LIC stays in green for second straight day, shares extend gains
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PFC, IRFC, Macrotech Developers, Polycab India, REC, Shriram Finance, Union Bank and Indian Overseas Bank have migrated from midcaps to largecaps now, thanks to the rally in these stocks in last six months
Shares of Life Insurance Corporation traded almost 1 percent higher at Rs 845 early on January 4, staying in the green for a second straight session.
On January 3, state-run insurance major said it has received GST demands of Rs 667.5 crore along with penalties from Tamil Nadu, Uttarakhand, and Gujarat.
According to an exchange filing, LIC in Tamil Nadu is accused of incorrectly claiming Input Tax Credit (ITC), not reversing common ITC linked to exempted supplies, and wrongly availing ITC without valid duty-paid documents.
At 9:26am, the counter was trading at Rs 843, up 0.6 percent from the previous close on the NSE. The stock gained over 14 percent in the last year.
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In Uttarakhand, LIC is under scrutiny for failing to reverse the Input Tax Credit according to CGST rules. And, in Gujarat, the allegations are related to incorrect claiming of Input Tax Credit from non-compliant GST vendors.
“Corporation shall file an appeal before the Commissioner in Chennai, Commissioner in Dehradun and the Commissioner in Ahmedabad against the said orders within the prescribed timelines. There is no material impact on financials, operations or other activities of the Corporation due to the abovementioned orders”, the exchange filing stated.
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