FINWIRES · TerminalLIVE
FINWIRES

NATCO Pharma Receives INR2.1 Million GST Tax Demand

By

NATCO Pharma (NSE:NATCOPHARM, BOM:524816) received a GST demand order of 2.1 million rupees, along with interest of 1.7 million rupees and a 2.1 million Indian rupees penalty, following an audit covering April 2020 to December 2024.

The demand relates to an alleged shortfall in the amount reported under the reverse charge mechanism in GSTR-3B, according to a Tuesday stock exchange filing. The company said it is evaluating the order and will take appropriate action, adding that it does not expect any material impact on its financial or operational performance.

Shares of the company fell nearly 1% in recent trade.

Related Articles

Asia

Beijing Digital Telecom Suspends Executive Director After Detention

Beijing Digital Telecom (HKG:6188) suspended Executive Director Liu Donghai after learning he had been detained and placed under formal investigation by China's Doumen District Supervisory Commission over suspected legal violations, according to a Monday filing with the Hong Kong bourse.The company said it was informed of the matter by controlling shareholder Zhuhai Huafa Group, which received the notice from the supervisory commission on July 11.Beijing Digital Telecom said it is not aware of the details of the investigation and does not expect the incident to have a material adverse impact on the group's business and operations.

HKG:6188
Asia

Market Chatter: CTBC Bank Opens NT$100 Million Asset Management Branch

CTBC Financial (TPE:2891) unit CTBC Bank opened its Asia Bay Branch in Kaohsiung, Taiwan, after investing NT$100 million in the flagship outlet, CNA reported Monday.The new branch will support Taiwan's drive to develop an Asian asset management center. The branch is the lender's 159th nationwide and 17th in Kaohsiung, offering retail banking, wealth management and private banking services under one roof, accoridng to Taiwan's national news agency.Chairman Chen Chia-wen said CTBC held more than a 25% market share in both clients and assets in the Kaohsiung asset management zone as of end-May. He added the bank intends to further expand the branch, which is its first location situated off a main street and one of only two branches offering Saturday consultation services, according to the report.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

TPE:2891
Asia

Sandfire Resources Possesses More Attractive Development Opportunities Besides Montana Project, Jefferies Says

Sandfire Resources' (ASX:SFR) more attractive development opportunities besides the Black Butte project in Montana, as well as its modest scale, increase the likelihood of divestment, Jefferies said in a Monday note.The company modeled around 25,000 tonnes per annum of copper over a 12-year life-of-mine and a net present value of AU$91 million for Black Butte. The Lowry reserve increase of 4.7 million tonnes adds around four-years to the Black Butte life-of-mine.Jefferies reduced its capital expenditure forecast in-line with Sandfire's expectations to $475 million. Development of the Lowry deposit remains contingent on regulatory approvals with the company guiding to a six-year process commencing coincident with Johnny Lee deposit access decline development.Sandfire seems to hold an internal preference for the Kalkaroo project, with its increased scale and expedited development timeline, Jefferies noted.The investment firm retained its buy rating on Sandfire Resources with a price target of AU$24.Sandfire Resources' shares slipped 1% in recent Tuesday trade.

ASX:SFR