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Hot Pursuit
26-Jun-23
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Shree Cement drops on reports of Rs 23,000-cr tax evasion
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Shree Cement tumbled 7.87% to Rs 23,165 after the media reports stated that the company has been found to have allegedly evaded Rs 23,000 crore in taxes.
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In an exchange filing the company said, “We have gathered that a lot of negative information about the company and its officials is floating in certain sections of the media in connection with the above survey. We would like to clarify that the survey is still going on. The entire management team of the company is available and extending full cooperation to the officials. Any information circulating in the media otherwise is incorrect and has been published without seeking prior inputs from the company.”
Earlier, on 21 June 2023 the company had informed regarding the survey conducted by Income Tax department at five locations of Shree Cement in Rajasthan. The company is extending its full cooperation to the authorities, it added.
Shree Cement is one of India's top three cement producers. Its portfolio of products includes Shree Jung Rodhak Cement, Bangur Cement, Roofon and Rockstrong Cement.
The company reported 43.7% fall in net profit to Rs 276.77 crore despite of 14.6% jump in revenue from operations to Rs 4,068.79 crore in Q4 FY23 over Q4 FY22.
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