First on Zee Biz: Import of 11 cheap pipes banned, BIS rule issued; pipe making companies surge

In an attempt to boost the business of Indian pipe manufacturing companies, the government has curbed the cheap import of 11 types of pipes till September 30, 2021, Zee Business Journalist Chetan Bhutani reports in a big breaking story shown first on Zee Business channel. 

Moreover, the government has also issued a notification for BIS (Bureau of Indian Standards) rules on the import of these pipes, to improve the quality of pipes that being imported. 

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PVC, UPVC, CPVC pipes are among the 11 categories, banned under the cheap import category. Besides, other pipes that generally used in an agricultural setup such as injection-molded PVC pipes, socket fitting pipes, and UPVC pipes cheap category are also put under the ban list. 

This decision by the government will have a direct impact on the pipe manufacturing companies in India such as Finolex Industries, Supreme Industries and Astral Pipes as their business will not only boost but also become more competent to improve their exports, Bhutani said while speaking to Zee Business Managing Editor Anil Singhvi. 

The shares of all three companies Finolex, Supreme, and Astral surged on the BSE intraday basis today on the back of this cheap import ban news. Finolex Industries almost hit a new fresh high, surging for around four per cent to Rs 178 per share, while Supreme and Astral each surged by around one and a half per cent to Rs 2127.4 and Rs 1958 per share intraday during today’s trade.