Top gainer: Hindustan Unilever 2,259 ▲14 (+0.65%)
Top loser: Trent Limited 4,717 ▼ 845 (-15.21%)
Shares of Tata Steel tanked as much as 11.5% to ₹124.20 apiece on the BSE
Shares of Tata steel tanked as much as 11.5% to ₹124.20 apiece on the BSE, their 52-week low. Tata Steel on Friday said it has received an order for reassessing taxable income for the financial year 2018-19 and increasing the taxable amount by over ₹25,000 crore, and the company has moved the Bombay High Court against the reassessment. Tata Steel said in a stock exchange filing that the assessment order came on March 31 this year, following a show-cause notice issued on March 13 by the Assessing Officer, Office of the Deputy Commissioner of Income Tax, Circle 2(3)(1), Mumbai.
Shares of Trent declined as much as 19.2% to ₹4,491.75 apiece on the BSE
Shares of Trent declined as much as 19.2% to ₹4,491.75 apiece on the BSE. The stock price slipped after the company’s Q4 business update. Trent reported a 28% increase in standalone revenue in the latest March quarter to ₹4,334 crore, compared to ₹3,381 crore in the corresponding period the previous year. Multinational investment bank Morgan Stanley had estimated 35% revenue growth in the quarter under review. The company had witnessed a growth of 37% in the previous quarter.
Shares of Mazagaon Dock Shipbuilders were trading 9.7% lower at ₹22,948.50 on the BSE
Shares of Mazagaon Dock Shipbuilders were trading 9.7% lower at ₹22,948.50 on the BSE. The government’s 2.83% stake sale in Mazagon Dock Shipbuilders was oversubscribed by institutional investors on Friday, who put in bids of about ₹3,700 crore. The government is selling 1.14 crore equity shares, or a 2.83% stake, in Mazagon Dock Shipbuilders at a floor price of ₹2,525 per share. The offer for sale (OFS) has a greenshoe option to retain over-subscription of an additional 80.67 lakh shares or 2%. This takes the total issue size to 4.83%.