GVK Power and Infrastructure has deserted special economic zone (SEZ) in Tamil Nadu in light of change in the tax regime amidst deteriorating economic environment. The company decided to give a second thought on the operations of multi product SEZ on account of minimum alternate tax.
Back in February 2011, the government proposed to levy Minimum Alternate Tax (MAT) of 18.5 per cent on the book profits of Special Economic Zone developers and units, which were suppose to be effective from April 2012.
The company reported a net loss of Rs 5.73 crore for the first quarter ended June 30, 2012 as compared to a net loss of Rs 0.34 crore for the same quarter in the previous year. The total income from operation of the company has decreased by 7.03% at Rs 7.14 crore for Q1FY13 as compared Rs 7.68 crore for the corresponding quarter previous year.
Company Name | CMP |
---|---|
NTPC | 356.00 |
Tata Power | 430.30 |
Power Grid Corp | 309.50 |
Adani Power | 627.65 |
Torrent Power | 1363.30 |
View more.. |