Tyre stocks today rose by up to
6.7 per cent after the government imposed anti-dumping duty on
import of certain types of radial tyres used in buses and
trucks to protect domestic manufacturers from below cost
shipments from China for five years.
Shares of JK Tyre & Industries surged 6.74 per cent to Rs
157.65, TVS Srichakra gained 2.88 per cent to Rs 3,214.55 and
Apollo Tyres went up by 1.41 per cent to Rs 262.25 on BSE.
The anti-dumping duty has been imposed in the range of
USD 245.35 - 452.33 per tonne, a notification issued by
the Central Board Excise and Customs (CBEC) said yesterday.
The duty has been slapped on "new/unused pneumatic radial
tyres with or without tubes and/or flap of rubber (including
tubeless tyres) having nominal rim dia code above 16 (inch)"
used in buses and lorries/trucks.
Anti-dumping steps are taken to ensure fair trade and
provide a level-playing field to the domestic industry.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.