SENSEX NIFTY
Apr 05, 2012, 12.06 PM IST | Source: CNBC-TV18

Supreme Court rejects Essar Oil's plea in sales tax case

There appears to be no respite coming in for Essar Oil anytime soon. The Supreme Court has rejected the company's petition in the Gujarat sales tax case.

Reporter's Diary

Excerpts from Reporter's Diary on CNBC-TV18 Watch the full show »

There appears to be no respite coming in for Essar Oil anytime soon. The Supreme Court has rejected the company's petition in the Gujarat sales tax case.

The apex court ruled that there's no legal ground to overrule the January ruling which asked the refiner to pay Rs 6,100 crore in sales tax to the state government.

Essar Oil has already set aside Rs 4000 crore toward the liability and is in talks with the Gujarat state government to decide on the terms of the tax payment.

Essar, a unit of London-listed Essar Energy PLC, was granted deferment as part of a Gujarat capital investment incentive program after it decided to build a giant refinery in the Vadinar area.

The government, however, revoked Essar's right to exemption, saying it had failed to complete construction of the refinery within a prescribed time frame.

Essar Oil stock price

On August 22, 2014, Essar Oil closed at Rs 121.00, up Rs 0.00, or 0.00 percent. The 52-week high of the share was Rs 123.00 and the 52-week low was Rs 44.50.


The company's trailing 12-month (TTM) EPS was at Rs 11.07 per share as per the quarter ended June 2014. The stock's price-to-earnings (P/E) ratio was 10.93. The latest book value of the company is Rs 8.18 per share. At current value, the price-to-book value of the company is 14.79.

Set email alert for

ADS BY GOOGLE

video of the day

Go for midcaps in cement space, bullish BPCL, IOC: HDFC Sec

Explore Moneycontrol

Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.