Vodafone Idea, which is otherwise facing an existential issue and has been ruling the losers list this entire week, is the top gainer on the BSE since the opening bell today. The stock which had closed yesterday at Rs.5.94, opened higher today at Rs.6.53 and went on to hit an intraday high at Rs.7.04.
The stock price bounced back after the FM yesterday in the Parliament introduced The Taxation Laws (Amendment) Bill, 2021 in the Lok Sabha on Thursday to withdraw all tax demands made using a 2012 retrospective legislation on indirect transfer of Indian assets prior to May 28, 2012. Currently there are 17 cases pending on retrospective taxes.
The Bill also seeks to refund tax collected and settle cases if companies withdraw challenges filed in all legal forums.
This means that Govt is making moves to settle litigations against Vodafone and Cairn Energy.
Once this Bill is passed, the provisions of the law will apply prospectively from 28th May 2012, the day it had received the Presidential approval.