The New India Assurance Company Limited has informed the Exchange about General Updates
NIACL · price
▲ positive · ▼ negative · ● neutral filings · teal = economic event · numbered = multiple that day (click to pick). Times IST.
On the reaction day the stock moved 0.9 pts less than Nifty Midcap 150 and 1.0 pts less than its General Insurance peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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New India Assurance Company (NIACL), a government-owned general insurance company, has received a favorable order from the National Faceless Appeal Centre (NFAC), Delhi under the Income Tax Department. The order has deleted an income tax demand of Rs. 672.36 crore (Six Hundred Seventy Two Crore Thirty Six Lakhs Fifteen Thousand Six Hundred Thirty Five) for Assessment Year 2022-23. The company had apparently appealed against this tax demand and has now won relief. The disclosure was made under SEBI Listing Regulations to inform the stock exchanges about this material development. The deletion of this demand removes a significant contingent liability from the company's books.
This is a positive development for shareholders as it removes a large potential tax liability of Rs. 672.36 crore from the company's books, which could improve financial position and reduce provisioning concerns. The stock may see a positive reaction given the relief from a substantial tax demand.