LTIMindtree shares zoom nearly 6% after Karnataka HC stays GST demand notice of ₹378 crore

The stock opened in the green and jumped to a high of ₹6,086 apiece on the National Stock Exchange (NSE) at 10:29 am, marking a gain of 5.8% as against the last closing price.

On the BSE, the scrip touched a high of ₹6089.65, which was 5.9% higher than the previous session's close.

The market capitalisation of LTIMindtree, which is the Mumbai-based subsidiary of Larsen & Toubro group, stood at ₹1.7 lakh crore.

GST demand notice stayed

The rally in LTIMindtree's stock was preceded by the company informing the bourses, post the market hours on August 27, that the Karnataka High Court has put a stay on the notice sent by the Goods and Services Tax (GST) authority demanding ₹378 crore from the company.

The GST notice was issued for alleged non-payment of Integrated Goods and Services Tax on export turnover towards service provided to clients abroad. In its response, LTIMindtree submitted a writ petition before the Karnataka HC on August 20.

The writ petition came up for hearing on August 27, wherein the court "stayed the proceedings pursuant to above Show Cause Notice till the next date of hearing, which is yet to be notified", the regulatory filing added.