Maruti Suzuki Challenges Rs 5,786 Cr Tax Notice; Tata Steel, Varun Beverages in Focus
Maruti Suzuki India Ltd. is set to challenge a draft income tax assessment order of Rs 5,786 crore for the financial year 2022-23. The company, in a regulatory filing, clarified that the order will not impact its financials or operations and stated its intention to file objections with the Dispute Resolution Panel within the prescribed timelines. As Maruti Suzuki navigates this tax dispute, other major Indian corporates were also in the news, driving market focus. Tata Steel announced a strategic move to merge its wholly-owned subsidiary, Neelachal Ispat Nigam Ltd (NINL), with itself. The merger aims to simplify the corporate structure, optimise operational costs, and secure raw materials, part of a broader strategy alongside a multi-billion dollar overseas investment plan. Simultaneously, Varun Beverages Ltd., the PepsiCo bottler, is expanding its international footprint. Its South African subsidiary, Bevco, has signed an agreement to acquire 100% of South Africa's Crickley Dairy Proprietary Ltd. for approximately ZAR 238 million (₹131 crore), subject to regulatory approvals. This acquisition marks the company's entry into the value-added dairy and juice-based beverage segment, following its recent purchase of Twizza. Analysts have taken a positive view on Varun Beverages' expansion strategy, with Bank of America maintaining a 'buy' rating and projecting a significant upside. These developments involving Maruti Suzuki, Tata Steel, and Varun Beverages contributed to a dynamic trading session, with their shares remaining in focus as markets showed signs of recovery.
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Sources
Maruti Suzuki gets Rs 5786 cr income tax order; auto giant to challenge before dispute resolution panel - Details - Companies | ET Now
Maruti Suzuki income tax notice: Maruti Suzuki said in its regulatory filing that it will file objections within the prescribed timelines. It clarified that the move will not have any impact on its financials or business activities on the company.
Maruti Suzuki India: Maruti Suzuki Faces ₹5,786 Crore Draft Tax Assessment; Company Assures No Impact on Operations, ETAuto
Maruti Suzuki India has received a Draft Assessment Order proposing a tax demand of ₹5,786 crore for FY23. The company states this will not affect its financial or operational activities and plans to file objections with the Dispute Resolution Panel.
Tata Steel Ltd shares are likely to be in focus on Wednesday following a queue of major announcements, a multi-billion dollar overseas investment plan, a strategic domestic amalgamation, and a healthcare acquisition.
Varun Beverages to acquire South African firm Crickley Dairy - The Economic Times
Varun Beverages' South African arm Bevco will acquire Crickley Dairy Proprietary for over 131 crore rupees. This move aims to expand the company's product range into dairy and juice drinks. The deal awaits regulatory approval. This follows Varun Beverages' recent acquisition of Twizza and The ...
Sensex Today | Nifty 50 | Stock Market Live Updates: Sensex surges over 700 pts, Nifty above 23,750; Eicher Motors, Bajaj Fin up 2% each - The Economic Times
In today’s trading session, shares of Maruti Suzuki, Tata Steel, Varun Beverages, PNB and TCS, among others, are likely to remain in focus amid various news-driven developments.
Stocks in news: Stocks in news: Maruti Suzuki, Tata Steel, Varun Beverages, PNB, TCS - The Economic Times
Markets saw a second consecutive day of recovery, driven by value buying and stable global cues, with analysts expecting a rebound towards 23,800-24,000. Several companies like Maruti Suzuki, Tata Steel, and TCS were in focus due to significant news, including stake sales, acquisitions, and ...
Tata Steel to merge wholly owned subsidiary NINL, aims to optimise operations - The Economic Times
Tata Steel mergerNeelachal Ispat NigamT Steel Holdings investmentsimplify corporate structureoptimise operational costsTata Steel newssteel industry mergersTata Steel acquisitionraw material securityTata Steel financial news
Varun Beverages arm to acquire 100% stake in South Africa’s Crickley Dairy for ₹131 crore - CNBC TV18
Varun Beverages said its subsidiary Bevco has signed an agreement to acquire 100% stake in South Africa-based Crickley Dairy for ZAR 238 million (₹131 crore), subject to regulatory approvals, as part of its entry into value-added dairy and juice-based beverages.
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