Hero MotoCorp Shares Fall Over 3%, Valuation Erodes By Rs 2,007 Crore

Shares of Hero MotoCorp on Tuesday fell by more than 3 per cent amid reports that the Enforcement Directorate conducted searches against the company's executive chairperson Pawan Kant Munjal and others as part of a money laundering investigation.

The stock of the two-wheeler maker declined 3.14 per cent to settle at Rs 3,103 apiece on the BSE. During the day, it fell by 5.34 per cent to Rs 3,032.10.

On the NSE, it lost 3.23 per cent to end at Rs 3,100.05 per share.

The company's market valuation fell by Rs 2,007.4 crore to Rs 62,010.87 crore.

The searches were carried out at the residential and business premises of the 69-year-old billionaire businessman, the promoter of India's largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some linked entities, they said.

The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.

In a statement, the company said, "Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency."

In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459.31. The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55.

The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
 

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Power Grid Shares Tumble Over 5%, Valuation Falls By Rs 9,939.97 Crore

Shares of Power Grid Corporation of India Ltd fell by more than 5 per cent today, after the company posted an over 5 per cent decline in consolidated net profit for the quarter ended June 2023.

The stock declined 5.36 per cent to settle at Rs 251.75 per piece on the BSE. During the day, it fell 5.82 per cent to Rs 250.50.

On the NSE, it tanked 5.16 per cent to Rs 252.30 apiece.

The company was the biggest laggard among the Sensex and Nifty firms.

Its market valuation fell by Rs 9,939.97 crore to Rs 1,75,607.03 crore.

On the BSE, 9.08 lakh shares of the company were traded during the day, while the figure stood at 2.35 crore shares on the NSE.

Power Grid Corporation of India Ltd on Monday posted an over 5 per cent decline in consolidated net profit at Rs 3,597.16 crore due to increased finance costs.

It had reported a net profit of Rs 3,801.29 crore during the April-June period of the preceding 2022-23 fiscal, the company said in a regulatory filing.

The company's total income, however, rose to Rs 11,257.60 crore from Rs 11,168.54 crore in the year-ago quarter.

Finance cost increased to Rs 2,057.23 crore from Rs 1,959.70 crore a year ago.

In a separate statement, the company said it incurred a capital expenditure of Rs 1,506 crore during Q1 FY24.
 

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Hero MotoCorp Shares Fall Over 3%, Valuation Erodes By Rs 2,007 Crore

Shares of Hero MotoCorp on Tuesday fell by more than 3 per cent amid reports that the Enforcement Directorate conducted searches against the company's executive chairperson Pawan Kant Munjal and others as part of a money laundering investigation.

The stock of the two-wheeler maker declined 3.14 per cent to settle at Rs 3,103 apiece on the BSE. During the day, it fell by 5.34 per cent to Rs 3,032.10.

On the NSE, it lost 3.23 per cent to end at Rs 3,100.05 per share.

The company's market valuation fell by Rs 2,007.4 crore to Rs 62,010.87 crore.

The searches were carried out at the residential and business premises of the 69-year-old billionaire businessman, the promoter of India's largest two-wheeler automobiles manufacturer, in Delhi and neighbouring Gurugram apart from that of some linked entities, they said.

The raids were launched after the ED registered a case against them under the provisions of the Prevention of Money Laundering Act (PMLA), the sources said.

In a statement, the company said, "Officials from the Enforcement Directorate (ED) today visited two of our offices in Delhi and Gurugram and the residence of our Executive Chairman Dr Pawan Munjal. We continue to extend all cooperation to the agency."

In a highly volatile trade, the 30-share BSE Sensex declined 68.36 points or 0.10 per cent to settle at 66,459.31. The NSE Nifty fell 20.25 points or 0.10 per cent to end at 19,733.55.

The company has presence across 40 countries spanning Asia, Africa, and South and Central America.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Jet Fuel Price Hiked By Steep 8.5%, Commercial LPG Rate Cut By Rs 100

Jet fuel or ATF price was today hiked by a steep 8.5 per cent - the second increase in a month, while commercial cooking gas rate was cut by Rs 100 per cylinder in line with divergent trends in international benchmarks.

Aviation turbine fuel (ATF) price was increased by 7,728.38 per kilolitre, or 8.5 per cent, in the national capital to Rs 98,508.26 per kl, according to a price notification of state-owned fuel retailers.

Rates, which vary from state to state depending on the incidence of local sales tax or VAT, have been increased on firming up of global rates that followed four months of decline.

The hike comes on the back of a 1.65 per cent or Rs 1,476.79 per kl increase in ATF prices effected from July 1.

Prior to that, rates had been cut on four occasions.

Price of commercial LPG, used in establishments such as hotels and restaurants, on the other hand, was reduced by Rs 100 per cylinder.

A 19-kg commercial LPG cylinder now costs Rs 1,680 in the national capital.

Saudi contract price (CPP), the benchmark used for pricing of LPG, has reduced since peaking in March and the same is reflected in domestic prices, industry officials said.

Globally, jet fuel prices have increased in line with the firming up of global crude oil prices, necessitating the hike in ATF rates.

Commercial LPG rates were cut on three previous monthly revisions beginning April. In three cuts, prices had gone down by Rs 346.5 per 19-kg cylinder.

The price of domestic LPG -- used in the kitchen for cooking purposes -- remained unchanged at Rs 1,103 per 14.2-kg cylinder in the national capital.

Domestic LPG rate was last changed on March 1, when it was hiked by Rs 50 per cylinder.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas and ATF prices on the 1st of every month based on the average international price in the previous month.

Petrol and diesel prices continued to remain on freeze for a record 16th month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62.

State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international fuel prices but they haven't done that since April 6, 2022.

Prices were last changed on May 22, when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Jet Fuel Price Hiked By Steep 8.5%, Commercial LPG Rate Cut By Rs 100

Jet fuel or ATF price was today hiked by a steep 8.5 per cent - the second increase in a month, while commercial cooking gas rate was cut by Rs 100 per cylinder in line with divergent trends in international benchmarks.

Aviation turbine fuel (ATF) price was increased by 7,728.38 per kilolitre, or 8.5 per cent, in the national capital to Rs 98,508.26 per kl, according to a price notification of state-owned fuel retailers.

Rates, which vary from state to state depending on the incidence of local sales tax or VAT, have been increased on firming up of global rates that followed four months of decline.

The hike comes on the back of a 1.65 per cent or Rs 1,476.79 per kl increase in ATF prices effected from July 1.

Prior to that, rates had been cut on four occasions.

Price of commercial LPG, used in establishments such as hotels and restaurants, on the other hand, was reduced by Rs 100 per cylinder.

A 19-kg commercial LPG cylinder now costs Rs 1,680 in the national capital.

Saudi contract price (CPP), the benchmark used for pricing of LPG, has reduced since peaking in March and the same is reflected in domestic prices, industry officials said.

Globally, jet fuel prices have increased in line with the firming up of global crude oil prices, necessitating the hike in ATF rates.

Commercial LPG rates were cut on three previous monthly revisions beginning April. In three cuts, prices had gone down by Rs 346.5 per 19-kg cylinder.

The price of domestic LPG -- used in the kitchen for cooking purposes -- remained unchanged at Rs 1,103 per 14.2-kg cylinder in the national capital.

Domestic LPG rate was last changed on March 1, when it was hiked by Rs 50 per cylinder.

State-owned Indian Oil Corporation (IOC), Bharat Petroleum Corporation Ltd (BPCL) and Hindustan Petroleum Corporation Ltd (HPCL) revise cooking gas and ATF prices on the 1st of every month based on the average international price in the previous month.

Petrol and diesel prices continued to remain on freeze for a record 16th month in a row. Petrol costs Rs 96.72 per litre in the national capital and diesel comes for Rs 89.62.

State-owned fuel retailers are supposed to revise petrol and diesel prices daily based on a 15-day rolling average of benchmark international fuel prices but they haven't done that since April 6, 2022.

Prices were last changed on May 22, when the government cut excise duty to give relief to consumers from a spike in retail rates that followed a surge in international oil prices.
 

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

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Commercial LPG Price Cut By Rs 100 Per Unit

Commercial LPG price on Tuesday was cut by Rs 100 per cylinder.

A 19 kg cylinder now costs Rs 1,680 in Delhi. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Commercial LPG Price Cut By Rs 100 Per Unit

Commercial LPG price on Tuesday was cut by Rs 100 per cylinder.

A 19 kg cylinder now costs Rs 1,680 in Delhi. 

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

from NDTV Profit-Latest https://ift.tt/1GcIg6Q
via