Vedanta shares in focus today as firm receives two GST demand orders
Shares of Vedanta Ltd are in focus today after the metal and mining major said it received two orders worth Rs 48.82 crore, along with applicable interest and penalty of 10% of GST demand, from additional commissioner, GST and Central Excise Commissionerate Rourkela.
The orders relate to the demand for GST input tax credit availed during FY18 and FY19 on account of interpretational issues in terms of relevant provisions of the Central Goods and Services Tax Act, said Vedanta in a communication to bourses.
The metal stock ended 0.39% higher at Rs 258.50 on BSE. In the last one month, the Vedanta stock has gained 10.75%.
Market cap of the firm stood at Rs 96,089 crore. Vedanta shares have a one-year beta of 01, indicating very low volatility during the period.
In terms of technicals, the relative strength index (RSI) of Vedanta stands at 59.2, signaling the stock is trading neither in the oversold nor in the overbought territory. Vedanta shares are trading higher than the 10 day, 20 day, 30 day, 50 day, 100 day, 150 day and 200 day moving averages.
Vedanta shares fell to a 52-week low of Rs 207.85 on September 28, 2023 and rose to a 52-week high of Rs 340.75 on January 20, 2023. Vedanta shares have fallen 15.83% in a year.
Vedanta said it evaluated the merits of the case and decided to file the appeal with the Appellate Authority within the time limit prescribed under the GST Law. The company is hopeful of a favorable outcome thereof and does not expect the said orders to have any material financial impact on the company.
Vedanta Ltd is a subsidiary of Vedanta Resources Ltd and has operations in oil and gas, zinc, lead, silver, copper, iron ore, steel, and aluminium and power across India, South Africa and Namibia.