The income tax (I-T) department is learnt to have found that two-wheeler maker Hero MotoCorp made over Rs 1,000 crore in ‘bogus’ expenses and an unexplained cash transaction of Rs 100 crore involving a property allegedly owned by a promoter of the company.

The findings are learnt to be part of the tax department’s initial probe into a possible tax evasion by the two-wheeler giant.

India's COVID-19 tally climbed to 4,30,21,982 on Tuesday with 1,259 fresh cases, while the number of active cases of the infection further declined to 15,378, according to the Union health ministry.

The death toll due to the viral disease has gone up to 5,21,070 with 35 more fatalities, the ministry's data updated at 8 am stated.

SBI Life Insurance jumped 3.6 per cent to a high of Rs 1,116.70 in Tuesday's intra-day trade amid reports of a block deal. The counter witneesed significant jump in volume with around 96,000 shares traded on the BSE as against its two-week daily average volume of around 34,000 shares. Similarly, 16.91 lakh shares exchanged hands in the first hour of trades on the NSE as against a total of 9.26 lakh shares traded on Monday.

According to media reports, Canada Pension Fund was to sell its 0.56 per cent stake in the company in a price band of Rs 1,039 - Rs 1,077.

The price of 10 gram of 24-carat gold decreased by 280 on Tuesday to Rs 52,310, while silver became cheaper by Rs 500 per kg to Rs 68,400.

Ten gram of 22-carat gold is trading at Rs 47,950 after a decrease in price by Rs 250.

The price of 10 gram of 24-carat gold in Delhi stood at Rs 52,550 while in Mumbai, gold is selling at Rs 52,310.

The country's oldest stock exchange BSE has also embarked on a search for a chief executive and managing director as the incumbent Ashish Kumar Chauhan's term has ended.

The move comes at a time when its bigger rival NSE, which controls a large part of trade volumes in the country, has also initiated a similar process for its chief.

Ruchi Soya Industries' follow-on share sale (FPO) has seen withdrawal of bids in all four categories, latest data provided by stock exchanges shows.

The qualified institutional buyer (QIB) category is now subscribed 1.6 times down from 2.2 times yesterday. The high networth individual (HNI) category is subscribed 9 times, down from nearly 12 times a day ago.

Shares of Adani Power surged 12 per cent and claimed a fresh 52-week high of Rs 170 per share on the BSE on Tuesday. The shares extended their rally into sixth consecutive session, after the company approved an amalgamation scheme for the merger of its six wholly-owned subsidiaries with itself.

At 11:55 AM, shares of the Adani Group company was trading 8 per cent higher at Rs 165 per share, as against a 0.18 per cent gain in the benchmark S&P BSE Sensex.

Fintech major Paytm has appointed Anuj Mittal as Vice President, Investor Relations, according to a source close to the developments. Mittal would be reporting directly to Paytm President and Group CFO Madhur Deora.

This comes at a time when Paytm's stock has been pummelled, in line with the fate of many other technology stocks globally. The fintech company's shares were trading at Rs 538 at the time of publishing on Tuesday, losing around three-fourths of the value after a blockbuster initial public offering at Rs 2,150 apiece in November last year.

India's ONGC Videsh Ltd has sold at least one cargo of Russian Sokol oil to India refiners Hindustan Petroleum Corp and Bharat Petroleum Corp after failing to draw interest in a tender earlier this month, sources familiar with the matter said.

Indian companies are snapping up Russian oil as it is available at a deep discounts after some companies and countries shunned purchases from Moscow due to sanctions against Russia for its Ukraine invasion.

The Tata Steel board on Monday approved the appointment of Noel Naval Tata as an additional director and designated him as vice-chairman.

In a stock exchange filing, the company said based on the recommendations of the Nomination and Remuneration Committee, the board of directors at its meeting held on Monday, considered and unanimously approved the appointment of Noel Naval Tata as an additional director (non-executive, non-independent) effective March 28, 2022.

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