SPARC wins CESTAT tax case; Rs 2751 lakh refund upheld

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SPARC · price

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

-1.3%Reaction day

₹194.38

prior close

₹194.56

announcement price

After-mkt

timing

Nifty Microcap 250market+0.0%-1.3% vs market

Pharmaceuticals peers, median of 173sector-0.7%-0.6% vs sector

On the reaction day the stock moved 1.3 pts less than Nifty Microcap 250 and 0.6 pts less than its Pharmaceuticals 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

+2.0

10m

+1.5

15m

+1.8

30m

+0.1

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

-1.3+0.0-1.3-0.7-0.6

Next day

+1.3+1.3-0.0+0.6+0.7

+1.9+1.1+0.8+0.3+1.5

-3.3-1.7-1.6-2.3-1.0

-3.8-1.4-2.4-2.1-1.8

-5.3-0.6-4.7-2.5-2.8

-1.2+0.3-1.5-2.5+1.3

15d

-7.9-6.1-1.8-4.3-3.6

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UpDownMarket · Nifty Microcap 250Sector · Pharmaceuticals peers, median of 173Pending

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

AI summary

The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) in Mumbai has ruled in favor of SPARC in a tax dispute, upholding an earlier Order-in-Appeal from April 2018. The company is entitled to a refund of Rs 2751 lakh in accumulated CENVAT credit, along with consequential interest where applicable. The revenue department's appeal has been dismissed, and the long-pending litigation now stands decided in the company's favor.

Likely market impact

Positive. SPARC recovers Rs 2751 lakh CENVAT refund with interest, ending a long-pending tax litigation favorably for shareholders.