MUNJALSHOW
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Indian auto hub hikes minimum wage after protests over soaring costs due to Iran war
Indian state raises minimum wages in first such move after Iran crisis
Disrupted gas supplies mean higher food prices, workers say
Protests in Indian auto hub had triggered widespread concerns
Some companies are offering meals, bonuses to keep staff
Updates with comment from Roop polymers in paragraph 15, updates dateline
By Aditi Shah and Arpan Chaturvedi
MANESAR, India, April 11 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.
Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.
The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.
"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.
Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.
India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.
HEAVY RELIANCE ON GAS
India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.
Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.
Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.
Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.
The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.
Munjal Showa told Reuters its production was partially impacted this week.
At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.
In a statement on Saturday, Roop told Reuters that the impact of worker protests on production was "very minimal" and operations are now running normally.
Maruti, Honda and Hero did not respond to requests for comment.
While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.
India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.
"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.
The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."
(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim, Elaine Hardcastle and Alexander Smith)
(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Indian state raises minimum wages in first such move after Iran crisis
Disrupted gas supplies mean higher food prices, workers say
Protests in Indian auto hub had triggered widespread concerns
Some companies are offering meals, bonuses to keep staff
Updates with comment from Roop polymers in paragraph 15, updates dateline
By Aditi Shah and Arpan Chaturvedi
MANESAR, India, April 11 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.
Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.
The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.
"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.
Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.
India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.
HEAVY RELIANCE ON GAS
India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.
Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.
Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.
Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.
The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.
Munjal Showa told Reuters its production was partially impacted this week.
At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.
In a statement on Saturday, Roop told Reuters that the impact of worker protests on production was "very minimal" and operations are now running normally.
Maruti, Honda and Hero did not respond to requests for comment.
While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.
India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.
"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.
The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."
(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim, Elaine Hardcastle and Alexander Smith)
(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Indian auto hub hikes minimum wage after protests over soaring costs due to Iran war
Indian state raises minimum wages in first such move after Iran crisis
Disrupted gas supplies mean higher food prices, workers say
Protests in Indian auto hub had triggered widespread concerns
Some companies are offering meals, bonuses to keep staff
By Aditi Shah and Arpan Chaturvedi
MANESAR, India, April 10 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.
Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.
The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.
"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.
Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.
India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.
HEAVY RELIANCE ON GAS
India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.
Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.
Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.
Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.
The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.
Munjal Showa told Reuters its production was partially impacted this week.
At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.
Roop, Maruti, Honda and Hero did not respond to requests for comment.
While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.
India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.
"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.
The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."
(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim and Elaine Hardcastle)
(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Indian state raises minimum wages in first such move after Iran crisis
Disrupted gas supplies mean higher food prices, workers say
Protests in Indian auto hub had triggered widespread concerns
Some companies are offering meals, bonuses to keep staff
By Aditi Shah and Arpan Chaturvedi
MANESAR, India, April 10 (Reuters) - India's auto-making state of Haryana ordered a 35% hike in minimum wages on Friday, after factory workers boycotted work and staged protests this week over rising living costs as a result of the U.S.-Israeli war on Iran.
Haryana's government said it was raising the minimum wage for unskilled workers to $165 per month, from roughly $120, effective April 1, a move that helps workers but will raise cost pressures for India's auto industry at a time of rising input prices and supply chain disruptions.
The decision comes a day after clashes between the police and workers in Manesar, located 30 miles (48.28 km) south of New Delhi and home to companies like Maruti Suzuki MRTI.NS, as well as hundreds of ancillary units that feed into it.
"We urge the workers to ... peacefully carry on their work," Ajay Kumar, a state official, said in a video address on Friday.
Factory workers have been hit hard as prices at eateries have surged due to disrupted supplies of gas in recent weeks, prompting some to return to their villages.
India is the world's second-largest liquefied petroleum gas (LPG) importer and is battling its worst gas crisis in decades, with the government cutting supplies for industries to shield households from any shortage of cooking gas.
The government's move will increase costs for India's car industry, already dealing with higher raw material prices stemming from the Iran war. While the likes of Tata Motors TAMO.NS and Mahindra MAHM.NS have raised car prices, Maruti has warned of a similar move.
HEAVY RELIANCE ON GAS
India's heavy reliance on gas across the economy - businesses of all sizes, households, agriculture, public transport - makes its factories as well as lower-income earners among the most vulnerable in Asia.
Akash Kumar, 25, who works at Munjal Showa MNJL.NS, a supplier to motorbike maker Hero MotoCorp HROM.NS, said street vendors were charging him double the price for a meal of bread, curry and yogurt.
Friday's decision, he said, will bring some relief. "Whatever we get, we have to be happy," he said, adding that workers have resumed duties after being told about the pay hike.
Industrial unrest in Manesar affected various auto suppliers this week, according to Reuters' interviews with more than 30 workers. Workers said they were demanding pay rises to sustain their livelihoods as food was becoming expensive and gas supplies were erratic.
The federal government maintains there is no shortage of cooking gas for households and it is increasing availability of smaller cylinders for daily-wage earners and migrants.
Munjal Showa told Reuters its production was partially impacted this week.
At Roop Polymers, a supplier to Maruti and Honda 7267.T, notices on the factory-gate wall warned of disciplinary action against absent workers, and a company executive said "work was heavily disrupted inside" due to the protests.
Roop, Maruti, Honda and Hero did not respond to requests for comment.
While talks between Iran and the U.S. have raised hopes of de-escalation, auto industry executives said supply chains could take weeks to normalise, as a growing number of migrant workers head back home.
India has about 400 million local migrant workers heading to places such as Manesar to earn a minimum wage for an average 48 hours a week.
"Most employers are trying hard to hold on to the workforce that is running back by offering two meals a day or paying a small bonus," said Vinod Kumar, president of India SME Forum which represents thousands of small and medium-sized businesses.
The group is seeking government help to implement "emergency" measures and establish cluster-based common kitchens, as Kumar said "once labour leaves, it is very difficult to get them back."
(Reporting by Aditi Shah and Arpan Chaturvedi in Manesar, additional reporting by Dhwani Pandya in Mumbai, Saurabh Sharma in New Delhi and Sumit Khanna in Ahmedabad; Editing by Aditya Kalra, Miyoung Kim and Elaine Hardcastle)
(([email protected]; +91-11-4954 8023, +91-11-3015 8023; Reuters Messaging: twitter: @aditishahsays))
Munjal Showa June-Quarter PAT 82.8 Mln Rupees
Aug 4 (Reuters) - Munjal Showa Ltd MNJL.NS:
JUNE-QUARTER PAT 82.8 MILLION RUPEES
JUNE-QUARTER REVENUE FROM OPERATIONS 2.86 BILLION RUPEES
Source text: ID:nNSE25yxzC
Further company coverage: MNJL.NS
(([email protected];;))
Aug 4 (Reuters) - Munjal Showa Ltd MNJL.NS:
JUNE-QUARTER PAT 82.8 MILLION RUPEES
JUNE-QUARTER REVENUE FROM OPERATIONS 2.86 BILLION RUPEES
Source text: ID:nNSE25yxzC
Further company coverage: MNJL.NS
(([email protected];;))
Munjal Showa Dec-Qtr PAT 59.8 Million Rupees
Feb 6 (Reuters) - Munjal Showa Ltd MNJL.NS:
DEC-QUARTER PAT 59.8 MILLION RUPEES
DEC-QTR REV FROM OPS 3.19 BLN RUPEES
Further company coverage: MNJL.NS
(([email protected];))
Feb 6 (Reuters) - Munjal Showa Ltd MNJL.NS:
DEC-QUARTER PAT 59.8 MILLION RUPEES
DEC-QTR REV FROM OPS 3.19 BLN RUPEES
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Gets Order For Tax Deviation Of 124 Million Rupees
Dec 19 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA LTD - GETS ORDER FOR TAX DEVIATION OF 124 MILLION RUPEES
Source text: ID:nBSE8hDgq3
Further company coverage: MNJL.NS
(([email protected];))
Dec 19 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA LTD - GETS ORDER FOR TAX DEVIATION OF 124 MILLION RUPEES
Source text: ID:nBSE8hDgq3
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Says Sept-Quarter PAT At 20.5 Million Rupees
Nov 11 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA SEPT-QUARTER PAT 20.5 MILLION RUPEES
MUNJAL SHOWA SEPT-QUARTER REVENUE FROM OPERATIONS 3.18 BILLION RUPEES
Source text: [ID:]
Further company coverage: MNJL.NS
(([email protected];))
Nov 11 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA SEPT-QUARTER PAT 20.5 MILLION RUPEES
MUNJAL SHOWA SEPT-QUARTER REVENUE FROM OPERATIONS 3.18 BILLION RUPEES
Source text: [ID:]
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Ltd June-Quarter PAT 119.2 Million Rupees
Aug 12 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA LTD JUNE-QUARTER PAT 119.2 MILLION RUPEES
MUNJAL SHOWA LTD JUNE-QUARTER REVENUE FROM OPERATIONS 3.11 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: MNJL.NS
(([email protected];))
Aug 12 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA LTD JUNE-QUARTER PAT 119.2 MILLION RUPEES
MUNJAL SHOWA LTD JUNE-QUARTER REVENUE FROM OPERATIONS 3.11 BILLION RUPEES
Source text for Eikon: [ID:]
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Gets Tax Demand Order Of 148.1 Mln Rupees
July 29 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA - GETS TAX DEMAND OREDER OF 148.1 MILLION RUPEES
Source text for Eikon: ID:nBSE8W7gtv
Further company coverage: MNJL.NS
(([email protected];))
July 29 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA - GETS TAX DEMAND OREDER OF 148.1 MILLION RUPEES
Source text for Eikon: ID:nBSE8W7gtv
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Gets Tax Order For Demand Of 45 Million Rupees
July 16 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA - GOT TAX ORDER FOR DEMAND OF 45 MILLION RUPEES
Source text for Eikon: ID:nBSE5gQD2n
Further company coverage: MNJL.NS
(([email protected];))
July 16 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA - GOT TAX ORDER FOR DEMAND OF 45 MILLION RUPEES
Source text for Eikon: ID:nBSE5gQD2n
Further company coverage: MNJL.NS
(([email protected];))
Munjal Showa Says Yasuhiro Ashiki Resigns As Joint MD
Feb 9 (Reuters) - Munjal Showa Ltd MNJL.NS:
YASUHIRO ASHIKI RESIGNS AS JOINT MD
Source text for Eikon: ID:nBSE8n0Q2t
Further company coverage: MNJL.NS
(([email protected];;))
Feb 9 (Reuters) - Munjal Showa Ltd MNJL.NS:
YASUHIRO ASHIKI RESIGNS AS JOINT MD
Source text for Eikon: ID:nBSE8n0Q2t
Further company coverage: MNJL.NS
(([email protected];;))
Munjal Showa Dec-Quarter PAT Rises
Feb 8 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA DEC-QUARTER PAT 86.4 MILLION RUPEES VERSUS PROFIT 31.4 MILLION RUPEES
MUNJAL SHOWA DEC-QUARTER REVENUE FROM OPERATIONS 3.03 BILLION RUPEES VERSUS 3.08 BILLION RUPEES
Source text for Eikon: ID:nBSE5jMm1f
Further company coverage: MNJL.NS
(([email protected];))
Feb 8 (Reuters) - Munjal Showa Ltd MNJL.NS:
MUNJAL SHOWA DEC-QUARTER PAT 86.4 MILLION RUPEES VERSUS PROFIT 31.4 MILLION RUPEES
MUNJAL SHOWA DEC-QUARTER REVENUE FROM OPERATIONS 3.03 BILLION RUPEES VERSUS 3.08 BILLION RUPEES
Source text for Eikon: ID:nBSE5jMm1f
Further company coverage: MNJL.NS
(([email protected];))
Indian authorities seize $3 mln property from Hero MotoCorp's Munjal
BENGALURU, Nov 10 (Reuters) - India's financial crime agency has seized property worth about 249.5 million rupees ($3 million) belonging to Hero MotoCorp HROM.NS Chairman Pawan Munjal in relation to an ongoing money laundering investigation, the agency said on Friday.
The Enforcement Directorate (ED) said it seized three properties in New Delhi, under the country's provisions of The Prevention of Money Laundering Act, 2002.
This takes the total value of seizures and attachments in the case to about 500 million rupees, it added.
Hero did not immediately respond to a Reuters' request for comment, while Munjal could not be immediately reached for comment.
Last month, Delhi Police registered a case against Hero and Munjal on allegations of forgery and fraud by Brains Logistics, which provided manpower services to the two-wheeler maker.
($1 = 83.3625 Indian rupees)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 7022132226;))
BENGALURU, Nov 10 (Reuters) - India's financial crime agency has seized property worth about 249.5 million rupees ($3 million) belonging to Hero MotoCorp HROM.NS Chairman Pawan Munjal in relation to an ongoing money laundering investigation, the agency said on Friday.
The Enforcement Directorate (ED) said it seized three properties in New Delhi, under the country's provisions of The Prevention of Money Laundering Act, 2002.
This takes the total value of seizures and attachments in the case to about 500 million rupees, it added.
Hero did not immediately respond to a Reuters' request for comment, while Munjal could not be immediately reached for comment.
Last month, Delhi Police registered a case against Hero and Munjal on allegations of forgery and fraud by Brains Logistics, which provided manpower services to the two-wheeler maker.
($1 = 83.3625 Indian rupees)
(Reporting by Indranil Sarkar in Bengaluru; Editing by Savio D'Souza)
(([email protected]; Mobile: +91 7022132226;))
Indian police registers forgery case against Hero MotoCorp, its chairman
Adds company statement
BENGALURU, Oct 9 (Reuters) - India's Delhi Police has registered a case against Hero MotoCorp HROM.NS and its chairman, Pawan Munjal, on allegations of forgery and fraud, according to a police representative and a copy of the first information report seen by Reuters on Monday.
The report (FIR), filed by Brains Logistics, accused the company, Munjal and others of forgery and falsifying account books. Brains Logistics provided manpower services to Hero.
Hero, in a statement to the Bombay Stock Exchange, said the matter dated back to 2009-10 and that Hero had also registered an FIR against Brains Logistics in 2013. The matter is ongoing before the court, Hero added.
The latest FIR adds to a list of troubles faced by Hero and Munjal.
Indian tax authorities had investigated Hero's relationship with a vendor suspected of reporting about 900 million rupees ($11 million) in false expenditure, Reuters reported in August.
That was after the country's Enforcement Directorate (ED) recovered assets worth $3 million from Munjal following a money-laundering investigation.
($1 = 83.2090 Indian rupees)
(Reporting by Aditi Shah and Nandan Mandayam; Writing by Kashish Tandon; Editing by Savio D'Souza and Janane Venkatraman)
Adds company statement
BENGALURU, Oct 9 (Reuters) - India's Delhi Police has registered a case against Hero MotoCorp HROM.NS and its chairman, Pawan Munjal, on allegations of forgery and fraud, according to a police representative and a copy of the first information report seen by Reuters on Monday.
The report (FIR), filed by Brains Logistics, accused the company, Munjal and others of forgery and falsifying account books. Brains Logistics provided manpower services to Hero.
Hero, in a statement to the Bombay Stock Exchange, said the matter dated back to 2009-10 and that Hero had also registered an FIR against Brains Logistics in 2013. The matter is ongoing before the court, Hero added.
The latest FIR adds to a list of troubles faced by Hero and Munjal.
Indian tax authorities had investigated Hero's relationship with a vendor suspected of reporting about 900 million rupees ($11 million) in false expenditure, Reuters reported in August.
That was after the country's Enforcement Directorate (ED) recovered assets worth $3 million from Munjal following a money-laundering investigation.
($1 = 83.2090 Indian rupees)
(Reporting by Aditi Shah and Nandan Mandayam; Writing by Kashish Tandon; Editing by Savio D'Souza and Janane Venkatraman)
India's ED recovers assets worth $3 mln from Hero MotoCorp's Munjal (Aug. 2)
Corrects company name in headline to Hero MotoCorp from Hero MotorCorp
BENGALURU, Aug 2 (Reuters) - India's Enforcement Directorate (ED) has recovered assets worth $3 million from Hero MotoCorp's HROM.NS chairperson, Pawan Kant Munjal, and others, following a money-laundering investigation, the agency said on Wednesday.
The agency's probe follows complaints that 540 million rupees ($6.53 million) worth of foreign currency and other valuable items were illegally moved to offshore locations by Hero's third-party vendor that was later used by Munjal for his personal expenses, it said in a statement.
The ED has recovered foreign currency, cash, gold, and diamond jewelry worth about 250 million rupees, after it conducted searches at 12 premises owned by the company and its promoter, the agency said.
Hero, which is India's largest two-wheeler maker, said on Tuesday that officials from the agency had visited its offices in Delhi and Gurugram as well as Munjal's residence.
The ED's actions come after the Ministry of Corporate Affairs in June had ordered an investigation into Hero's relationship with the third-party vendor, Salt Experience and Management, in a case related to the alleged diversion of funds.
Hero was also under the scrutiny of India's income tax authorities last year which was termed as "routine inquiry" by the company.
Hero shares closed 3.5% lower on Wednesday.
($1 = 82.7240 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Anil D'Silva)
(([email protected];))
Corrects company name in headline to Hero MotoCorp from Hero MotorCorp
BENGALURU, Aug 2 (Reuters) - India's Enforcement Directorate (ED) has recovered assets worth $3 million from Hero MotoCorp's HROM.NS chairperson, Pawan Kant Munjal, and others, following a money-laundering investigation, the agency said on Wednesday.
The agency's probe follows complaints that 540 million rupees ($6.53 million) worth of foreign currency and other valuable items were illegally moved to offshore locations by Hero's third-party vendor that was later used by Munjal for his personal expenses, it said in a statement.
The ED has recovered foreign currency, cash, gold, and diamond jewelry worth about 250 million rupees, after it conducted searches at 12 premises owned by the company and its promoter, the agency said.
Hero, which is India's largest two-wheeler maker, said on Tuesday that officials from the agency had visited its offices in Delhi and Gurugram as well as Munjal's residence.
The ED's actions come after the Ministry of Corporate Affairs in June had ordered an investigation into Hero's relationship with the third-party vendor, Salt Experience and Management, in a case related to the alleged diversion of funds.
Hero was also under the scrutiny of India's income tax authorities last year which was termed as "routine inquiry" by the company.
Hero shares closed 3.5% lower on Wednesday.
($1 = 82.7240 Indian rupees)
(Reporting by Dimpal Gulwani in Bengaluru; Editing by Anil D'Silva)
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India's Munjal Showa March-Qtr PAT Rises
May 30 (Reuters) - Munjal Showa Ltd MNJL.NS:
INDIA'S MUNJAL SHOWA MARCH-QUARTER PAT 212 MILLION RUPEES VERSUS PROFIT 70.4 MILLION RUPEES
MUNJAL SHOWA MARCH-QUARTER REVENUE FROM OPERATIONS 2.99 BILLION RUPEES VERSUS 2.96 BILLION RUPEES
DIVIDEND OF 4.50 RUPEES PER SHARE
Source text for Eikon: ID:nBSEc8XVMw
Further company coverage: MNJL.NS
(([email protected];;))
May 30 (Reuters) - Munjal Showa Ltd MNJL.NS:
INDIA'S MUNJAL SHOWA MARCH-QUARTER PAT 212 MILLION RUPEES VERSUS PROFIT 70.4 MILLION RUPEES
MUNJAL SHOWA MARCH-QUARTER REVENUE FROM OPERATIONS 2.99 BILLION RUPEES VERSUS 2.96 BILLION RUPEES
DIVIDEND OF 4.50 RUPEES PER SHARE
Source text for Eikon: ID:nBSEc8XVMw
Further company coverage: MNJL.NS
(([email protected];;))
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What does Munjal Showa do?
Munjal Showa, a key player in shock absorbers and struts production for vehicles, is a Hero Group member known for supplying top auto companies worldwide with high-quality, safety-compliant products.
Who are the competitors of Munjal Showa?
Munjal Showa major competitors are Frontier Springs, Sharda Motor Inds., Jamna Auto Inds., Talbros Engineering, GNA Axles, Auto.Axle. Market Cap of Munjal Showa is ₹498 Crs. While the median market cap of its peers are ₹2,256 Crs.
Is Munjal Showa financially stable compared to its competitors?
Munjal Showa seems to be less financially stable compared to its competitors. Altman Z score of Munjal Showa is 5.19 and is ranked 5 out of its 7 competitors.
Does Munjal Showa pay decent dividends?
The company seems to pay a good stable dividend. Munjal Showa latest dividend payout ratio is 62.34% and 3yr average dividend payout ratio is 59.08%
How has Munjal Showa allocated its funds?
Companies resources are allocated to majorly unproductive assets like Cash & Short Term Investments
How strong is Munjal Showa balance sheet?
Balance sheet of Munjal Showa is strong. It shouldn't have solvency or liquidity issues.
Is the profitablity of Munjal Showa improving?
The profit is oscillating. The profit of Munjal Showa is ₹30.84 Crs for TTM, ₹28.87 Crs for Mar 2025 and ₹30.77 Crs for Mar 2024.
Is the debt of Munjal Showa increasing or decreasing?
Yes, The net debt of Munjal Showa is increasing. Latest net debt of Munjal Showa is -₹5.09 Crs as of Sep-25. This is greater than Mar-25 when it was -₹53.41 Crs.
Is Munjal Showa stock expensive?
Munjal Showa is not expensive. Latest PE of Munjal Showa is 16.13, while 3 year average PE is 21.36. Also latest EV/EBITDA of Munjal Showa is 20.35 while 3yr average is 31.43.
Has the share price of Munjal Showa grown faster than its competition?
Munjal Showa has given lower returns compared to its competitors. Munjal Showa has grown at ~-4.65% over the last 9yrs while peers have grown at a median rate of 18.0%
Is the promoter bullish about Munjal Showa?
Promoters stake in the company seems stable, and we need to go through filings and allocation of resources to gauge promoter bullishness. Latest quarter promoter holding in Munjal Showa is 65.02% and last quarter promoter holding is 65.02%.
Are mutual funds buying/selling Munjal Showa?
The mutual fund holding of Munjal Showa is stable. The current mutual fund holding in Munjal Showa is 0.01% while previous quarter holding is 0.01%.