India's Shree Cement falls on report of $481 mln tax demand

Shree Cement

05/01/2024 08:52

** Shares of Shree Cement  SHCM.NS  fall as much as 4.6% to
lowest in over a month at 27,059.5 rupees 
    ** India's income tax department claims 40 bln rupees ($481
mln) tax demand from the cement producer, CNBC TV-18 said citing
sources
    ** IT dept's survey highlights co wrongfully claimed 85 bln
rupees in tax exemption from April 2014 to March 2023, according
to CNBC TV-18 sources 
    ** Shares of co were 1.6% lower before the news
    ** Stock on track to post its biggest intraday pct loss
since July 26, 2023
    ** Avg rating of 35 analysts on SHCM is "hold" and median PT
is 25,000 rupees, ~7.8% lower than current price - LSEG data
    ** Stock rose 23% in 2023, gaining most in a year since 2017

($1 = 83.1625 Indian rupees)

 (Reporting by Anuran Sadhu in Bengaluru)
 ((Anuran.Sadhu@thomsonreuters.com ;))