Dishman Pharmaceuticals and Chemicals fell 3.74% to Rs 59.25 at 11:17 IST on BSE after the company said the income tax department surveyed the company's premises for taxation issues.
The announcement was made on Saturday, 12 October 2013
Meanwhile, the BSE Sensex was up 53.47 points, or 0.26%, to 20,582.06.
On BSE, 1.71 lakh shares were traded in the counter compared with average volume of 1.49 lakh shares in the past one quarter.
The stock hit a high of Rs 60.35 and a low of Rs 57.20 so far during the day. The stock hit a 52-week high of Rs 124.50 on 5 December 2012. The stock hit a 52-week low of Rs 37.05 on 2 August 2013.
The stock had outperformed the market over the past one month till 11 October 2013, rising 29.72% compared with the Sensex's 2.66% rise. The scrip had, however, underperformed the market in past one quarter, sliding 2.84% as against Sensex's 4.33% rise.
The small-cap company has an equity capital of Rs 16.14 crore. Face value per share is Rs 2.
Dishman Pharmaceuticals and Chemicals (Dishman Pharma) announced that a survey was carried out by the income tax department (IT dept) in the factory and office premises of the company, which was concluded on 11 October 2013. The department sought various information and explanations and the company provided the same.
The company clarified that it does not expect any material additional tax liability to emanate out of the survey findings.
Dishman Pharma's chief J R Vyas was quoted by media as saying earlier today, 14 October 2013, that the IT dept surveyed Dishman Pharma's premises for taxation issues in a Rs 42 crore land deal involving Dishman SEZ and Dishman Pharma.
Vyas said in a television interview that Dishman SEZ had sold a land to Dishman Pharma for Rs 42 crore and claimed it under the (section) 80 Income Tax exemption, which was there during the transaction. IT dept, however, states that this exemption was not there. It was there when the company bought the land and have claimed it, he added.
Vyas further said that the IT dept was not satisfied with the company's explanation and the probe is still going on.
Dishman Pharmaceuticals and Chemicals' consolidated net profit fell 24.4% to Rs 29.25 crore on 2.9% fall in net sales to Rs 306.24 crore in Q1 June 2013 over Q1 June 2012.
Dishman is a global, dynamic group of companies offering a continuum of services to the pharmaceutical industry. It is a global outsourcing partner for pharmaceutical companies, offering a portfolio of products and development, scale-up and manufacturing services.
Powered by Capital Market - Live News
