Subsidiary Pharmax gets GST show cause notice for Rs 5.9 crore demand

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MAXESTATES · price

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

-0.9%Reaction day

₹394.10

prior close

₹396.00

announcement price

After-mkt

timing

Nifty Microcap 250market · in no size index; the smallest one is used+0.5%-1.3% vs market

Residential Commercial Projects peers, median of 65sector+0.3%-1.2% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 1.2 pts less than its Residential Commercial Projects 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

-0.2

10m

-0.6

15m

-0.6

30m

-0.6

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-0.9+0.5-1.3+0.3-1.2

Next day

-1.9-0.1-1.8-0.9-1.1

-0.3+1.0-1.3-0.2-0.1

+2.8+2.3+0.4+0.9+1.9

-0.5+2.8-3.3+0.7-1.2

-0.3+4.1-4.4+0.2-0.5

+1.2+4.5-3.3+0.0+1.2

15d

+25.1+4.8+20.3-1.0+26.1

+31.6+6.4+25.2-1.9+33.6

+44.6+5.5+39.1-5.6+50.3

+31.3-1.7+33.0-13.4+44.7

UpDownMarket · Nifty Microcap 250Sector · Residential Commercial Projects peers, median of 65Pending

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

AI summary

Max Estates' subsidiary Pharmax Corporation received a GST show cause notice from the Delhi Trade and Taxes Department for FY 2022-23. The notice proposes a total demand of Rs 5.90 crore, covering tax of Rs 3.30 crore, interest of Rs 2.27 crore, and penalty of Rs 33 lakh, over alleged excess or ineligible input tax credit. No final order has been passed yet. The subsidiary will review and file a reply. The company says there is no impact on operations at this stage.

Likely market impact

Pre-order notice stage. Rs 5.9 cr potential exposure if demand is upheld. Watch for hearing outcome.