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Shares of Muthoot Finance are likely to react negatively, as the company informed the exchanges after market hours that it has received a notice demanding service tax. It said it received a tax demand for ₹153.14 crore for services involved in the sale of receivables under bilateral assignment transactions undertaken between the company and banks. Muthoot Finance plans to pursue legal remedies. The amount is a little lower than its Q2 profit of ₹171 crore.
Rural Electrification Corp under scanner
The Competition Commission of India on Monday ordered a probe against Rural Electrification Corporation for alleged unfair business practices pertaining to financing of rural schemes. The panel’s order comes on the heels of a complaint against its wholly owned subsidiary REC Power Distribution Co. Shares could come under pressure as the Commission said it appears the REC arm tried to use its position in the market to “distort/manipulate competition”.
Kotak Bank performance to pep up interest
Kotak Mahindra Bank and Jindal Saw, among other companies, will announce their October-December financial performance on Tuesday. Besides these, South Indian Bank, BASF, CanFin Homes, Hindustan Media Ventures, Kirloskar Engineering, Praj Industries, Punjab Communications, Shemaroo Entertainment and Rallis will also declare their results. Analysts expect Kotak Bank to report a 25-35 per cent rise in standalone net profit for the previous quarter.
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