L&T shares surged 2%, reaching a new 52-week high of ₹3,948.00, following a favourable ruling from the Central Excise & Service Tax Appellate Tribunal, Ahmedabad.
The tribunal on December 5, 2024, set aside a ₹702 crore customs demand raised by the Principal Commissioner of Customs, Ahmedabad, over customs duty exemptions. This decision strengthens investor confidence in L&T’s robust legal and compliance frameworks, signalling the company’s ability to navigate regulatory challenges effectively.
In the exchange filing, the company shared, “The Company had filed Appeal with the Central Excise & Service Tax Appellate Tribunal, Ahmedabad (‘Tribunal) against the order ‘passed by the Principal Commissioner of Customs, Ahmedabad towards Customs demand of Rs. 702 crore, in respect of denial of Customs duty exemption. We wish to inform that the Company on December 5, 2024, has received a favourable order of the Tribunal allowing the appeal filed by the Company and setting aside the entire demand.”
As of 11:03 am, L&T shares were trading 1.77% higher at Rs 3,935.00 on the NSE.
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