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Time of India
3 days ago
- Business
- Time of India
Castrol shares jump 6% after favourable order on Rs 4,131 crore tax dispute
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel Shares of Castrol India surged 6% on Monday to hit a high of Rs 232.43 on the NSE after the company informed the exchanges about receiving a favourable order in a Rs 4,131 crore tax dispute against Maharashtra Sales Tax Department (MSTD).Castrol India shares witnessed significant volume action with over 2 crore shares changing hands on the NSE around 1:30 company had received a favourable order from Customs Excise & Service Tax Appellate Tribunal (CESTAT) on Friday after market hours."CESTAT pronounced an order in favour of the Company rejecting the appeals of MSTD for the period of 9 years i.e. from 2007-08 to 2015-16 and for 2017-18," the company filing company had received demand orders amounting to Rs 4,131 crores for the period 2007-08 to 2017-18 (10 years), from the MSTD in relation to movement of goods from its plant/warehouses in Maharashtra to Clearing and Forwarding Agents (CFAs) in other MSTD alleged that such movements constituted inter-state sales made pursuant to pre-existing customer orders in destination India contested these claims of MSTD stating that the goods were not dispatched under any prior customer orders and that the Company's tax payment methodology was legally India shares have rallied nearly 10% in 2025, so far outperforming the Nifty whose returns in the same period stand at 5.5%. However, on a 1-year basis, the counter remains a laggard declining by 16% versus 2% positive returns given by the 50-stock year's rally has taken the stock above its 50-day and 200-day simple moving averages (SMAs) of Rs 213 and 209, respectively, according to Trendlyne has traded with high volatility, with a 1-year beta of 1.1, the Trendlyne data said.
Economic Times
3 days ago
- Business
- Economic Times
Castrol shares jump 6% after favourable order on Rs 4,131 crore tax dispute
Castrol India gains 6% after winning a ₹4,131 crore tax case against Maharashtra Sales Tax Department, easing long-standing litigation concerns and boosting stock momentum. Synopsis Castrol India shares surged 6% after the company received a favourable CESTAT ruling in a ₹4,131 crore tax dispute with the Maharashtra Sales Tax Department, dismissing decade-long claims. The verdict spurred high trading volumes and boosted investor sentiment. Shares of Castrol India surged 6% on Monday to hit a high of Rs 232.43 on the NSE after the company informed the exchanges about receiving a favourable order in a Rs 4,131 crore tax dispute against Maharashtra Sales Tax Department (MSTD). ADVERTISEMENT Castrol India shares witnessed significant volume action with over 2 crore shares changing hands on the NSE around 1:30 pm. The company had received a favourable order from Customs Excise & Service Tax Appellate Tribunal (CESTAT) on Friday after market hours. "CESTAT pronounced an order in favour of the Company rejecting the appeals of MSTD for the period of 9 years i.e. from 2007-08 to 2015-16 and for 2017-18," the company filing company had received demand orders amounting to Rs 4,131 crores for the period 2007-08 to 2017-18 (10 years), from the MSTD in relation to movement of goods from its plant/warehouses in Maharashtra to Clearing and Forwarding Agents (CFAs) in other MSTD alleged that such movements constituted inter-state sales made pursuant to pre-existing customer orders in destination states. ADVERTISEMENT Castrol India contested these claims of MSTD stating that the goods were not dispatched under any prior customer orders and that the Company's tax payment methodology was legally valid. Castrol India shares have rallied nearly 10% in 2025, so far outperforming the Nifty whose returns in the same period stand at 5.5%. However, on a 1-year basis, the counter remains a laggard declining by 16% versus 2% positive returns given by the 50-stock index. ADVERTISEMENT This year's rally has taken the stock above its 50-day and 200-day simple moving averages (SMAs) of Rs 213 and 209, respectively, according to Trendlyne has traded with high volatility, with a 1-year beta of 1.1, the Trendlyne data said. ADVERTISEMENT Also Read: Neuland Laboratories shares jump 12% ahead of final dividend (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY
Business Standard
3 days ago
- Automotive
- Business Standard
Castrol India jumps on winning Rs 4,131 crore tax dispute
Castrol India jumped 4.39% to Rs 229.65 after winning a Rs 4,131 crore MVAT tax case against the Maharashtra Sales Tax Department. In a regulatory filing, the company disclosed that the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) on 11 November 2025 ruled in favour of Castrol India, rejecting MSTDs appeals for the assessment years 2007-08 to 2015-16 and for 2017-18. The dispute centered around the taxability of goods transferred by Castrol from its Maharashtra-based plants and warehouses to clearing and forwarding agents (CFAs) in other states. The MSTD had claimed these movements amounted to inter-state sales made against pre-existing customer orders, liable for MVAT. Castrol India had contested the claim, asserting that the dispatches were not based on prior customer orders and adhered to a legally sound tax methodology. The company had already received favorable orders from the MVAT Tribunal for all 10 financial years under dispute. The CESTAT decision brings closure to the appeals made by MSTD for 9 out of those 10 years. For the year 2016-17, MSTD did not contest the order of MVAT Tribunal. Castrol clarified that it had not made any financial provision for the Rs 4,131 crore in dispute, given the remote likelihood of an economic outflow and the presence of supporting industry precedents. Hence, the final ruling is not expected to have any financial implications. Castrol India makes automotive and industrial lubricants. It serves various sectors including automotive, mining, machinery, and wind energy. The company reported consolidated net profit rose 7.96% to Rs 233.46 crore on a 7.3% jump in revenue from operations to Rs 1,422 crore in Q1 CY25 over Q1 CY24.
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Business Standard
3 days ago
- Business
- Business Standard
Castrol India shares climb 4% after resolving ₹4,131-crore sales tax case
Castrol India share price: Shares of Castrol India experienced a gain of 4 per cent, reaching an intraday high of ₹229.80 on Monday, following a positive verdict from the customs, excise and service tax appellate tribunal (CESTAT). The recent ruling resolves a long-running ₹4,131 crore tax case with the Maharashtra Sales Tax Department (MSTD). At 10:25 AM, Castrol India shares were trading at ₹228.20, up by 3.78 per cent on the National Stock Exchange. In comparison, the Nifty50 continued its range-bound trajectory, quoting 25,120.70. So far this year, the shares of the company have witnessed a decent double-digit rise of 11.6 per cent. As per data from the bourses, nearly 9.9 million shares have changed hands on the counter at the time of writing this report. Castrol India Tax Dispute Castrol India had received a tax demand order amounting to ₹4,131 crore from MSTD for the period 2007-08 to 2017-18. The dispute was centred around the movement of goods from the company's plants and warehouses in Maharashtra to clearing and forwarding agents (CFA) in other states. The MSTD alleged that these were inter-state sales based on pre-existing customer orders in the destination states. The company contested the claim and stated that no prior customer orders existed at the time of dispatch and that its tax practices were "legally valid." "The company received favourable orders from the Maharashtra Value Added Tax Act (MVAT) Tribunal in relation to the matter for all the 10 years. The MSTD however appealed before the CESTAT against the orders for the period 2007-08 to 2015-16 and 2017-18 (9 out of 10 years). For the year 2016-17, MSTD did not contest the order of MVAT Tribunal," Castrol India said in its exchange filing. Castrol new CFO appointment Just last week, the company announced the appointment of its new chief financial officer (CFO), Mrinalini Srinivasan. She replaced Deepesh Baxi, who resigned from the role earlier this year in March to pursue other opportunities. "The appointment shall take effect from 28 July 2025 for a period of 5 years and shall be subject to the approval of shareholders of the company," Castrol India stated in an exchange filing.
Business Upturn
3 days ago
- Business
- Business Upturn
Castrol India shares jump 3% after company wins Rs 4,131 crore dispute against Maharashtra Sales Tax Department
By Aman Shukla Published on July 14, 2025, 09:41 IST Castrol India shares jumped 3% in early trade on Monday after the company announced a favourable verdict in a long-standing tax dispute with the Maharashtra Sales Tax Department (MSTD), involving ₹4,131 crore under the Maharashtra Value Added Tax (MVAT) regime. n a regulatory update, Castrol India said it received a favourable ruling from the Customs, Excise & Service Tax Appellate Tribunal (CESTAT) on July 11, 2025. The case pertained to the period between FY 2007–08 and FY 2017–18, during which the MSTD had alleged that the company's movement of goods from its Maharashtra facilities to Clearing and Forwarding Agents (CFAs) in other states amounted to inter-state sales based on pre-existing customer orders. Castrol India had strongly refuted the claims, maintaining that the goods were not dispatched pursuant to any prior orders, and that its tax practices were fully compliant with applicable laws. The company had already secured favourable orders from the MVAT Tribunal for all 10 years in dispute. However, the MSTD had escalated the matter to CESTAT for nine of those years (excluding FY 2016–17). With the appellate tribunal now dismissing the state's appeals, the matter appears to have been resolved conclusively in Castrol's favour. Importantly, the company clarified that there will be no financial impact from this development, as it had not made any provisions for the ₹4,131 crore in its books, given the remote probability of an economic outflow. Following the update, Castrol India shares opened at ₹224.50 and rose to an intraday high of ₹228.80. At the time of writing, the stock was trading up 3% from the previous close. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
