Page 11 - Hero Motocorp

Hero MotoCorp, Ather Energy partner on interoperable EV charging stations

The network of charging stations will be available to be located through the applications 'My VIDA' and the Ather App

Nifty hits new all-time high: Here's a look at stocks that drove the rally

Nifty hits fresh record high: Since September 15, automobile and energy linked stocks have outperformed the markets

Higher production, festival season drive domestic car sales in November

Companies like MSIL and Tata Motors have announced price increases from January 1

Hero MotoCorp hits 33-mth high, soars 15% in 9 days on record festive sales

Last week the company said it recorded highest-ever festive sales, clocking more than 1.4 million units in retail sales during the 32-day festive period.

Delhi HC stays proceedings in money laundering case against Pawan Munjal

The Delhi High Court on Friday stayed the proceedings against Hero Motocorp chairman Pawan Kant Munjal in a money laundering case being probed by the Enforcement Directorate (ED). Justice Saurabh Banerjee issued notice to the investigating agency on Munjal's petition against the ED case and granted it time to file its reply. While granting the interim relief, the judge observed that a similar stay order was recently passed on the predicate offence under the Customs Act and the petitioner has been exonerated by the Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in that matter. "Accordingly, there shall be a stay of proceedings under the ECIR," the court ordered. The court clarified that the stay was in relation to the petitioner only and the ED was free to proceed further according to law. The Directorate of Revenue Intelligence (DRI) had filed a prosecution complaint last year on charges of allegedly "carrying, attempting to export and illicit export of prohibited ite

Hero MotoCorp breaks festive sales record with over 1.4 mn units sold

Riding high on the success of the festive season, Hero MotoCorp has reduced its post-festive channel inventory to its lowest level in over three years

Hero MotoCorp posts its best festive season with sale of 1.4 mn 2-wheelers

Riding on robust demand across rural markets as well as steady retail off-take in key urban centres, the company registered a 19 per cent growth over the festive season last year

Expect momentum building on demand side moving ahead: Hero MotoCorp

Hero MotoCorp expects demand momentum for two-wheelers to build up further in the domestic market with economic indicators remaining positive, according to a top company executive. The country's largest two-wheeler maker, which recently announced its foray into the European market, is revamping its sales infrastructure and is aiming to have at least 100 premium retail showrooms in the next six months. "As far as the economy is concerned, we know about the global geopolitical issues that are going on, however, the Indian economy continues to be resilient and is one of the fastest growing major economies in the world," Hero MotoCorp CEO Niranjan Gupta said in an analyst call. All the indicators are in the positive direction amid a strong consumer confidence index, he added. "While the monsoon has been patchy in parts, if you see the Rabi crops have been pretty good as compared to the last year. The festive season has started off very well and overall we do see momentum building on th

Money-laundering case: Rs 50 crore assets of Pawan Munjal attached

Federal agency seizes assets worth Rs 50 cr, including immovable properties worth Rs 25 cr, of businessman

Hero MotoCorp's Munjal used others' forex for self-expenditure abroad: ED

The Enforcement Directorate on Friday alleged that Hero MotoCorp executive chairperson Pawan Kant Munjal used foreign currency issued in the name of others for his personal expenditure abroad to "override" RBI rules and attached his assets worth Rs 24.95 crore as part of a money laundering investigation. Three immovable properties (in the form of lands) of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement. Munjal (69) is also the CMD and Chairman of Hero MotoCorp Ltd and the assets are worth about Rs 24.95 crore. The ED said its probe found "Pawan Kant Munjal got issued foreign exchange/foreign currency in the name of other persons and thereafter utilised the same for his personal expenditure abroad." It claimed that the foreign currency/foreign exchange was drawn from authorised dealers by an event management company in the name of various employees and thereafter .

ED attaches Rs 24.95 cr worth properties of Hero MotoCorp's Pawan Munjal

The Enforcement Directorate on Friday said it has attached assets worth Rs 24.95 crore of Hero MotoCorp executive chairperson Pawan Kant Munjal as part of a money laundering investigation against him. Three immovable properties of Munjal located in Delhi have been provisionally attached under the provisions of the Prevention of Money Laundering Act (PMLA), the central agency said in a statement. Munjal, it said, is the CMD and Chairman of Hero MotoCorp Ltd and the assets are worth about Rs 24.95 crore. The ED had carried out raids against Munjal and his companies in August after filing a PMLA case against him that was filed after taking cognisance of a Directorate of Revenue Intelligence (DRI) charge sheet that accused him of taking foreign exchange/currency out of India illegally. "The prosecution complaint alleges that foreign currency/foreign exchange equivalent to Rs 54 crore was illegally taken out of India," the ED said.

Hero MotoCorp to foray into European market with EV range next year

The world's leading two-wheeler maker Hero MotoCorp on Tuesday said it will foray into the European market with its electric scooter range next year. The company plans to introduce the VIDA V1 electric scooter range in Spain, France and the UK by mid-2024. "With this foray into Europe with our electric vehicles, I am confident that Hero MotoCorp will soon emerge as a trusted brand in key markets in the region, just as it has done in other parts of the world," Hero MotoCorp Executive Chairman Pawan Munjal said at EICMA motor show here. The company's philosophy to have a clean, equitable and hospitable planet for future generations is enacted through its products, and services, he added. Hero MotoCorp CEO Niranjan Gupta said the company is collaborating with credible partners in the UK, Spain, and France to start commercial operations in each of these markets by mid 2024. "We will first introduce our electric scooter VIDA V1 in these countries and then expand our offerings with ...

Hero unveils 3 production-ready, 3 concept vehicles at EICMA 2023

Hero MotoCorp, India's largest two-wheeler maker, also announced that it will enter Europe with its electric vehicle brand Vida

Hero MotoCorp rides on robust Q2 performance and better prospects

Markets give thumbs up to the two-wheeler major's performance, analysts bullish on stock

Hero Moto records 15% retail sales growth in 17 days of festival season

High demand for entry-level vehicles in this period: CGO Ranjivjit Singh

Stocks to Watch: Tata Steel, Hero Moto, Britannia, GAIL, JK Tyre, Ambuja

Stocks to watch on November 2, 2023: Two-wheeler manufacturer Hero Moto's consolidated net profit rose 47.6 per cent YoY to Rs 1,007 crore in the September quarter

Hero Moto's consolidated net profit jumps 47.6% to Rs 1,007 crore

Regarding sales volume, the company recorded 14.16 lakh units of motorcycles and scooters sold during the quarter

Hero MotoCorp Chairman Pawan Munjal to take 20% cut in fixed salary

Hero MotoCorp on Wednesday said its board has approved a 20 per cent reduction in the fixed salary of Chairman Pawan Munjal following his request. Earlier this year, Munjal decided to separate the roles of the Chairman & CEO and appoint a CEO for the company, Hero MotoCorp said in a regulatory filing. "Following this transition, he has now volunteered to reduce his fixed salary by 20 per cent. The same was approved by the Board of Directors at its meeting today (November 1) following the recommendations of the Nomination & Remuneration Committee," it added. The updated remuneration of the executive chairman will be effective January 1, 2024, the company said. According to the company's annual report for 2022-23, Munjal's remuneration was Rs 99.55 crore in the fiscal. In March this year, Hero MotoCorp announced the elevation of Niranjan Gupta as the new CEO from Chief Financial Officer, Head - Strategy and M&A, and assumed the new role with effect from May 1, 2023. Munjal ..

Hero Motocorp Ltd Q2FY24 result: Net profit jumps 47% YoY to Rs 1,007 cr

The company announced an interim dividend of Rs 35 per quity share

Hero MotoCorp reports 26% jump in total sales to 574,930 units in October

Hero MotoCorp expects the demand to remain optimistic on the back of the recent product launches in the premium segment and the ongoing festive season