Benzinga - Shares of TRF (NS:TTRO) were wobbly on Tuesday morning as the company received a tax demand notice.
What Happened: The company late on Monday informed the exchanges that it received a demand notice dated September 10 from the deputy commissioner of state tax, office of the joint commissioner, Barh Circle, Barh, Bihar
concerning re-assessment of the Tata Group company's tax liability for the period 2016-17.
The demand notice including tax, interest and penalty is valued at around ₹1.41 crore. The company said that it is looking to appeal against the order. “Company is taking necessary steps to collect the certified copy of the detailed order and to appeal against the said order before the appropriate authority,” the company added in the exchange filing.
TRF is a subsidiary of Tata Steel (NS:TISC). Earlier in the year, the company’s proposed merger with Tata Steel was called off. The company had said that this decision comes after a period of improved business performance.
This improvement is largely attributed to strong backing from Tata Steel, which included order placements and capital infusions.
Price Action: TRF’s share price was up 0.13% to trade at ₹520.05 as the markets opened on Tuesday. The Tata Group stock has surged over 100% since the start of the year.
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