Shree Cement falls on reports of income tax searches

The surveys were being carried out under Section 80IA of the Income Tax Act, which provides for tax deduction for certain industrial undertakings involved in infrastructure development, reports said

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Shree Cement’s share price fell over 2 percent in the afternoon trade of June 21 after CNBC-TV18 reported that Income Tax Department was conducting surveys at five company locations.

The surveys were being carried out under Section 80IA of the Income Tax Act, which provides for tax deduction for certain industrial undertakings involved in infrastructure development.

After falling 2 percent intraday, the stock managed to recoup some losses in late trade to close at Rs 25,780, down 0.6 percent from the previous close.

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At the time of writing the copy, the company had not issued a statement regarding the surveys to the exchanges.

In the March quarter of the financial year 2022-23, Shree Cements reported a 15.3 percent year-on-year decline in standalone profit at Rs 546.2 crore on back of higher power and fuel costs. The company’s standalone revenue, however, grew 16.7 percent from the year-ago period to Rs 4,785 crore.

Most brokerages are cautious on the stock. Investec has a bearish stance with a “sell” and a target price of Rs 17,100, a possible downside of over 31 percent.

The company’s premium multiples currently reflect most of its capital expenditure intensity and cost curve positioning, Investec. However, the firm sees both capex intensity and cost-curve positioning eroding with time, resulting in such a low target price.

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