Golden Tobacco Company (GTC) hit a new 52-week high today at Rs.81.70 and currently remains 10% up at Rs.77 levels. Volume shave jumped up almost 12 times.

The marker is very happy with the news that the Income Tax Appellate Tribunal quashed the CIT (Appeal) w.r.t assessment year 1984-85 to 1986-87 to principal demand of Rs.33.14 crore. This means that the company will not have to pay any related interest or penalty on these demands. The penalty had run up to over Rs.80 crore and there was worry that the company might have to cough up this money. Thus it’s a relief to know that there is no liability.

GTC makes cigarette brands like Panama, Taj Chhap Deluxe, Style Mini Kings, Chancellor, Flair Kings and June Slim.