Voltas shares in focus after GST show cause notice worth Rs 265 crore
ADVERTISEMENT Voltas said on Wednesday that the notice was issued by the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun.
'A Show Cause Notice from the Office of the Principal Commissioner, Central GST Commissionerate, Dehradun, under the Central Goods and Services Tax Act, 2017, read with the Uttarakhand Goods and Services Tax Act, 2017, and the Integrated Goods and Services Tax Act, 2017, has been received, alleging short payment of GST for the financial years 2018–19 to 2020–21 by Universal Comfort Products Limited (which merged with the Company during FY 2020–21).'
The notice seeks an explanation from Voltas as to why the alleged shortfall should not be recovered, along with interest and penalties. 'The Company is evaluating this matter and will submit its reply within the prescribed time period,' Voltas said.
Voltas shares have fallen 8% over the past year and 27.4% in the last six months. Over the past three months, the stock is down nearly 1%, but it has gained close to 7% in the past month, indicating recent positive momentum.
ADVERTISEMENT From a technical perspective, the stock is currently trading above six of its eight key simple moving averages (SMAs) — including the 5-day, 10-day, 20-day, 30-day, 50-day, and 100-day SMAs — but remains below the 150-day and 200-day SMAs.The Relative Strength Index (RSI) stands at 60.8, suggesting that the stock is neither overbought nor oversold. Meanwhile, the Moving Average Convergence Divergence (MACD) is at 13.5 and continues to trade above both the centerline and the signal line, reinforcing the ongoing bullish trend.
Also Read: 10 Nifty smallcaps with up to 29 buy calls; analysts see up to 26% upside
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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