Multibagger stock Tiger Logistics hits upper circuit after favourable ruling in service tax matter
- Multibagger stock: Tiger Logistics share price has been hitting 5% upper circuit for the last six days in a row
Stock market today: Shares of Tiger Logistics (India) Ltd have been in an uptrend for the last six days. The multibagger stock that has risen to the tune of 1500 percent in the last three years. So, it is one of the multibagger stocks that the Indian stock market has delivered in recent years. The stock has been hitting the upper circuit since 28th March 2024. So, Tiger Logistics shares are one of the circuit-to-circuit stocks of the Indian stock market.
Tiger Logistics share price today opened upside and went on to touch an intraday high of ₹58.69 apiece on BSE, locking in a 5 percent upper circuit within a few minutes of the Indian stock market's opening bell. It seems that the market reacted to the favourable ruling related to service tax to the tune of 5.65 crores. The small-cap company had informed Indian stock market exchanges about the favourable ruling relating to the service tax payment.
Tiger Logistics news
In an exchange filing on Thursday, Tiger Logistics (India) Ltd said, "Tiger Logistics (India) Limited is pleased to announce that following our previous intimations dated 14th July 2023 and10th February 2022, we have received a positive ruling in our favor," adding, "As communicated earlier, vide Order-in-Original dated 18.11.2021, the Commissioner, CX & GST, Delhi East, confirmed a demand of Service Tax amounting to ₹5,65,06,356/- in respect of the markup/differential freight in the sale of space for export cargo, container detention charges, toll tax and other services provided."
"On ROM Application filed against the above order, vide Order-in-Original dated 19.10.2022, the commissioners accepted the fact of an amount of ₹2,64,78,835/- having already been paid towards the Service Tax on services provided and ordered for the appropriation of the same against the demand confirmed," Tiger Logistics (India) further added.
Commenting on the favorable outcome, Harpreet Singh Malhotra, MD of Tiger Logistics(India) Limited said, “I am happy to share that we have recently received a favorable ruling from the CESTAT appellate authority regarding service tax demands raised by the department. This ruling signifies a significant win for our company and underscores our steadfast commitment to compliance and integrity. The ruling encompasses a demand for service tax, interest, and a penalty, which we have already addressed through timely payment."
Tiger Logistics shares are listed on BSE only. The stock has a market cap of ₹620 crore and its current trade volume is around 4.99 lakh whereas nearly two-and-half hours of trade is remaining during Friday deals. The 52-week high of this BSE stock is ₹87 apiece and the 52-week low of this multibagger stock is ₹33.75 per share.
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