TVS Electronics gains despite receiving Rs 36-crore notice from customs

TVS Electronics shares gained a percent in the early trade on December 8 despite the company receiving a notice of Rs 35.58 crore from the Chennai customs department over the import of thermal line printers.

TVS Electronics will file an appeal to the notice and has appointed an attorney to attend the proceedings before the Customs, Excise, and Service Tax Appellate Tribunal, Chennai.

At 9.35 am, TVS Electronics was quoting at Rs 353.40 on the NSE, up 0.27 percent from the previous session.

TVS Electronics said it imports thermal line printers from a neighbouring country and it is supposed to be duty free. However, “there is a difference in opinion between the Company and the Customs department on classification of such imported goods for determination of Customs Duty,” the company said in an exchange filing.

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For the September quarter, the company’s net sales were at Rs 92.19 crore, down 1.22 percent from the year-ago period. The net profit came in at Rs 1.12 crore, down 60.14 percent YoY.

The stock has gained around 20.47 percent this year, while the frontline Nifty has given returns of around 15 percent during the period.

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