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Akzo Nobel share price gain despite GST demand notice

Akzo Nobel share price gain despite GST demand notice

The share touched a 52-week high of Rs 2,949.95 and a 52-week low of Rs 2,030.00 on 04 August, 2023 and 14 October, 2022, respectively.

Akzo Nobel India

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Akzo Nobel India shares were up marginally in the early trade on October 11 despite the company receiving a demand order from the Office of the Deputy Commissioner, Karnataka GST Department.

At 9:20am, Akzo Nobel India was quoting at Rs 2,490.70, up Rs 18.65, or 0.75 percent on the BSE.

The company has received communication u/s 73 of the Karnataka Goods and Services Tax Act, 2017, for collection of GST along with interest and penalty.

The aggregate value of the penalty is Rs 9,47,347 and a penalty of Rs 47,705.

“There is no material impact on financials, operations, or other activities of the company,” said Akzo Nobel India.

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The share touched a 52-week high of Rs 2,949.95 and a 52-week low of Rs 2,030.00 on August 4, and October 14, 2022, respectively.

Currently, the stock is trading 15.57 percent below its 52-week high and 22.69 percent above its 52-week low.

AkzoNobel India is engaged in the manufacturing and marketing of paints, speciality chemicals, and adhesives.

The company owns two paint brands, Dulux and Duco, and also manufactures a wide range of decorative paints. It is also in the business of coatings.

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