Today, Suzlon Energy’s stock dropped 3.29% to Rs 39.20. The company’s market value decreased to Rs 55,263 crore on the BSE.
In the midst of a spectacular market rally, Suzlon Energy Ltd.’s shares dropped more than 3% when the I-T department issued two income tax penalty notices to the company for the fiscal years 2015–16 (FY16) and FY17. The respective values of the two penalty orders were Rs 87.59 crore and Rs 172.76 crore.
Today, the stock dropped 3.29% to Rs 39.20. The company’s market value decreased to Rs 55,263 crore on the BSE. 42.03 lakh shares of the company were traded, translating into a BSE turnover of Rs 16.90 crore.
The beta value of Suzlon Energy’s shares is 0.7, which denotes minimal annual volatility. Technically speaking, the stock’s relative strength index (RSI) is 50.4, indicating that it is not trading in the overbought nor oversold areas.
The 5 day, 10 day, 20 day, 150 day, and 200 day moving averages are all higher than the stock price of Suzlon Energy, but the 30 day, 50 day, and 100 day moving averages are lower. On March 31, 2023, Suzlon Energy shares dropped to a 52-week low of Rs 7.85.
This is to notify you that the Income Tax Department’s National Faceless Assessment Center has issued orders for the fiscal years 2015–16 and 2016–17 that impose penalties for the denial of claims for depreciation on goodwill, denials under Section 14A, and denials under Section 36(1)(va). Suzlon said in a BSE filing that “the details, as required, in terms of the Listing Regulations are as per enclosed Annexure.”
“The corporation feels that the penalty procedures ought to have been suspended until the outcome of the quantum appeal against disallowances, in accordance with previous court rulings. Suzlon additionally thinks that the aforementioned penalty decisions are premature because the quantum appeal against subject disallowances is still proceeding before the Tribunal on merits,” the statement continued.
Suzlon went on to say that it is confident in its ability to fight penalty orders and is currently contesting them in appellate and judicial forums.
Suzlon Energy reported a 160% increase in Q3 earnings to Rs 203.2 crore from Rs 69.8 crore in the same time last year. The wind turbine manufacturer recorded a 7% YoY increase in revenue, coming in at Rs 1,560.5 crore.
Suzlon Energy offers solutions for renewable energy. The business manufactures wind turbines. It provides a variety of solar energy solutions, including supply chain management, installation and commissioning, infrastructure and power evacuation, site acquisition and approvals, solar irradiance evaluation, and life cycle asset management.
Disclaimer : The above article is meant for informational purposes only, and should not be considered as any investment advice.