Shree Cement shares fall 3% on income tax raid report
A survey action of the Income Tax department is an investigative procedure carried out to ascertain the actual income earned by a tax payer for a financial year.
- Jun 21, 2023,
- Updated Jun 21, 2023 3:24 PM IST
Shares of Shree Cement slipped about 3 per cent during the trading session on Wednesday amid the reports of search operations conducted by the Income Tax (I-T) department at the various locations. According to the various media reports, citing sources, the I-T department conducted survey action at five locations of Shree Cement in Rajasthan under section 80IA. The survey action was underway at the time of writing this report, sources said. However, the company did not disclose anything regarding the matter on exchanges. Shares of Shree Cement tumbled about 3 per cent to Rs 25,250.60 on Wednesday, before making a marginal recovery. The company commanded a total market capitalization of about Rs 92,000 crore. The scrip had settled at Rs 25,938.70 on Tuesday on BSE. A survey action of the tax department is an investigative procedure carried out to ascertain the actual income earned by a tax-payer for a financial year. Section 80-IA of the I-T Act provides for deduction of 100 per cent of profit and gains derived from specific businesses for 10 consecutive assessment years in a block of 15 years, only up to a certain period. Shree Cement reported a 15 per cent year-on-year (YoY) drop in net profit at Rs 546 crore for the March 2023 quarter compared with Rs 645 crore in the same quarter a year ago. Sales for the quarter rose 17 per cent YoY to Rs 4,785 crore compared with Rs 4,099 crore in the same quarter last year.
Shares of Shree Cement slipped about 3 per cent during the trading session on Wednesday amid the reports of search operations conducted by the Income Tax (I-T) department at the various locations. According to the various media reports, citing sources, the I-T department conducted survey action at five locations of Shree Cement in Rajasthan under section 80IA. The survey action was underway at the time of writing this report, sources said. However, the company did not disclose anything regarding the matter on exchanges. Shares of Shree Cement tumbled about 3 per cent to Rs 25,250.60 on Wednesday, before making a marginal recovery. The company commanded a total market capitalization of about Rs 92,000 crore. The scrip had settled at Rs 25,938.70 on Tuesday on BSE. A survey action of the tax department is an investigative procedure carried out to ascertain the actual income earned by a tax-payer for a financial year. Section 80-IA of the I-T Act provides for deduction of 100 per cent of profit and gains derived from specific businesses for 10 consecutive assessment years in a block of 15 years, only up to a certain period. Shree Cement reported a 15 per cent year-on-year (YoY) drop in net profit at Rs 546 crore for the March 2023 quarter compared with Rs 645 crore in the same quarter a year ago. Sales for the quarter rose 17 per cent YoY to Rs 4,785 crore compared with Rs 4,099 crore in the same quarter last year.