Latest news with #Goods&ServiceTax
Business Standard
2 days ago
- Business
- Business Standard
Ashoka Buildcon tumbles as GST notice triggers search & seizure operation
Ashoka Buildcon declined 4.43% to Rs 208.20 after the company informed that Goods & Service Tax (GST) department has served a notice for search & seizure operations at its office premises in Nashik, Maharashtra. The notice was issued under Section 67 of Maharashtra (GST) (MGST) Act, 2017. However, the regulatory filing did not specify the nature of the alleged violation or contravention. The company clarified that the development has not impacted its normal operations. It also stated that, at this stage, any financial or other impact cannot be ascertained. Ashoka Buildcon is engaged in the construction & maintenance of roads and supporting services to land support and operation of toll roads. The companys consolidated net profit jumped 73.1% to Rs 432.23 crore despite a 11.7% decline in net sales to Rs 2,694.42 crore in Q4 FY25 over Q4 FY24.
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Business Standard
2 days ago
- Business
- Business Standard
Why is Ashoka Buildcon share price under pressure today? Find out here
Ashoka Buildcon share price: Construction engineering company Ashoka Buildcon share price was under pressure on Thursday, June 12, 2025, with the stock dropping up to 4.29 per cent to hit an intraday low of ₹208.50 per share. At 1:48 PM, Ashoka Buildcon shares continued to trade near day's low, down 3.70 per cent at ₹209.80 per share. In comparison, BSE Sensex was trading 0.95 per cent lower at 81,727.22 levels. What is the reason behind the drop in Ashoka Buildcon share price? Ashoka Buildcon shares dropped after the company informed the exchanges that the Goods & Service Tax (GST) Department, Mumbai, Maharashtra, has served a notice for Search and Seizure operations at the office premises of the Company at Nashik on June 11, 2025. In an exchange filing, Ashoka Buildcon said, 'The company informs that the Goods & Service Tax Department, Mumbai, Maharashtra, has served a notice for Search & Seizure operations at the office premises of the Company at Nashik on June 11, 2025.' The search was initiated on June 11, 2025, while the notice to the company was served under Section 67 of MGST Act, 2017, Ashoka Buildcon said. Besides, Ashoka Buildcon stated that the search and seizure operations have not disrupted its normal business operations, and added that any potential financial or other impact cannot be determined at this stage. Last week, the company announced that it, along with its subsidiary, has bagged letter of intent (LoI) worth ₹1,387.2 crore from the Motor Vehicles Department, Maharashtra ALSO READ | Force Motors zooms 106% in 5 months. What's driving stock to hit new high? About Ashoka Buildcon Ashoka Buildcon, established in 1976, is an infrastructure and construction company. The company has grown into a diversified and integrated player, operating across EPC (Engineering, Procurement, and Construction), BOT (Build, Operate, Transfer), and HAM (Hybrid Annuity Model) segments. The company's core business spans Highways & Bridges, Power (EPC), Railway Projects, Buildings (EPC), City Gas Distribution, and Smart Infrastructure. Ashoka Buildcon is also engaged in the production and sale of Ready Mix Concrete (RMC). With a portfolio of 41 PPP projects either completed or under execution, it has established a major footprint across more than 20 Indian states, positioning itself as a key contributor to India's infrastructure growth. The market capitalisation of Ashoka Buildcon is ₹5,886.77 crore, according to BSE. The company falls under the BSE SmallCap index.
