India's BHEL jumps after tribunal sets aside $6 mln tax demand, penalties

Bharat Heavy Electricals

12/05/2025 06:07

** Bharat Heavy Electricals BHEL.NS climbs 5% to 227.25 rupees

** Engineering and manufacturing company gets favourable order from Customs Excise and Service Tax Appellate Tribunal (CESTAT) in Delhi

** Says CESTAT set aside earlier order by goods and services tax authorities, imposing tax demand and penalties worth ~538.8 mln rupees ($6.4 mln)

** Adds it will file for refund of the pre-deposit made

** Stock rated "hold" on avg; median PT is 217 rupees, data compiled by LSEG shows

** BHEL down 5.6% YTD, underperforming the energy index .NIFTYENR, which drops ~2% in the same period

($1 = 84.6010 Indian rupees)

 (Reporting by Bharath Rajeswaran in Bengaluru)

 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))