Vodafone Group Plc (ADR) (NASDAQ:VOD) may get an official pardon in a $2.2 billion Indian tax case after a panel opposed a retroactive clause in the nation’s regulations that drove away foreign investors and pushed the rupee to lowest level.
The committee reported in a draft report on Wednesday that retrospective tax demands should only be made in rarest of rare cases and changes made to the way capital gains on cross-border agreements are taxed should only apply to future deals.
Ernst & Young LLP and KPMG reported that Vodafone was not legally responsible for its 2007 acquisition of Hutchison Whampoa Ltd.’s Indian assets.
The remarks were posted on the finance ministry’s website less than a month after Vodafone showed willingness to fix the lawsuit offered it could just pay the original tax charge and not the penalty and interest.
Shifting reader’s focus to broader market, let us consider market performance of other stocks that significantly affect same sector. Telefonica S.A. (ADR) (NYSE:TEF) fell -1.14% to settle at $12.98, BT Group plc (ADR) (NYSE:BT) moved down -0.87% to end at $35.16 while VimpelCom Ltd. (ADR) (NYSE:VIP) plunged -1.14% to finish at $11.27 on Wednesday.
Vodafone Group Plc (ADR) (NASDAQ:VOD) on Oct 10, 2012 decreased -0.21% to the closing price of $28.57. The overall volume in the last trading session was 5.02 million shares. Its fifty two weeks range was $25.63 – $30.07. The total market capitalization remained at $140.50 billion.
VOD is ahead of its 52-week low with 16.09% and lagging behind from its 52-week high price with -4.99%. VOD’s last month’s stock price volatility remained 0.98%. In its share capital VOD has 5.26 billion outstanding shares, among them 5.25 million shares have been floated in market exchange. VOD’s stock’s institutional ownership remained 12.94%.
The stock price of VOD is moving down from its 20 days moving average with -0.31% and remote positively from 50 days moving average with -1.47%. VOD’s current year’s earnings per share experienced a downfall of -9.63% while its current quarter performance remained at 1.35%. Company’s beta coefficient included 0.73. Beta factor measures the amount of market risk associated with market trade.
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