Infosys Shares Rally As DGGI Closes Rs 32,400 Crore Tax Proceedings
Shares of Infosys Ltd. on Monday saw a 1.55% rise in its share price after the Director General of GST Intelligence concluded pre-show cause notice proceedings. These proceedings, which spanned the financial years 2018-19 to 2021-22, involved a GST amount of Rs 32,403 crore.
In an official filing, Infosys announced the closure of this significant tax matter, stating that "this matter stands closed" following the receipt of communication from DGGI. The company had earlier addressed a pre-show cause notice issued by DGGI for the period from July 2017 to March 2022, related to the non-payment of IGST under the Reverse Charge Mechanism.
The resolution of this issue has positively influenced investor confidence, resulting in a surge in Infosys' share price.
The scrip rose as much as 1.55% to Rs 1,588 apiece. It pared gains to trade 1.16% higher at Rs 1,582 apiece, as of 09:44 a.m. This compares to a 0.39% advance in the NSE Nifty 50 Index.
It has risen 5.48% in the last 12 months. Total traded volume so far in the day stood at 0.14 times its 30-day average. The relative strength index was at 56.
Out of 48 analysts tracking the company, 35 maintain a 'buy' rating, 12 recommend a 'hold,' and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 3.4%.
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