Shares of HDFC Life Insurance Company were gaining on Friday after the firm emerged victorious in a significant income tax dispute.
What Happened: The life insurance company said it had received a favourable ruling in a tax case from the Income Tax Appellate Tribunal in Mumbai
The order, dated November 9, came in HDFC Life’s favour, settling a tax dispute involving a sum of ₹3,319.60 crore. The tax department, however, retains the right to contest this order in the Bombay High Court.
See Also: Sony’s Last Minute Leadership Demand Stalls Zee Merger Talks
The tax dispute has been long-standing and has been pending since August 14, when the company had informed changes of the charge.
Price Action: HDFC Life Insurance Company’s share price was up 0.7% at ₹625.70 around noon on Friday, following the announcment.
Read Next: Why Ashok Leyland’s Share Price Went From Black To Red In Minutes Today
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.