JM Financial Shares Surge 4.3% on ₹230 Crore Tax Refund Windfall

JM Financial (JMSH.NS) shares soared 4.3% in early trading on Friday, February 21, 2025, following the announcement of a significant tax refund. The investment banking firm received an order from the Deputy Commissioner of Income Tax confirming a refund of ₹230 crore, including interest, for the assessment year 2008-09. This unexpected financial boost has sparked investor optimism, driving the stock's upward momentum. The refund, issued under Section 254 read with Section 143(3) of the Income-tax Act, 1961, represents a substantial cash influx for JM Financial, potentially strengthening its financial position and operational capabilities in the competitive financial services sector.

 

Sources: National Stock Exchange (NSE), JM Financial regulatory filing