Most of the Indian firms have paid higher advanced tax in Q4 March 2008 compared to that in Q4 March 2007. This augurs well for the domestic stock markets in near term, as higher tax payments indicates higher net profits in the quarter.
TCS (up 3.26% at Rs 818), Larsen & Toubro (up 3.03% at Rs 2785.30), ICICI Bank (up 2.32% at Rs 775), and Reliance Industries (up 1.53% at Rs 2214), Housing Development Finance Corporation (up 0.96% at Rs 2246.10), rose.
However, State Bank of India (down 0.82% at Rs 1620) and Mahindra & Mahindra (down 1.46% at Rs 628), fell.
State Bank of India paid Rs 1418 crore as advance tax in Q4 March 2008 as against Rs 690 crore in Q4 March 2007.
Reliance Industries paid Rs 443 crore in Q4 March 2008 compared to Rs 118 crore in Q4 March 2007.
Housing Development Finance Corporation paid Rs 250 crore in Q4 March 2008 as against Rs 165 crore in Q4 March 2007.
Larsen & Toubro paid Rs 170 crore in Q4 March 2008 as against Rs 80 crore in Q4 March 2007.
ICICI Bank paid Rs 250 crore in Q4 March 2008 as against Rs 125 crore in Q4 March 2007.
TCS paid Rs 116 crore in Q4 March 2008 as against Rs 20 crore in Q4 March 2007.
Mahindra & Mahindra paid Rs 116 crore in Q4 March 2008 as against Rs 83 crore in Q4 March 2007.
However, Tata Steel and Tata Motors have lagged behind. These two companies have paid lesser advanced tax in this quarter compared to corresponding period in the previous year.
Tata Steel paid Rs 300 crore in Q4 March 2008 as against Rs 350 crore in Q4 March 2007. The stock was up 0.15% at Rs 659.50.
Tata Motors paid Rs 75 crore in Q4 March 2008 as against Rs 190 crore in Q4 March 2007. The stock was up 0.60% at Rs 609.90
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