Marico Confirms Income-Tax-Dept Visit; Claims No Material Impact On Business
The Income Tax officials entered the office premises around 10:30 a.m. and the survey in Andheri office is still continuing.
Marico Ltd. on Wednesday confirmed in an exchange filing the visit of the Income Tax Department to its offices and manufacturing units in India. Hours after the official search began, the company said that the proceedings are underway, and the company is extending full cooperation to the officials.
In addition, the company in an exchange filing said that there will be no material impact on business operations.
The survey action, being conducted by the Mumbai branch, is linked to the scrutiny of certain foreign funding transactions, sources told NDTV Profit.
The Income Tax officials entered the office premises around 10:30 a.m. and the survey in Andheri office is still continuing. Marico staff's mobile devices have been taken away.
Sources told NDTV Profit that the scale of the issue will be ascertained once all relevant documents are perused. The senior Marico employees are being quizzed by the IT wing currently. The relevant documents will be looked into soon.
Mumbai-headquartered Marico is a leading Indian consumer goods company offering products in categories like hair care, skin care, edible oils, healthy foods, and male grooming under well-known brands such as Parachute, Saffola, and Set Wet.
The company manufactures, markets, and sells these products across India and in emerging markets in Asia and Africa.
Marico Share Price Today
The business update was shared after market hours. The stock settled 1.66% lower at Rs 711.90 apiece on the NSE, compared to a 0.36% advance in the benchmark Nifty 50.
Marico shares have risen 2.88% in the last 12 months and 10.54% year-to-date.
Out of 44 analysts tracking the company, 31 maintain a 'buy' rating, nine recommend a 'hold' and four suggest 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 798.17 implies an upside of 12.1%.
