Shares of Novartis India will remain in focus following receipt of an income tax refund. In a notice to the stock exchanges, the company has said that on account of a favourable income tax appellate tribunal order (pertaining to FY 1994-95), it has received ₹187.88 crore as income tax refund.
While ₹135 crore would reflect in the FY 2018 balance sheet as interest income, the balance represents write-back of tax provision, which was already accounted for in previous years.