Balrampur Chini faces Rs 33-crore tax notice, shares trade flat

Shares of Balrampur Chini Mills traded a marginal 0.2 percent lower at Rs 474 early on December 1, a day after the company declared that it has received an income tax order over income discrepancies shown in the tax returns.

As per the November 30 exchange filing, the I-T order amounts to Rs 33.54 crore. The sugar company has said that there shall be no material impact on the financials and Balrampur is in the process of filing an appeal
against the disallowances highlighted in the assessment order, as well as a petition for rectification of the prima facie errors in the assessment order.

Follow our market blog for all the live action

The Balrampur Chini Mills stock has been on a positive run, gaining nearly 14 percent in the last month as the company aims at a 10 percent increase in cane availability, building on the previous year’s 15 percent rise. This expected growth is set to boost its turnover and profits through enhanced asset utilisation, CNBC TV-18 reported.

The company also anticipates that the country’s sugar production will reach 30 million tonnes, aligning closely with the demand of approximately 28 million tonnes. “With the rise in cane quantity, we anticipate achieving a 50 percent increase in ethanol production this year,” the management told CNBC TV-18.

Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before making any investment decisions.

Get ₹100 cashback on checking your free Credit Score on Moneycontrol. Gain valuable financial insights in just two clicks! Click here