Coromandel International Gets Order Worth Rs 1,539 Crore From Andhra Pradesh
The incentives shall be made applicable subject to the company adhering to the definite timelines for implementation of the project and investment and employment commitment.
Coromandel International Ltd. has received an order from the Andhra Pradesh government for Rs 1,539 crore towards the expansion of a fertiliser manufacturing facility at Kakinada.
The Industries & Commerce Department has extended an incentive of 45% of eligible fixed capital investment, subject to certain compliances and conditions, according to an exchange filing on Tuesday.
The incentives shall be made applicable subject to the company adhering to the definite timelines for implementation of the project and investment and employment commitment, it said.
Earlier on Jan. 23, the company won an appeal against Rs 589-crore recovery order, including penalty and interest. The additional commissioner of central tax of the Visakhapatnam Central GST Commissionerate had filed the recovery order against the company. The Office of the Commissioner (Appeals), Central Tax and Customs, Guntur, quashed the order on Jan. 20, the company said.
Shares of Coromandel International closed 1.56% lower at Rs 1,822.85 apiece, compared to a 1.32% decline at the benchmark Nifty. It has risen 67.32% in the last 12 months.
Eight out of the 11 analysts tracking the company have a 'buy' rating on the stock, one recommends a 'hold' and two suggest a 'sell', according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 10.7%.
