Select stocks edge lower after advance tax data

Shares of nine frontline companies edged lower by 0.16% to 1.32% at 12:03 IST on BSE after advance tax figures for the September quarter hit the street.

Meanwhile, the BSE Sensex was up 14.61 points, or 0.07%, to 19,757.08

Reliance Industries shed 0.16%. The company reportedly paid Rs 1670 crore as advance tax for the September 2013 quarter as against the Rs 1534 crore in the same period year ago.

Banking pivotals fell despite reporting rise in advance tax payment. State Bank of India fell 0.65%. The state-run bank's advance tax payment reportedly fell 38.46% to Rs 1312 crore.

HDFC Bank slipped 0.64%. The private sector bank's advance tax payment reportedly rose 25% to Rs 1375 crore. ICICI Bank declined 0.26%. The private sector bank reportedly paid advance tax of Rs 975 crore for the September 2013 quarter as compared to Rs 815 crore for the September 2012 quarter.

Mortgage lender HDFC lost 0.6%. The company reportedly paid Rs 650 crore for the September quarter, up from the year ago's Rs 560 crore.

Cipla fell 0.34%. The pharmaceutical firm reportedly paid advance tax of Rs 95 crore for the September 2013 quarter as compared to Rs 80 crore for the September 2012 quarter.

TCS rose 1.3%. The country's largest software exporter reportedly paid Rs 1030 crore as against Rs 810 crore in the same period last year.

Mahindra and Mahindra rose 0.83%. The auto major reportedly paid Rs 230 crore from Rs 200 crore. Bajaj Auto shed 0.15%. The auto firm reportedly paid Rs 365 crore versus Rs 300 crore.

Hindalco fell 0.63%. The aluminium major reportedly posted a fall in advance tax payout at Rs 90 crore as against the Rs 130 crore last year.

Tata Steel lost 1.32%. The steel major reportedly posted a rise to Rs 525 crore as against Rs 500 crore

Advance tax payment is a system of staggered payment of taxes by the companies. Generally, a company's payout is considered as a barometer of the company's performance during the quarter.

Indian companies pay advance tax a fortnight before the end of every quarter on their projected earnings. In line with the Income-Tax Act, companies are required to pay 15% of their total advance tax in the first quarter, followed by 30%, 30% and 25% in the next three quarters, respectively.

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