The revenue department had claimed that since JSW had received services from the monitoring committee, it was liable to pay service tax under the reverse charge mechanism.
Among Sensex stocks, Power Grid, NTPC, JSW Steel, Reliance Industries, and Axis Bank opened with cuts, while HCL Tech, Bharti Airtel, TCS, UltraTech Cement, and Maruti opened with gains.
The earnings for the December quarter (Q3FY24) so far have been in line with estimates for the most part. 33 Nifty stocks have reported sales, EBITDA, and PAT growth of 6 percent, 15 percent, and 21 percent YoY versus estimates of 7 percent, 14 percent, and 20 percent, respectively.