Apcotex Industries Limited has informed the Exchange about order passed by the Faceless Appeal Centre (NFAC), Income Tax Department, Ministry of Finance, Government of India.
APCOTEXIND · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 2.1 pts less than Nifty Microcap 250 and 0.2 pts less than its Rubber peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
Minute windows have no benchmark: there is no intraday index history to compare against.
Apcotex Industries has received an order from the National Faceless Appeal Centre (NFAC) of the Income Tax Department imposing a demand of Rs. 1,01,90,510 (about Rs. 1.02 crore) towards tax, penalty, fine, or interest. The order relates to assessment year 2017-18 (FY 2016-17) and concerns alleged non-reporting of certain transactions that were entered into by the erstwhile Apcotex Solutions India Private Limited, which has since been merged into Apcotex Industries. The company has stated it is evaluating the order and will decide on further action based on legal advice. Importantly, the company has said it does not expect this order to have any material financial impact on its operations or financials.
The tax demand of around Rs. 1.02 crore is relatively small for a listed company and the management has stated it is not material. The company may appeal further, which is a common next step. Short-term share price impact is likely limited, though investors should watch for updates on the company's next course of action.