Insecticides (India) recovers in volatile trade after filing an appeal with CIT

Insecticides (India) fell 2.49% to Rs 414.50 at 14:12 IST on BSE after the company filed an appeal before Commissioner of Income Tax, New Delhi for an old case pertaining to allowance of capital receipts.

The company made the announcement after market hours yesterday, 3 May 2016.

Meanwhile, the S&P BSE Sensex was down 107.90 points or 0.43% at 25,121.80

On BSE, so far 3,887 shares were traded in the counter as against average daily volume of shares in the past one quarter. The stock was volatile. The stock fell as much as 1.19% at the day's high of Rs 420 so far during the day. The stock dropped as much as 4.37% at the day's low of Rs 406.50 so far during the day. The stock had hit a 52-week high of Rs 605 on 2 July 2015. The stock had hit a 52-week low of Rs 297 on 17 February 2016.

The small-cap company has equity capital of Rs 20.67 crore. Face value per share is Rs 10.

Insecticides (India) said that during the financial year ended 31 March 2012 (FY 2012), the company filed an appeal before Commissioner of Income Tax (CIT), New Delhi for allowance of capital receipts. CIT had decided in favour of the company. Now, the department has preferred an appeal before Income Tax Appellate Tribunal (ITAT), New Delhi. During FY 2013, the company has received a demand notice cum assessment order under section 156 of the Income Tax, 1961 disallowing the capital receipts allowed in previous year. The company has now filed an appeal before CIT, New Delhi.

Insecticides (India)'s net profit dropped 87.8% to Rs 1.02 crore on 3.8% rise in total income to Rs 154.70 crore in Q3 December 2015 over Q3 December 2014.

Insecticides (India) manufactures all types of insecticides, weedicides, fungicides and PGRs for all types of crops and household.

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