Tyre stocks rise up to 6.7 pc

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.)