<keyword id="6358777" type="General" weightage="20" keywordseo="new-delhi" source="Orion">New Delhi</keyword>, The <keyword id="65338" type="General" weightage="50" keywordseo="income-tax-department" source="Orion">Income Tax department</keyword> on Wednesday conducted a survey operation at some entities of the <keyword id="120582" type="General" weightage="100" keywordseo="hinduja-group" source="Orion">Hinduja Group</keyword> in Mumbai and some other cities, official sources said. The survey operation is being undertaken as part of a tax evasion investigation and offices in Mumbai and some other cities are being covered, they said. As per the I-T law for survey operations, only office premises are being covered. An email sent by PTI to the Hinduja Group did not elicit an immediate response. Sources said the <keyword id="6361558" type="General" weightage="50" keywordseo="tax-department" source="Orion">tax department</keyword> action is also linked to provisions of the General Anti-Avoidance Rules (GAAR). The Hinduja Group, which owns <keyword id="46717" type="General" weightage="50" keywordseo="indusind-bank" source="Orion">IndusInd Bank</keyword>, <keyword id="1374462" type="General" weightage="50" keywordseo="hinduja-leyland-finance" source="Orion">Hinduja Leyland Finance</keyword> and Hinduja Bank (Switzerland), is diversifying and has plans to get into the new tech, digital and fintech as part of its new phase of growth and fill gaps through acquisitions to have complete offerings in the BFSI sector.

I-T dept conducts survey at some entities of Hinduja Group

The <keyword id="120582" type="General" weightage="20" keywordseo="hinduja-group" source="Orion">Hinduja group</keyword> has made an offer to invest an additional ₹300 crore in <keyword id="157626" type="General" weightage="20" keywordseo="reliance-general-insurance" source="Orion">Reliance General Insurance</keyword>. <keyword id="10926" type="General" weightage="20" keywordseo="reliance" source="Orion">Reliance</keyword> General Insurance, a unit of Reliance Capital, needs a cash infusion to maintain solvency levels. IndusInd International Holdings Ltd (<keyword id="1424679" type="General" weightage="20" keywordseo="iihl" source="Orion">IIHL</keyword>), which is owned by <keyword id="28125" type="General" weightage="20" keywordseo="hinduja" source="Orion">Hinduja</keyword>, made the highest bid of ₹9,650 crore for Reliance Capital in a second auction on Wednesday. Reliance General Insurance had sought ₹600 crore cash infusion from lenders in December last year to meet the solvency requirements of the IRDA. The lenders earlier rejected the call for fund infusion from their pocket, putting the onus on the general insurance firm to the incoming investor. The bid amount of ₹9,650 crore will go to lenders who had lent ₹24,000 crore to Reliance Capital. The Committee of Creditors (COC) of Reliance Capital will hold a meeting on Friday where the top officials of the Hinduja group will make a presentation on its resolution plan. Reliance Capital owns a 51 per cent stake in Reliance Nippon Life Insurance and 100 per cent in Reliance Nippon General Insurance. The Hinduja group has a presence in the financial services sector through its stake in Indusind Bank and Hinduja Leyland Finance, a non-banking finance company owned by Ashok Leyland. The group has a housing finance business which is core to its strategy to increase its presence in financial services. At a consolidated level, as on December 31, 2022, the AUM (assets under management) of Hinduja Leyland Finance stood at ₹33,353 crore of which the housing finance business accounted for 18 per cent. In addition to ₹9,650 crore, the company has also offered ₹300 crore capital infusion in Reliance General Insurance, and another ₹50 crore for other expenses. The total value of IIHL's bid is ₹10,000 crore. The total Hinduja bid is ₹1,900 crore more compared to its own bid of ₹8,110 crore in the first challenge mechanism. Torrent, which decided to skip the second auction, had offered ₹8,640 crore in the first auction. The new Hinduja bid is higher by ₹1,380 crore. Torrent has moved the Supreme Court on banks' plans to launch a second auction. The matter will be heard in August. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/how-to-grant-social-benefits-to-same-sex-couples-sc-asks-centre/articleshow/99815407.cms">'How to grant social benefits to same-sex couples', SC asks Centre</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/anil-agarwal-makes-zero-debt-pledge-says-very-comfortable-servicing-debt/articleshow/99815431.cms">Anil Agarwal makes 'zero debt' pledge, says 'very comfortable' servicing debt</a>

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

<ul><li>The SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50.</li><li>Here's a list of stocks to watch out for in trade today.</li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider.</a> </li></ul>Amid positive cues from the global market, Indian stock-market indices are likely to open higher on Thursday. At 8:05 am, the SGX Nifty was trading nearly a percent higher, indicating a positive start for the Sensex and Nifty50. On Wednesday, the <keyword id="70622" type="ORGANIZATION" weightage="20" keywordseo="Dow-Jones-Industrial-Average">Dow Jones Industrial Average</keyword> gained 1.05%, to 27,976.84 points. These are the stocks to watch out for during the trading session on August 13: Tata Power The board of Tata Power has approved the merger of its wholly-owned subsidiary Coastal Gujarat Power Ltd, into the parent company to provide financial relief as it continues to face losses. Gujarat Power operates the ultra mega power plant at Mundra. Besides that, the company on Wednesday posted a consolidated net profit of ₹268 crore, up 10% compared to the same quarter last year. The shares of Tata Power ended nearly 3% higher yesterday. <keyword id="146218" type="COMPANY" weightage="20" keywordseo="Britannia-Industries">Britannia Industries</keyword> According to a stock-exchange filing Britannia Industries has allotted ‘commercial papers’ for an aggregate amount of ₹300 crores on August 12, with tenure of 12 months. Commercial paper is an unsecured debt instrument issued typically for the financing of a firm’s short-term liabilities. The shares of Britannia Industries ended over 2% lower yesterday. <keyword id="6357252" type="COMPANY" weightage="20" keywordseo="Hero-MotoCorp">Hero MotoCorp</keyword> Hero MotoCorp is slated to report its first quarterly earnings, today. According analysts, the company is expected to see a 66% revenue dip, and over 88% fall in its profit. The shares of Hero MotoCorp ended over 2% higher yesterday. Ashok Leyland <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> flagship firm Ashok Leyland reported a consolidated net loss of ₹388.82 crore for the first quarter ended June 30. The company’s revenue from operations in April-June 2020 significantly declined to ₹1,486.04 crore as compared with ₹6,588.23 crore in the year-ago period. The shares of Ashok Leyland ended nearly 4% higher yesterday. Aurobindo Pharma Drugmaker Aurobindo Pharma’s net profit was up 22.81% to ₹780.68 crore for the quarter ended on June 30, 2020, mainly on account of robust sales in the US market. The shares of Aurobindo Pharma ended nearly 1% lower yesterday. <keyword id="6363556" type="DOMAIN" weightage="20" keywordseo="indiabulls">Indiabulls</keyword> Housing Finance Sameer Gehlaut has stepped down as the Executive Chairman of Indiabulls Housing Finance (IBH). The company has appointed former RBI deputy governor SS Mundra as its non-executive chairman with immediate effect. The shares of Indiabulls Housing Finance ended over 2% higher yesterday. Mahindra &amp; Mahindra Financial Services Mahindra &amp; Mahindra Financial Services has raised ₹3,088.82 crore through a rights issue which was oversubscribed approximately 1.3 times. The rights issue of the deposit-taking non-banking finance company closed on Tuesday. The shares of Mahindra &amp; Mahindra Financial Services ended nearly 1% higher yesterday. Eicher Motors, GAIL India, Grasim Industries, Aditya Birla Fashion These companies are slated to report their first quarterly earnings today. SEE ALSO:<a href="https://www.businessinsider.in/india/news/interglobe-aviation-indigo-shares-gained-over-9-after-the-company-decides-to-lease-back-12-of-its-aircrafts/articleshow/77500385.cms" data-type="tilCustomLink"> IndiGo shares rally over 9% after the company decides to lease back 12 of its aircrafts</a> <a href="https://www.businessinsider.in/tech/news/it-only-takes-50-tweets-to-find-a-troll-on-twitter/articleshow/77512151.cms" data-type="tilCustomLink">It only takes 50 tweets to find a troll on Twitter</a>

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

<ul><li>At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. </li><li>Here’s a list of stocks to watch for in trade today. </li><li><a href="https://www.businessinsider.in/">Check out the latest news and updates on Business Insider</a>. </li></ul>Indian stock market is likely to open on positive note tracking cues from the global peers. At 7:40 am, the SGX Nifty was trading 1.06% higher, indicating a higher start for Nifty50. The US stocks also ended higher on Monday, fueled by a rebound in big tech names. The Dow Jones Industrial Average closed 1.18% higher, and the S&amp;P 500 rose 1.27%. Here’s a list of stocks to watch for in trade on September 15: Future Retail Future Retail reported a net loss of ₹242.2 crore for the quarter ended June 30. The company’s overall revenue was down 88.6% to ₹ 163.2 crore compared to the same period last year. The shares of Future Retail closed 5% lower yesterday. ICICI Bank ICICI Bank said the RBI had exempted it from provisions of the Banking Regulation Act 1949 relating to its investments in its insurance companies. A government notification exempts ICICI Bank from cutting stake to 30% in ICICI Lombard General Insurance and ICICI Prudential Life Insurance, for a period of three years. The shares of ICICI Bank closed 2% lower on Monday. Central Bank of India The Central Bank of India has reduced its marginal cost of funds-based lending rates (MCLR) by 5 basis points (bps) across all tenors, effective from Tuesday. The city-based lender has cut the one-year MCLR to 7.10% from 7.15%, a release said. The shares of the Central Bank of India closed flat on Monday. PVR Limited PVR Limited reported a net loss of ₹225.6 crore for the quarter ended June 30. The company’s overall revenue was down 98.6% to ₹12.7 crore compared to the same period last year. The shares of PVR Limited closed 5% higher yesterday. Indiabulls Housing Finance Indiabulls Housing Finance raised about ₹1,205 crore over the last few days through its qualified institutional placement (QIP) and partial stake sale in UK-based OakNorth Bank Ltd. The non-banking finance company (NBFC) has raised ₹682.87 crore through the QIP and ₹522 crore from the partial stake sale. The shares of Indiabulls Housing Finance closed 5% higher on Monday. Raymond Limited Apparel maker Raymond reported a net loss of ₹247.6 crore compared to last year loss of ₹12.2 crore. The company’s consolidated revenue declined by 88.6% to ₹163.2 crore. The shares of Raymond Limited closed 3% higher on Monday. SAIL: Steel Authority of India Steel Authority of India reported a net loss of ₹1,226.5 crore for the quarter ended June 30. The company’s overall revenue was down 38.8% to ₹ 9,067.5 crore compared to the same period last year. The shares of SAIL closed 2% higher yesterday. Ashok Leyland Hinduja Group-owned Ashok Leyland launched a new light commercial vehicle (LCV) yesterday. Chairman Dheeraj Hinduja said the new LCV comes with the right and left-hand drive options, enabling the company to look at international markets. The shares of Ashok Leyland closed 10% higher yesterday. Allcargo Logistics, SpiceJet, Future Enterprises, and Zee Media Corporation These companies are slated to report their quarterly earnings to the stock exchanges today. SEE ALSO: <a href="https://www.businessinsider.in/india/news/spicejet-airlines-share-price-spikes-4-ahead-of-earnings-tomorrow/articleshow/78107627.cms" data-type="tilCustomLink">SpiceJet shares spike ahead of earnings— losses are certain, but cargo operations may hold some respite</a> <a href="https://www.businessinsider.in/tech/news/oracle-wins-bid-to-become-tiktoks-trusted-technology-provider-in-us/articleshow/78110292.cms" data-type="tilCustomLink">Oracle wins bid to become TikTok's 'trusted technology provider' in US</a>

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

<ul><li>The 27 year old Hinduja Bank is one of the three major financial institutions, owned by the conglomerate, aside from <keyword id="46717" type="COMPANY" weightage="20" keywordseo="IndusInd-Bank">IndusInd Bank</keyword> and Hinduja Leyland Finance. </li><li>The <keyword id="57519" type="COUNTRY" weightage="20" keywordseo="Cayman-Islands">Cayman Islands</keyword> order, from May 2020, said that the bank even failed to maintain the minimum <keyword id="6360278" type="DEFINITION" weightage="20" keywordseo="Net-Worth">net worth</keyword> of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. </li><li>The Cayman Islands is popular as a tax haven for the world’s super rich and many multinational corporations.</li></ul>The stock of IndusInd Bank took a beating after a report that the group had lost its banking licence in Cayman Islands for not taking steps to stop money laundering. However, the report was based on an order from May 2020. The shares of IndusInd Bank fell as much as 6%, on June 3, 2021, as investors got spooked but recovered a part of those losses soon after. The Cayman Islands, popular as a tax haven for the world’s super rich, had stripped the <keyword id="120582" type="COMPANY" weightage="20" keywordseo="Hinduja-Group">Hinduja Group</keyword> of its banking licence for the conglomerate’s Geneva-based bank. The Hinduja Bank is one of the three major financial institutions owned by the conglomerate ⁠— the other two being IndusInd Bank and Hinduja Leyland Finance. In an order dated May 27, 2020, the Cayman Islands Monetary Authority, also said that the company “failed to prepare adequate” anti-money laundering policies. The director, Gilbert Pfaeffli, has been held ‘not fit and proper’ for the position. Hinduja Bank was established in 1994 as a Swiss Banking Institution. The group website says it offers, among other services, “innovative solutions in wealth management and private banking, trade finance, corporate advisory services and global investment solutions.” The bank has presence in Dubai, London, Paris, New York, Chennai, Mumbai, Mauritius and Cayman Islands. The Cayman Islands order said that the bank even failed to maintain the minimum net worth of 400,000 Cayman dollars and hasn’t submitted its audited financial statements since 2018. A Cayman dollar is approximately ₹88, at current prices. The more than a century old Hinduja Group led by Chairman Srichand Hinduja ⁠— with a net worth of over $15 billion shared with his brothers, Gopichand, Prakash and Ashok Hinduja ⁠— has international interests in a variety of industries from technology to finance, from media to oil and chemicals, and from real estate to healthcare. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/the-indian-government-is-doling-out-1500-crore-to-reserve-300-million-of-biological-es-covid-19-vaccine-doses/articleshow/83196362.cms">The Indian government is doling out ₹1500 crore to reserve 300 million of Biological-E’s COVID-19 vaccine doses</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/indians-must-brace-for-a-further-rise-in-petrol-and-diesel-prices-as-crude-oil-scales-a-2-year-high/articleshow/83195870.cms">Indians must brace for a further rise in petrol and diesel prices as crude oil scales a 2-year high</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/top-five-fintech-ideas-that-are-drawing-the-most-amount-of-money/slidelist/83194276.cms">Five fintech ideas that are raking in the most amount of money</a>

IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

New Delhi, Mar 18 () Commercial vehicle maker Ashok Leyland on Wednesday said it will acquire up to 19 per cent additional stake in its subsidiary Hinduja Leyland Finance Ltd (HLFL) from existing shareholders for up to Rs 1,200 crore. The company's board, at a meeting held on Wednesday, has approved to acquire up to 19 per cent additional equity shares in HLFL from the existing shareholders in tranches for a consideration not exceeding Rs 1,200 crore subject to sanctions and permissions of the appropriate authorities, Ashok Leyland said in a regulatory filing. The agreement to acquire equity shares in HLFL from the existing shareholders will be entered by the company in due course, it added. "As and when the company completes acquiring shares in tranches and if the said acquisition exceeds two per cent or more of the equity shares of HLFL, the company will inform the stock exchanges, as required," it added. As of March 31, 2019, revenue of HLFL, a non-banking finance company, stood at Rs 2,560.64 crore. Ashok Leyland's shares on Wednesday ended 0.16 per cent higher at Rs 64.35 apiece on the BSE. MSS RVK

Ashok Leyland to acquire up to 19 pc additional stake in NBFC arm

New Delhi, Dec 31 () The BSE on Tuesday said eight companies have filed applications with the bourse to list their commercial papers for a total issue size of Rs 35,585 crore.
 The firms that have made the applications with the stock exchange are Reliance Jio Infocomm, Bajaj Housing Finance, Redington (India), ICICI Securities Primary Dealership, Motilal Oswal Financial Services, Hinduja Leyland Finance, CEAT and ICICI Home Finance Company, the BSE said in a release.
 After the process, the effective date for listing of commercial papers (CPs) with the exchange will be January 1, 2020, it added.
 The issue size is Rs 29,650 crore for Reliance Jio Infocomm, Rs 3,350 crore for Bajaj Housing Finance, Rs 950 crore for Redington (India) and Rs 700 crore for ICICI Securities Primary Dealership, the exchange said.
 Besides, Motilal Oswal Financial Services' issue size is Rs 600 crore, Hinduja Leyland Finance's issue size is Rs 235 crore and CEAT and ICICI Home Finance Company made applications for the issue size of Rs 50 crore each.
 "Till date, 50 issuers have done 258 issuances of commercial papers and have successfully listed CPs of Rs 1,05,795 crores on the BSE. The weighted average yield of these issuances is 6.09 per cent with an average tenor of 138 days," the exchange said.
 CP is an unsecured money market instrument issued in the form of promissory notes that enables highly rated corporate borrowers to diversify their sources of short-term borrowing and provides an additional instrument to investors.
 Such instruments can be issued for maturities between a minimum of 7 days and a maximum of one year from the date of issue.
 CPs are usually issued at a discount from face value and reflect prevailing market interest rates. AST HRS

8 firms to list commercial papers on BSE for Rs 35,585 cr issue size

New Delhi, Jan 6 () Leading stock exchange BSE on Monday said nine companies have filed applications with the bourse to list their commercial papers (CPs) for a total issue size of Rs 6,100 crore.
 REC Ltd, Aditya Birla Fashion and Retail Ltd, SBI Cards and Payment Services Ltd, Axis Finance Ltd, Redington (India) Ltd, Motilal Oswal Home Finance Ltd, Avenue Supermarts Ltd, Hinduja Leyland Finance Ltd and Mahindra Rural Housing Finance Ltd are the firms that have made application to list CPs with the exchange, BSE said in a release.
 After the process, the effective date of listing CPs with the exchange will be January 7, it added.
 "Till date 64 issuers have done 405 issuances of commercial papers and have successfully listed CPs of Rs 1,34,845 crore on BSE. The weighted average yield of these issuances is 6.13 per cent with an average tenor of 132 days", the exchange noted.
 A CP is an unsecured money market instrument issued in the form of promissory notes that enables highly rated corporate borrowers to diversify their sources of short-term borrowing and provides an additional instrument to investors. 
 Such instruments can be issued for maturities between a minimum of 7 days and a maximum of one year from the date of issue.
 CPs are usually issued at a discount from face value and reflect prevailing market interest rates. AST
RVK

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I-T dept conducts survey at some entities of Hinduja Group

PTI

Hinduja group offers to infuse ₹300 crore in Reliance General Insurance

IANS

Top stocks to watch today— Britannia, Hero MotoCorp, Ashok Leyland, M&M Financial, Indiabulls Housing and more

Navdeep Yadav

Top stocks to watch— Future Retail, PVR, Central Bank, ICICI Bank, SpiceJet, Indiabulls Housing Finance, Ashok Leyland and more

Navdeep Yadav

IndusInd Bank shares slide as a year-old Cayman Islands order against Hinduja Bank resurfaces

Sriram Iyer

Ashok Leyland to acquire up to 19 pc additional stake in NBFC arm

PTI

8 firms to list commercial papers on BSE for Rs 35,585 cr issue size

PTI

9 firms to list commercial papers on BSE for Rs 6,100 cr issue size

PTI