Hero Motocorp shares decline as income tax raids dented company's image

IANS

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

Bhakti Makwana

Yes Bank's top borrower Cox and Kings sees raids at five of its premises

PTI

Tata Nexon EV coupe concept to be unveiled on April 6 — here’s what we know about it

Rahul Verma

Bharti AXA Life posts 17% growth in renewal premiums to ₹1,359 crore in FY20

IANS

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