EXCLUSIVE: Anti-dumping duty on rubber chemical PX 13 imported from China, Korea and US SOON, says Anil Singhvi—THIS STOCK to benefit
In a major development, the Centre may impose anti-dumping duty on rubber chemical PX 13 imported from China, Korea and the United States (US) soon, said Zee Business Managing Editor Anil Singhvi said on Tuesday. A notification recommending anti-dumping duty on PX 13 from these countries have been issued by Directorate General of Trade Remedies (DGTR). A final notification from the Ministry of Finance, Department of Revenue, is expected to come anytime in 2 months. The duty is likely to be imposed in the range of $489.56 Metric ton (MT) to $924.47 MT, informed Chetan Bhutani of Zee Business.
The action against the rubber chemical comes after NOCIL Limited has complained and demanded the same. “This is a big development for NOCIL as it has market share of 70 per cent in this chemical. PX 13 is used in Tyres and related sectors,” said Anil Singhvi
Earlier, after receiving complaint from NOCIL, the DGTR has launched investigating in the matter on May 27, 2020.
On the back of anti-dumping duty news, NOCIL shares was trading strongly with nearly 5 per cent gains on Friday in the early session. NOCIL stocks were trading at Rs 275.25, up Rs 12.85 or 4.90 per cent on NSE on Tuesday.
NOCIL shares trading strategy
Market expert Himanshu Gupta said this scrip has been showing positive momentum for a almost past few weeks and months. ” It is expected that this news will act as shot in the arm for NOCIL shares. from short-term point of view, there will be two targets of Rs 288 and Rs 303. In the downside, one can put a stoploss of Rs 264 and can hold or increase their stake in this counter,” said the market expert.
Reference: Business Line