Borosil Renewables soar over 6% after Bombay High Court quashes tax order worth Rs 19.53 crore
The income tax order that the Bombay High Court quashed on Tuesday dated back to the Assessment Year 2016-17.
Borosil Renewables Share Price: Borosil Renewables shares soared higher to close trade session up 6.22 per cent, or Rs 25.55, at Rs 436.25 in early morning deals on Wednesday (September 27, 2023) after the Bombay High Court on Tuesday quashed the tax demand notice of Rs 19.53 crore for the Assessment Year 2016-17.
The company's share started trade session on Wednesay at Rs 418.55 to rise to the day's high of 447.40 in morning hours.
"We refer to our earlier intimation dated September 11, 2023 regarding filing of writ petition before the Hon’ble High Court of Judicature at Bombay in the matter of income tax demand of Rs. 1952.56 lakhs raised against the company for Assessment Year 2016-17," Borosil Renewables said in a BSE filing on Tuesday.
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We hereby inform that the Hon’ble High Court of Judicature at Bombay (Bombay High Court), vide its order pronounced on September 15, 2023 has quashed the order/notice and disposed of the aforesaid writ petition in favour of the company, says the firm.
Borosil Renewables Stock Performance
The share price boost on Wednesday helped it gain 2.72 per cent in the last five trade sessions. The share has risen 1.48 per cent in the last one month, while it has jumped 13.05 per cent in the six-month period. In contrast, the share has had a lacklustre year-to-date performance, plunging 13.36 per cent, while its fall in the last one year has been even more miserable at 24.85 per cent.
The Nifty 50 benchmark, meanwhile, has slipped 0.53 per cent in the last five sessions, whereas it has jumped 2.13 per cent in the last one month. The benchmark has outperformed Borosil Renewables in the last six-month period with a rise of 16.31 per cent. The benchmark has jumped 8.35 per cent year-to-date, while its rise in the last one year has been 16.95 per cent.