Suzlon Power Shares: An enormous blow to Suzlon, Earnings Tax officers in Gujarat despatched discover – INA NEWS

Suzlon Power Shares: There could also be a pointy motion within the shares of wind turbine manufacturing big Suzlon Power when the inventory market opens on Monday. The explanation for that is that Suzlon Power had obtained a tax discover of greater than Rs 1 crore from the Earnings Tax Division. Presently the share is priced at Rs 61.96, which is its closing worth on BSE on Friday, January 3, the final buying and selling day of this week. This 12 months, on the primary buying and selling day of 2025, its shares closed on the higher circuit of 5 %, however then it declined by greater than 5 % within the subsequent two buying and selling days and thus it has weakened by about half a % this 12 months.

Why has Suzlon Power obtained the discover?

Suzlon Power has obtained a tax discover of ₹1.01 crore for FY2017 from the Ahmedabad Earnings Tax Division. Based on the knowledge given by the corporate in its alternate submitting, this discover is said to the penalty imposed on disallowance of late funds associated to PF/ESI contributions of staff within the monetary 12 months 2016-17. The corporate plans to file a petition in opposition to this penalty and is assured that the choice shall be in its favor. Earlier, the corporate had revealed that the Earnings Tax Division waived off penalty of Rs 260.35 crore in FY 2015-16 and FY 2016-17 following the choice of the Earnings Tax Appellate Tribunal (ITAT). This was greater than the corporate’s web revenue of Rs 200 crore within the September quarter.

How had been the shares in a single 12 months?

Shares of Suzlon Power have made large income for the buyers. Final 12 months on March 14, 2024, it was at Rs 35.49, which is a one-year low for its shares. From this low stage, it jumped by greater than 142 % in 6 months to achieve the worth of Rs 86.04 on September 12, 2024, which is a one-year report excessive for its shares. Nonetheless, the rise of shares stopped right here and at current it’s about 28 % draw back from this excessive.

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