Indogulf Cropsciences wins GST case, refund of about Rs 8.1 crore to be returned

Court Stay ObtainedRegulatory & Legal View source PDF Explain this filing

IGCL · price

Loading chart…

▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.

Price reactionminutes from the announcement price · days from the prior close

+0.7%Reaction day

₹72.40

prior close

₹72.96

announcement price

In-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.3%+0.4% vs market

Pesticides & Agrochemicals peers, median of 28sector-0.1%+0.8% vs sector

On the reaction day the stock moved 0.4 pts more than Nifty Microcap 250 and 0.8 pts more than its Pesticides & Agrochemicals peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.

Minutes after the announcementfrom the announcement price · no benchmark

Stock

—

10m

+0.0

15m

-0.3

30m

-0.2

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+0.7+0.3+0.4-0.1+0.8

Next day

-1.1+0.5-1.7-0.3-0.9

-0.6+0.1-0.6+0.1-0.7

+0.2+0.7-0.5+0.2-0.0

-0.6+0.4-1.0-1.0+0.5

-1.2+0.7-2.0-1.1-0.1

-1.0+0.1-1.0-0.9-0.0

15d

-6.2+1.5-7.7-2.4-3.8

-9.9+0.3-10.2-4.0-5.9

-17.4-6.2-11.2-12.7-4.6

—————

UpDownMarket · Nifty Microcap 250Sector · Pesticides & Agrochemicals peers, median of 28Pending

Minute windows have no benchmark: there is no intraday index history to compare against.

AI summary

Indogulf Cropsciences won a writ petition at the Punjab and Haryana High Court. The court quashed a GST show cause notice and an order demanding recovery of a refund of Rs 6.93 crore plus interest of Rs 1.55 crore, which had been issued under Section 74 of the Haryana GST Act over an alleged erroneous IGST refund reliance on Rule 96(10). The company had voluntarily deposited about Rs 8.1 crore (Rs 6.56 crore IGST plus Rs 1.55 crore interest), which the department will now refund.

Likely market impact

Positive - court ruling quashes the adverse GST order and clears the path for refund of about Rs 8.1 crore already deposited, easing cash flow.