Jaypee Infratech hits the roof on tax waiver buzz

Jaypee Infratech hit an upper circuit limit of 5% at Rs 1.22 on media reports that the government could waive off the tax claims against the company.

According to media reports, the government is likely to waive off the tax claims of Rs 33,000 crore against Jaypee. The tax department's claim of Rs 33,000 crore pending tax dues is not tenable, reports added.

Meanwhile, the S&P BSE Sensex was down 279 points or 0.73% to 37898.48.

On the BSE, 2.38 lakh shares were traded in the counter so far compared with average daily volumes of 2.03 lakh shares in the past two weeks. The stock hit an intraday low of Rs 1.20.

The stock hit a 52-week high of Rs 4.98 on 07 Dec 2018. The stock hit a 52-week low of Rs 1 on 03 Sep 2019.

On a consolidated basis, Jaypee Infratech reported a net loss of Rs 448.09 crore in Q1 June 2019 over a net loss of Rs 319.82 crore in Q1 June 2018. Net sales rose 55.1% to Rs 668.43 crore in Q1 June 2019 over Q1 June 2018.

Jaypee Infratech (JIL) is engaged in the real estate development.

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