JM Financial's shares rose 4% to an intraday high of Rs 108 on the BSE in early trade on Friday, February 21, after the company announced that it would receive a tax refund of Rs 230 crore from the Income Tax Department, Government of India.

"In accordance with Regulation 30 read with Paragraph A, Part A of Schedule III to the SEBI LODR, we would like to notify you that on February 19, 2025, JM Financial Limited received an order under Section 254 read with Section 143(3) of the Income-tax Act, 1961 from the Deputy Commissioner of Income Tax, Government of India, regarding the assessment year 2008-09. According to the order, the company will receive an aggregate amount of Rs. 230 crore (including interest) as a refund," the company stated in a stock exchange filing.

The company also stated that the refund will benefit them financially.

The company received the order on February 19 and informed the stock exchanges on Thursday, February 20, after the market closed.

JM Financial share price history

Over the previous year, JM Financial's share price rose by 2.18%. So far this year, the price has decreased by -20.79%. The last three months have seen a 22.14% drop in price, while the last six months have seen a 9.45% increase.

JM Financial Technical Performance

JM Financial's shares are currently trading below their short, medium, and long-term exponential moving averages (EMAs) and oscillating near the 42 mark on the relative strength indicator (RSI), according to Trendlyne data.