UBL wins tax case; Rs 21.92 crore demand quashed by Bombay HC

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UBL · price

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▲ 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

+1.5%Reaction day

₹1279.80

prior close

₹1283.80

announcement price

After-mkt

timing

Nifty Midcap 150market-0.5%+2.0% vs market

Breweries & Distilleries peers, median of 25sector+0.0%+1.5% vs sector

On the reaction day the stock moved 2.0 pts more than Nifty Midcap 150 and 1.5 pts more than its Breweries & Distilleries 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

-0.3

10m

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15m

-0.2

30m

+0.8

Sessions after the filingfrom the prior close

StockMarketvs marketSectorvs sector

Reaction day

+1.5-0.5+2.0+0.0+1.5

Next day

-2.5-0.3-2.1-1.1-1.3

-1.5-0.8-0.7-1.4-0.1

-2.0-1.1-0.9-1.8-0.3

-1.9-1.4-0.6-2.4+0.5

-2.7-3.5+0.8-3.1+0.4

-5.0-2.6-2.4-3.2-1.8

15d

-5.4-5.7+0.2-3.9-1.5

-7.3-5.7-1.5-2.6-4.6

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UpDownMarket · Nifty Midcap 150Sector · Breweries & Distilleries peers, median of 25Pending

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

AI summary

United Breweries received a favourable order from the Bombay High Court (Aurangabad bench) dismissing the Revenue's appeal in a tax matter. A Service Tax demand of Rs 21.92 crore for September 2009 to November 2011 was set aside as barred by limitation. The matter involved Millennium Beer Industries, now merged with UBL. Contingent liability reduced from Rs 21.92 crore to nil.

Likely market impact

Positive: Rs 21.92 crore tax contingent liability eliminated; removes long-pending overhang from the stock.