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Time of India
4 days ago
- Business
- Time of India
Dr Reddy's Labs shares in focus after I-T dept issues order over Rs 2,396 crore tax demand
Shares of Dr Reddy's Laboratories will be in focus on Monday after the pharmaceutical major received a tax demand of over Rs 2,395 crore from the Income Tax Department for the assessment year 2020–21. The demand is linked to the merger of Dr Reddy's Holdings into Dr Reddy's Laboratories under a scheme of amalgamation. The company disclosed receiving a show cause notice on April 4, 2025, from the I-T Department. This notice required Dr Reddy's to demonstrate why its tax returns for the Assessment Year 2020-21 should not be reassessed. Following the company's response to this initial notice, the Income Tax Authority issued an Order on May 30, 2025, justifying the demand notice. Dr Reddy's has stated that the scheme of amalgamation, which was approved by the National Company Law Tribunal (NCLT) in Hyderabad on April 5, 2022, with an effective date of April 1, 2019, was carried out in adherence to all legal requirements, including tax laws. The company added that it 'strongly believes there has been no escapement of income' due to the amalgamation. It also stated that the development is not expected to have any material impact on its financials, operations, or activities at this stage, and it is currently reviewing the order and taking necessary steps. Live Events 'Based on our assessment, there is no material impact on the financials, operations, or other activities of the company at this stage,' it said in a statement. Also Read: India's top 10 priciest stocks in 2025: MRF to Elcid, see who tops the list Dr Reddy's Labs share price target According to Trendlyne, the average target price for Dr Reddy's Labs is Rs 1,271, indicating a potential upside of nearly 2% from current levels. Among 38 analysts covering the stock, the consensus rating is 'Hold'. Also Read: Ola Electric, Kalyan Jewellers among 10 firms where promoters pledge increased in Q4 Shares of Dr Reddy's are down 9% year-to-date but have risen 12% over the past three months. The company's current market capitalisation stands at Rs 1,04,448 crore. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Mint
30-04-2025
- Business
- Mint
Indian stock markets open flat, reflecting mixed global cues, cautious investor sentiments
Mumbai [India], : The Indian stock markets on Wednesday opened flat, reflecting mixed global cues and cautious investor sentiment. At the opening of the trade today, the Nifty 50 at the National Stock Exchange was down 54.65 points or 0.22 cent, at 24,281.30, while the BSE Sensex was down 163.47 points or 0.20 per cent, at 80,124.91. In the opening hour of the trade, about 828 shares were seen advancing, about 1224 shares declined, and 137 stocks remained unchanged. On NSE, the stocks of Dr Reddy's Labs, L&T, Cipla, Tata Consumer, and TCS were among the major gainers on the Nifty. On the other hand, Bajaj Finserv, Bajaj Finance, Trent, Tata Motors and SBI were the major losers in the initial trading. In the previous session, the markets ended flat following a volatile session. It opened with a gap of 42 points and experienced an intraday rally of 82 points. However, the momentum did not last long, and Nifty ended the session flat with a mere 7.45-point gain. Experts say that technically, the Sensex is encountering stiff resistance around 80,500, forming a small bearish candle near this level, indicating indecision among market participants. "Options data reflects growing caution. Call writers now dominate, with significant open interest at the 24,500 strike , establishing a strong resistance," said Varun Aggarwal, MD, Profit Idea. "Nifty remains bullish across daily, weekly, and intraday timeframes. It has witnessed a breakout of a falling trendline, which converged with a double bottom breakout indicating a potential major trend reversal," said the Way2Wealth research team in its outlook note. The note added that on the technical front, Bank Nifty formed a bearish hammer pattern in yesterday's trading session and is facing stiff resistance at higher levels. "The candlestick pattern indicates that some bearishness may continue in today's session," the note added. This article was generated from an automated news agency feed without modifications to text. First Published: 30 Apr 2025, 10:11 AM IST
